Bristlecone Value Partners provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and selecting other managers. The firm advises 1 private fund.
Bristlecone Value Partners reports 94 clients. They include 62 high-net-worth individuals, 28 individual clients and 2 charitable organizations. Of its assets, 98.8% ($186M across 319 accounts) are managed with discretion; $2.3M across 4 accounts are not. Of its clients, 7% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 30% | 3% |
| High-net-worth individuals | 66% | 93% |
| Pooled investment vehicles | 1% | 3% |
| Charitable organizations | 2% | <1% |
| Corporations and other businesses | 1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 28 | $6.1M | 3.2% | $218K |
| High-net-worth individuals | 62 | $175M | 93.1% | $2.83M |
| Pooled investment vehicles | 1 | $5.2M | 2.8% | $5.2M |
| Charitable organizations | Fewer than 5 | $1.5M | 0.8% | $750K |
| Corporations and other businesses | Fewer than 5 | $200K | 0.1% | $200K |
| Total | 94 | $188M | 100% | — |
- Clients
- 28
- Regulatory AUM
- $6.1M
- AUM share
- 3.2%
- Avg. per client
- $218K
- Clients
- 62
- Regulatory AUM
- $175M
- AUM share
- 93.1%
- Avg. per client
- $2.83M
- Clients
- 1
- Regulatory AUM
- $5.2M
- AUM share
- 2.8%
- Avg. per client
- $5.2M
- Clients
- Fewer than 5
- Regulatory AUM
- $1.5M
- AUM share
- 0.8%
- Avg. per client
- $750K
- Clients
- Fewer than 5
- Regulatory AUM
- $200K
- AUM share
- 0.1%
- Avg. per client
- $200K
Total
- Clients
- 94
- Regulatory AUM
- $188M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 7%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 1
Bristlecone Value Partners charges 0.15%–1.00% a year for its Investment Supervisory Services. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
| Asset band | Annual rate |
|---|---|
| $0–$500K | 1.00% |
| $500K–$1M | 0.85% |
| $1M–$1.5M | 0.70% |
| $1.5M–$2.5M | 0.50% |
| $2.5M–$5M | 0.30% |
| $5M and above | 0.15% |
Fee details and sources
Nouzille Family Trust U/A DTD 8/24/2004 owns 25% to 50% of Bristlecone Value Partners. The leadership team of Bristlecone Value Partners includes Chief Compliance Officer Jean-Luc Nouzille. It has 3 employees.
Leadership
Jean-Luc NouzilleManaging Partner, Chief Compliance Officer
David FleerManaging Partner
Josh GraybillMember
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
Staff
- 3 employees
- 3 in advisory functions
- 3 state-registered reps
- Owns 25% to 50% of Bristlecone Value Partners, LLC
Nouzille Family Trust U/A DTD 8/24/2004
Control person · since January 2005
Jean-Luc Nouzille
Trustee · Control person · since August 2004
Cyrena Nouzille
Trustee · Control person · since August 2004
- Owns 25% to 50% of Bristlecone Value Partners, LLC
Fleer Miler Family Trust U/A DTD 9/9/2008
Control person · since September 2008
David Fleer
Trustee · Control person · since September 2008
Ann Miler
Trustee · Control person · since September 2008
- Owns 10% to 25% of Bristlecone Value Partners, LLC
Josh Graybill
since June 2008
Bristlecone Value Partners’ regulatory assets grew from $131M (March 2021) to $188M (February 2026); clients rose from 84 to 94 and employees were 3 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| February 2026 | $188M | 94 | 3 | 4 |
| February 2025 | $156M | 94 | 3 | 4 |
| March 2024 | $155M | 93 | 3 | 4 |
| August 2023 | $138M | 98 | 3 | 4 |
| March 2022 | $156M | 93 | 3 | 2 |
| March 2021 | $131M | 84 | 3 | 2 |
Besides its headquarters, Bristlecone Value Partners has 3 offices (3 private residences, listed without an address), with 1 listed address in California.
California · 1 listed address
- 12301 Wilshire Boulevard, Suite 320, Los AngelesHQ
Contact and registration details
- Legal name
- Bristlecone Value Partners, LLC
- Headquarters
- 12301 Wilshire Boulevard, Suite 320, Los Angeles, CA 90025
- Website
- bristlecone-vp.com
- Phone
- 310-806-4141
- @bristlecone-value-partners-llc
- SEC file
- 801-81088
- Structure
- Delaware LLC
- Fiscal year end
- December
Bristlecone Value Partners uses Charles Schwab ($137M, 75%) and Fidelity ($45.8M, 25%) as custodians for its separately managed accounts. Bristlecone Value Partners has custody of $5.2M in client assets for 1 client.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $137M75%
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $45.8M25%
At year end, Bristlecone Value Partners’ separately managed accounts were mostly in funds (80%) and stocks (18%).
What the accounts hold
- Stocks18%
- Funds80%
- Registered funds77%
- Pooled vehicles3%
- Bonds1%
- Cash1%
How many clients does Bristlecone Value Partners have?
Bristlecone Value Partners has 94 clients and manages $188 million for them, as of February 2026. They include 62 high-net-worth individuals, 28 individual clients and 2 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 20 February 2026
What services does Bristlecone Value Partners offer?
Bristlecone Value Partners provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Bristlecone Value Partners charge?
Bristlecone Value Partners charges 0.15%–1.00% a year for its Investment Supervisory Services. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
Source: BRISTLECONE VALUE PARTNERS, LLC ADV BROCHURE, filed 8 October 2026
Which custodians does Bristlecone Value Partners use?
Bristlecone Value Partners’ separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $137M and Fidelity Brokerage Services LLC (Smithfield, RI), with $45.8M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 20 February 2026
How many financial advisors does Bristlecone Value Partners have?
Bristlecone Value Partners has 3 investment adviser representatives registered with state securities authorities, out of 3 employees, and 3 perform investment advisory functions. None are registered representatives of a broker-dealer or 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 Bristlecone Value Partners invest in?
At the end of its last fiscal year, Bristlecone Value Partners’ separately managed accounts held 77% registered funds (mutual funds, ETFs, BDCs), 18% exchange-traded equities, 3% pooled vehicles (private funds and similar), 1% U.S. government and agency bonds and 1% cash and equivalents. It advises 1 private fund.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Bristlecone Value Partners?
Bristlecone Value Partners’ direct owners are Nouzille Family Trust U/A DTD 8/24/2004, Josh Graybill and Fleer Miler Family Trust U/A DTD 9/9/2008, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 20 February 2026
How does Bristlecone Value Partners get paid?
Bristlecone Value Partners is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Bristlecone Value Partners registered with the SEC?
Yes, Bristlecone Value Partners has been registered with the SEC as an investment adviser since 9 March 2015. Its CRD number is 128117 and its SEC file number is 801-81088.
Source: Form ADV Part 1A, Item 1, filed 20 February 2026; IAPD firm record
How do I contact Bristlecone Value Partners?
Bristlecone Value Partners’ main office is at 12301 Wilshire Boulevard, Suite 320, Los Angeles, CA 90025. Its phone number is 310-806-4141. Its website is bristlecone-vp.com.