• Darren Stent
  • Mon, 22/10/2018 - 10:17

September Performance Update

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

Click here for the latest Class X factsheet (this is the share class used on the WealthKernel online portal).

September Performance Update

The TM home investor fund delivered positive returns this year, and over the past 12 months, with returns after fees of 2.97% (X-Class Shares). The fund holds over 200 strategically located residential properties, also providing rental income, across the UK with no current holdings in prime London.

“The general level of uncertainty about Brexit has continued to constrain volume and prices in the owner occupier market. Nevertheless, LSL Acadata reports an expected 72,500 housing sales in September, down16% before seasonal adjustment, but still running at an annual level of nearly 900,000 sales. In this relatively low volume market house price movements are also restrained. Acadata reports significant regional variations around a national 12 month increase of 0.9%, but a monthly move of -0.1%. The best performing areas were Outer London and the Midlands, both locations where the Fund has large holdings.

Separately Acadata report annual price rises of 3.9%, with Glasgow and Edinburgh being the strongest locations. All of the Fund's homes in Scotland are in Edinburgh.

Stock selection remains key to portfolio performance and the Independent Valuer reported an overall increase in value of the portfolio of 0.26% in September, with no property value being reduced.

Rental demand for our homes remains high: Excluding 7 properties which are currently for sale, 97% of the Fund's properties were occupied at the end of September, which represents just 2.75% of rent lost to voids.

The RICS monthly survey shows rental demand increasing for the fourth month in a row, and rental growth expectations of 2% this year rising to an average of 3.5% over the next five years. Increasing average earnings +2.7% in August are slightly above inflation, which supports the view that rents will continue to rise.


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)

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).