2024 March CAD

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-1.26% MTD
-1.25% YTD

Dear Partners,

In March, the Caravel Capital Fund was down -1.26%.

March’s loss was primarily driven by fair value adjustments to two of the fund’s illiquid investments.  We review such positions at a minimum quarterly and more often every month. We feel extremely comfortable with the marks of these illiquid holdings, which in aggregate represent less than 4% of current AUM, and will be working hard to create and crystallize value in them over the coming months and years.

At the time of writing, major North American stock and bond indices are down between 2-4% for the month of April while the fund is up modestly. We are pleased with this outperformance, which we believe highlights our objective of protecting our partners’ capital from market pullbacks while maintaining exposure to the upside offered by sustainable trends and temporary mispricings in financial assets. As we have mentioned in previous letters, we see several such opportunities in the energy and materials sectors presently. Jack has recently returned from a Uranium conference in Toronto which has only solidified our positive outlook for the commodity and related equities, and the fund accordingly continues to hold meaningful exposure to both. We look forward to updating you on some new and interesting opportunities we are seeing in our next letter.

The last eight weeks have been a period of rapid transformation for Caravel. As we emerge through the other side, we are extremely excited about the prospects of this business going forward. As such, Jack has invested USD $85,000 into new fund units for April 1st, while Glen has transferred USD $650,000 of units to Caravel’s management company in order to capitalize the business for the foreseeable future. This will allow Caravel to focus on its core function of managing our partners’ capital, as well as be selective about the new partners we take on over the near term.

We’d like to thank each of you for your vote of confidence as Caravel enters this next stage of growth.

We’d also like to thank Drew Ramsey for his tireless efforts to support our partners in recent weeks.

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


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 5003.2174%10.55%16.29%0.681.010.0912.82%-12.35%14.37%

Growth of $1000 since inception

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