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Cedar Grove

Mar 2026 → Sep 2026 · 2 funds

Our archive holds 3 letters from Cedar Grove, behind 15 investment theses and positions in 46 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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3
Letters
46
Companies
41
Moves
15
Theses

Performance

as of Jun 30, 2026 · net of fees · USD

  • YTD
    −13.2%
    index +14.8%

Index: Russell 2000

Disclaimer

These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What they bought and sold · 41 moves

  • ExitedChipotle Mexican Grill, Inc.
    September 2026
    “During the quarter, we closed short positions in Bending Spoons SpA (BSP), Chipotle Mexican Grill (CMG), The Ensign Group (ENSG), Gemini Space Station (GEMI), Jersey Mike's Subs (JMKE), Moderna (MRNA), Reformation (REF), Once Upon a Farm (OFRM), and X-Energy Inc. (XE).”
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  • AddedHims & Hers Health, Inc.
    September 2026
    “During the quarter, we increased our positions in Abivax (ABVX), Evolv Technologies (EVLV), Tantalus System Holding (GRID.TO), Hims and Hers Health (HIMS), Kits Eyecare (KITS.TO), LENSAR (LNSR), Nektar Therapeutics (NKTR), Hydreight Technologies (NURS.V), The RealReal (REAL), and Starling Oncology (STLN), formerly known as The Oncology Institute (TOI).”
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  • ExitedThe Ensign Group, Inc.
    September 2026
    “During the quarter, we closed short positions in Bending Spoons SpA (BSP), Chipotle Mexican Grill (CMG), The Ensign Group (ENSG), Gemini Space Station (GEMI), Jersey Mike's Subs (JMKE), Moderna (MRNA), Reformation (REF), Once Upon a Farm (OFRM), and X-Energy Inc. (XE).”
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  • ExitedClearPoint Neuro, Inc.
    September 2026
    “During the quarter, we closed our long positions in MTY Food Group (MTY.TO), uniQure (QURE), ClearPoint Neuro (CLPT), and Suja Life Inc. (SUJA).”
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  • AddedNektar Therapeutics
    September 2026
    “During the quarter, we increased our positions in Abivax (ABVX), Evolv Technologies (EVLV), Tantalus System Holding (GRID.TO), Hims and Hers Health (HIMS), Kits Eyecare (KITS.TO), LENSAR (LNSR), Nektar Therapeutics (NKTR), Hydreight Technologies (NURS.V), The RealReal (REAL), and Starling Oncology (STLN), formerly known as The Oncology Institute (TOI).”
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  • AddedTantalus Systems Holding Inc.
    September 2026
    “During the quarter, we increased our positions in Abivax (ABVX), Evolv Technologies (EVLV), Tantalus System Holding (GRID.TO), Hims and Hers Health (HIMS), Kits Eyecare (KITS.TO), LENSAR (LNSR), Nektar Therapeutics (NKTR), Hydreight Technologies (NURS.V), The RealReal (REAL), and Starling Oncology (STLN), formerly known as The Oncology Institute (TOI).”
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  • ExitedBending Spoons SpA
    September 2026
    “During the quarter, we closed short positions in Bending Spoons SpA (BSP), Chipotle Mexican Grill (CMG), The Ensign Group (ENSG), Gemini Space Station (GEMI), Jersey Mike's Subs (JMKE), Moderna (MRNA), Reformation (REF), Once Upon a Farm (OFRM), and X-Energy Inc. (XE).”
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  • ExitedOnce Upon a Farm, LLC
    September 2026
    “During the quarter, we closed short positions in Bending Spoons SpA (BSP), Chipotle Mexican Grill (CMG), The Ensign Group (ENSG), Gemini Space Station (GEMI), Jersey Mike's Subs (JMKE), Moderna (MRNA), Reformation (REF), Once Upon a Farm (OFRM), and X-Energy Inc. (XE).”
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  • ExitedGemini Space Station, Inc.
    September 2026
    “During the quarter, we closed short positions in Bending Spoons SpA (BSP), Chipotle Mexican Grill (CMG), The Ensign Group (ENSG), Gemini Space Station (GEMI), Jersey Mike's Subs (JMKE), Moderna (MRNA), Reformation (REF), Once Upon a Farm (OFRM), and X-Energy Inc. (XE).”
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  • ExitedX-Energy, LLC
    September 2026
    “During the quarter, we closed short positions in Bending Spoons SpA (BSP), Chipotle Mexican Grill (CMG), The Ensign Group (ENSG), Gemini Space Station (GEMI), Jersey Mike's Subs (JMKE), Moderna (MRNA), Reformation (REF), Once Upon a Farm (OFRM), and X-Energy Inc. (XE).”
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  • New positionZedcor Inc.
    September 2026
    “We initiated a small tracking position in Zedcor Inc. (ZDC.V) while continuing our due diligence.”
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  • ExitedMTY Food Group Inc.
    September 2026
    “During the quarter, we closed our long positions in MTY Food Group (MTY.TO), uniQure (QURE), ClearPoint Neuro (CLPT), and Suja Life Inc. (SUJA).”
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  • AddedStarling Therapeutics, Inc.
    September 2026
    “During the quarter, we increased our positions in Abivax (ABVX), Evolv Technologies (EVLV), Tantalus System Holding (GRID.TO), Hims and Hers Health (HIMS), Kits Eyecare (KITS.TO), LENSAR (LNSR), Nektar Therapeutics (NKTR), Hydreight Technologies (NURS.V), The RealReal (REAL), and Starling Oncology (STLN), formerly known as The Oncology Institute (TOI).”
