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
Monthly Fund Update Document
Our monthly fund update is produced to keep investors informed on the progress with property disposals, valuations and distributions.Third Capital Distribution - 30/09/2024
Another ad hoc capital distribution has been confirmed as £3 million and will be paid on 30th September 2024 at the rates per share detailed below. This distribution equates to approximately 4.8% of the bid-value of the fund in November 2023 immediately preceding termination, and will take the total distributions to 18.9%.
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 12th September.
We expect the next distribution will now be in November.
| Share class | ISIN code | Pence per share | Share price (p) | Date | Share price (p) | Date |
| Feeder Fund | GB00B95V2K41 | 6.473 | 124.0 | 11/09/2024 | 117.6 | 12/09/2024 |
| Class C Accumulation | GB00B95VYK84 | 7.4364 | 130.5 | 11/09/2024 | 123.1 | 12/09/2024 |
| Class C Income | GB00BLHXV501 | 6.8184 | 120.0 | 11/09/2024 | 113.2 | 12/09/2024 |
| Class D Accumulation | GB00B9608795 | 7.2324 | 126.9 | 11/09/2024 | 119.7 | 12/09/2024 |
| Class D Income | GB00BLHXV618 | 6.7380 | 118.6 | 11/09/2024 | 111.8 | 12/09/2024 |
| Class E Accumulation | GB00B6X90Z05 | 7.5908 | 133.3 | 11/09/2024 | 125.7 | 12/09/2024 |
| Class E Income | GB00BLHXV725 | 6.9139 | 121.7 | 11/09/2024 | 114.8 | 12/09/2024 |
| Class F Accumulation | GB00B54N2C52 | 7.3729 | 129.5 | 11/09/2024 | 122.1 | 12/09/2024 |
| Class G Income | GB00B76WFY75 | 6.3958 | 112.3 | 11/09/2024 | 105.9 | 12/09/2024 |
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 |
Residential Property Investment Fund - Important Information
This presentation describes the TM home investor fund, with the objective of allowing retail clients to gain an overview of the product’s recent history. It should not be considered advice or an invitation to invest.
As with all investing, your capital is at risk. The value of your portfolio with TM home investor fund can go down as well as up and you may get back less than you invest. LEARN MORE ABOUT RISK.
Hearthstone Investments Ltd 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). Hearthstone Investments Ltd (06379066) and Hearthstone Asset Management Limited (07458920) are both registered in England and Wales. The registered office for both companies is c/o Bridgehouse Company Secretaries Ltd Third Floor, Suite 2.06, Bridge House, 181 Queen Victoria Street, London, EC4V 4EG. Thesis Unit Trust Management Limited is the Authorised Corporate Director of the TM home investor fund. Authorised and regulated by the Financial Conduct Authority (186882).