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 […]

2018 August CAD

2018 July CAD

Dear Partners, We are pleased to report a 2.50% net return for the Caravel Capital Fund Ltd Ltd. As we mentioned in our two most recent Partners letters, we anticipated the consummation of a large risk arbitrage position the fund held. The merger as predicted closed in late July, which resulted in the Fund recouping […]

2018 June CAD

Dear Partners, For the month of June the Caravel Cad Fund Net Asset Value lost 1.07%. For Caravel Capital the past two months have been an exhausting seminar in the Alchemy of Securities Markets. What we have learned is now incorporated into Caravel Capital’s investment management modus operandi. We would like to share this with […]

2018 May CAD

2018 April CAD

Dear Partners, The Caravel Funds continued to carry a large cash position through the month of April in spite of our efforts to find new opportunities. A big reason for this is the perception of risk in the market. As market sentiment ebbs between fear and greed the rate of return on stocks change. When […]

2018 March CAD

Dear Partners, March was a constant bombardment of nonsense from the Commander and chief of the largest economy in the world. We often highlight the fund seeks to be market neutral in our approach however a lot of this risk is virtually impossible to hedge. In our Arbitrage book, we took the initiative to sell […]