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  • ExitedModerna, Inc.
    September 2026
    “During the quarter, we closed short positions in Bending Spoons SpA (BSP), Chipotle Mexican Grill (CMG), The Ensign Group (ENSG), Gemini Space Station (GEMI), Jersey Mike's Subs (JMKE), Moderna (MRNA), Reformation (REF), Once Upon a Farm (OFRM), and X-Energy Inc. (XE).”
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  • AddedKits Eyecare Ltd.
    September 2026
    “During the quarter, we increased our positions in Abivax (ABVX), Evolv Technologies (EVLV), Tantalus System Holding (GRID.TO), Hims and Hers Health (HIMS), Kits Eyecare (KITS.TO), LENSAR (LNSR), Nektar Therapeutics (NKTR), Hydreight Technologies (NURS.V), The RealReal (REAL), and Starling Oncology (STLN), formerly known as The Oncology Institute (TOI).”
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  • AddedAbivax SA
    September 2026
    “During the quarter, we increased our positions in Abivax (ABVX), Evolv Technologies (EVLV), Tantalus System Holding (GRID.TO), Hims and Hers Health (HIMS), Kits Eyecare (KITS.TO), LENSAR (LNSR), Nektar Therapeutics (NKTR), Hydreight Technologies (NURS.V), The RealReal (REAL), and Starling Oncology (STLN), formerly known as The Oncology Institute (TOI).”
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  • ExitedReformation, Inc.
    September 2026
    “During the quarter, we closed short positions in Bending Spoons SpA (BSP), Chipotle Mexican Grill (CMG), The Ensign Group (ENSG), Gemini Space Station (GEMI), Jersey Mike's Subs (JMKE), Moderna (MRNA), Reformation (REF), Once Upon a Farm (OFRM), and X-Energy Inc. (XE).”
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  • ExitedJersey Mike's Subs
    September 2026
    “During the quarter, we closed short positions in Bending Spoons SpA (BSP), Chipotle Mexican Grill (CMG), The Ensign Group (ENSG), Gemini Space Station (GEMI), Jersey Mike's Subs (JMKE), Moderna (MRNA), Reformation (REF), Once Upon a Farm (OFRM), and X-Energy Inc. (XE).”
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  • ExiteduniQure N.V.
    September 2026
    “During the quarter, we closed our long positions in MTY Food Group (MTY.TO), uniQure (QURE), ClearPoint Neuro (CLPT), and Suja Life Inc. (SUJA).”
    Read the letter
  • AddedLENSAR, Inc.
    September 2026
    “During the quarter, we increased our positions in Abivax (ABVX), Evolv Technologies (EVLV), Tantalus System Holding (GRID.TO), Hims and Hers Health (HIMS), Kits Eyecare (KITS.TO), LENSAR (LNSR), Nektar Therapeutics (NKTR), Hydreight Technologies (NURS.V), The RealReal (REAL), and Starling Oncology (STLN), formerly known as The Oncology Institute (TOI).”
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  • TrimmedChipotle Mexican Grill
    June 2026
    “At the end of the quarter, we still had open short positions in Once Upon a Farm (OFRM), Chipotle Mexican Grill (CMG), and Ensign Group (ENSG).”
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  • ExitedRichtech Robotics
    June 2026
    “During Q2, we realized short positions in Fermi (FRMI), Richtech Robotics (RR), Gemini Space Station (GEMI), Sweetgreen (SG), X-Energy (XE), Carvana (CVNA), POET Technologies (POET), and Chipotle Mexican Grill (CMG) as a quick trade.”
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  • ExitedSanuwave Health
    June 2026
    “We decided to exit the position to secure a tax loss but would still like to keep an eye on the company and the space if/should evidence arise that the wound care tides are turning once again.”
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  • New positionHims and Hers Health
    June 2026
    “Now that the messiness of compounded GLP-1 drugs is behind the company (hopefully), we ended up taking a position in the company the day after they reported Q1 earnings.”
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  • TrimmedMTY Food Group
    June 2026
    “In an effort not to get caught offside again, like our previous M&A arbitrage position in LENSAR (LNSR), we decided to trim our position and reallocate.”
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  • ExitedPOET Technologies
    June 2026
    “During Q2, we realized short positions in Fermi (FRMI), Richtech Robotics (RR), Gemini Space Station (GEMI), Sweetgreen (SG), X-Energy (XE), Carvana (CVNA), POET Technologies (POET), and Chipotle Mexican Grill (CMG) as a quick trade.”
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  • AddedAbivax SA
    June 2026
    “During the quarter, we increased our positions in Nektar Therapeutics (NKTR), Abivax SA (ABVX), The Oncology Institute (TOI), and Evolv Technologies (EVLV).”
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  • AddedClearPoint Neuro
    June 2026
    “During the quarter, we made investments into both QURE and CLPT, exploiting a potential mispricing that traders had opened the door to.”
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  • ExitedLENSAR
    June 2026
    “When that deal fell apart, we exited the position and kept an eye on it.”
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  • ExitedCarvana
    June 2026
    “During Q2, we realized short positions in Fermi (FRMI), Richtech Robotics (RR), Gemini Space Station (GEMI), Sweetgreen (SG), X-Energy (XE), Carvana (CVNA), POET Technologies (POET), and Chipotle Mexican Grill (CMG) as a quick trade.”
    Read the letter

