Cedar Grove’s Q1 Letter Reaffirms Stock-Picking Focus, Highlights Evolv, The RealReal and Abivax

Overview

• Cedar Grove’s Q1 2026 investor letter reports a -23.0% net return since inception for its Multi-Strategy Composite versus smaller declines for major indexes.
• The letter says strong earnings in February and early March were overtaken by a swift selloff after war broke out in Iran, with confidence expressed for results in coming quarters.
• Management reiterates a plan to avoid macro calls and to own quality businesses with clear growth drivers such as artificial intelligence or other long-term trends, calling the slump a 'SaaS apocalypse' that created bargains.
• The letter spotlights Evolv Technologies and The RealReal, citing Evolv’s 1,000-plus customers and more than 8,000 systems in use, and The RealReal’s guidance for double-digit revenue growth with about 200 basis points of adjusted EBITDA margin expansion in fiscal 2026.
• Cedar Grove also points to Abivax after positive Phase 3 data on its ulcerative colitis drug, noting French media rumors of potential takeovers valued at $15–$20 billion ahead of maintenance data this summer, which remain unconfirmed.