Fund Performance Factsheet – April 2020

We’ve published the latest factsheets for the fund, and they can be downloaded from the link below.

Please note all dealing in the Fund is currently suspended. More information and latest updates can be found in the blog.

Fund Performance Factsheet – April 2020

Lockdown measures continue to impact the number of housing transactions in the UK and dealing in the Fund remains temporarily suspended, effective 10:30pm on 17th March, whilst its Standing Independent Valuer, CBRE, expresses material valuation uncertainty. CBRE continues valuing the 203 properties in the fund in line with proper market practices, adopting a comparable method of valuation – although given the low transaction volumes there is a dearth of evidence on which to rely, and there currently seems to be more reliance on agent sentiment and asking prices than one would expect within a ‘normal’ market. However, we have been advised by our valuers and letting agent that enquiries to local agents increased markedly in the last week of April, which we assume is people envisaging an imminent end to Lockdown, and implies that the underlying sentiment I talked about in February remains.

The April property valuation was down 0.38% from March, driven mainly by seven properties in King Georges Park, Rowhedge. No assets were sold in April, although the one unit under offer is still expected to complete the sale in May. Occupancy at the end of April was c. 89%, but this includes the eleven vacant units  in the recently acquired Crocketts Lane development which we simply did not have sufficient time to let prior to the enforced Lockdown. As such, excluding these and another unit which is for sale, the occupancy of the fund stands at c. 94.5%. Latest ONS rental index data for March shows UK rents increased year on year by 1.4%. The Fund’s rents increased by 1.7% over the same period, and inflation (CPIH) was 1.5%.

Positively, the Fund collected 95.7% of rent demanded in April, which is above the 93% we understand to be sector average currently. We continue to work hard to support tenants now relying on their homes more than ever, particularly those where Covid-19 has caused financial difficulties. We aim to balance both tenants’ and investors’ needs, wherever possible setting up payment plans to ease temporary difficulties. Encouragingly, most tenants want to pay their rent in full and once their government financial aid has been paid quickly settle their arrears.


Third-party platforms will have different classes available. A selection of platforms and the available classes are shown below, but please contact us if the online platform you use is not shown.

Please note that Hearthstone is not able to provide financial advice, and the information on this page should not be taken as advice to invest in the fund, or as to the suitability of the fund, a specific share class, or platform for your personal circumstances.

Halifax Share Dealing, Tilney Bestinvest, Charles Stanley Direct, iWeb:

     >   Unit Trust Feeder Fund (ISIN code GB00B95V2K41)

Hargreaves Lansdown (telephone/postal dealing only), Interactive Investor, Alliance Trust Savings, AJ Bell Youinvest:

     >  For pension/SIPP and ISA only: Class C (ISIN code GB00B95VYK84)

     >  For General Investment Account, pension/SIPP or ISA: Class D (ISIN code GB00B9608795)

Risk Warning

Investing involves risk. Investors should be aware that the value of an investment and the income from it can fall as well as rise, and they may not receive back the full amount they invest. Past performance is not a reliable indicator of future results.

The Authorised Fund Manager is Thesis Unit Trust Management Limited, Exchange Building, St John’s Street, Chichester, West Sussex, PO19 1UP. Authorised and regulated by the Financial Conduct Authority.

Hearthstone Investments Ltd is the parent company of the Hearthstone Investments Group. Regulated business is carried out by Hearthstone Asset Management Limited. Hearthstone Asset Management Limited is an appointed representative of Thesis Asset Management Limited which is authorised and regulated by the Financial Conduct Authority (114354).