2021 May USD

2021 May CAD

Sticking to What We Know  Dear Partners,  For the month of May the Caravel Capital Fund Ltd was up 1.30%.   Two months ago, we highlighted the US market’s frothy and exuberant profile.  Since that time, it’s pace of growth has all but stopped, with a significant increase in overall volatility. The NASDAQ composite fell 8.5% and then rallied back to flat while the S&P500 fell 4%  only to rally back 5.5% since we published our March letter.  During […]

2021 April CAD

Nobody Ever Went Broke by Taking Risk Off the Table Dear Partners, For the month of April, the Caravel Capital Fund Ltd was up 1.27%. In our November letter following the US election, we saw significant upside in pockets of the market and informed you we were going to “let out some shaft”.  That is […]

2021 April USD

2021 March USD

2021 March CAD

A Picture is Worth a Thousand Words….. Dear Partners, For the month of March, the Caravel Capital Fund Ltd was up 3.75%. This month will be providing a mostly illustrated commentary… We believe stock markets are about here… Which leads us to think, this is where it is heading… Since we tend to behave like […]

2021 February CAD

Love it when a plan comes together… Col. Hannibal Smith, The A-Team Dear Partners, For the month of February, the Caravel Capital Fund Ltd was up 3.99%. In late summer of 2020, based on reports from drug companies, we estimated that a vaccine for Covid-19 was approximately two months away.  We used a conservative one […]

2021 February USD

2021 January USD

2021 January CAD

The Benefits of a Deep Bench Dear Partners, For the month of January, the Caravel Capital Fund Ltd was up 3.40%. The fund again saw meaningful returns across multiple strategies last month. The distressed debt portfolio generated outsized gains as debt that was purchased below thirty cents on the dollar increased to nearly fifty cents.  […]