Cello Capital Management, LP (“Cello Capital” or “Advisor”) is an investment advisory firm organized as
a limited partnership under the laws of the State of Delaware. Antoine Schetritt, Managing Partner of Cello
Capital (the “Managing Partner”) founded Cello Capital in 2009 and is its primary controlling partner. The
investment activities of Cello Capital are led by the Managing Partner. A number of other investment
professionals work at Cello Capital to execute its investment strategy.
Cello Capital serves as an investment manager and provides discretionary advisory services to related
collective investment vehicles, including private limited partnerships and foreign investment companies
(Cello Fixed Income Domestic Fund, LP, and Cello Fixed Income Fund, Ltd., collectively “the Feeder
Funds”). Each Feeder Fund invests substantially all of its capital in a “master-feeder” structure, conducting
its investment and trading activities indirectly through an investment in the Cello Fixed Income Master
Fund, LP (the “Master Fund”), an exempted company organized to conduct trading activities on behalf of
the Feeder Funds. The purpose of the Master Fund is to achieve trading and administrative efficiencies.
Thus, an investment in the Feeder Funds is the functional and economic equivalent of an investment in the
Master Fund. Each Feeder Fund is responsible, as an investor in the Master Fund, for its pro rata share of
the Master Fund’s operating and overhead expenses. Cello Capital also provides discretionary advisory
services to Cello Amati Metric Fund, Ltd, (“Custom Fund”) that is not related to the Master Fund and was
launched in September 2019.
Additionally, Cello Capital may provide similar services to one or more separately managed accounts that
follow similar investment mandates as the Funds. Collectively,
the Feeder Funds, the Master Fund, the
Custom Fund (together, “the Funds”) and the separately managed accounts are Cello Capital’s “Clients.”
Each Client invests in the mortgage-backed securities (“MBS”) sector, concentrating in U.S. Government
credit quality MBS (Ginnie Mae MBS), implied U.S. government credit quality MBS (Fannie Mae or
Freddie Mac MBS), or AAA credit quality MBS (as determined by various rating agencies). In providing
services to its Clients, Cello Capital formulates each Client’s investment objective, directs and manages the
investment and reinvestment of Client assets, and provides reports to investors. Investment advice is
provided directly to its Clients. Advice is not provided directly to the investors in the Funds. Cello Capital
manages assets in accordance with the terms of each Client’s private offering and/or private placement
memoranda, individual partnership or shareholder agreements, investment management agreements, and
other governing documents applicable to each Client. All terms are generally established at the time of the
formation of an investment relationship. Investors in the Funds may not restrict investments by the Funds
in any capacity.
Shares or partnership interests in the Funds are not registered under the U.S. Securities Act of 1933, as
amended (the “Securities Act”), and the Funds are not registered under the Investment Company Act of
1940, as amended (the “Investment Company Act”). Accordingly, interests or shares in the Funds are
offered and sold exclusively to investors satisfying the applicable eligibility and suitability requirements,
either in private transactions within the United States or in offshore transactions.
As of December 31, 2022, Cello Capital managed $480,391,438 of regulatory assets on a discretionary
basis on behalf of its Clients.