Capstan LLC

Capstan provides discretionary investment management on a separately managed account basis for high‑net‑worth individuals and businesses, generally requiring a $500,000 minimum that the firm may waive. The firm manages global portfolios across stocks, bonds, mutual funds, closed‑end funds, ETFs and currencies and currently reports approximately $35 million in discretionary AUM for a very small client base.

Investment decisions combine fundamental company and country analysis, macroeconomic assessment, and some technical/charting techniques, with portfolios tailored to client needs and subject to client‑imposed restrictions. The brochure states that derivatives are used only rarely and primarily for defensive purposes to reduce volatility, and brokerage selection criteria explicitly reference margin interest rates, reflecting that borrowing and margin considerations may be part of managed‑account execution when appropriate.

Distinctive features include the firm’s very small, concentrated client roster and explicitly global investment activity — the brochure discloses foreign stock custody fees and ADR fees and lists currencies among investable assets, which aligns with an uncommon degree of non‑U.S. exposure or cross‑border client needs. Capstan also emphasizes discretionary, bespoke SMA management (no wrap program) and discloses block trading and personal trading policies and ties to an institutional custodian relationship that provides both client and firm services.