STS Ranked #3 - Large Hedge Funds 2014
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Management of asset-backed distressed securities, primarily but not exclusively in the residential and commercial mortgage sector
Deer Park Road is an alternative investment manager and was founded in 2003 as a Registered Investment Advisor (RIA) by Michael Craig-Scheckman, after spending the previous 10 years as Senior Portfolio Manager for Millennium Partners in New York.
Deer Park Road manages $1.7 billion and has always been focused exclusively on the management of deeply-discounted, high cash flow, mortgage-backed and other asset-backed securities. The investment goal of the firm is to produce both high absolute and risk-adjusted returns.
To view any members biography, please click on their name.
Chief Executive Officer/Portfolio Manager+
Michael Craig-Scheckman has been in the investment business for over 35 years and has over 20 years’ experience in the distressed mortgage-backed/asset-backed (MBS/ABS) field. Mr. Craig-Scheckman is President and Principal Partner of Deer Park Road (DPR). He has operated DPR as an investment advisor, focused exclusively on deeply discounted fixed income securities, from July 2003 until the present. Mr. Craig-Scheckman is the lead Portfolio Manager.
Mr. Craig-Scheckman started working for Millennium Partners in 1993, where his focus was mortgage-backed and asset backed securities. He maintained a portfolio management relationship, focused on MBS/ABS, with Millennium from 1993 until 2010. Prior to his employment at Millennium Partners in 1993, Mr. Craig-Scheckman held various trading positions at several securities firms and banks where his focus included metals, US government securities, and MBS.
Mr. Craig-Scheckman earned a BA in Physics at Queens College, New York, in 1975 and a MA in Physics at Columbia University, New York, in 1977.
Chief Investment Officer/Portfolio Manager+
Mr. Burg is also responsible for the management of the Firm’s portfolios and portfolio risk management. Mr. Burg has over 14 years’ experience valuing and analyzing mortgage and asset-backed securities. Prior to joining the firm, he was a Principal at General Capital Partners, focused on advising middle market companies in distressed situations. Previously, he was at Pursuit Partners, a $500 million fixed income hedge fund where his focus was on analyzing ABS opportunities. Prior to this position, Scott founded Clayton IPS’s ABS pricing division (now MountainView IPS), a world-wide leader of valuation for difficult to price assets.
Mr. Burg received his MBA from Daniels School of Business at the University of Denver in 2007, and a B.S. in finance from the University of Colorado in 2001.
Hao Li, CFA
Associate Portfolio Manager+
Mr. Li is focused on pricing and monitoring Deer Park’s portfolio. He has extensive experience in portfolio valuation and investment research. Prior to joining Deer Park he was at J.P. Morgan, where he worked on a $1bn non-agency MBS portfolio and a $3bn consumer ABS portfolio. Prior to his employment at J.P. Morgan, Mr. Li was at Millennium Partners where he was responsible for researching and trading non-agency RMBS securities, as well as financial modeling and property valuation. He also spent 2 years as a fixed income trader at HSBC in Shanghai, China.
Mr. Li received his MBA from Columbia Business School in 2010, a Masters in Finance (2006) and his Bachelors in Economics (2004) from the Peking University School Of Economics in China. He earned his CFA in March 2011.
Associate Portfolio Manager-Rick Fontana brings more than 12 years of experience to Deer Park, where he analyzes and trades MBS/ABS securities.
Before coming to Deer Park, Rick was employed as a Vice President for TD Securities, focusing on CMBS, Credit, and RMBS, and as a Vice President for Pursuit Partners, a private equity hedge fund in Stamford, CT. During his tenure at TD Securities, Rick developed a new process for analyzing and surveying MBS/ABS, created several successful MBS/ABS models, and served as a member of the firms US Investments Committee.
Rick earned two degrees, a BS in Business Administration and a BA in Computer Information Systems, form North Carolina Wesleyan University in the year 2000.
