Introducing Universal Music Group

Investors in the Elevation Capital Global Shares Fund own a share of Universal Music Group N.V. (UMG), the world’s largest record company, with +32% of the world’s total music revenues.  There are few things surer than the predilection of humanity for music. It is the shorthand of emotion, as Tolstoy once quipped. To own UMG is to earn a “royalty” on people listening to music, something we are certain is bound to continue til the end of time. As streamers such as Spotify have matured, music industry revenues have recovered to near-early 2000s levels and a symbiotic relationship has developed between streaming platforms and record companies that is mutually beneficial (investors in the Global Shares Fund own both sides of the transaction via our investment in Spotify). The crown jewel in UMG’s crown is its extensive catalogue of music, ranging from Bob Dylan to Sting to “ol’ blue eyes” himself, Frank Sinatra. We believe UMG, with its rich catalogue, is well positioned to continue earning a royalty on one of humanity’s timeless pleasures -- music.