Fund Performance Factsheet – February 2020

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

Fund Performance Factsheet – February 2020

From December to the end of February, we have seen a remarkable change in sentiment in the UK residential property market. Four of the five property indices monitored by our benchmark index, LSL Acadata, reported average house prices reached new record highs.  According to the latest RICS UK Residential Market Survey, buyer enquiries, agreed sales and new instructions all rose over the month extending a run since December 2019.  Near term sales expectations remained positive for the 5th month running.

In December, our holdings in Manchester were valued upwards and in January our independent valuer increased valuations on all our units in Wembley. After this positive start to the year, resulting in a 0.32% increase in property valuation, we were not surprised to see no increase in our monthly valuation in February 2020.

Last month we reported that the fund would shortly complete a purchase of 13 houses in Smethwick, west Midlands. We have now completed on 11 of these purchases, with the final 2 completing in May. We expect these to let well and slightly in excess of our purchase models/assumptions given local demand from tenants.

Tenant demand rose for the 3rd month in a row whilst at the same time, landlord instructions continue to fall, a persistent run since 2016. The latest ONS data shows rents increased by 1.5% over the year, whilst rents in the fund increased by 1.56% over the same period. The Fund’s portfolio occupancy remains strong at 98%.

Over the past weeks the global Coronavirus situation started impacting global financial markets significantly. At the time of writing, there has been little impact on the UK housing market although we are of course monitoring the situation closely.


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).