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Property assets

Property assets within the Fund are managed by Hearthstone Asset Management Ltd.

The Fund manager proposes transactions to the internal Hearthstone Investments Deals Committee which meets on an ad hoc basis, and at least weekly. The pre-purchase/sale consideration by the Deals Committee is undertaken to ensure compliance with the relevant client and regulatory parameters, and assess the suitability of purchase given the Fund’s cash position, redemptions and other considerations.
Following deals committee approval, the prospective purchase is assessed by the Standing Independent Valuer and scheduled for review by the Investment Committee. The Investment Committee includes representatives from the Depositary and Authorised Corporate Director (ACD) and will normally be held at least quarterly in person and monthly via teleconference.
When proposed transactions have been approved by the Investment Committee, the property details are uploaded to a secure property conveyancing system, TM Secure (TMS). The TMS system allows the Depositary continuous oversight of the legal work undertaken on behalf of the Fund, helping it to fulfil its role to safeguard scheme assets. The system also ensures consistent documentation is produced by any legal firm using the system and acting for the Fund.
Once the transfer of title has been agreed and signed off, an instruction to pay is issued to the Custodian (for acquisitions) and the transaction is complete. The process typically takes four weeks from receipt of instructions.
A typical purchase will be for execution on a single dealing date that occurs once per month. Turnover or “churn” for the Fund is typically low, as purchases are made on a long-term hold basis in-line with our strategy to minimise transactional costs.

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Hearthstone Investments PLC is the parent company of the Hearthstone Group. Regulated activities associated with the TM Hearthstone ICVC are carried out by Hearthstone Asset Management Limited, which is an authorised representative of Thesis Asset Management Limited, authorised and regulated by the Financial Conduct Authority (114354). Other companies in the group provide investment advisory and other services funds aimed at professional clients. Details of these companies are provided in the investment materials associated with each fund.

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