ONESPAWORLD HOLDINGS Ltd

• CG Cedar Grove Capital Management Q3’2026 ↗ Cedar Grove increased gross leverage and added Zedcor, OneSpaWorld and Auxly while closing several special-situation and biotech holdings. The portfolio argues that Evolv Technologies and The RealReal retain improving operating fundamentals despite rate-driven valuation pressure, with recurring revenue and marketplace efficiency as the central theses. Q3 2026 EVLV $707MABVX $7.7BAXON $25B +8
• CG Cedar Grove Capital Management Q1 2026 ↗ Cedar Grove Capital Management deployed capital into small and microcap healthcare and consumer-discretionary names it viewed as mispriced amid the SaaS selloff. It exited the failed LENSAR merger-arbitrage position, sharply reduced and then sold WW International after weakening subscriber trends and a CEO departure, while retaining core positions in KITS, The RealReal, Evolv and Sanuwave. Q1 2026 ABVX $7.7BEVLV $707MHIMS $4.6B +6
• AI Ariel Investments Ariel Fund and Ariel Appreciation Fund ↗ Ariel Fund and Ariel Appreciation Fund attribute benchmark gaps to avoiding technology shares, particularly Sandisk, whose rapid rise distorted small- and mid-cap value indices before its removal. The funds exited several holdings, retained ADI Global in Ariel Appreciation Fund, and shifted proceeds from Norwegian Cruise Line into Royal Caribbean while maintaining conviction in oversold consumer and health care names. third quarter 2026 SNDK $126BADIG $766MMFP $2B +3

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