Pinyon Pine Capital LLC

Pinyon Pine Capital LLC provides discretionary equity portfolio management to individuals, trusts, family offices and institutional investors, operating several separately managed strategies — long-only, a hedged overlay, a highly concentrated long-only product, and a concentrated dividend strategy. The firm manages a small client base with AUM in the tens of millions and generally requires clients to establish custody at specified broker-dealers for account management.

The firm’s investment process is a fundamental, research-driven approach that screens for companies with high free cash flow yields and the ability to reinvest cash flow at attractive returns; portfolios are typically concentrated and managed with multi‑year holding horizons to emphasize tax efficiency in selected strategies. For clients who choose the hedged strategy, managers overlay short ETF exposure to reduce market risk, use block trades, and employ tax‑loss harvesting techniques on the short side to manage after‑tax outcomes.

Compared with many peers, the firm uses performance‑based compensation arrangements and includes detailed performance calculation disclosures and examples (including high‑water mark and benchmark‑relative treatments) in its brochure materials, and it also makes performance information available publicly. The adviser is affiliated with another investment adviser that manages a pooled vehicle and shares personnel and administrative resources, and its client and fee policies indicate it does not typically serve retail, non–high‑net‑worth individuals.