Bitterroot Capital Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers. Financial planning was provided to 11–25 clients last fiscal year.
Bitterroot Capital Advisors reports 20 high-net-worth individuals. Of its assets, 14.3% ($254M across 7 accounts) are managed with discretion; $1.53B across 8 accounts are not. Of its clients, 80% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| High-net-worth individuals | 100% | 100% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | 20 | $1.78B | 100.0% | $89M |
| Total | 20 | $1.78B | 100% | $89M |
- Clients
- 20
- Regulatory AUM
- $1.78B
- AUM share
- 100.0%
- Avg. per client
- $89M
Total
- Clients
- 20
- Regulatory AUM
- $1.78B
- AUM share
- 100%
- Avg. per client
- $89M
- Clients outside the U.S.
- 80%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 11–25
Bitterroot Capital Advisors charges 0.20%–1.00% for its Investment Supervisory Services. The brochure does not state whether the rate is annual. The fee is billed in advance and is negotiable.
Fee details and sources
Andrew Martzloff owns 50% to 75% of Bitterroot Capital Advisors. The leadership team of Bitterroot Capital Advisors includes Chief Compliance Officer Carol Chestnut. It has 7 employees.
Staff
- 7 employees
- 7 in advisory functions
- 1 broker-dealer rep
- Owns 50% to 75% of Bitterroot Capital Advisors LLC
Andrew Martzloff
Control person · since January 1999
- Owns 25% to 50% of Bitterroot Capital Advisors LLC
Keith Gertsen
Control person · since July 2024
Bitterroot Capital Advisors’ regulatory assets grew 1.7× from $1.06B (March 2021) to $1.78B (August 2026); clients rose from 15 to 20 and employees were 7 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Aug 2026August 2026 | $1.78B | 20 | 7 | 1 |
| Mar 2025March 2025 | $1.45B | 19 | 8 | 1 |
| Mar 2024March 2024 | $1.51B | 22 | 8 | 1 |
| Mar 2023March 2023 | $1.23B | 18 | 8 | 1 |
| Mar 2022March 2022 | $1.21B | 17 | 8 | 1 |
| Mar 2021March 2021 | $1.06B | 15 | 7 | 1 |
Besides its headquarters, Bitterroot Capital Advisors has 0 offices, with 1 listed address in 1 state.
Montana · 1 listed address
- 118 East Main Street, BozemanHQ
Contact and registration details
- Legal name
- Bitterroot Capital Advisors LLC
- Headquarters
- 118 East Main Street, Bozeman, MT 59715
- Website
- bitterrootcapital.com
- Phone
- 406-556-8200
- @bitterroot-capital-advisors
- SEC file
- 801-58029
- Structure
- Delaware LLC
- Fiscal year end
- December
Bitterroot Capital Advisors does not have custody of client assets.
At year end, Bitterroot Capital Advisors’ separately managed accounts were mostly in funds (54%) and stocks (29%). Its reported 13F holdings for the quarter ended 30 June 2026 total $166M across 53 positions; the largest are iShares TR (26.1%), iShares TR (18.4%) and iShares TR (11.3%).
What the accounts hold
- Stocks29%
- Non-exchange-traded equities21%
- Exchange-traded equities8%
- Funds54%
- Pooled vehicles39%
- Registered funds15%
- Bonds8%
- Investment grade corporate bonds4%
- U.S. government and agency bonds3%
- High-yield corporate bonds1%
- Cash6%
- Other3%
- Real estate is 0.77% and other is 2.68%%3%
How many clients does Bitterroot Capital Advisors have?
Bitterroot Capital Advisors has 20 clients and manages $1.78 billion for them, as of August 2026. They include 20 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 August 2026
What services does Bitterroot Capital Advisors offer?
Bitterroot Capital Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Bitterroot Capital Advisors charge?
Bitterroot Capital Advisors charges 0.20%–1.00% for its Investment Supervisory Services. The brochure does not state whether the rate is annual. The fee is billed in advance and is negotiable.
Source: BITTERROOT CAPITAL ADVISORS, LLC - FIRM BROCHURE, filed 30 April 2026
How many financial advisors does Bitterroot Capital Advisors have?
Bitterroot Capital Advisors has 0 investment adviser representatives registered with state securities authorities, out of 7 employees, and 7 perform investment advisory functions. 1 employee is a registered representative of a broker-dealer and 0 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Bitterroot Capital Advisors invest in?
At the end of its last fiscal year, Bitterroot Capital Advisors’ separately managed accounts held 39% pooled vehicles (private funds and similar), 21% non-exchange-traded equities, 15% registered funds (mutual funds, ETFs, BDCs), 8% exchange-traded equities, 6% cash and equivalents, 4% investment grade corporate bonds, 3% U.S. government and agency bonds, 3% other and 1% high-yield corporate bonds. The 3% other category is described as: Real Estate Is 0.77% and Other Is 2.68%%.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Bitterroot Capital Advisors?
Bitterroot Capital Advisors’ direct owners are Andrew Martzloff (50% to 75%) and Keith Gertsen (25% to 50%).
Source: Form ADV Part 1A, Schedules A and B, filed 24 August 2026
How does Bitterroot Capital Advisors get paid?
Bitterroot Capital Advisors is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Bitterroot Capital Advisors?
Bitterroot Capital Advisors’ main office is at 118 East Main Street, Bozeman, MT 59715. Its phone number is 406-556-8200. Its website is bitterrootcapital.com.