Cedar Grove Flags OneSpaWorld as New Position on Record Carnival Bookings

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2▲2 ▼0Impact / 5
Summary · why it matters

Cedar Grove Capital Management disclosed OneSpaWorld Holdings Limited as a newly added position in its third-quarter 2026 investor letter, citing record booked occupancy for 2027 at Carnival Corporation, the spa operator's largest customer. The Michigan-based advisor said OneSpaWorld, an asset-light spa operator that draws most of its revenue from the cruise industry, often sells off alongside cruise operators when oil prices rise or investors worry about lower-income consumers cutting discretionary spending, even without company-specific news, and that this recurring misreading has again created an attractive entry price. Cedar Grove noted that Carnival Corporation announced better-than-expected earnings just the past week and that booking trends continued to strengthen during the quarter. OneSpaWorld closed at $23.28 per share on October 06, 2026, returning 3.97% over the past month and 9.50% over the past 52 weeks, with a market capitalization of $2.36 billion. The firm's Multi-Strategy Composite returned -12.7% in the third quarter of 2026, trailing the Russell 2000 at -7.2%, the Russell Microcap at -7.4%, and the S&P 500 at +2.4%, and has returned -26.2% since its January 14, 2026 inception against index gains of 7.9%, 10.6%, and 12.4%, respectively.

Impact on assets 2

Consumer Discretionary▲
OneSpaWorld Holdings Ltd
OSW
▲ PositiveDemandrelevance

Cedar Grove added OneSpaWorld as a new position, citing record 2027 booked occupancy at its largest customer Carnival, which supports the spa operator's revenue.

Carnival Corporation
CCL
▲ PositiveDemandrelevance

Carnival announced better-than-expected earnings and record booked occupancy for 2027, with booking trends strengthening during the quarter.

Off-coverage companies 1

Cedar Grove Capital Managementi
Private± Mixedrelevance