Hipgnosis Songs Fund cuts song portfolio value by 7.6% due to accounting error, causing a 9% decline in net asset value.
Hipgnosis Songs Fund cut its song portfolio value by 7.6% per share due to an accounting error discovered during a strategic review. The fund's operative net asset value dropped from $1.17 to $1.08, resulting from double-counting accrued revenue. Analysts suggest that the fund may have grounds to terminate its contract with fund manager Hipgnosis Song Management without a large settlement fee.
March 18, 2024
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