Overview
Round Hill Music Royalty Fund’s IPO raised gross proceeds of US$282m. The company’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. The company will invest in a songwriter’s copyright interest in a musical composition or song (being their writer’s share, their publisher’s share and their performance rights) together with the rights in the recording of the musical composition or song (known as the master recording rights) together with all such rights and assets considered by its investment manager, Round Hill Music LP.
Readers interested in reading the company’s prospectus can do so by clicking here to access our news coverage from 19 October.
RHM’s website can be accessed here.
Research History
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17 Oct 2023 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2023
Third quarter of 2023 Investment Companies | Quarterly roundup | October 2023 Kindly sponsored by abrdn ‘Uncomfortable’ Following a fast start to the first half of the year, globally equities took a breather in Q3, as markets assessed the implications of the worst bond sell-off in a generation. Yields on 10-year US treasuries and UK […]
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13 Oct 2023 10 min read
QuotedData’s Investment Companies Roundup – October 2023
October 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in September 2023 September was defined by the ongoing US bond selloff, with global markets trending down in sympathy. Investment trust returns were negative on average for the month, although several sectors still achieved positive returns. The Royalties sector was the […]
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03 Nov 2022 50 min read
QuotedData’s Economic and Political Monthly Roundup November 2022
Economic and Political Monthly Roundup Investment companies | Monthly | November 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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06 Oct 2022 9 min read
QuotedData’s Investment Companies Roundup – October 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn October 2022 Monthly | Investment companies Winners and losers in September 2022 September’s median total share price return was -6.4% (+0.4% in August). The median NAV return over September was -1.2%. See Appendix 1 for a breakdown of how all the sectors have […]
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111 min read
QuotedData’s Economic and Political Monthly Roundup October 2022
Economic and Political Monthly Roundup Investment companies | Monthly | October 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to […]
News
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22 Dec 2023 3 min read
QD – review of the year
This is the last of our weekly emails for 2023. We hope that you have been finding them useful. We will be publishing our annual roundup in January. Ahead of that however, I thought it might be worth pulling out a few of the year’s highs and lows. In January, China’s market shone as hopes […]
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25 Sep 2023 1 min read
QuotedData’s morning briefing 25 September 2023
In QuotedData’s morning briefing 25 September 2023: Round Hill Music (RHM) has announced the publication of a scheme document which outlines the actions required, timetable, and recommendations in respect of the purchase offer made for the trust. Shareholders will be given the opportunity to vote on the offer at a General Meeting to be held […]
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20 Sep 2023 1 min read
QuotedData’s morning briefing 20 September 2023 – FSFL, RHM
In QuotedData’s morning briefing 20 September 2023: Foresight Solar (FSFL) announced the appointment of Lynn Cleary as an independent non-executive director with effect from 18 September 2023. Lynn spent 17 years as CFO and managing director of strategic programmes for The Royal Bank of Scotland International and is currently the president of the Jersey Bankers […]
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08 Sep 2023 1 min read
QuotedData’s weekly news update 8th September 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Ecofin US Renewables • RM Infrastructure Income • Round Hill Music This week’s interview was with Prashant Khemka from Ashoka WhiteOak Emerging Markets Trust – […]
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3 min read
Recommended offer for Round Hill Music Royalty at US$1.15 per share
Round Hill Music Royalty (RHM) has announced that its board and that of Alchemy Copyrights, LLC, trading as Concord have reached agreement on the terms of a recommended cash offer at US$1.15 per RHM share, which values RHM’s share capital at approximately US$468.8m. On the basis of the closing price per RHM Share of US$0.69 […]
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08 Aug 2023 1 min read
QuotedData’s morning briefing 8 August 2023 – RHM, WKOF, LMP
Round Hill Music (RHM) announced that it has acquired the remaining share of the catalogue of music publishing rights of Big Loud Shirt Industries. The company also acquired 50% of the income streams from Craig Wiseman, the multi award-winning country music songwriter and producer who is also the founder and owner of Big Loud Shirt, […]
