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Affinity Capital Management
Don Schupp's Affinity Capital Management, founded in 1994, runs structured-credit mandates. The Minneapolis firm exited the mutual fund space in 2025.
Affinity Capital Management
Don Schupp established Affinity Capital Management in 1994 after an early career focused on mortgage-backed securities and structured products. The firm operates from a single office in Minneapolis, running fixed-income portfolios that concentrate on securitized debt and short-duration instruments. No separate family-office wealth origin is disclosed; the firm appears to be a classic specialist manager built around Schupp's analytical background in structured credit. The strategy is tightly bound to structured credit markets, specifically mortgage-backed securities (agency and non-agency), asset-backed securities, and related short-duration instruments. The firm does not broadly diversify across equity or high-yield; its hallmark is credit analysis at the loan and collateral pool level. March 2025: Affinity Capital Management's flagship mutual fund, the ACM Dynamic Income Fund, was merged into a CAMBRIA ETF in a transaction that signaled a wind-down of its registered fund business (per SEC filings, March 2025). The geographic footprint is overwhelmingly domestic U.S. mortgage and consumer credit. Affinity historically managed both separate accounts and a publicly traded mutual fund, the ACM Dynamic Income Fund (ticker: ACFOX), before its 2025 reorganization. The firm never publicly disclosed team size or aggregate assets under management in a manner traceable to a recent primary source. No additional offices, philanthropic foundations, or real-asset arms are associated with the legal entity. A structural differentiator is the firm's quiet retreat from the daily-liquid 1940 Act space while preserving its separate-account and private-credit posture — a reverse of the trend that saw boutique credit managers flood into interval funds. The 2025 ETF conversion and fund closure suggest Schupp deliberately shed the compliance overhead and public-market correlation of a registered fund complex to return to a leaner, institutionally focused mandate.
General information
Firm type
Asset Manager
Year founded
1994
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Minneapolis
Corporate office
Minneapolis, MN, United States
Principals
Donald M. Schupp
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Affinity Capital Management?
Donald M. Schupp is the Managing Partner and established the firm in 1994. Public filings consistently list Schupp as the sole portfolio manager for the firm's strategies. He built the firm around his expertise in structured credit, and no other named investment personnel appear in the firm's public disclosure record.
What investment approach does Affinity Capital Management take with mortgage-backed securities?
The firm runs a fundamental, loan-level credit analysis process rather than trading on macro duration calls. Affinity historically concentrated on agency MBS, non-agency RMBS, and asset-backed securities, favoring short-duration structures. The strategy sources securities directly, avoiding the passive replication that defines large fixed-income index products.
Why did Affinity Capital Management close its mutual fund in 2025?
In March 2025, the ACM Dynamic Income Fund (ACFOX) was reorganized into a CAMBRIA ETF, effectively ending Affinity's presence in the 1940 Act mutual fund space (per SEC filings, March 2025). The move suggests a deliberate exit from the overhead of daily liquidity and retail distribution, likely to refocus on separate accounts for institutions and private funds.
Does Affinity Capital Management invest outside the United States?
The firm's documented holdings and strategy disclosures indicate a nearly exclusive focus on domestic U.S. structured credit markets — primarily agency and non-agency mortgage-backed securities, U.S. consumer asset-backed securities, and related short-duration instruments. No non-U.S. origination or trading desk has been identified.
How is Affinity Capital Management different from other structured-credit boutiques?
The firm's longevity — continuous operation since 1994 — and its narrow focus on securitized credit without diversifying into high-yield, leveraged loans, or private corporate credit set it apart. The 2025 decision to shutter the mutual fund and retreat from registered products highlights a structural preference for institutional mandates over asset-gathering through retail channels.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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