Vltava Fund, a value-focused investment management company, published its investor letter for the second quarter of 2026.
A copy of the letter can be downloaded here
The letter explores the growing role of AI and how certain facets of human intelligence may become less valuable economically, while other skills become more important. The author emphasizes that despite AI’s expanding capabilities in information collection and basic modeling, qualities like sound judgment, good taste, patience, original thinking, strategic skepticism, and the ability to recognize significance will continue to hold their value. Despite the excitement around A.I., fundamental investment principles remain unchanged.
Please review the Fund’s top five holdings to gain insights into their key selections for 2026. In its second-quarter 2026 investor letter, Vltava Fund highlighted Cenovus Energy Inc. (NYSE:CVE). Cenovus Energy Inc. (NYSE:CVE) is a leading Canadian-based integrated energy company that develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products.