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Cenovus Energy (CVE) Surged 60.7% in Q1 Amid Middle East Conflict

Kopernik Global All-Cap Equity Fund is a value-oriented mutual fund managed by Kopernik Global Investors and is a sub-fund of Heptagon Fund ICAV. It recently released its Q1 2026 investor letter; a copy can be downloaded here. The strategy started the quarter positively but declined substantially in March. In the last third of the quarter, market volatility increased due to the impact of the war in the Middle East on energy prices. In this environment, focusing on fundamentals, avoiding overpriced securities, and diversifying across sectors and countries is important. The Strategy remains...