Vltava Fund sold its entire stake in Cenovus Energy during the second quarter of 2026, citing a share price that had risen far beyond the company's intrinsic value. The fund noted that Cenovus shares climbed above $40 as WTI crude oil prices surged to $114 per barrel amid peak concerns over the war in Iran, representing a roughly 150% increase in just one year. Vltava Fund had purchased the stock in the spring of 2025 when shares traded at Can$16 and WTI was near $60, viewing it as significantly undervalued at that time. The fund believes the market overreacted to short-term oil price movements and that long-term expected oil prices did not justify a share price exceeding $40, prompting the sale. Vltava Fund indicated it may return to the stock in the future, noting its role as a hedge against adverse geopolitical events.
Cenovus Energy IncVltava Fund sold its entire stake because the share price exceeded intrinsic value, indicating a valuation-driven negative signal.
CVS Health CorpWTI crude oil surged to $114 per barrel amid peak concerns over the war in Iran, a geopolitical driver.