- 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 $594MBRK.A $1.1T
One letter so far. We collect each new one as Quercus Fund publishes it.
