2024 February CAD

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-1.70% MTD
.01% YTD

Dear Partners, 

In February, the Caravel Capital Fund returned -1.70%. 

The fund’s performance can be attributed to several factors: 

  1. Uranium prices and related equities were down between 8 and 15% in February. This accounted for the majority of February’s loss, and brought the fund to approximately flat year to date on this strategy. The fund has reduced its risked exposure but expects to continue participating in the sector’s uptrend over the medium term. 
  1. The fund had an alpha short trade (profiting when the stock goes down), which initially appeared promising and contributed small gains early in the month, only to reverse and create a loss of approximately 50bps. The fund covered this short and no longer has any exposure.  
  1. Finally, in anticipation of potential redemptions and seeking to mitigate associated risks, the fund started to unwind its holdings in late February in order to shore up its liquidity. 

These losses were partially offset by gains in the fund’s relative value, convertible arbitrage, merger arbitrage, high yield debt, preferred share, and alpha long/short strategies. These positions collectively contributed approximately +200bps to gross returns for February. We continue to have many irons in the fire that we are confident will drive attractive risk-adjusted returns going forward. 

We thank our outgoing partners for their years of support and wish them the best of luck in their future endeavors. 

If you have any questions, we are always available to speak. 


Jeff, Glen & Jack 


Monthly Performance (net of all fees)

JanFebMarAprMayJunJulAugSepOctNovDec YTD

Risk vs. Return Comparisons Across Indexes

Month Return YTD Return Volatility Sharpe Sortino Beta Best Month Worst Month Annualized
S&P 5005.34%7.11%16.37%0.640.950.0912.82%-12.35%14.06%

Growth of $1000 since inception

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