Relentlessly Persuing Alpha

Fred has spent the last 30 years in commercial real estate and more specifically within the capital markets and the structured finance space. His primary focus has been on commercial mortgage backed securities (CMBS). He draws upon broad relationships established from executive positions at CB Richard Ellis, Nomura Securities, Cargan Capital, Southwest Securities and now at Basalt Capital.

Over the past 17 years, Fellows has managed $20 billion of new issue CMBS, traded $10 billion, purchased $300 million of CMBS for clients, and currently manages a $15 million portfolio of CMBS.

Fellows worked for Nomura Securities International in NYC from 1993 to 1999. From 1999 to 2001, he founded Cargan Capital and promptly received sponsorship for his first fund of $100 million targeting high yielding CMBS. He joined SWS in 2001 where he developed a niche high yield trading desk focused on buying liquidity impaired CMBS and ABS. 

Currently and since 2008 he remains focused on CMBS portfolio management at Basalt Capital, which he founded.

After attending the University of Missouri, 1983-87, Fellows built an FM radio station successfully from new FCC permits, then redirected his career in commercial real estate sales and leasing from 1988-93.

Fellows has participated in substantial investment and trading activity focused on CMBS and related debt. His track record is extraordinary with a focus on capital preservation, which has proven to consistently generate high, risk-adjusted returns. He has a deep understanding of the capital markets, collateral underwriting, cash flow mechanics, structural mechanics, and marketplace pricing for assets and related liabilities. Opportunistic transactions were based on comprehensive underwriting and, quite often, rare insights.

Much of his success comes directly from a unique access to assets. Relationships include and extend well beyond first tier, large institutions and include various size insurance companies, finance companies, commercial and regional banks, money managers, hedge funds, asset management firms, primary broker dealers, regional broker dealers, specialty finance companies, mortgage brokers, and many of their related service partners.

Note: Personal investments range includes SPACs, ethanol plants, real estate equity and mezzanine debt, first loss CMBS, credit tenant leases and interest only bonds. Fellows has leveraged structural insights and a unique experience with the following: FASIT, public subordinate bonds, pooled ABS leases, NERDS, Re-REMIC collapse, IO’s, servicer redirection, whole loan sales, synthetic and index securities, ethanol construction finance and equity raise. Also, Fellows has written extensive proprietary code for pricing and trading of securities. 

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