2025 November CAD
-1.45%
MTD
24.95%
YTD
14.60%
ASI Annualized since inception
Growth of $1,000 Since Inception
2025 November CAD
-1.45%
MTD
24.95%
YTD
Monthly Performance (net of all fees)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.21 | -0.66 | 0.68 | 0.40 | 5.38 | 2.75 | 1.96 | 4.10 | 4.85 | 2.51 | -1.45 | 24.95% | |
| 2024 | 1.74 | -1.70 | -1.26 | 0.93 | 0.24 | 0.26 | 2.57 | 2.36 | 1.82 | 4.15 | 3.40 | 1.85 | 17.45% |
| 2023 | -3.42 | -.95 | -0.11 | -0.07 | -3.19 | 2.22 | 1.57 | -0.22 | 2.06 | -0.76 | 2.21 | 1.18 | 0.32% |
| 2022 | 1.15 | 1.02 | .93 | .10 | -1.61 | .82 | -1.61 | -0.33 | -8.49 | 0.06 | -.09 | 0.68 | -7.5% |
| 2021 | 3.40 | 3.99 | 3.75 | 1.27 | 1.30 | 1.54 | 0.22 | 1.51 | 4.89 | 3.70 | 0.50 | 1.20 | 30.78% |
| 2020 | 0.41 | -.20 | -1.91 | .74 | 1.66 | 2.25 | 1.26 | 3.13 | 1.10 | 0.57 | 2.04 | 3.15 | 15.02% |
| 2019 | 1.72 | 1.79 | 3.13 | 1.15 | 1.35 | -0.75 | -1.54 | -1.34 | 0.04 | -1.45 | -2.57 | 1.39 | 2.76% |
| 2018 | 6.36 | 4.81 | 0.95 | 0.71 | -0.85 | -1.07 | 2.50 | 1.69 | 3.53 | 0.67 | 0.02 | -0.18 | 20.58% |
| 2017 | 0.27 | 0.05 | 0.35 | 0.25 | 1.39 | 1.45 | 1.77 | 0.12 | 3.27 | 3.61 | 13.96 | 1.96 | 31.51% |
| 2016 | 1.59 | 3.30 | 1.53 | -0.82 | 5.67% |
Dear Partners,
For the month of November, Caravel returned -1.45% compared to +2.05% for the benchmark (+0.25% for the S&P 500 & +3.86% for the SPTSX)1. This brings the year-to-date total net return to +24.95% for the fund and +23.81% for the benchmark, respectively.
As we alluded to in our October 2025 Letter, November was a challenging month for the fund, our weakest in nearly two years. Losses were contained to our non-resource equity long-short (-1.4% gross) and commodity-linked strategies (-1.1% gross), while our merger arbitrage (+0.5% gross) and credit-linked strategies (+0.6% gross) helped soften the blow. Simply put, our average stock holding produced negative alpha in November, but has still outperformed our benchmark by 2-3x so far this year. As designed, our less volatile allocations focused on credit and merger arbitrage helped to mitigate losses during the month. We both cut bait on positions where we felt material changes had lowered our conviction, and added to some positions at what we believe will prove to be bargain prices in the future.
We are in the process of refining our outlook for the year ahead, and look forward to updating our partners on it in detail in next month’s letter.
For now, given the holiday-shortened week, we will just say a heartfelt thank you. 2025 has been a transformative year for Caravel, and it wouldn’t have been possible without all of your support.
We wish you a safe, healthy, and prosperous 2026.
With gratitude,
Jack and Glen
Managing Partners, Caravel Capital
1 Benchmark = 50/50 weighting of S&P 500 & SPTSX Composite Indices