2020 June CAD

Dear Partners, For the month of June the Caravel Capital Fund Ltd returned 2.25%. We are pleased with the fund’s performance for the first half of 2020. We managed to materially avoid the impact of a 30% drop in equity markets, and now have positive returns for the year to date.  For the month of […]

2020 June USD

2020 May USD

2020 May CAD

Fade and Protect Dear Partners For the month of May, the Caravel Capital Fund Ltd returned 1.66%. We provided you our perspective last month on the value of equity markets in North America.  This has not changed, so we won’t repeat ourselves. The Caravel Capital Fund Ltd continued to realize gains in its positions throughout […]

2020 April USD

2020 April CAD

Knowledge and Conviction Dear Partners, For the month of April, the Caravel Capital Fund Ltd returned 0.74% Over the past four months, the memos written by Howard Marks have made for great reading. Howard is one of the founders of Oaktree Capital, who’s primary focus is investing in the debt securities of companies in financial […]

2020 March USD

2020 March CAD

Dear Partners, For the month of March, the Caravel Capital Fund Ltd returned -1.91% We want to share with you the four pillars we use to monitor fund strategy and how it played out in the month of March: I) Examine the situation II) Identify the actions that yielded positive outcomes III) Analyze the actions that […]

2020 February USD

2020 February CAD

Dear Partners, For the month of February, the Caravel Capital Fund Ltd returned -0.20%. Before we discuss the past 45 days, we would like to kindly ask all of you to heed reason, and take the precautions demonstrated by other nations that will significantly reduce or completely avoid the possibility of harm to yourselves and […]