Disclosure – Non-Independent Marketing Communication This is a non-independent marketing communication commissioned by Hipgnosis Songs. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.
Update Hipgnosis Songs 19 September 2019
Summary
Hipgnosis Songs Fund (SONG) is a £409m market cap listed fund, aiming to achieve income and capital growth by owning songwriters’ music royalties. The managers (The Analysts: Family (Music) Ltd) believe that, aside from being able to buy these royalties from William Heathcoat Amory songwriters on a gross yield of c. 8%, investors should benefit rf om trends and active +44 (0)203 384 8795 management, which will increase the level of income (and capital value) over time. Pascal Dowling The managers are aiming for total returns of greater than 10%, and have +44 (0)203 384 8869 demonstrated their ability to invest the fund’s capital relatively quickly – no mean feat in a market where there are no formal brokers or “exchange” for royalties. Merck Thomas McMahon, CFA Mercuriadis leads the management team, and he is clearly a music industry +44 (0)203 795 0070 “insider”; we understand his relationships have been key to accessing the quality of the portfolio that SONG has built up so far. William Sobczak +44 (0)203 598 6449 Having spoken to the team, they tell us that royalties from the copyright of songs tend to be relatively predictable – certainly after the first hreet years when the “buzz” has Callum Stokeld largely subsided. We discuss the intricacies of music royalties in more depth in the + 44 (0) 203 795 9719a portfolio section, but it is worth noting that these are long life assets, with copyrights in some cases lasting for 70 years past the death of the writer. The catalogues acquired by 31st August have seen revenue growth (excluding post 2016 releases) of Kepler Partners is not authorised 49% from streaming sources, and 19% overall. to make recommendations to Retail Clients. This report is based on factual Streaming is increasingly being recognised as a huge growth area for the music information only. industry, not only opening up the potential market (by reducing distribution barriers The material contained on this site to zero), but also significantly nci reasing and extending the length of a song’s earning is factual and provided for general potential. JPMorgan predicts that global music industry revenues will surpass the informational purposes only. It is peak of the late 1990s, with 10% p.a. compound growth expected through to 2030. not an invitation or inducement to The number of people paying for a streaming music service is rapidly increasing with buy, sell or subscribe to any product described, nor is it a statement as 255m paying subscribers for streaming services currently (according to the IFPI Global to the suitability or otherwise of Music Report 2019), and which JPMorgan predicts will grow to north of a billion. any investments for any person. Notwithstanding this, the managers intend to apply significant resource towards het The material on this site does not management of the fund’s songs, and to boost revenues and the capital value of the constitute a financial promotion within the meaning of the FCA portfolio using more intensive, active management. rules or the financial promotions order. Persons wishing to invest in In its first year, SONG has delivered what it promised at launch. Recognised net any of the securities discussed in revenues from the portfolio from incorporation on 8 June 2018 to the financial eriodp the website should take their own independent advice with regard to end on 31 March 2019 were £7.2m, equivalent to a 6.1% gross yield on the £120m the suitability of such investments invested component of the portfolio over the period - in line with projections at and the tax consequences of such launch. The company has paid its target dividend of 3.5p over the first year (in four investment. instalments). As we examine in the dividend section, the company has a stated aim to pay dividends of 5p in the current financial year.
Since launch to 31 March 2019 (the last reporting date), the fair value NAV has risen from 98p to 103.27p. Including dividends paid, this means that the total NAV return has been 6.4% - a strong performance during a period in which the fund has been sitting on cash as it builds the portfolio up. The shares are trading at a small premium to fair value NAV, which means that total shareholder returns (including dividends) to the end of August has been 8.5%.
Kepler Trust Intelligence is written and published by the investment companies team at Kepler Partners. 1 Visit www.trustintelligence.co.uk for new investment ideas and detailed thematic research every week. Disclosure – Non-Independent Marketing Communication This is a non-independent marketing communication commissioned by Hipgnosis Songs. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.