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13 Jul 2023 1 min read
QuotedData’s morning briefing 13 July 2023
In QuotedData’s morning briefing 13 July 2023: Round Hill Music (RHM) says that its Q1 2023 revenue was 94% higher year-on-year to $10.2m We also have results from Jupiter Green and Hipgnosis, an acquisition by Downing Renewables, a new manager for CT UK High Income, an update from Seraphim Space
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25 May 2023 2 min read
QuotedData’s morning briefing 25 May 2023
In QuotedData’s morning briefing 25 May 2023: Gresham House Energy Storage (GRID) raised £50m from its placing and retail offer. Less than its £80m target but not a bad result in the current environment. 32,154,341 shares will be issued at a price of 155.5p. 30,584,387 of these shares will be issued via the placing and […]
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28 Apr 2023 1 min read
QuotedData’s weekly news show 28th April 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • NextEnergy Solar (0:35) • Round Hill Music (5:52) • ThomasLloyd Energy Impact (14:05) This week’s interview was with Craig Baker from Alliance Trust – watch it again […]
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25 Apr 2023 2 min read
NAV growth at odds with discount for Round Hill Music
Round Hill Music Royalty Fund announced its full-year results for the year end December 2022. The company saw a 13% increase in NAV to US$519.6m driven by active rights management and positive structural music industry tailwinds while revenue increased 32% YOY. The performance continues an impressive period for the company, which has delivered a 35% […]
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13 Apr 2023 1 min read
QuotedData’s morning briefing 13 April 2023
In QuotedData’s morning briefing 13 April 2023: Round Hill Music (RHM) had FTI Consulting produce another independent valuation report on its portfolio. The FTI Report supports the valuation as at 31 December 2022, prepared by the company’s original independent valuer, Citrin Cooperman. FTI comes up with two weighted average discount rates: one assumes the use […]
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26 Jan 2023 2 min read
QuotedData’s morning briefing 26 January 2023
In QuotedData’s morning briefing 26 January 2023: Literacy Capital (BOOK) has published its quarterly trading and NAV update for the three months ending 31 December 2022. The NAV rose to 420.6p from 384.9p, contributing to a total NAV return of +9.3% in the last three months and +51.7% in the last twelve months. Portfolio companies […]
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20 Dec 2022 2 min read
Round Hill reports stronger revenue figures
Round Hill Music Royalty Fund says that its Net Publisher’s Share (the amount received by the music publisher after deduction of all fees, commissions and all royalties and other shares of income payable to third parties) for the first nine months of 2022 was $21.8m, up from $16.0m for the nine months to 30 September […]
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15 Jul 2022 1 min read
QuotedData’s weekly news show 15th July 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Matthew Read covered the week’s top stories: • Ruffer – Hamish Baillie stepping down • Roundhill Music Royalty • Hipgnosis Songs Fund • Taylor Maritime inaugural results • Chysalis and wefox • […]
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13 Jul 2022 1 min read
QuotedData’s morning briefing 13 July 2022
In QuotedData’s morning briefing 13 July 2022: Round Hill Music Royalty (RHM) has announced plans to apply for admission of its shares to the premium segment of the main market of the London Stock Exchange. RHM is currently admitted to trading on the Specialist Fund Segment of the London Stock Exchange but as the company […]
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08 Jul 2022 1 min read
QuotedData’s weekly news show 8th July 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Jayna Rana covered the week’s top stories: • Round Hill Music/Hipgnosis Songs • Octopus Renewables Infrastructure • Fundraising HICL Infrastructure Impact Healthcare REIT Digital 9 Infrastructure This week’s interview was with David […]
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05 Jul 2022 2 min read
Round Hill comments on copyright decision
The board of Round Hill Music Royalty Fund says that it welcomes the news that the US Copyright Royalty Board (CRB) III ruling has been upheld, allowing the royalty rates for songwriters and publishers to be paid at the increased headline rate of 15.1%, which comes into effect from 1 January 2022. The headline rates […]
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28 Apr 2022 1 min read
Round Hill Music ready to expand again
Round Hill Music has published its first annual report – covering the period from its incorporation through to 31 December 2021. Highlights are: IPO in November 2020 raising gross proceeds of $282m, followed by $46.6m in December 2020 and $86.5m in July 2021 via a C share placing. Deployed around $400m across 49 catalogues, consisting […]
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11 Feb 2022 3 min read
