Capstone, LLC

Capstone serves institutional investors — including mutual funds, hedge funds, private equity firms and long‑only managers — by providing policy analysis, regulatory due diligence, and written research products. The Form ADV notes the firm delivers regular research communications (daily, weekly and monthly) and, per the firm’s disclosures, serves a significant non‑U.S. institutional client base in addition to U.S. clients.

The firm’s approach emphasizes vetted, impersonal research and advisory services rather than portfolio management: clients receive comprehensive reports, brief updates, and ad‑hoc analyses, and Capstone assembles internal teams for quick‑turnaround, deep‑dive due diligence projects. Capstone does not manage or trade client assets, accept trading authority, or provide tailored portfolio management, so clients retain responsibility for investment decisions while accessing the firm’s analysts and research.

Noteworthy aspects disclosed in the brochure include an uncommon fee and compensation model—fixed retainers, project fees, and a periodic “research vote” arrangement used by some larger clients—instead of percentage‑of‑AUM or performance‑based fees. The firm also publishes regular periodicals/updates, maintains formal policies on political intelligence and a code of ethics, and focuses on legislative and regulatory analysis rather than providing tradable portfolio recommendations.