The prospective dividend of 5p per share equates to an formidable “advisory board” (including Nile Rogers of Chic income yield of 4.8% at the share price on 31 August 2019, and Dave Stewart of Eurythmics) who should enable a which compares with the Global Equity Income sector continuing flow of opportunities for investment. average yield of 4.1%, 4.1% for infrastructure funds, and 5.1% for the renewable infrastructure funds (Source: Getting into the specifics, Hipgnosis Songs mainly invests Numis). in songwriter’s royalties. These are generally copyrighted for 70 years after the death of the writer or last surviving co-writer. Of all revenues generated by a “song”, the Portfolio songwriters’ share is the largest part. Illustrating how enduring and significant these royalties are, Slade Hipgnosis Songs Fund (SONG) aim is to achieve income reputedly earns several hundred thousand pounds every and capital growth by owning music royalties. The Christmas from its song “Merry Christmas Everybody”. management team’s main target for investment is Clearly, not all songs have such an enduring appeal, but songwriters’ royalties. The managers believe that, aside it is the managers’ role to acquire songs that do have from being able to buy these royalties directly from continuing earnings power (in one form or another) but songwriters on a gross yield of c.8%, investors should also to “manage” that song to achieve its full potential. It benefit from trends and active management which will is worth noting that Hipgnosis does not buy or take risks increase the level of income (and capital value) over time. on new songs that haven’t yet been published or recorded. The managers are aiming for total returns over the medium As we touch on above, royalties from songs tend to be to long term of greater than 10%. relatively predictable – certainly after the first three years when the “buzz” has largely subsided. We understand that the cash flow from music royalties is relatively predictable and reliable, and likely uncorrelated Click here for some of their best known tracks... to equity markets. As investments, royalties are esoteric but not a new concept: witness David Bowie’s “Bowie As a glance at the diagram below will illustrate, the ways Bonds” which were issued – backed by a portfolio of that songwriters are paid for their copyright are many and royalties - in 1997. However, it is very much a private varied. The more successful and popular a song is, the market, and typically royalties have hitherto been bought more the songwriter will be paid. However, depending on by private funds or individuals. SONG is the first publicly which source it comes from, the linkage is not necessarily traded vehicle (globally) that is doing so, and thereby as direct as when CD’s (or physical copies) were the main extending the long-standing tradition of the London listed way consumers bought music. For example, streaming fund market in enabling “the investor of moderate means (via Spotify or Apple Music) attracts royalties, but a song’s the same advantages as the large capitalists in diminishing entitlement to royalties depends both on the number of the risk of spreading the[ir] investment” (Foreign & streams that it has attracted, but is also dependent on the Colonial Investment Trust, 1868). proportion of total streams that the song represents.
In SONG’s case, the company is Guernsey domiciled and is Streaming is a huge growth area, and one that the traded on the Specialist Fund Segment of the London Stock managers believe not only opens up the potential market Exchange (although it is in the process of migrating to the (by reducing distribution barriers to zero), but also premium segment of the main market). It initially raised significantly increases and extends the length of a song’s £200m and listed in July 2018, with a further fundraising earning potential. This is simply because the streaming raising c. £140m of capital. At the time of that fundraising, model is so different to the physical format music business the managers stated that they aimed to be fully invested of selling records. First of all, the number of people by the end of July 2019. Given the August placing of c. paying for a streaming music service is rapidly increasing £51m worth of shares and recent announcement of a with 255m paying subscribers for streaming services prospective C share, the company looks to have achieved (according to the IFPI Global Music Report 2019), which that ambition. The team have therefore demonstrated their JPMorgan predicts will grow to north of a billion worldwide ability to invest the fund’s capital relatively quickly – no by 2025. Streaming services turn music consumption mean feat in a market where there are no formal brokers or from a discretionary (and occasional) purchase, into a “exchange” for royalties. “utility” – making us all what one might have considered in the 1990’s as music fiends (by spending £10 per month As we discuss in the management section, the music - equivalent to 12 CDs per year!). The global rise in the business is relatively close-knit and one defined by number of smartphones means the addressable market is personal contacts. Merck Mercuriadis leads the company’s vast, and one which emerging markets (especially China) manager, and is clearly a music industry “insider” and we have not yet started to significantly impact. It is worth understand his relationships have been key to accessing noting that it has recently been reported that Tencent the quality of the portfolio that SONG has built up so Music Entertainment is in talks to buy a stake in Vivendi’s far. Since listing, the managers have been assembling a Universal Music business, which should it be completed
