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Round Hill Music Royalty Fund

: RHM

Market Cap$349.9m

Last Close $1.06

Round Hill Music Royalty Fund’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

Round Hill Music Royalty Fund (RHMRF) has recently celebrated its one-year anniversary of its launch. It has been very active throughout the year, raising additional funds of $132.6m and acquiring five catalogues. Since launch the company’s NAV returned c 11.1% on a total return (TR) basis (to end-October 2021), within the targeted annualised NAV TR of 9–11%. An increase in economic NAV to $1.07/share (from $0.98 per share at launch; not an IFRS measure) and two dividends contributed to the NAV TR. RHMRF benefits from the industry expertise of its fund manager Round Hill, 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 – The one-year anniversary
Investment companies | Update | 23 November 2021
concert stage on rock festival, music instruments silhouettes, colorful background with copy space
Round Hill Music Royalty Fund – Music and finance in harmony
Investment companies | Initiation | 17 August 2021
concert stage on rock festival, music instruments silhouettes, colorful background with copy space
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Price performance
%
1m
3m
12m
Actual (0.7) 0.0 3.4
Relative* 0.3 (2.2) (7.5)
52-week high/low US$1.1/US$1.0
*% relative to local index
Key management
Channing Lushbough President and portfolio manager