(Bloomberg) -- Effissimo Capital Management Pte took advantage of last week’s historic market meltdown in Japan to boost its stakes in a handful of stocks including UACJ Corp. and Sanken Electric Co.
The Singapore-based activist fund increased its holding in the companies to 17% and 25%, respectively, through purchases made over several days, according to filings made to Japan’s Ministry of Finance on Thursday. A large chunk of those came on Aug. 5, when the market plummeted on worries over tighter monetary policy.
The UACJ stake is a straight investment, partly on behalf of clients, while Effissimo says it may make important proposals to Sanken.
The benchmark Topix index and the Nikkei 225 Stock Average each sank 12% on Aug. 5, their steepest declines since the Black Monday crash in 1987. It came as part of a three-day rout after the Bank of Japan surprised with its policy-tightening decision.
Effissimo added to its UACJ stake between July 31 and Aug. 7, with 324,500 shares bought on Aug. 5. The Sanken stake grew over June 10 to Aug. 8, with 247,800 shares acquired on the day of the meltdown.
Separate filings show the fund also raised its stakes in other Japanese companies including Dai-ichi Life Holdings Inc. and Fudo Tetra Corp.
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