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Modulus Europe (Powe Capital) - invests in small/medium sized companies

2008-09-25

Count of distinct funds: 1
Capital base: €330 mm
Loss: 21% in 2008

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stories: co.uk

The Independent reports that Powe Capital Management's flagship hedge fund, Modulus Europe, has been forced to liquidate. Gates were used in July, August and September to defer redemptions on the fund; however, Rory Power, the fund founder, determined that liquidation provided the most "fair" outcome for investors.

The fund invested in "small and medium-size companies" and lost some 21% of its value on the year.

The liquidation will result in 80% of the fund assets being returned as cash with the remainder being liquidated over time.

Regarding the founding of the fund:

Mr Powe, formerly a star fund manager at Invesco, launched Modulus in early 2002. The fund is up 65 per cent since its launch. He left Invesco after his European Growth Fund's value plunged following the bursting of the dotcom bubble.

Other Powe Capital Management funds include the Principia and Tensor funds.

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Important: This fund is on our list of hedge funds that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective. The "imploded" list contains hedge funds (or other unregulated and autonomous speculative investment funds) which have gone through some sort of permanent adverse change. This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid mark-downs in net asset value; or abnormal "bail-out" by corporate parents or peers in order to avoid write-downs and provide liquidity. The funds are of any type and sector.