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Probably a rectifier,they do fail.
The main problem with the rotors is centrifugal forces. Changes in inertia, and rather sudden changes possible from a performance engine wreak havoc on the windings. A lot of times the wires break near where they attach. That's one of the plus points of the permanent magnet Ducati alternator.
Motorad Elektrik used to put epoxy or a similar coating on the winding near the slip rings to help keep them in place. Many years ago that was what we did with slot car motors too.Checking their website now I am not sure he still does rewinds any more. Pete