2021 June USD
2021 June CAD
The stock market can remain irrational longer than you can remain solvent. – John Maynard Keynes Dear Partners, For the month of June, the Caravel Capital Fund Ltd was up 1.54%. The gains this month were generated primarily from our Merger Arbitrage, Warrant, and Capital Structure Arbitrage strategies. The fund suffered losses on a short position in anticipation […]
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 […]