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  "documentTitle": "Hipgnosis Songs Fund | Results Presentation Deck | 43 slides",
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  "presentationDate": "2023-07-01 00:00:00",
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  "notes": "The chart shows the stability of the SONG Discount Rate compared to the volatility of the Implied Risk Premium and US Benchmark Bond yields.",
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      "text": "Evolution of the Discount Rate",
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      "text": "Citrin Cooperman have consistently taken a long term view on key discount rate assumptions - notably interest rates. Increasing proportion of utility-like revenue from Streaming services has improved quality of earnings and justifies a reducing risk premium. Together, these resulted in a significant cushion built between launch and end of 2021 which has enabled discount rate to remain unchanged despite rising interest rates. 10 year gilt yields fallen since 30 September 2022 resulting in no change to discount rate since interims",
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      "text": "Source: Factset, Citrin Cooperman",
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      "text": "DECREASE IN 10 YEAR YIELDS MAINTAINS DISCOUNT RATE SINCE INTERIMS",
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