Important Information: Fund Closure

Further to the suspension of the TM home investor fund and associated Feeder fund on 31st July 2023, Thesis Unit Trust Management Limited (Tutman) as the authorised fund manager (AFM) has confirmed on 30th October 2023 that a decision has been made to terminate the Funds. The termination of the funds will formally commence from 1st December 2023. This decision has been made following consultation with the Funds’ Depositary (NatWest Trustee and Depositary Services Limited) and Property Investment Manager (Hearthstone Asset Management Limited).

A copy of the formal Investor Notice which has been sent to investors on 30th October can be downloaded below

View investor notice

Monthly Fund Update Document

Our monthly fund update is produced to keep investors informed on the progress with property disposals, valuations and distributions.

Download Latest Fund Update

Second Capital Distribution - 31/05/2024

The next capital distribution has been confirmed as £3.1 million and will be paid on 31st May 2024 at the rates per share detailed below. This distribution equates to approximately 5% of the bid-value of the fund in November immediately preceding termination, and will take the total distributions to just over 14%.

It is intended that capital distributions will be made on the income payment dates set out in the prospectus (end of February, May, October and November) subject to there being at least 5% cash available. They will be administered by reducing the price of each share held by an amount equivalent to the payment. For the forthcoming distribution, prices reduced on 9th May for classes C to G, and 12th May for the Feeder).

Share class ISIN code Pence per share Share price (p) Date Share price (p) Date
Feeder Fund GB00B95V2K41 7.1607 131.2 10/05/2024 124.0 13/05/2024
Class C Accumulation GB00B95VYK84 7.6580 138.0 08/05/2024 130.4 09/05/2024
Class C Income GB00BLHXV501 7.0799 127.8 08/05/2024 120.7 09/05/2024
Class D Accumulation GB00B9608795 7.4548 134.3 08/05/2024 126.9 09/05/2024
Class D Income GB00BLHXV618 6.9964 126.2 08/05/2024 119.2 09/05/2024
Class E Accumulation GB00B6X90Z05 7.8141 140.8 08/05/2024 133.0 09/05/2024
Class E Income GB00BLHXV725 7.1754 129.5 08/05/2024 122.3 09/05/2024
Class F Accumulation GB00B54N2C52 7.5973 136.9 08/05/2024 129.3 09/05/2024
Class G Income GB00B76WFY75 6.6115 119.1 08/05/2024 112.5 09/05/2024

First Capital Distribution - 12/12/2023

An initial capital distribution of approximately £5.7 million of cash held by the Fund was made to investors on 12th December 2023, equivalent to approximately 9% of net asset value. Since investors will continue to hold the same number of shares throughout the termination process until a final capital distribution is made, the share price correspondingly reduced by approximately 9% on 4th December (5th December in the case of the Feeder Fund) when the capital cash was removed from the fund pending payment.

As property sales complete, it is intended that further capital distributions will be made quarterly if the Fund holds at least 5% cash.

The amount of this first capital distribution in pence per share is set out below.

Share class ISIN code Pence per share Share price (p) Date Share price (p) Date
Feeder Fund GB00B95V2K41 12.2256 144.9 04/12/2023 132.7 05/12/2023
Class C Accumulation GB00B95VYK84 13.9993 153.2 01/12/2023 139.2 04/12/2023
Class C Income GB00BLHXV501 13.1254 143.9 01/12/2023 130.8 04/12/2023
Class D Accumulation GB00B9608795 13.6484 149.2 01/12/2023 135.6 04/12/2023
Class D Income GB00BLHXV618 12.9733 142.1 01/12/2023 129.2 04/12/2023
Class E Accumulation GB00B6X90Z05 14.2734 156.2 01/12/2023 142.0 04/12/2023
Class E Income GB00BLHXV725 13.2945 145.8 01/12/2023 132.5 04/12/2023
Class F Accumulation GB00B54N2C52 13.9007 152.0 01/12/2023 138.2 04/12/2023
Class G Income GB00B76WFY75 12.1932 133.4 01/12/2023 121.2 04/12/2023