Showing the 30 most recent of 41 recorded moves.

Companies held · 46

Every company Cedar Grove has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 15

  • Zedcor Inc
    September 2026

    Zedcor provides mobile surveillance and live monitoring solutions and is seen as an attractive niche grower with rapid revenue growth and expanding margins.

    Read the full thesis
  • Auxly Cannabis Group Inc
    September 2026

    Auxly Cannabis Group is a vertically integrated Canadian cannabis producer with a leading brand, low-cost operations, and attractive valuation versus peers.

    Read the full thesis
  • Abivax
    September 2026

    Abivax has a de-risked ulcerative colitis drug with long-term upside from commercialization or a potential buyout.

    Read the full thesis
  • Nektar Therapeutics
    September 2026

    Nektar Therapeutics benefits from a favorable legal outcome, encouraging alopecia data, and continued upside in rezpeg.

    Read the full thesis
  • Hims and Hers Health
    September 2026

    Hims and Hers Health is viewed as strategically positioned to gain share in the cash-pay market if management executes well.

    Read the full thesis
  • Evolv Technologies
    September 2026

    Evolv Technologies offers AI-powered security screening with recurring revenue, efficiency gains, and durable growth tailwinds.

    Read the full thesis
  • The RealReal
    September 2026

    The RealReal is a secondhand luxury marketplace with improving profitability, strong network effects, and AI-enabled operating leverage.

    Read the full thesis
  • Hydreight Technologies
    June 2026

    Hydreight Technologies operates a white-label telehealth platform and is positioned to benefit from strong industry tailwinds.

    Read the full thesis
  • MTY Food Group
    March 2026

    MTY Food Group is an improving restaurant franchisor that could attract private equity interest for a buyout amid depressed industry valuations.

    Read the full thesis
  • Evolv Technologies
    March 2026

    Evolv Technologies provides AI-enabled weapons detection systems with rising ARR and cash flow inflection, supported by unfortunate but durable safety tailwinds.

    Read the full thesis
  • Nektar Therapeutics
    March 2026

    Nektar Therapeutics’ Rezpeg shows best-in-class potential in atopic dermatitis with large market opportunity and attractive valuation versus peak sales.

    Read the full thesis
  • Abivax
    March 2026

    Abivax develops UC drug obefazimod with strong profile, making it a prime buyout candidate ahead of maintenance data or a commercialization path.

    Read the full thesis

Letter archive · 3

2026

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