Beyoncé and Blondie song fund Hipgnosis needs to find a new tune | Nils Pratley

Investment fund's shares fell as it cut the value of its music portfolio - either sell-off or break-up looms

Another bum note from Hipgnosis Songs Fund. The investment trust managed to put the decimal point in the wrong place in its much-anticipated announcement of what a new valuer thinks its catalogue of songs from acts such as Blondie, Red Hot Chili Peppers and Shakira might really be worth. It meant 92p a share, but said 0.92 pence a share. A correction followed.

The correction that long-term shareholders must dearly wish for is that Hipgnosis had never come to the stock market in the first place in 2018. Against a starting price of 100p, the revised net asset value looks poor, as opposed to shocking, but is only half the story.