2023 November CAD
Dear Partners, For the month of November, the Caravel Capital Fund was up 2.21%, the S&P500 was up 9.13%, and the TSX was up 7.49%. In our last letter, we pointed out how the North American indexes had performed since July. “From Jul 31 to Oct 31, 2023, the SP 500 fell 8.25%, and the […]
2023 October CAD
“Know WHAT You Own, and Know WHY You Own It.” Peter Lynch Dear Partners, For the month of October, the Caravel Capital Fund was -0.76%. October was another volatile month for both equity and debt markets, particularly with major stock indices emerging worse for wear. For reference, from Jul 14 to Oct 31, 2023, the […]
2023 September CAD
Opportunities in the Fog of Rising Rates Dear Partners, For the month of Sept, the Caravel Capital Fund was up 2.06%, bringing the total net return for 2023 to -2.25%. Most of the return in September was generated from an investment we shared with our readers in the May 2023 letter, in which we highlighted […]
2023 August CAD
The Next Phase of the US Government Pandemic Fiscal Stimulus The Hangover Dear Partners, For the month of August, the Caravel CAD fund was down -0.22%, bringing the total net return for 2023 to -4.23%. Following a recent strategy discussion, the team at Caravel was left asking why long-term borrowing costs had been rising over the past […]
2023 July CAD
Dear Partners, For the month of July, the Caravel CAD fund was up 1.57%, bringing the total net return for 2023 to -4.02%. In July, the Caravel Fund continued to generate material gains from holding CI Financial and our investment in Onex Corp. Both investments have been highlighted in our previous letters. We have added […]
2023 June CAD
“Waiting for a fat pitch takes patience and discipline.” -Warren Buffet Dear Partners, For the month of June, the Caravel CAD fund was up 2.22%. During the month of June, the Caravel Fund generated material gains from our holdings in CI Financial (CIX) and our hedged investment in Onex Corp (ONEX). While we maintain our […]
2023 May CAD
“The Market is never wrong, investors are either early or late.” “The Market is never wrong, investors are either early or late.” Dear Partners, For the month of May, the Caravel Capital Fund was down -3.19%, bringing the total net return for 2023 to -7.55%. It’s hard to imagine the month of May being any […]
2023 April CAD
Mr. Market goes for a checkup Dear Partners, For the Month of April, the Caravel Capital Fund returned -0.07%. When we buy a car, a house, or something of significant value, we like to look closely at what we are getting. A closer look than, say, we’d give to purchasing a cup of coffee or […]
2023 March CAD
Bad Banking is Bad for Business “The worst loans are made at the best of times, and the best loans are made at the worst of times.” – Howard Marks, Co-Founder, Oaktree Capital Management. Dear Partners, For the Month of March, the Caravel Capital Fund was down 11 basis points. The breakdown of where we did […]
2023 February CAD
“Dyin’ ain’t much of a livin’.” -The Outlaw Josey Wales Dear Partners, For the month of February, The Caravel Capital Fund returned -0.95%. We telegraphed in late 2022 and in our January 2023 letter that we had become more and more concerned about the impact that rising interest rates would have on G7 economic activity. […]