Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “LyondellBasell, the plastics producer gave back some of that 88.3% return of last quarter, and fell 34.0%. We are continually amazed by the market's response to the war in Iraq. It seems that this so called 'ceasefire' (the one where Iran keeps attacking ships in the Strait of Hormuz and the US keeps bombing) has led to expectations that all is well for the affected commodity markets. Management provided results in early May, and reported expectations that the higher prices will be sustained for some time. That makes sense to us. But since then, Polyethylene and Polypropylene prices, for example, have fallen by around 15%. After we sold around two thirds of our holding during the March quarter, we ceased as the price fell to levels below our valuation. It currently accounts for 2.1% of the Fund and we are comfortable with maintaining this position.” | NEUTRAL | Q2 2026 Jul 29, 2026 | View Pitch |
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “LyondellBasell (down 15.7%) continues to struggle in the tough plastics market. In March management announced the shutdown of its Propylene Oxide Styrene and Monomer operations at Maasvlakte (the Netherlands), incurring a USD 117m cost to rid itself of a loss making operation. Similarly, in the June quarter it announced the “sale” of four European assets. It is not really a sale. It involves contributing funds to the assets in return for an earnout, and getting rid of liabilities associated with them. By doing so, LyondellBasell is absolving itself of future capital spending requirements (which are somewhat unknowable), resulting in better cash conversion and higher margins (by around 3% at the EBITDA level). We like it! Some assets are better held in private entities. And it is a preferable option to the alternative - shutting them down. Although the net impact of these deals is undoubtedly positive to earnings and cash flow, we remain conservative and have not factored this into our valuation. Amongst the tariff turmoil, LyondellBasell was heavily sold off. It looked too cheap to us, (trading at a 20% discount to our valuation) and we bought more to end the quarter with a 4.5% position. BSD Analysis: LyondellBasell is the global chemicals heavyweight investors love to ignore until margins spike — and with capacity rationalizing and global demand stabilizing, the setup is improving fast. Its scale and integration give it cost advantages in polyethylene and propylene chains, and upside from circular polymers and recycling technology is still underappreciated. The dividend is fat, cash conversion is excellent, and the balance sheet supports both buybacks and growth projects. This is a value-cyclical with surprisingly strong defensive attributes.” | BULL | Q2 2025 Jul 30, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
