Fund Performance Factsheet – July 2019

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

Fund Performance Factsheet – July 2019

If the summer is the silly season for newspapers and politicians, it is being the stable season for the housing market. In reality not much has changed since last month. Demand for good quality rented housing remains consistently high, and rental growth continues alongside modest inflation and growth in average real earnings.

Political uncertainties have kept a lid on demand, as many people who it is thought would like to move decide to stay put for a little longer. Debates inside the new Government on the level of Stamp Duty Land Tax and the potential impact on the housing market and wider economy if they were reduced may also be keeping some people on the side-lines.

The LSL Acadata House Price Index, Hearthstone’s preferred housing barometer, shows an increasing level of activity and prices in Greater London, and in the Midlands and North West, but in reality the regional differences are quite small. The independent valuation of the Fund’s properties showed no change in July.

The homes in the portfolio are almost fully occupied with 5 being vacant at the month end (2.5% of the units), but with four of those having new tenants lined up and on the point of moving in. Our experience is echoed by the RICS, who’s July Housing Market Survey noted “In the lettings market, the headline tenant demand indicator (quarterly seasonally adjusted data) picked-up to post the strongest reading since the closing stages of 2016. At the same time, landlord instructions fell once again, extending a run of continuous decline stretching back over the past thirteen quarters. Given the current imbalance between supply and demand, near term rental growth expectations were driven higher.


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).