Edison review on Round Hill Music Royalty Fund

London, UK, 24 January 2023

Edison issues review on Round Hill Music Royalty Fund (RHM): Strong royalty performance

A healthy music-streaming market coupled with Round Hill Music Royalty Fund's (RHMRF's) attractive portfolio resulted in a strong net publisher's share (NPS) performance in 9M22, up 36.1% y-o-y to $21.8m. Organic NPS growth from the original portfolio was 15.9% over the same period. Since its launch in November 2020, RHMRF has delivered a NAV total return (TR) of c 28.4% and 12.5% annualised (to end-December 2022 in US dollars), above the targeted annualised NAV TR of 9-11%. Rising interest rates have dented sentiment in non-traditional assets and RHMRF's share price retrenched notably in 2022. We believe the quality of the underlying portfolio will continue to be reflected in growing NPS, which in turn should support the NAV, and, ultimately, the share price performance.

The significantly widened discount (c 34% vs c 5% 12 months ago) amid FY22's rising interest rate environment could serve as an entry opportunity into this portfolio of quality alternative assets.

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