Fund Performance Factsheet – February 2019

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

Fund Performance Factsheet – Febuary 2019

In February the Fund again showed a positive return net of fees. Although the value of the portfolio, as reported by the Standing Independent Valuer was unchanged, net rental income contributed its customary return.

Demonstrating the resilience of demand for good quality modern housing to rent, occupancy of the portfolio was over 97% and rental growth on reviews and new lettings was between 2% and 2.5% compared with the previous year.

Brexit uncertainty has continued to impact the sales market with first time buyers driving the market, and the number of home movers remaining constrained. The estimated number of sales was just under 60,000, still a fair market, but below the level expected for this time of year.

The Housebuilders Federation reported good levels of site visits and reservations from both first-time buyers and home movers, although these were both down marginally against seasonal averages. Reservations from Buy to Let investors fell again.
The LSL Acadata Index showed prices up nationally by 0.5% over the month, although down 0.5% over the previous 12 months with significant regional variations. London and the South East showed modest falls over a three month period, and there were gains in the West and East Midlands, Wales and the North West. The Scottish Index, which is reported separately, and with a delay, showed continuing growth in the market North of the Border, with Edinburgh showing the best annual performance. This reflects the Fund’s experience with the Independent Valuer lifting the values of the Edinburgh homes.

The February 2019 RICS UK Residential Survey results continue to signal the market is struggling for momentum, with key indicators on enquiries, sales and new instructions all remaining subdued. In an extra question included this month, aimed at drawing out the most significant force holding back activity at this point in time, 77% of respondents across the UK cited Brexit uncertainty as the biggest challenge facing the housing market at present. A further small reduction in the volume of sales was reported but with a modest increase in the number of rental enquiries.


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 PLC 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).