Round Hill Music Royalty Fund ready for C Share conversion
Round Hill Music Royalty Fund (RHM) has announced that the net proceeds of its C Share issue that was undertaken in July 2021 have now been fully invested and, accordingly, plans have been put in place to convert the C Shares into Ordinary Shares. The calculation date for the Conversion will be 29 April 2022 […]
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2 min read
QuotedData’s morning briefing 11 February 2022
In QuotedData’s morning briefing 11 February 2022: AEW UK REIT (AEWU) has been granted planning consent for the demolition and development of a 527-unit student accommodation scheme at 225 Bath Street in Glasgow city centre, paving the way for the sale of the site to IQ Student Accommodation. The sale of the vacant office scheme […]
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08 Feb 2022 1 min read
Round Hill buys Alice in Chains catalogue
Round Hill buys Alice in Chains catalogue – Round Hill Music Royalty Fund has acquired a significant majority of the rights to the American rock band, Alice In Chains. The acquisition covers the publishing, masters and neighbouring rights of the band. Catalogue Details: The acquisition comprises a significant majority of the publishing, masters and neighbouring […]
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14 Jan 2022 2 min read
Round Hill Music Royalty acquires the David Coverdale Catalogue
Round Hill Music Royalty Fund (RHM) has acquired the music publishing, master rights and master rights royalties for the catalogue of Whitesnake frontman and Deep Purple lead singer from 1973 to 1976, David Coverdale. RHM has also entered into a long-term administration agreement for the neighbouring rights income from the catalogue. RHM says that, due […]
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05 Jan 2022 1 min read
QuotedData’s morning briefing 5 January 2022
In QuotedData’s morning briefing 5 January 2022: Round Hill Music Royalty (RHM) has acquired a significant share of the master artist royalties and entered into a long-term agreement to administer the neighbouring rights income of the catalogue of Nancy Wilson, of the band Heart. The catalogue includes the number one hit “These Dreams” that was […]
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31 Dec 2021 2 min read
Round Hill spending spree continues
Round Hill spending spree continues – Round Hill Music has announced a couple of new investments – making it three in three days. The Richardsons The fund has bought 100% of a catalogue of 308 tracks from the Richardsons, Jack and his son Garth, made up of producer royalties and neighbouring rights income. Garth Richardson […]
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29 Dec 2021 1 min read
QuotedData’s morning briefing 29 December 2021
In QuotedData’s morning briefing 29 December 2021: Round Hill Music Royalty Fund (RHM) has acquired a significant share of the publishing rights of Niko Moon, the American country singer/songwriter (pictured). The catalogue comprises 29 compositions, including songs performed by Zac Brown Band, Avicii, and Sir Rosevelt, and includes the number one Zac Brown Band hits […]
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08 Nov 2021 3 min read
QuotedData’s morning briefing 8 November 2021
In QuotedData’s morning briefing 8 November 2021: HICL Infrastructure (HICL) has acquired, indirectly, a 33.3% interest in Road Management Group, a holding company which comprises two UK shadow toll roads: the A417/A419 Swindon-Gloucester and the A1(M) Alconbury-Peterborough. The interest was acquired from Abertis Infraestructuras for a combined consideration of up to £34.4m. This investment will be funded by […]
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02 Nov 2021 1 min read
Round Hill deal with Supertramp
Round Hill deal with Supertramp – Round Hill Music Royalty Fund has entered into a long-term agreement to administer 100% of the neighbouring rights income, generated from the master recordings, of three long-standing members of the British rock group, Supertramp. The catalogue includes: 39 original recordings. Numerous timeless hits such as “The Logical Song”, “Take the […]
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30 Sep 2021 3 min read
QuotedData’s morning briefing 30 September 2021
In QuotedData’s morning briefing 30 September 2021: International Public Partnerships (INPP) says its £40m investment in the Rampion OFTO project looks likely to complete in November after Ofgem approved it on Tuesday. The project relates to the transmission cable connection to the Rampion offshore wind farm located 13km off the Sussex coast. The wind farm […]
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28 Sep 2021 2 min read
Round Hill Music buys O’Jays catalogue
Round Hill Music buys O’Jays catalogue – Round Hill Music Royalty Fund has acquired 100% of the master royalty income of 532 original recordings from the American classic R&B group, The O’Jays. Highlights: the catalogue comprises 532 original recordings, including hits such as “Love Train“, “Use Ta Be My Girl“, “Cry Together“, “Back Stabbers“, “For The […]
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15 Sep 2021 2 min read
