Round Hill Music Royalty Fund - High quality catalogue underpins value
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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