The net asset value of Schiehallion jumped 29 per cent in the six months to July, driven by the stock market debuts of SpaceX and Italian tech group Bending Spoons.

The £2.2billion investment trust is also poised to benefit from the planned initial public offering of AI firm Anthropic, maker of the Claude chatbot.

But managers Peter Singlehurst and Robert Natzler warned that AI valuations remain elevated, prompting a careful approach to new investments.

Despite an 87 per cent rise in its shares over the past year, Schiehallion still trades at a 14 per cent discount to net asset value, reflecting concerns over its heavy exposure to technology stocks.

Other stakes include TikTok owner Byte-Dance, digital bank Revolut and Vinted, the second-hand clothing resale firm.