Episode 14 features David Schulhof the CEO and Portfolio Manager of MUSQ, The Global Music Industry ETF. David is an American music industry executive and investor with 25 years of experience in the field. David’s background in the music industry is extensive, having previously served as President of Music Publishing at LiveOne, a global media company for livestream and on-demand audio, video and podcast content. He is also the former President of Music at AGC Studios and IM Global Studios and was the co-founder and CEO of Evergreen Copyrights, where he pursued a global acquisition strategy of music publishing catalogs and built one of the largest independent music companies worldwide, which eventually was sold to BMG Rights Management.Needless to say this is a fun interview. MUSQ aims to invest in the most attractive segments of the global music industry. The music ecosystem is comprised of all things music like streaming, content and distribution, live music events and ticketing, satellite and broadcast radio, and equipment and technology. The segment is growing and evolving quickly and David gives us his views as to where the music industry is headed. To learn more about David and MUSQ please visit, MUSQetf.com
Deeper Dive: Insights from the Full Conversation
Beyond the headline strategy, the full conversation between Brad and David Schulhof covered several additional themes worth highlighting for advisors and investors.
On Process and Philosophy
I'm Brad Roth, Chief Investment Officer of Thor Financial Technologies, and portfolio manager of THLV, the Thor Low Volatility ETF. Behind the Ticker, uncovers the inner workings of the ETF industry. We will interview portfolio managers and ETF service providers to dive deep into their work lives and their businesses. We will learn the inner workings of their strategies and what drives them as they continue to grow their company. Many of these individuals are entrepreneurs, and will have unique and compelling insights to share as much goes on behind the Ticker.
And what I realized was over my career bread that it was really hard as an investor to get exposure to music. You had to be an LP, a lot of these private equity firms that I mentioned. And you had to show net worth of whatever it was, a million or five million dollars. And so over the last 10 years, you've also seen an explosion of music companies become available. You have everything from streaming to content, a live music to ticketing, to satellite and to radio.
Market Context and Positioning
So you have companies like IHeart, which are so all around the country. You have companies like Serious Radio. You have companies in Australia like Arne and Southern Cross. You have Town Square Media. So those are the five categories. We have 48 companies on the index. And we give investors broad exposure to the entire ecosystem. MUSQ is the first pure play music ETF designed to give investors global exposure to the music industry ecosystem.
Today we have David Shohoff. He is the CEO and founder of MUSQ, which is the first pure play music ETF. He is a very compelling background, very interesting and fun and unique background. And we talked a little bit about that, we talked a little bit about the innovations that are happening in the growth in the music space. I think you're going to find this conversation very entertaining, also very educational. I think David's done a wonderful job constructing his index, and please enjoy this episode with David Shohoff.
So, first of all, it is outpacing the growth of the S&P. The index is up 22% for the year. And the MUSQ index is up 22% for the year. And it is outperforming the S&P. So it's definitely a product for RIAs. I see this and honestly, I see this in every portfolio allocation. I don't know how you don't have one or two or three percent whatever the number is. You're getting, you know, very strong returns. And, you know, it's technology.
Key Takeaways
- MUSQ aims to invest in the most attractive segments of the global music industry.
- The conversation explores important themes in small & mid cap relevant to today's advisor landscape.
- The conversation explores important themes in growth investing relevant to today's advisor landscape.
What This Means for Advisors
For financial advisors evaluating options for client portfolios, this conversation with David Schulhof highlights important considerations around growth investing. Understanding the strategy behind each fund—not just the ticker—helps advisors make more informed allocation decisions and better communicate the rationale to clients.
The themes of growth investing and small & mid cap discussed in this episode are particularly relevant in the current market environment, where advisors are increasingly looking for differentiated solutions that go beyond traditional benchmarks.
Listen to the Full Episode
This article is based on an episode of Behind the Ticker, hosted by Brad Roth, Founder and CIO of THOR Financial Technologies. For the full conversation with David Schulhof, including additional nuances and details, listen on Spotify, Apple Podcasts, or watch on YouTube.