Round Hill Music acquires catalogue from Pearl Jam producer
Round Hill Music acquires catalogue from Pearl Jam producer – Round Hill Music Royalty (RHM) has acquired recorded music income and publishing rights to 30 songs from Tim Palmer, an English record producer, guitarist and songwriter of rock and alternative music. The catalogue covers tracks from the debut Pearl Jam album “Ten”, which sold over […]
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09 Sep 2021 2 min read
Round Hill Music buys Dennis Elliott’s catalogue
Round Hill Music buys Dennis Elliott’s catalogue – Round Hill Music Royalty Fund has acquired the master royalty income of Dennis Elliott, a British musician and artist, who was the original drummer of the rock group Foreigner. The catalogue comprises 71 original recordings spanning the first seven Foreigner studio albums, which feature numerous major hits, including […]
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11 Aug 2021 3 min read
QuotedData’s morning briefing 11 August 2021
In QuotedData’s morning briefing 11 August 2021: Round Hill Music Royalty (RHM) has made its first open market acquisition since its IPO by acquiring the music catalogue of Yes guitarist and film score composer, Trevor Rabin. This includes 3,528 cues from films such as Armageddon, Enemy of the State and Bad Boys II and songs such as Owner of a Lonely […]
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16 Jul 2021 1 min read
QuotedData’s weekly news show 16 July 2021
QuotedData’s weekly news show 16 July 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew and Richard Williams covered the week’s top stories: AVI/Third Point update Hipgnosis/ Round Hill music update Aberdeen New Dawn turns performance around PRS REIT […]
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1 min read
Round Hill Music Royalty C share placing raises US$86.5m
Round Hill Music Royalty Fund’s (RHM’s) C-share placing has raised gross proceeds of US$86.5m, which significantly exceeds the target minimum capital raise of US$50m. The company says that it intends to use the net proceeds of the C Share Offer together with the remaining undrawn balance of its existing revolving credit facility to assist in […]
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24 Jun 2021 1 min read
Round Hill Music Royalty announces new C share placing
Round Hill Music Royalty announces new C share placing – Round Hill Music Royalty (RHM) has announced a placing of C shares at an issue price of $1 per C share under the terms of its placing programme. It plans to use the net proceeds of the C share offer, as well as the remaining undrawn balance […]
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2 min read
QuotedData’s morning briefing 24 June 2021
In QuotedData’s morning briefing 24 June 2021: The Apax Digital Fund, in which Apax Global Alpha (APAX) is a limited partner, has invested in Revolution Prep, a national provider of online academic tutoring and test preparation services. APAX is expected to invest approximately €3.6m in the company on a look through basis. The investment will be used […]
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03 Jun 2021 2 min read
QuotedData’s morning briefing 3 June 2021
In QuotedData’s morning briefing 3 June 2021: Round Hill Music Royalty Fund says that Josh Gruss, CEO and chairman of its manager, has opted to receive 2m shares in Round Hill Music Royalty Fund in exchange for his interest in the catalogues that the fund acquired recently. Josh is handing over 950,000 of these to establish […]
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29 Mar 2021 2 min read
QuotedData’s morning briefing 29 March 2021
In QuotedData’s morning briefing 29 March 2021 – VietNam Holding (VNH) had an excellent interim results period to 31 December 2020, with its NAV increasing by 38.7% in USD terms. Vietnam’s early success in containing COVID-19 helped it re-open its economy much sooner than many other nations. Within the portfolio, VNH’s overweight position in HPG, the leader in […]
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05 Feb 2021 1 min read
QuotedData’s weekly news show 5 February 2021
QuotedData’s weekly news show 5 February 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: IPO boom – Next Energy Renewables, Digital 9 Infrastructure and Great Point Entertainment Round Hill Music update He […]
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02 Feb 2021 6 min read
Round Hill Music proceeds with pipeline purchase
Round Hill Music proceeds with pipeline purchase – in Round Hill Music Royalty Fund’s prospectus, it identified a portfolio of catalogues – the Pipeline Investments. These comprise the existing assets of Round Hill Fund One, a private fund whose investments are managed by Round Hill. The Pipeline Investments were independently valued with an aggregate valuation of […]
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16 Dec 2020 1 min read
QuotedData’s morning briefing 16 December 2020
In QuotedData’s morning briefing 16 December 2020: Ruffer backs Bitcoin – in a surprise move, the trust says “One recent addition, via one of the specialist managers appointed within the Ruffer Multi-Strategies Fund, has been bitcoin. This is primarily a defensive move, one made in November after reducing the company’s exposure to gold. The exposure to […]
