What happened
According to an SEC filing dated April 13, 2026, Reinhart Partners, LLC increased its position in OneSpaWorld (OSW 1.17%) by 1,697,822 shares during the first quarter. The estimated transaction value, based on the average quarterly closing price, was $36.11 million. The quarter-end value of the position rose by $43.80 million, reflecting both new share purchases and price movements.
What else to know
The fund was a buyer of OSW, with the stake now representing 2.56% of its 13F assets under management.
- Top holdings after the filing:
- Axcelis Technologies: $154.30 million (4.4% of AUM)
- First Citizens BancShares, Class A: $147.60 million (4.2% of AUM)
- Silicon Motion Technology: $147.56 million (4.2% of AUM)
- Modine Manufacturing: $130.29 million (3.7% of AUM)
- InterDigital: $127.54 million (3.7% of AUM)
As of April 13, 2026, OneSpaWorld shares were trading at $24.94, up 47.32% over the past year and outperforming the S&P 500 by 17 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close April 13, 2026) | $24.94 |
| Market capitalization | $2.56 billion |
| Revenue (TTM) | $961.00 million |
| Net income (TTM) | $71.62 million |
Company snapshot
OneSpaWorld:
- Offers health, wellness, fitness, beauty, and medi-spa services onboard cruise ships and at destination resorts, including body and skin care, salon treatments, fitness classes, and branded wellness products.
- Generates revenue through direct service provision, product sales, and exclusive brand partnerships primarily within the cruise and hospitality sectors.
- Targets cruise line passengers and resort guests seeking premium wellness and beauty experiences, with a global footprint across major cruise lines and select destination resorts.
OneSpaWorld leverages exclusive partnerships with well-known beauty and wellness brands to deliver differentiated offerings and drive customer loyalty. Its scale, brand portfolio, and integration with major cruise operators underpin its competitive position in the global leisure market.
What this transaction means for investors
Reinhart Partners’ purchase of OneSpaWorld is worth noting, as the firm typically seeks out high-quality, smaller equities to hold for the long term. Not only did Reinhart double down on its OSW holding, but it added to the stock after its price rose roughly 10% from the fourth quarter of 2025. This is a strong vote of confidence for OneSpaWorld, and the stock has already become the 20th-largest position among Reinhart’s 77 holdings.
OneSpaWorld estimates it holds a 90% market share in spa-at-sea services, giving it a near-monopoly in its unique niche. While its growth story may not be overwhelming, it grew sales by 7% in 2025 and expects revenue to grow by at least 6% in 2026. Boasting a 97% contract renewal rate with the major cruise ship corporations like Carnival Cruise Lines, OSW’s dominant position in its niche isn’t likely to disappear anytime soon, barring mismanagement.
Having rebounded from the pandemic, OneSpaWorld has resumed paying a growing dividend and begun repurchasing shares, making it a very shareholder-friendly investment. I’ll be keeping the stock on my radar thanks to its robust leadership in its niche -- and I certainly see why Reinhart likes the stock -- but I’ll be curious to see if it can develop a stronger growth story over the longer term and keep its share price trending higher.
