Hourglass Capital, LLC

Hourglass Capital manages separately managed accounts on a discretionary basis for individuals, high-net-worth clients, trusts, pension and profit‑sharing plans, charitable organizations, and corporate entities. The firm reports roughly $769 million in regulatory assets under management and generally requires a multi‑million dollar minimum account size, although smaller accounts may be accepted in certain household circumstances.

Hourglass establishes client objectives through personal discussions and implements investment policies using a mix of fundamental, technical and qualitative analysis, with portfolio managers reviewing accounts at least quarterly and providing written quarterly reports. The firm commonly aggregates trades into block orders to seek execution efficiency and recommends (but does not require) custodian relationships that provide institutional trading and reporting tools.

Noteworthy features that distinguish Hourglass from many peers include its offering of performance‑based fee arrangements to qualified clients and its disclosure that incentive fees are calculated on an annual basis and can reflect unrealized gains, a structure it manages alongside standard percentage‑of‑AUM accounts. The firm also employs derivatives and borrowing strategies within separately managed accounts—such as options (covered calls and spreads), short sales, margin borrowing, and exposure to leveraged/inverse products—and discloses related risks and conflicts of interest and procedures (for example, block trade allocation) intended to address side‑by‑side management.