Ineos Quattro - What has Changed - Positioning

We have made a change to our positioning in the name. Ongoing weakness in the chemicals cycle and rising macro uncertainty continue to shape outcomes across leveraged capital structures, particularly where balance sheets rely on liquidity rather than earnings recovery. Against this backdrop, we have revisited our work on Ineos Quattro, analysing how recent liquidity measures and shareholder actions have influenced pricing across the bond curve. Our analysis considers whether the recent rally reflects durable improvement or transient technical support, and where risk and value now sit across maturities.