2024 November CAD
Dear Partners,For the month of November, Caravel returned +3.40% compared to +6.12% for the benchmark1 (+5.87% for the S&P 500 & +6.38% for the SPTSX). 1 This brings year to date total net return to +15.32% for the fund and +27.03% for the benchmark, respectively. November was a risk-on month for most asset classes with […]
2024 October CAD
Dear Partners, For the month of October, Caravel returned +4.15% compared to -0.03% for the benchmark (-0.92% for the S&P 500 & +0.85% for the SPTSX)1. This brings year to date total net return to +11.53% for the fund and +19.70 % for the benchmark, respectively. October was a solid month for the fund, our […]
2024 September CAD
Dear Partners,For the month of September, Caravel returned 1.82% compared to 2.64% for the benchmark 1 (2.14%for the S&P 500 & 3.15% for the SPTSX).1 This brings year to date total net return to 7.08% for the fund and 19.74% for the benchmark, respectively. September played out similarly to August, with markets starting on a […]
2024 August CAD
Caravel Capital August 2024 Partner Letter Dear Partners, For the month of August, Caravel returned 2.36% compared to 1.82% for the benchmark (2.43% for the S&P 500 & 1.22% for the SPTSX).1 This brings year to date total net return to 5.17% for the fund and 16.66% for the benchmark, respectively. August was a turbulent […]
2024 July CAD
Caravel Capital July 2024 Partner Letter Dear Partners, For the month of July, Caravel returned +2.57% compared to +3.55% for the benchmark (1.22% for the S&P 500 & 5.87% for the SPTSX).[1] This brings year-to-date total net return to +2.75% for the fund and +14.57% for the benchmark, respectively. July saw some of the rotation […]
2024 June CAD
Caravel Capital June 2024 Partner Letter Dear Partners, For the month of June, Caravel returned +0.26% vs. +1.09% for the benchmark (S&P 500 +3.59%; SPTSX -1.42%). June brings Caravel’s Q2 and YTD performance to +1.45% and +0.18%, respectively. While these levels remain modest and well below our targeted returns, we are pleased with the turnaround […]
2024 May CAD
Caravel Capital May 2024 Investor Letter Dear Partners, For the month of May, Caravel returned +0.24% vs. +3.87% for the benchmark (S&P 500 +4.96%; SPTSX +2.77%). As the performance suggests, May was a mixed bag for the fund. Strong gains in our commodity-related positions, fixed income, merger arbitrage, convertible arbitrage, relative value arbitrage, and warrant […]
2024 April CAD
Caravel Capital April 2024 Partner Letter Dear Partners, For the month of April, Caravel returned +0.93% compared to -2.95% for the benchmark (-4.08% for the S&P 500 & -1.81% for the SPTSX).[1] This brings year to date total net return to -0.33% for the fund and 5.38% for the benchmark, respectively. While we are an […]
2024 March CAD
Dear Partners, In March, the Caravel Capital Fund was down -1.26%. March’s loss was primarily driven by fair value adjustments to two of the fund’s illiquid investments. We review such positions at a minimum quarterly and more often every month. We feel extremely comfortable with the marks of these illiquid holdings, which in aggregate represent […]
2024 February CAD
Dear Partners, In February, the Caravel Capital Fund returned -1.70%. The fund’s performance can be attributed to several factors: These losses were partially offset by gains in the fund’s relative value, convertible arbitrage, merger arbitrage, high yield debt, preferred share, and alpha long/short strategies. These positions collectively contributed approximately +200bps to gross returns for February. […]