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% […]

2021 December USD

2021 December CAD

What Governments Want, Governments Get Dear Partners, For the month of December, the Caravel CAD fund was up 1.20%, bringing the total net return for 2021 to 30.78%. We hope to establish some credibility before getting into our 2022 outlook by reflecting on our December 2020 letter. After outpacing the major indices on an absolute and risk-adjusted […]

2021 November USD

2021 November CAD

It Never Hurts to Listen to the Smart Guys We were going to take the opportunity in this letter to reflect on 2021 and forecast how we see things in 2022. But then I happened to come across a copy of the new book by Ray Dalio, titled Principles for Dealing with the Changing World Order: Why […]