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Round Hill Music Royalty Fund


Market Cap$324m

Last Close $0.8

RHM’s investment objective is to provide investors with an attractive level of regular and growing income and capital returns from investment primarily in high quality music intellectual property. To achieve this objective, it seeks to invest in a songwriter’s copyright interest in a musical composition or song, together with the rights in the recording of these (known as the master recording rights), along with all other rights and assets considered relevant by the manager.

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Investment summary

Since its 13 November 2020 launch, Round Hill Music Royalty Fund’s (RHMRF) NAV has returned c 17.6% on a total return (TR) basis and 11.1% annualised (to end-May 2022 in US dollars), slightly above the targeted annualised NAV TR of 9–11%. An increase in economic NAV to $1.11/share (from $0.98 per share at launch; not an IFRS measure) and dividends contributed to the NAV TR. The RHMRF portfolio is valued using an 8.5% discount rate, still reasonably conservative despite rising interest rates. RHMRF benefits from the industry expertise of its fund manager Round Hill Music LP, a fully integrated business, in owning and exploiting music copyright assets. We believe RHMRF’s assets will continue to expand, providing reliable and growing revenues given the momentum in streaming and the potential of new distribution channels.

Content on Round Hill Music Royalty Fund
Round Hill Music Royalty Fund – Expanding horizons
Investment companies | research Update | 6 June 2022
Round Hill Music Royalty Fund – The one-year anniversary
Investment companies | research Update | 23 November 2021
Round Hill Music Royalty Fund – Music and finance in harmony
Investment companies | research Initiation | 17 August 2021
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Price performance
Actual 4.6 (19.5) (25.4)
Relative* (1.6) (19.9) (26.8)
52-week high/low US$1.1/US$0.8
*% relative to local index
Key management
Channing Lushbough President and portfolio manager