The fund’s exposure to Radiant World has fallen to less than $300m. The development comes after several major commodities firms reportedly halted trading with Radiant World amid concerns over invoices and other documents provided to lenders. Radiant World has rejected those allegations and said its trading relationships remain unaffected. Point Bonita has already been shrinking significantly after investors requested redemptions following losses linked to auto supplier First Brands Group, which was previously the fund’s largest exposure. Jefferies is understood to believe the underlying commodity trades connected to its Radiant World financing remain legitimate, although it has been reviewing discrepancies identified in some of the supporting documentation.