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Bristlecone Value Partners, LLC

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Client assets under management

$181,500,000

Clients

90

69% high-net worth

Advisors

3

of 3 employees

Firm type

Supported

1-3 advisors or $200M+ in AUM

Clients per advisor

30

Low

Average account size

$2,016,667

About

Bristlecone Value Partners is a fee‑only, employee‑owned investment adviser that provides asset allocation, investment advisory, and sub‑advisory services to individuals, families, and institutions. The firm manages roughly $188 million for about 90 clients and offers portfolio management for individual accounts as well as separately managed equity accounts.

Bristlecone generally provides discretionary investment supervisory services, gathering suitability information to set objectives, construct asset allocations, select securities, and rebalance portfolios; its Large Cap Value separately managed strategy typically holds 30–40 concentrated, low‑turnover positions (generally companies with market capitalizations above $3 billion). The firm monitors accounts continuously, usually requires discretionary authority, and notes that tax efficiency is not its primary management objective.

What distinguishes Bristlecone from many peers is that it also serves as general partner and investment adviser to Bristlecone Microcap Fund LP, a private pooled investment vehicle that concentrates in lower‑liquidity microcap companies and pays a performance‑based incentive allocation (an incentive fee equal to 20% of net profit above a 6% annual hurdle subject to a high‑water mark). Because it manages both the private fund and client accounts, the brochure discloses potential side‑by‑side conflicts and describes policies for allocation and fair valuation intended to address incentives created by performance‑based fees.

Client services

Portfolio management Selection of other advisers

Expertise

Active portfolio management Concentrated stock management Tax-loss harvesting Private / alternative investments

Occupation focus

Founder/Business Owner

Fee options

Percentage

$0 - $500,000: 1.00% $500,001 - $1,000,000: 0.85% $1,000,001 - $1,500,000: 0.70% $1,500,001 - $2,500,000: 0.50% $2,500,001 - $5,000,000: 0.30% $5,000,001+: 0.15%

Performance-based

20% of net profits above 6% annual return with high-water mark for Fund investors (private pooled investment vehicle).

Other

Account minimum: $500,000 Fee-only: Fee-only independent asset management; advisory fees negotiable.

Main office location

Bristlecone Value Partners, LLC

12301 Wilshire Boulevard, Suite 320

Los Angeles CA 90025, United States

Number of offices

4

Most active in

California · Nebraska · New Hampshire · Oregon

Disclosures

Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.

Business activities & affiliations

Advisors at this firm

user avatar

Jean Luc N

CFA®, Series 63, Series 65

Los Angeles, CA

Bristlecone Value Partners, LLC

Jean Luc Nouzille is a CFA® charterholder with 29 years of industry experience. He has been with Bristlecone Value Partners, LLC since 2004, where he is one of three advisors. Bristlecone Value Partners provides discretionary investment supervisory services, sub-advisory arrangements, and separately managed equity accounts focused on a Large Cap Value strategy for individuals, families, and institutional clients. The firm combines concentrated, value-oriented portfolios with management of a private pooled microcap fund, applying fundamental analysis and intrinsic-value assessments.

Active portfolio management Concentrated stock management Tax-loss harvesting Private / alternative investments Founder/Business Owner
user avatar

Josh G

CFA®

Los Angeles, CA

Bristlecone Value Partners, LLC

Josh Graybill is a CFA® charterholder with 14 years of industry experience. He has been with Bristlecone Value Partners, LLC since 2004. Bristlecone Value Partners advises individuals, families, and institutional clients through discretionary investment supervisory services and sub-advisory arrangements, focusing on a Large Cap Value strategy. The firm also manages a private pooled vehicle targeting microcap companies and is notable for integrating separate-account management with private fund advising.

Active portfolio management Concentrated stock management Tax-loss harvesting Private / alternative investments Founder/Business Owner
user avatar

David F

CFA®, Series 63, Series 65

Los Angeles, CA

Bristlecone Value Partners, LLC

David Fleer is a CFA® charterholder with 25 years of industry experience and has been with Bristlecone Value Partners, LLC since 2004. He holds Series 63 and Series 65 licenses. Outside of his advisory work, he owns and operates Clementine Foods, LLC, a restaurant and café in Los Angeles, where he handles bookkeeping. Bristlecone Value Partners advises individuals, families, and institutional clients using discretionary investment supervisory services, sub-advisory arrangements, and separately managed equity accounts focused on a Large Cap Value strategy. The firm also manages a private pooled vehicle, applying value-oriented security selection and fundamental analysis across both large-cap and microcap investments.

Active portfolio management Concentrated stock management Tax-loss harvesting Private / alternative investments Founder/Business Owner
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