2026 January CAD
Dear Partners, For the month of January, Caravel returned +1.99% compared to +1.14% for the benchmark (+1.44% for the S&P 500 & +0.84% for the SPTSX)1. 2026 largely picked up where 2025 left off, both for the broad market and for our fund. Commodities to which the fund has positive exposure continued their strong run […]
2025 December CAD
Dear Partners, For the month of December, Caravel returned +3.76% compared to +0.70% for the benchmark (+0.06% for the S&P 500 & +1.33% for the SPTSX)1. This brings final 2025 net return to +29.65% for the fund and +24.67% for the benchmark, respectively. We were pleased to end the year on a positive note in […]
2025 November CAD
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 […]
2025 October CAD
Dear Partners, For the month of October, Caravel returned +2.51% compared to +1.65% for the benchmark (+2.34% for the S&P 500 & +0.97% for the SPTSX)1. This brings year-to-date total net return to +26.78% for the fund and +21.32% for the benchmark, respectively. When you lose, say little. When you win, say less. This is […]
2025 September CAD
Dear Partners, For the month of September, Caravel returned +4.85% compared to +4.52% for the benchmark (+3.64% for the S&P 500 & +5.40% for the SPTSX)1. This brings the year-to-date total net return to +23.67% for the fund and +19.35% for the benchmark, respectively. September was driven by broad performance from most strategies within the […]
2025 August CAD
Dear Partners, For the month of August, Caravel returned +4.10% compared to +3.49% for the benchmark (+2.03% for the S&P 500 & +4.96% for the SPTSX)1. This brings year-to-date total net return to +17.95% for the fund and +14.19 % for the benchmark, respectively. August marked the end of a satisfactory summer for Caravel. The […]
2025 July CAD
Dear Partners, For the month of July, Caravel returned +1.96% compared to +1.97% for the benchmark (+2.24% for the S&P 500 & +1.69% for the SPTSX)1. This brings year-to-date total net return to +13.30% for the fund and +10.33% for the benchmark, respectively. Our July performance was driven by equity long-short (+1.6% gross), merger arbitrage […]
2025 June CAD
Dear Partners, For the month of June, Caravel returned +2.75% compared to +4.00% for the benchmark (+5.08% for the S&P 500 & +2.91% for the SPTSX)1. This brings the year-to-date total net return to +11.12% for the fund and +8.20 % for the benchmark, respectively. Risk assets continued the impressive recovery in June that began […]
2025 May CAD
Dear Partners, For the month of May, Caravel returned +5.38% compared to +5.93% for the benchmark (+6.29% for the S&P 500 & +5.56% for the SPTSX). This brings the year-to-date total net return to +8.15% for the fund and +4.04% for the benchmark1, respectively. The Fear of Missing Out The rally that the stock market […]
2025 April CAD
Dear Partners, For the month of April, Caravel returned +0.40% compared to -0.39% for the benchmark (-0.68% for the S&P 500 & -0.09% for the SPTSX). This brings the fund’s year-to-date total net return to +2.63% and the benchmark’s to -1.78%, respectively. Sometimes, you have to run hard just to stay in the same place.That […]