2019 June USD

2019 May USD

2019 April USD

2019 March USD

2019 February USD

2019 January USD

2019 October CAD

Dear Partners, For the Month of October, the Caravel Capital Fund Ltd generated a -1.45% return. The negative performance in October was primarily attributable to the portfolio’s Merger Arbitrage allocation. This strategy has been a core contributor to Caravel’s low volatility returns since inception. What we encountered in October is not typical for merger arbitrage. […]

2019 September CAD

Dear Partners, For the month of September, the fund was up marginally at 0.04%. We continued to rotate the Fund’s capital away from strategies that carried excessively high securities lending costs. As we have mentioned in the past, these charges have reached as high as $1 million dollars a month. We have realized this is […]

2019 August CAD

Dear Partners, The Caravel Capital Fund Ltd was –1.34% for the month of August. Typically, we write about what we we’re doing over the month. We tell you we’ve exited some positions and have found some new ones to replace them. Then we tell you about how these decisions have affected the value of your […]

2019 July CAD

Dear Partners, The Caravel Capital Fund Ltd was -1.54% for the month of June. The past month was the most challenging in the brief history of the Caravel Cad Fund. We seemed to be in the wrong spot regardless of what we tried to do. As a result of capricious trade policy in Washington, we […]