Trustnet Magazine 60 March 2020 | Page 36

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Yet the manager went on to enjoy
considerable success on Man GLG
However, the glory years quickly
Continental European Growth.
came to an end when the dotcom
Investment consultant Gavin Haynes
bubble burst in 2000: with half of the says: “When Powe re-emerged to run
fund’s holdings in the tech sector, the a European fund in 2014, investors
fall-out was horrendous. It lost almost could have been excused for being
half its assets and Powe left Invesco
wary. However, he has refined his
in 2001 to run a hedge fund, Modulus approach to focus on sustainable
Europe. He then suffered a second
growth businesses and produced
blow when it entered liquidation
double the return of the peer group
during the 2008 market crash.
over the past five years.”
Hugh Yarrow
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Yarrow had been an integral
member of the Rathbones UK
equity team from 2002, but left the
business as the group rationalised
its fund range at the market nadir in
2009. Haynes says: “Not many groups
were recruiting fund managers at that
stage of the cycle so Hugh decided to
set up his own boutique – Evenlode –
and launch the Evenlode Income fund.
“A decade later, this fund has proved
to be a phenomenal success and Hugh
is one of the most highly regarded UK
fund managers. It is over £3.5bn in
size and has returned more than 250
per cent (double the return of the UK
market and peer group).”
What was the secret sauce? He added
considerable analyst brain power in
Ben Peters, his co-founder, but also
built an enduring investment strategy.
Yarrow helped develop a proprietary
risk-management framework and
software system to help the Evenlode
team consistently execute its process.
The post-credit crunch market also
favoured Yarrow’s quality-first style.
However, even with this tailwind, the
fund has done remarkably well: it has
beaten the FTSE All Share in every full
calendar year since launch in 2009.
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