2020 July CAD
Sometimes, Boring is Good Dear Partners, For the month of July, the Caravel Capital Fund Ltd was up 1.26%. This month saw flat to positive contributions from each of the fund’s constituent strategies. Unfortunately, as we have found opportunities to compliment the portfolio, we have also found ourselves unwinding, hedging, or disposing of investments that […]
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 […]