Alluvium Asset Management noted in its Q2 2026 letter to investors that chemical and plastics manufacturer LyondellBasell (LYB) fell 34.0% during the quarter, following an 88.3% gain in the previous quarter. The fund managers expressed surprise at the market's reaction to the "ceasefire" in the Iraq War, believing it should have boosted expectations for commodity markets, yet polyethylene and polypropylene prices have already fallen by approximately 15%. The fund reduced its position by about two-thirds during its March quarterly rebalancing, and LYB currently represents 2.1% of the fund's holdings.