Three funds managed by London-based Arcus Investment, a
Japan value specialist, are invested in shares of Elpida
Holdings, the Tokyo-listed maker of computer memory chips,
which declared bankruptcy late in February.
The Arcus Japan long/short fund, a UCITS structure, had 1.6%
of its assets exposed to the Japanese company based on the
closing price of Elpida shares last month; in the Arcus Japan
Fund the exposure was 1.5%; and at Arcus Zensen Fund, it was
According to the AsiaHedge database, the three fund
structures run current assets of $25 to $50 million each.
The Arcus funds were all underwater last year, but posted