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 […]