2019 July USD
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 […]