2019 June CAD
2019 May CAD
Dear Partners, The Caravel Cad Fund was up 1.35 % for the month of May. We’ve all heard the expression, “put your money where your mouth is.” After last month’s North American market return (US drops 6% and Canada 3%), we assure you, we did. From Caravel Capital’s March 2019 Partners letter dated April 6, […]
2019 April CAD
Dear Partners, For the month of April, the Caravel Cad Fund Ltd. was up 1.15%. Once again we were active traders across the market neutral spectrum. We generated positive returns in convertible bond arbitrage, trading our warrant book, risk arbitrage, and we even traded in some distressed securities. We define distressed securities as stock or […]
2019 March CAD
Dear Partners, For the month of March, the Caravel Cad Fund was up 3.13%. The Fund generated the returns in its core strategies: merger arbitrage, long vs. short, warrant and convertible bond arbitrage. The fund continued to actively turn over its capital by exiting positions that had reached full value, while identifying and redeploying into […]
2019 February CAD
Dear Partners, For the month of February the Caravel Capital Fund Ltd was up 1.79%. The fund was very active during the month identifying new ideas and exiting those that reached our targets. Returns were generated in convertible arbitrage, risk arbitrage, warrant arbitrage and relative value spread trades. We estimate the portfolio turned over 100% […]
2019 January CAD
Dear Partners, For the month of January the Caravel Capital Fund Ltd was up 1.72%. Coming into December, the Caravel Cad Fund was nearly 70% cash. We began adding new positions in mid- December as the market looked for a bottom. By the middle of January, the Fund had reduced its cash position to only […]
2018 December CAD
Dear Partners, For the month of December the Caravel Capital Fund Ltd declined by -0.18% We trust you enjoyed your holiday and the preamble to our December letter. In light of the global stock markets devastating performance last month we wanted you to see what our holiday message looks like with the full year in […]
2018 November CAD
Dear Partners, For the month of November the Caravel Capital Fund Ltd was up 0.02% The last two months were a risk off exercise. In November the fund generated gains in risk arbitrage and in our short stock versus long warrants/convertible bond strategies. Our losses came almost entirely from reducing the size of risk sensitive […]
2018 October CAD
Dear Partners, For the Month of October the Caravel Fund was up 0.67%. There is an expression that is apropos given the markets we find ourselves in…. “It’s better to look the fool than to open your mouth and remove all doubt” We aren’t fortunetellers, but over the past couple decades we have learned a […]
2018 September CAD
Dear Partners, For the Month of September the Caravel Capital Fund Ltd was up 3.53 %. The Fund’s performance for the month primarily came from its warrant portfolio. Shorting shares against warrants (long dated call options) is one of the funds many strategies. Since the Fund’s inception we have strategically acquired a diversified warrant portfolio […]