Indofood Agri Resources Ltd.

• QF Quercus Fund 2026 First Letter to Shareholders ↗ Braskem Idesa anchors Quercus Fund’s new distressed-debt thesis: its ethane import terminal should restore operating rates, while the bonds retain recovery support through Carlos Slim’s financing and the plant’s replacement cost. The fund added six discounted positions, including Indofood, and excludes gold because its intrinsic value cannot be estimated. 2026 (Jan) BAK $665MBRK.A $1.2T
• Palm Harbour Capital Letter 2025 Q3 | 553 KB ↗ Palm Harbour Capital exited Ocean Wilsons, Syensqo and The Italian Sea Group, and added Cirsa, Converge ICT, Indofood and Vivendi in favour of cyclical businesses with stronger cash-flow prospects. The portfolio avoids US mega-cap AI momentum and argues that Youngone’s premium apparel OEM franchise and a recovery in SCOTT Sports offer an attractive turnaround opportunity. third quarter 2025 0NFS 0OIY $1.5BAMZN $2.8T +6

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