Kepler Trust Intelligence is written and published by the investment companies team at Kepler Partners. 2 Visit www.trustintelligence.co.uk for new investment ideas and detailed thematic research every week. Disclosure – Non-Independent Marketing Communication This is a non-independent marketing communication commissioned by Hipgnosis Songs. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research. will provide a good indication of the value investors attach synchronisation alone, in calendar year 2019 to date. to music copyright. With the portfolio in ramp-up, any analysis of the portfolio In terms of a song’s earning potential, streaming gives is somewhat backward looking, although we would note huge upside when compared to CDs and other physical that the managers do not anticipate “trading” the portfolio formats. A CD when bought clearly gives a cash flow from in any significant manner. The catalogues acquired by 31st which royalties can be paid. But then whether it remains August have seen revenue growth (excluding post 2016 gathering dust on a bedroom shelf, or is played on repeat releases) of 49% from streaming sources, and 19% overall. for the next ten years, no further income will be generated for the songwriter. Streaming also means that songs can The managers aim to buy catalogues which include songs stay with consumers for longer (they can’t be broken, with the following characteristics: scratched or lost) but more importantly will continue to earn each and every time a song is played. This gives the • proven songs, delivering royalty income for numerous owners of these rights much more surety that an income years; will be generated into the future. • culturally influencial and therefore likely to be continuously played and/or covered by new recording Fig.1: Royalty Flows artists; • under-exploited and for which the managers are able to identify potential synch or cover opportunities; and • offering upside from improving the administration of collection of the royalty income.
As at 31 March 2019, the portfolio consisted of a total of 3,096 Songs. Since then, to the end of August 2019 the company has purchased 4,379 songs, bringing the total to 7,475. Overall, the portfolio acquired up to 31 August 2019 had a blended acquisition multiple of 12.84x historical annual net income. The managers have a stated aim to diversify the portfolio through genres with a preference for those that should benefit from strong and rising appeal, such as hip hop, pop and rap.
In other ways too, the portfolio is diversified by a number of metrics – not least because many of the song catalogues purchased have been written for several performers, rather Source: Hipgnosis than being associated with just one. Examples of writers
In all areas illustrated in the diagram above, the managers Top Ten Contributors To Income aim to increase the income stream they generate % OF 2018 SONG WRITER from their songs which will boost dividends, but also TOTAL INCOME provide capital growth for shareholders. Hipgnosis The Something Just Like This 7 has six employees whose job it is to try to effect higher Chainsmokers revenues for each song in different ways. Each team Love Yourself Benny Blanco 5 member has responsibility for specific songs, ensuring the correct royalties are collected and promoting songs Castle On The Hill Benny Blanco 4 for “synchronisation” income (aka adverts / movies etc). Sweet Dreams Are Made Dave Stewart 3 Their preferred administrative publisher is Kobalt, which Of This Hipgnosis believes will be able to increase the “nuts and The Closer (feat Halsey) 3 bolts” revenue collection through its proprietary collection Chainsmokers systems. In other ways, in the report and accounts the Don't Let Me Down (feat The 3 managers reported that they have achieved some early Dava) Chainsmokers successes from active management. They have already Don't Stop Believin' Neal Schon 2 successfully secured synchronisation licences for a wide Needed Me Starrah 2 range of songs within the portfolio. On the Bernard Edwards Catalogue, for example, the managers achieved What Do You Mean Poo Bear 2 over $512,000 in gross placements in April. In relation Stitches Teddy Geiger 1 to The-Dream’s Catalogue they have taken a single song TOTAL 31 from $7,000 in total earnings in 2018 to $125,000 from Source: Hipgnosis
Kepler Trust Intelligence is written and published by the investment companies team at Kepler Partners. 3 Visit www.trustintelligence.co.uk for new investment ideas and detailed thematic research every week. Disclosure – Non-Independent Marketing Communication This is a non-independent marketing communication commissioned by Hipgnosis Songs. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.
