Investor Letters

Letters through January 31, 2026

1 letter reporting on the period ending January 31, 2026, in each firm's own reckoning.

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 $594MBRK.A $1.1T