Performance

Arcus funds are hit by Elpida exposure, but enjoy big returns in February market rally

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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 1.3%.

According to the AsiaHedge database, the three fund structures run current assets of $25 to $50 million each.

The Arcus funds were