/ artists include Eurythmics, Beyoncé, Rihanna, Chic, US’s Copyright Royalty Board (which sets US industry wide Justin Bieber and ABBA. It goes without saying that within royalty rates) ruled that it would be increasing the share each catalogue, there are some very strongly performing of revenues for songwriters from the overall royalty pot by hits as well as those whose revenues are less material. In 44% over next four years. It is worth noting that Spotify total, the top 10 songs owned at 31 Aug 2019, would have and Amazon have appealed this ruling, but Apple has not. contributed 31% of portfolio income in 2018. As we discuss in the management section, the managers Underlying everything, investors are purchasing revenues, have assembled an advisory board to help originate new which means that any analysis of the portfolio should be catalogues, as well as provide other revenue maximising focused on these revenues. The graphs below illustrate advice. In such a specialist investment asset class, the how these revenue sources are split. The largest part of network effect of the managers and advisory board will revenues come from the writers’ share of performance be a key determinant of ensuring the company is able royalties, which is expected to continue to be a large part to continue to acquire high quality songs. Clearly, the of the income stream. As the graph below highlights there presence of so many industry insiders should give the are several other significant segments, of which the largest managers good access to what might otherwise be a element of growth is expected from streaming. relatively difficult asset class to invest in.
Fig.2: Revenue Breakdown Gearing Hipgnosis Songs Net revenues by income stream (based on portfolio as at 31st March 2019) The company does not anticipate using structural gearing. other However, the company’s prospectus allows for a maximum Performance of 20% of net asset value for working capital and short- term bridging purposes. This provides the headroom to Synchronisation
Writers share of performance help with the acquisition of song catalogues.
On 2 September 2019, the company announced that it had Downloads arranged a £65m credit facility (which can be upscaled by a further £35m subject to conditions). If fully drawn down, the £65m would equate to c. 16% of NAV at the current
Mechanical time. It is anticipated that gearing will be repaid through Streaming further equity issuance, which is a relatively tried and Powered by Highcharts Cloud Source: Hipgnosis tested approach to growing a fund where the underlying investment assets are primarily yield based and hard to Perhaps unsurprisingly – given the preference for hip hop, access or lumpy. Examples include the infrastructure funds pop and rap (56.6% of the top 141 songs in 2018), the US and the renewable energy infrastructure funds which have is the largest source of revenue. The company does not grown successfully in this way. hedge currency exposure, which means that investors will benefit from dollar strength, and will suffer in dollar There are of course risks to this approach. If sentiment weakness relative to the GBP. The US is the largest music goes against the fund or if any of the investments market globally, but it is also significant that in 2018 the purchased perform poorly at a time when the fund is relatively highly geared but has not yet raised equity to Fig.3: Revenue Breakdown repay the short-term loan, then the company may find it hard to raise new equity. In such a scenario, the negative Hipgnosis Songs effect on the NAV would be magnified and/or the fund Revenue breakdown by country as at 31st March 2019 could find itself being a forced seller of assets in order to Australia repay the loan.
