Virgin Galactic
SPCECommercial human spaceflight. A speculative position, sized as one, held for the option rather than the earnings.
NYSEGrowth & private
A small allocation to businesses that are earlier, stranger, or not listed at all.
In short
Bellwether Holdings holds three growth and private positions: Virgin Galactic, The Sharing Group and Grant & Graham Ltd. The allocation is capped as a share of the portfolio and held for optionality. Two of the three are unlisted operating businesses rather than traded securities.
Holdings
The Sharing Group
PRIVATESteward-owned family of tech, mobility and energy companies built around shared use rather than ownership.
Amsterdam · unlistedGrant & Graham Ltd
PRIVATEInternational management consultancy. A direct holding in an operating business.
London · unlisted| Holding | Ticker | Venue | Latest price | 52-week high | 52-week low |
|---|---|---|---|---|---|
| Virgin Galactic | SPCE | NYSE | … | … | … |
| The Sharing Group | PRIVATE | Amsterdam · unlisted | Unlisted | ||
| Grant & Graham Ltd | PRIVATE | London · unlisted | Unlisted |
Prices are delayed and indicative, last refreshed on load. They are shown for identification only and are not a valuation of the company's position.
Why this group is held
Capped as a share of the book. These positions are expected to behave differently from everything else, which is the point of holding them.
Frequently asked questions
What private companies does Bellwether Holdings own?
Two unlisted positions: The Sharing Group, an Amsterdam-based steward-owned family of tech, mobility and energy companies; and Grant & Graham Ltd, a London-based international management consultancy. Both are direct stakes in operating businesses.
Why hold a speculative position like Virgin Galactic?
It is held for the option rather than the earnings, and it is sized as a speculative position. Bellwether's stated rule is to cap the speculative allocation so that being wrong costs little.
What is steward ownership?
A structure in which control of a company is held by a trust or foundation on behalf of its mission rather than by shareholders seeking to sell it. The Sharing Group uses it, which means the holding behaves differently from a conventional equity stake.
Why hold an operating consultancy?
Bellwether's stated view is that a direct stake in a private operating business keeps the company close to how firms are actually run, restructured and sold, and that this perspective informs how the listed positions are judged.