In a large saucepan set over medium high heat, melt butter. Add stew meat and cook until well browned and fond forms on the bottom of the pan, 10 minutes.
Add tomato paste and cook until darkened in color, about 1 minute. Stir in wine, beef broth, shallot, soy sauce, sugar and thyme sprigs and bring to a boil, scraping up the bottom of the pan to release the fond that formed during the browning process. Cook until reduced to 4 cups, 15 minutes.
Strain the sauce through a fine-mesh strainer set over bowl; discard solids. Return sauce to pan and bring to boil over medium-high heat.
In a small bowl add 1 tablespoon cold water and 2 ½ teaspoons of cornstarch, stir making sure there are no lumps. Whisk this mixture into the sauce and boil until slightly thickened. Reduce heat to low and whisk in remaining 4 tablespoon butter, 1 piece at a time. Season with salt and pepper to taste.
Remove from heat and cover to keep warm.