Portfolio Manager-Mr. Barron-Fox has been trading and analyzing fixed income securities for 12 years and joined DPR in Jan 2015. Mr. Barron-Fox is familiar with a wide range of mortgage and asset backed securities, having traded or analyzed most sectors. Mr. Barron-Fox’s responsibilities include Trading Bonds, Analytics and Modeling, Portfolio Management, Risk Management, Marketing, Accounting, Technology, Legal and Compliance.
Mr. Barron-Fox has been trading his own capital from 2007 to 2015. Mr. Barron-Fox started working for Bear Stearns Asset Management in New York in 2002, at a $540 million non-agency mortgage credit fund, from 2005 until 2007 he moved to FL to manage the Horizon Fund, a $700 million mortgage and asset backed hedge fund.
Mr. Barron-Fox studied at University College London, and was awarded a BSc degree in Information Management in 1999 which laid the foundation for his facility in creating innovative computer models that analyse and value complex financial securities. Mr. Barron-Fox was born in London, England and lives in Steamboat Springs, CO with his wife and two daughters. Mr. Barron-Fox is a former National and European sailing champion and competed in the Olympics trials in 1996.
Chief Operating Officer+
Mr. Craig is responsible for overseeing all aspects of the day to day operations of Deer Park Road, with the exception of portfolio management and trading. Mr. Craig has extensive experience in managing businesses, prior to joining Deer Park Road, he was President/CEO of a nationally recognized environmental laboratory.
Mr. Craig earned a BA in Geology and Environmental Science at University of Pennsylvania, Pennsylvania (1989), and a MS in Earth Sciences at Dartmouth College, New Hampshire (1991).
Steve Paoli, CPA
Chief Financial Officer+
Mr. Paoli oversees all accounting and tax functions at Deer Park Road Corporation. Prior to joining the firm, Mr. Paoil spent several years working as an accountant in areas of tax planning and consulting, and financial analysis. Prior to this, he spent six years as a proprietary trader for several brokerage firms in New York where he developed and implemented risk/reward strategies, using fundamental and technical analysis.
Mr. Paoil earned a BS in accounting from Clemson University, South Carolina (2000). He earned his CPA in 2012.
Will Bashan, CFA
Chief Marketing Officer/Managing Director+
Will is responsible for overseeing and managing all marketing and client service functions for Deer Park Road. Mr. Bashan has been in the investment business for over 20 years, on both the institutional and retail sides. Previously, he served as President of CIGNA Financial Services, Executive Vice President of Delaware Investments and Vice President at New York Life Investment Management. Most recently, Mr. Bashan was head of WB Real Estate, a real estate development and investment firm.
Mr. Bashan earned a BS in Business/Economics from the State University of New York at Oneonta (1980), and he went on to earn his MBA at the University of New York at Binghamton (1981). He has been a Chartered Financial Analyst since 1992.
Joe Schwab, IACCP
Compliance Manager+Joe Schwab brings over 12 years of experience in investments to Deer Park Road. In his role, Joe manages all of the firm’s compliance needs, reporting directly to Brad Craig, Chief Operating Officer.
Prior to his employment at Deer Park Road, Mr. Schwab wasCEO of Summit Portfolio Advisers, a successful mutual fund. In his role there, Joe oversaw all portfolio decisions.
Joe earned his BS in Marketing from the University of Colorado Boulder in 2000.
Barons Best 100 Hedge Funds (May 2014)
Barons Best 100 Hedge Funds (18 May 2013)
Reuters Subprime Mortgage Bond (7 May 2013)
Finalternatives - Deer Park Closes One Fund, Opens Another (8 May 2013) (PDF)
Hedgeweek - Deer Park launches mortgage/asset-backed fund (3 April 2013)
FINalternatives - Deer Park Launches New MBS/ABS Fund (3 April 2013)
Hedgeweek Interview - Michael Craig-Scheckman (11 Oct 2010)
SCI Interview - Michael Craig-Scheckman and Will Bashan - Deer Park Profile (4 Aug 2011) (PDF)