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09 Dec 2020 1 min read
Round Hill Music announces placing to help close on the balance of pipeline investments
Following on from its $282m IPO last month, Round Hill Music (RHM) will issue new ordinary shares under the terms of its placing programme. The shares will be issued at a price of US$1.01. In this morning’s announcement, it is noted that “RHM has identified a seasoned portfolio of iconic catalogues with established steady-state revenues that […]
In The Press
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02 Oct 2023 1 min read
Investment trust insider on discount disconnects
Investment trust insider on discount disconnects – James Carthew: The SONG and dance about alternative NAVs One argument used by investors who justify the wide discounts on investment companies in ‘alternative’, non-equity assets is that the underlying net asset values (NAV) of their portfolios are overstated. Sometimes this is easy to counter, but in other […]
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11 Sep 2023 1 min read
Investment trust insider on the loss of good funds
Investment trust insider on the loss of good funds – James Carthew: Too many good funds are throwing in the towel Share price discounts have been widening across the investment companies’ sector. Incredibly, just 20 of 337 closed-end funds that I follow were trading at a premium to net asset value (NAV) at the end […]
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14 Oct 2022 1 min read
Deep Dive: Will newer or older artists win the royalties trust tussle?
Eve Maddock-Jones, Investment Week, 14 October 2022: Over the past few months investors have repeatedly been told the 60/40 portfolio model is dead, with equities and bonds falling into lockstep rather than acting as diversifiers amid the market turmoil. This has seen more and more fund pickers recommend alternative assets to fill that diversification gap, […]
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03 Oct 2022 1 min read
Investment trust insider on discount rates
Investment trust insider on discount rates – James Carthew: Rising discount rates could make loan terms a problem for ‘alt’ funds Alternative assets have been the fastest growing part of the investment companies’ sector for many years now. At first, the real excitement was about hedge funds and funds of hedge funds (which largely came […]
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22 Aug 2022 1 min read
How to find the right fund for you: follow these simple steps to save time and money
James Crux, Shares Magazine, Thursday 18 August 2022: If you want to build up a pot of money for the future, be it retirement or paying for some of life’s expenses including children’s university fees or a loft conversion, investment funds can be a great way to grow your savings. They enable you to quickly […]
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12 Jul 2022 1 min read
Dare to be different
Faith Glasgow, AIC Compass, July 2022: One of the big attractions of investment companies for many retail investors is the wide range of asset classes to which they offer access: not just equities but property, infrastructure, private equity and a number of even more esoteric specialist investment opportunities including sectors dedicated to music royalties, forestry, […]
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21 Jul 2021 1 min read
Investment trust insider on music companies
Investment trust insider on music companies – James Carthew: Music rights shakeup could seriously turn up the revenues for SONG The managers of Hipgnosis Songs fund (SONG) are likely to be in an upbeat mood and no wonder. The £150m fundraise earlier this month was oversubscribed, and the strategy now has a market capitalisation of […]
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31 Mar 2021 2 min read
Investment trusts in focus
Roundtable: Investment trusts in focus Citywire Wealth Manager, 30 March 2021 Gavin Lumsden: How did last year’s intense volatility impact investment trusts versus open-ended funds? Ewan Lovett-Turner: It certainly was a tumultuous year and that was reflected in performance versus the open-ended fund world. It really does depend on what time period you look at though. […]
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09 Feb 2021 2 min read
Investment trust insider on Round Hill Music
Investment trust insider on Round Hill Music – James Carthew: RHM beats SONG on royalties disclosure The new year’s initial public offer (IPO) market has got off to a roaring start. We already have our first successful new issue, in the form of VH Global Sustainable Energy Opportunities (GSEO). The now 17 investment companies in the […]
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01 Feb 2021 1 min read
Ship shape and ready to float?
Ship shape and ready to float? IPO market picks up but headwinds remain for small launches Larger vehicles in better stead David Brenchley, Investment Week, 26 January 2021 The 21 months to end-September had been quiet for new issuance from investment companies, with 2019 the lowest annual total (£1.4bn) raised through IPOs since 2016, and […]