UK Returns
So far, over its first year of life, Hipgnosis has delivered what it promised at launch. Recognised net revenues from the portfolio from incorporation on 8 June 2018 to the financial period end on 31 March 2019 were £7.2m, equivalent to an annualised 6.1% gross yield on the £120m US invested component of the portfolio over the period - in Powered by Highcharts Cloud Source: Hipgnosis
Kepler Trust Intelligence is written and published by the investment companies team at Kepler Partners. 4 Visit www.trustintelligence.co.uk for new investment ideas and detailed thematic research every week. Disclosure – Non-Independent Marketing Communication This is a non-independent marketing communication commissioned by Hipgnosis Songs. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research. line with projections at launch. The company has paid likely that U2, Bob Dylan or the Rolling Stones catalogues its target dividend of 3.5p over the first year (in four for example might command a significantly higher instalments). As we examine in the dividend section, the valuation – perhaps in excess of 20x, as befits their wide company has a stated aim to pay dividends of 5p in the and lasting appeal. current financial year. Time will tell with regards to the other two drivers of Over the period from IPO to 31 March 2019, the fair value returns. With the portfolio still in ramp up mode, as well NAV has risen from 98p at IPO to 103.27p. This means that as the time lag that music royalties take to be paid, it will the total NAV return (including two interims of 0.5p each take time for the projected investment returns (as well as paid before 31st March 2019) has been 6.4% which might the effect of the management activities) to start to flow be considered a strong performance given that the fund through as cash, or as in an increase in the capital value has been sitting on cash as it builds the portfolio up. The of the song catalogues in the portfolio. We understand shares are trading at a small premium to fair value NAV, that Hipgnosis will be providing a quarterly factsheet from which means that total shareholder returns (including September 2019. dividends) to the end of August have been 8.5%. Fig.4: Shareholder Return Since Launch Dividend
Hipgnosis Songs - Share price total return SONG’s objective is to provide an attractive and growing since launch (10/07/18) level of income, together with the potential for capital 112.5 growth. At launch, the fund aimed to pay a dividend 110 of 3.5p, which would rise to 5p in the second year. The 107.5 dividend is payable quarterly, and the first dividend at the
% 105 higher rate is due to be paid in November. The company expects to be able to grow its dividend over time though 102.5 the active management of the portfolio but also from the 100 rising trends in streaming music we refer to in the portfolio 97.5 section. 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 9 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ------7 7 8 8 9 0 0 1 1 2 2 1 2 2 3 3 4 4 5 6 6 7 7 8 8 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ------0 6 3 0 7 3 9 6 2 0 8 6 1 9 7 5 0 0 7 5 1 9 5 2 9 1 2 1 3 1 0 1 0 2 1 2 1 0 1 0 2 1 3 1 0 2 0 2 1 2 So far, over the company’s life, the portfolio has been in Total return ramp up, and so SONG has consequently had significant Powered by Highcharts Cloud amounts of cash on its balance sheet. At the time of the Source: Bloomberg second fundraising, the company said it aimed to become It perhaps goes without saying that Hipgnosis’s NAV and “fully invested” by July 2019 which given the recent (end total returns are expected to be relatively uncorrelated over of August) announcement of a placing of c. £51m worth of the long term with other asset classes, and particularly shares, we must assume it had achieved this. Based on equity markets. At the same time, it is worth remembering the reported blended acquisition cost of 12.75x as at 31 that equity market sentiment will affect the share price, March 2019 (implying a gross revenue return of 7.9%), and which could mean that the shares fall to a discount to NAV assuming the purchases since then have been made at at times of pessimism. the same multiple, the 5p dividend should be fully covered (after fees and other expenses). Going forward, we believe that the company’s ability to deliver strong total returns so will depend on three key Fig.5: Dividend History factors: Hipgnosis Songs: Dividends • the extent to which a song performs (in revenue terms) paid since IPO in-line with what the managers believed at the time of 1.5
purchase; 1.25 • the managers’ ability to generate higher returns
e 1 r a
through their management acitivities; and h s
r
e 0.75 p
• the “market” rate on song catalogues e c n e
p 0.5 Hipgnosis has revealed that the average valuation on acquisition as at 31 August 2019 is 12.84x historic 0.25 revenues, which implies a gross income return of 7.9% 0 before fees. We understand that “rule of thumb” valuation 01-11-18 31-01-19 02-05-19 01-08-19 metrics for catalogues range from 10-15x, but the very best dividend per share Powered by Highcharts Cloud songs can be valued significantly higher than this. It is Source: RNS
Kepler Trust Intelligence is written and published by the investment companies team at Kepler Partners. 5 Visit www.trustintelligence.co.uk for new investment ideas and detailed thematic research every week. Disclosure – Non-Independent Marketing Communication This is a non-independent marketing communication commissioned by Hipgnosis Songs. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.
