Fund Performance Factsheet – November 2019

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

Fund Performance Factsheet – November 2019

What a difference a month (day) makes. With months of uncertainty and stonewalling within Parliament over Brexit and policy in general, now seemingly over, there seems to be real optimism in the economy and markets leading into Christmas and the new year, with the Pound jumping 2% and FTSE 250 4% on the announcement of a majority government on Friday 13th December. There is, as you would expect however, a lag until this feeds through the property market, with the Land Registry transaction data from November 2019 still reflecting the ‘pre-election limbo’. Estimates are that there were 68,500 transactions in November, c.9% down on October on a seasonally adjusted basis, which is to be expected with an historic election so close.

The LSL Acadata House Price Index, Hearthstone’s preferred housing barometer, shows prices remained relatively flat across the country, with Greater London, Yorks & Humber and Wales having the highest levels of growth, but in reality, the regional differences are quite small. The independent valuation of the Fund’s properties is broadly flat over the past 3 months.

Demand for good quality rented housing continues to strengthen with the RICS Housing Survey stating that quarterly (seasonally adjusted) figures on tenant demand signalling another acceleration in growth in the 3 months to November 2019. Indeed, demand remained at the highest level since Q4 2016 at +22%. At the same time, landlord instructions decreased again with the pace of decline seeming to gather momentum from -21% in October to – 29% in November. Due to these factors, rental growth expectations in the near term have further improved with every region of the UK projected to see an increase over the coming months. The latest ONS rental data states that rents have increased by 1.3%, with rents in the fund increasing by 2.2% in November 2019.

The homes in the portfolio are almost fully occupied with eight being vacant at the month end-two of which are being sold as part of the on-going asset management activity. Of the five void properties, three were reserved / under offer leading to a 98.45% occupancy rate.


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).