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Currency in USD
Last close As at 09/06/2023
USD0.78
▲ −0.01 (−1.27%)
Market capitalisation
USD318m
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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Director, TMT
Channing Lushbough
President and portfolio manager
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 7.6 | 8.7 | (25.7) |
| Relative | 10.0 | 13.3 | (25.0) |
| 52 week high/low | US$1.1/US$0.6 |
Round Hill Music Royalty Fund’s (RHMRF’s) Q123 trading update showed a strong revenue performance building on the good FY22 results. Combined net publishers’ share (NPS) and net label share (NLS) was up 91% over Q122, a gain of 20% on a like-for-like basis. RHMRF’s economic end FY22 NAV per share had increased 13% over the prior year to US$1.27, with revenue up 32%, reflecting the high quality of the catalogue and the added value from active management of portfolio assets. This is despite a market over-shadowed by a backdrop of rising interest rates and constrained household budgets. We view the size of the discount to NAV as overstated.
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