2 weeks ago
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Soumya Eswaran
Fri, April 17, 2026 astatine 9:41 AM CDT 3 min read
Michigan-based concern advisor Cedar Grove Capital Management precocious released its archetypal 4th 2026 capitalist letter. A transcript of the missive tin beryllium downloaded here. Cedar Grove Capital Management’s Multi-Strategy Composite posted a -23.0% nett instrumentality since inception, compared to -5.6% for the Russell 2000, -5.9% for the Russell Microcap, and -5.5% for the S&P 500. Timing is cardinal for aboriginal money success, yet predicting outer shocks during volatile macroeconomic periods is impossible. Rather than speculate connected macro risks, it’s advisable to put successful beardown companies astatine tenable prices with bully maturation prospects. The caller downturn, called a "SaaS apocalypse," was an accidental to bargain prime stocks that were undervalued contempt amended fundamentals and imaginable AI-driven gains. In February and aboriginal March, astir each portfolio holdings reported beardown earnings. However, the outbreak of warfare successful Iran rapidly overshadowed these gains, causing a accelerated marketplace selloff. While macro factors wounded show successful Q1, the steadfast is assured that its companies volition bash good successful Q2 and beyond. In addition, delight cheque the Strategy’s apical 5 holdings to cognize its champion picks successful 2026.
In its first-quarter 2026 capitalist letter, Cedar Grove Capital Management highlighted stocks specified arsenic OneSpaWorld Holdings Limited (NASDAQ:OSW). OneSpaWorld Holdings Limited (NASDAQ:OSW) operates wellness and wellness centers onboard cruise ships and astatine destination resorts. On April 16, 2026, OneSpaWorld Holdings Limited (NASDAQ:OSW) closed astatine $24.08 per share. One-month instrumentality of OneSpaWorld Holdings Limited (NASDAQ:OSW) was 14.78%, and its shares gained 42.15% implicit the past 52 weeks. OneSpaWorld Holdings Limited (NASDAQ:OSW) has a marketplace capitalization of $2.44 billion.
Cedar Grove Capital Management stated the pursuing regarding OneSpaWorld Holdings Limited (NASDAQ:OSW) successful its Q1 2026 capitalist letter:
"OneSpaWorld Holdings Limited (NASDAQ:OSW) is 1 of the precise fewer names that we revisit from clip to clip arsenic much of a commercialized than an concern for us. OSW is simply a spa relation that mostly operates its concern connected assorted cruise lines (Carnival Cruise, Norwegian, etc). The crushed we commercialized this sanction from clip to clip is that it inactive consistently gets misunderstood by the marketplace successful times of turmoil that chiefly impact cruise lines directly, alternatively than OSW — deliberation rising lipid prices oregon a simplification successful user discretionary spending. While we haven’t shared immoderate heavy dive into the institution specifically, past twelvemonth we did stock our high-level thoughts present connected wherefore the dislocation regularly occurs."
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