Fund Performance Factsheet – March 2019
We’ve published the latest factsheets for the fund, and they can be downloaded from the link below.
Income contributes strongly while politicians dither.
As in politics little has changed in the housing market since February. Capital values nationally are effectively unchanged and rental demand, and rental growth continues. The fundamental undersupply of good housing remains. Once again in March the Fund again showed a positive return net of fees.
First time buyers are still driving the market, but although the number of home movers remained constrained there was an increase in sales and purchases overall. The estimated number of monthly sales rose to 71,500, above the level in January and February, and slightly higher than in 2018. This represents a fair market, but a little below the level expected for this time of year.
The Housebuilders Federation reported levels of site visits down on a seasonally adjusted basis but new homes reservations from first-time buyers up strongly and from home movers up slightly. Reservations from Buy to Let investors fell yet again, demonstrating the impact of the tax changes impacting individual investors.
The LSL Acadata Index showed a flat market nationally but with significant regional variations. London and the South East showed modest annual falls but the South East with a small monthly increase, and there were gains in the West and East Midlands, Wales and the North West over both one month and one year. Even in London the picture is variable. The majority of the Fund’s investments in Outer London are part of the Wembley Park regeneration in Brent, which remains a consistent performer over both one month and one year.
The March 2019 RICS UK Residential Survey results mirror the results from Acadata with a further small reduction in the volume of sales was reported but agents remain positive looking twelve months ahead. Tenant demand rose for the third successive month and rental growth expectations remain 2% for 2019 and averaging 3%pa through to 2024.
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:
Hargreaves Lansdown (telephone/postal dealing only), Interactive Investor, Alliance Trust Savings, AJ Bell Youinvest:
> For General Investment Account, pension/SIPP or ISA: Class D (ISIN code GB00B9608795)
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).