The current dividend of 5p per share equates to an income 105p, the shares trade at a premium of 2.2% to the last fair yield of 4.8% at the current share price, which compares value NAV, and 7.4% to IFRS NAV. with the Global Equity Income sector average yield of 4.1%, 4.1%, for infrastructure funds, and 5.1% for the renewable Going forward, it is possible that the market will focus infrastructure funds (source: Numis as at 31 August 2019). more on the “fair value” NAV than the IFRS NAV. Certainly, the market was anticipating the uplift to the valuation over the period to 31 March 2019, as the graph below Management illustrates. Since the date of the last valuation, the shares have traded within a relatively narrow band of a premium The company’s investment adviser is The Family (Music) of between 1% - 2% to the last published fair value NAV. Limited, which was founded by Merck Mercuriadis, former manager of globally successful recording artists, such as Should the shares slip to a discount, there is no formal Elton John, Guns N’ Roses, Morrissey, Iron Maiden and discount control mechanism, but the board has stated that Beyoncé, and hit songwriters such as Diane Warren, Justin it “will be mindful of the share rating and will consider Tranter and The-Dream, and former CEO of The Sanctuary buybacks should there be sufficient cash available”. A Group plc. long-term term discount control is the provision that a The investment adviser has an advisory board of music continuation vote is proposed five years after the IPO, and industry experts and is broadly intended to help with every five years thereafter. acquiring song catalogues, providing a broad range of expertise to the manager on different genres of music. The Fig.6: Discount To “Fair Value” Nav advisory board includes award winning members of the Hipgnosis Songs: Premium / (discount) to NAV artist, songwriter, publishing, legal, financial, recorded since IPO music and music management communities. Confirmed 15 members so far include Nile Rodgers, The-Dream, Giorgio
Tuinfort, Starrah, Nick Jarjour, David Stewart, Bill Leibowitz, 10 Ian Montone, and Jason Flom.
% 5 The Family (Music) Limited has a team of six front office staff who support Merck Mercuriadis (CEO) in managing the 0 portfolio of songs, monitoring royalty and/or fee income, and developing strategies to maximise the earnings -5 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 9 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ------7 7 8 8 9 0 0 1 1 2 2 1 2 2 3 3 4 4 5 6 6 7 7 8 8 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 potential of the songs in the portfolio through improved ------0 6 3 0 7 3 9 6 2 0 8 6 1 9 7 5 0 0 7 5 1 9 5 2 9 1 placement and coverage of songs. 2 1 3 1 0 1 0 2 1 2 1 0 1 0 2 1 3 1 0 2 0 2 1 2 Premium / (Discount) Powered by Highcharts Cloud Source: Kepler Partners Discount Charges The company publishes NAVs twice a year, reflecting the revenues of the catalogues which are accounted for also The managers charge a base management fee based on twice a year. The music royalty industry works on a 90-day market capitalisation (rather than NAV), tiered at a rate of accounting cycle, with royalty statements for January to 1% p.a. up to and including £250m, 0.9% p.a. from £250m June settled on 30 September, and for the period July to to £500m and 0.8% in excess of £500m. December settled on 31 March. The “fair value” of these songs will be evaluated by an independent company In addition, the 10% of any total shareholder return (share (Massarsky Consulting) using a minimum of three years price performance plus dividends paid) over and above a historic normalised revenues and using expected industry 10% hurdle, subject to a high watermark. The performance trends. The valuer then uses a DCF methodology to fee is paid in shares, which are locked up for 18 months. calculate a value which is compared with recent prices The total fees are capped at 5% of NAV p.a. for similar transactions (if available) and other factors. This “fair value NAV” will differ from the IFRS NAV which is also published, and reflects the amortised cost of songs, written down over their expected economic life. At the time of writing, the last fair value NAV was published as at 31 March 2019 of 103.27p and representing an uplift of 4.6% from the previous year’s 30 September NAV. The IFRS NAV at 31 March was 98.21p. As such, at the share price of
Kepler Trust Intelligence is written and published by the investment companies team at Kepler Partners. 6 Visit www.trustintelligence.co.uk for new investment ideas and detailed thematic research every week. Disclosure – Non-Independent Marketing Communication This is a non-independent marketing communication commissioned by Hipgnosis Songs. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.
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Kepler Trust Intelligence is written and published by the investment companies team at Kepler Partners. 7 Visit www.trustintelligence.co.uk for new investment ideas and detailed thematic research every week.