2020 February CAD
Dear Partners, For the month of February, the Caravel Capital Fund Ltd returned -0.20%. Before we discuss the past 45 days, we would like to kindly ask all of you to heed reason, and take the precautions demonstrated by other nations that will significantly reduce or completely avoid the possibility of harm to yourselves and […]
2020 January USD
2020 January CAD
Dear Partners, For the month of January, the Caravel Capital Fund Ltd Ltd. appreciated by 0.41%. January can be characterized as an effort to focus on our core strategies and avoid temptation to jump on the bandwagon. In 2012, a full 2 ½ years after the bottom of the market, I recall telling shell shocked […]
2019 December CAD
Dear Partners,For the month of December, The Caravel Capital Fund Ltd appreciated 1.39% bringing the total return for 2019 to 2.76%. In December we were pleased to see two overdue merger arbitrage deals close. One deal was repriced and cost us over 2% in 2019 and another had been delayed by three months causing a […]
2019 December USD
2019 November USD
2019 November CAD
Dear Partners, For the month of November, the fund posted a -2.57% return. As we mentioned in our previous letter, we were waiting for a stock in Australia to resume trading following the termination of a merger agreement. Substantially all conditions of the agreement were met, but at the eleventh hour the target’s auditors reversed […]