Alluvium Asset Management’s Conventum – Alluvium Global Fund declined during the second quarter of 2026, posting losses across multiple currency denominations. The fund fell 1.4% in EUR terms, 2.2% in USD terms, and 3.9% in AUD terms despite a powerful equity rally dominated by semiconductor companies. While some holdings such as Alphabet benefited from strong cloud growth and Robert Half posted solid gains, cable businesses and several healthcare and consumer holdings dragged on overall performance.
LyondellBasell Industries N.V., a multinational chemical and plastic manufacturing company, was highlighted in the fund’s second-quarter investor letter as a significant detractor. The stock declined 34% during the quarter after delivering an 88.3% return in the previous period. On September 15, 2026, shares closed at $65.43 per share. Over the preceding month, the stock had declined 0.95%, though it gained 22.25% over the prior 52 weeks. The company carries a market capitalization of $21.14 billion and has traded within a 52-week range of $41.58 to $83.94 per share.
The fund attributed the stock’s decline to shifting commodity market sentiment regarding geopolitical developments and expectations for sustained higher prices. Management reported results in early May with projections that elevated price levels would persist. However, polyethylene and polypropylene prices subsequently fell approximately 15% from those levels. The fund had reduced its position by approximately two-thirds during the preceding quarter and ceased buying as prices fell below valuation thresholds. LyondellBasell currently represents 2.1% of the fund’s holdings, a position the managers stated they were comfortable maintaining.
Hedge fund holdings of LyondellBasell declined to 57 portfolios at the end of the second quarter from 59 in the previous quarter, according to available databases. The company previously halved its dividend following a severe industry downturn, raising questions about the sustainability of the new payout level.
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