Investors are demanding a change of tune at the London-listed investment vehicle Hipgnosis Songs Fund. The company thrived in an easy-money era of high stock prices and cheap debt, growing through a string of deals, while it attracted a big-name financial backer in Blackstone Inc. But the stock price has tumbled in recent months. A large discount has opened to the net asset value of its holdings, suggesting concern that Hipgnosis may have overpaid for its 65,000-plus song library.
