Schiehallion's net asset value increased 29.1% in the first half of 2026, driven by successful initial public offerings of SpaceX and Bending Spoons, but the company's managers are cautious about elevated AI valuations and are repositioning their portfolio. Housebuilders in the FTSE 250 saw gains, while mining stocks declined due to a sharp drop in precious metals prices. Gambling stocks also experienced losses.