Cove Street Capital, LLC

Cove Street Capital, LLC is an SEC‑registered investment adviser that provides discretionary portfolio management and investment advice to individuals, high‑net‑worth clients, institutions, and pooled investment vehicles. The firm reported approximately $93.8 million in discretionary assets under management across a small number of client relationships and offers customized advisory arrangements, including the ability to negotiate performance‑based fees for eligible accounts.

The firm follows a research‑driven, fundamental value investment process with concentrated portfolios (typical holdings ranges are 20–35 names for All‑Cap/Small‑Cap strategies and tighter concentrations for microcap and Partners strategies) and explicit position and industry limits. Strategies include small‑ and microcap value approaches and a microcap/Partners strategy that emphasizes long‑term, owner‑oriented time horizons and active board‑level engagement; accounts are reviewed and rebalanced on a regular, discretionary basis.

Cove Street is also a private fund adviser and controlling owner of a general partner that manages a pooled vehicle (the Partners Fund), which employs performance allocations and lock‑up/withdrawal provisions (Class A allocations subject to a hurdle and high‑water‑mark; Class B subject to a fixed management fee plus a performance allocation). The brochure discloses policies to address side‑by‑side conflicts and execution allocation, notes that the firm may have custody only with respect to the Partners Fund, and records that its wrap fee and UMA programs were closed as of December 31, 2025.