2022 September CAD
Down but not out Dear Partners, For the month of September, the Caravel Capital Fund returned -8.49%, bringing 2022’s year-to-date return to -8.10%. Very little went right for risk assets in September, with the S&P 500 (-9.22%) and Barclays Global Corporate Bond Index (-5.14%), to name two examples. The Fund was no exception, experiencing by […]
2022 August CAD
Where are we, and where are we heading? Where are we? For the month of August, the Caravel Capital Fund was down -0.33%, bringing the total net return for 2022 to 0.43%. Since mid-2021, we have warned our partners that we saw trouble ahead for stock valuations. We have tried our best to take sufficient […]
2022 July CAD
The Good, The Bad, and The Unexpected Dear Partners, For the month of July, the Caravel Capital fund returned -1.61%, bringing the total net return for 2022 to 0.77%. The Good We completed last month’s letter as we began deploying capital with some tempered optimism. The Bad The next day, global stock markets began a […]
2022 June CAD
Finding Equilibrium (A.K.A. Price Discovery) Dear Partners, For the month of June, the Caravel CAD fund was up +0.82%, bringing the total net return for 2022 to +2.42%. In June, the bear market of 2022 continued to plumb new lows as it tried to discover where sufficient demand exists to satisfy continuous supply. We are […]
2022 May CAD
We take small losses to avoid big ones. Dear Partners, For the month of May, the Caravel Capital Fund returned -1.61%, bringing the total net return for 2022 to +1.58%. The most challenging times for an asset manager are the moments just before a strategy begins working and just after it stops. During May, we […]
2022 April CAD
Are We There Yet? For the month of April, the Caravel Capital fund was up 0.10%, bringing the total net return for 2022 to 3.25%. This is one of those rare times that we don’t have a lot to say. The concerns we have expressed over the past six months have come to bear (pun […]
2022 March CAD
MARCH MADNESS Dear Partners, For the month of March, the Caravel Capital Fund was up 0.93%, bringing the total net return for 2022 to 3.13%. If these numbers leave you wondering what’s going on, we hope this letter will shed some light on what happened and why we don’t think this story is over. More […]
2022 February CAD
What goes up must come down Dear Partners, In February, the Caravel CAD fund was up 1.02%, bringing the total net return for 2022 to 2.17%. February’s selloff resulted from the atrocities being committed against Ukraine more than the deflating of 2021’s exuberance. We, therefore, prefer to keep our review of February’s performance succinct. The […]
2022 January USD
2022 January CAD
This is what we mean by Market-Neutral Dear Partners, The Caravel Capital Fund was up +1.15% for January. We reached these returns utilizing strategies we have highlighted in our past letters. Merger Arbitrage, Call Options we hold in the Canadian banks (more on that later), the oil company we continue to hold, which rose 25% […]