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Round Hill Music Royalty Fund (LSE: RHM)

Currency in USD

Last close As at 25/09/2023

USD1.14

▲ 0.01 (0.88%)

Market capitalisation

USD465m

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.

Latest Insights

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Investment Companies | Review

Round Hill Music Royalty Fund — High-quality catalogue underpins value

Investment Companies | Review

Round Hill Music Royalty Fund — Strong royalty performance

Investment Companies | Update

Round Hill Music Royalty Fund — Expanding horizons

Investment Companies | Update

Round Hill Music Royalty Fund — The one-year anniversary
concert stage on rock festival, music instruments silhouettes
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Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Key Management

  • Channing Lushbough

    President and portfolio manager

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 61.7 48.5 19.4
Relative 54.2 47.9 14.2
52 week high/low US$1.1/US$0.6

Overview

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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