{"url":"https://nivawealth.com/firms/bristlecone-value-partners-128117","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/128117","regulatoryAum":188400000,"crd":"128117","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"2807692","suffix":null,"lastName":"FLEER","firstName":"DAVID","middleName":"REX"},{"crd":"5655874","suffix":null,"lastName":"GRAYBILL","firstName":"JOSH","middleName":"TODD"},{"crd":"2208571","suffix":null,"lastName":"NOUZILLE","firstName":"JEAN-LUC","middleName":"FRANCOIS"}],"total":3,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2021-03-23","regulatoryAum":131100000,"clients":84,"employees":3,"offices":2},{"filedOn":"2022-03-21","regulatoryAum":155800000,"clients":93,"employees":3,"offices":2},{"filedOn":"2023-08-08","regulatoryAum":137500000,"clients":98,"employees":3,"offices":4},{"filedOn":"2024-03-07","regulatoryAum":155300000,"clients":93,"employees":3,"offices":4},{"filedOn":"2025-02-25","regulatoryAum":156100000,"clients":94,"employees":3,"offices":4},{"filedOn":"2026-02-20","regulatoryAum":188400000,"clients":94,"employees":3,"offices":4}],"secFileNumber":"801-81088","legalName":"Bristlecone Value Partners, LLC","displayName":"Bristlecone Value Partners","slug":"bristlecone-value-partners-128117","website":"https://bristlecone-vp.com/","logo":{"src":"https://rmkhnxnbeclogprvkfyl.supabase.co/storage/v1/object/public/firm-logos/128117/ab711e2a1923fbd0-r1.webp","tone":"light","width":1319,"height":200,"sourceUrl":"https://bristlecone-vp.com/","sourceLabel":"Bristlecone Value Partners, LLC, website"},"classification":{"segment":"individuals","segmentLabel":"Wealth management","type":"independent_wealth_manager","typeLabel":"RIA","feeDisclosure":"full"},"linkedinUrl":"https://www.linkedin.com/company/bristlecone-value-partners-llc/","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"12301 Wilshire Boulevard, Suite 320","city":"Los Angeles","state":"CA","stateName":"California","country":"United States","postalCode":"90025"},"tradeNames":[],"registration":{"secApproved":"9 March 2015","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":2016666.6666666667,"staff":{"employees":3,"advisory":3,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":188400000,"discretionary":186100000,"discretionaryAccounts":319,"nonDiscretionary":2300000,"nonDiscretionaryAccounts":4,"wrapProgram":null,"nonUsClientsPct":7,"nonAumClients":0},"clientTypes":[{"label":"Individuals (other than HNW)","clients":28,"regulatoryAum":6100000},{"label":"High-net-worth individuals","clients":62,"regulatoryAum":175400000},{"label":"Pooled investment vehicles","clients":1,"regulatoryAum":5200000},{"label":"Charitable organizations","clients":2,"fewerThan5":true,"regulatoryAum":1500000},{"label":"Corporations and other businesses","clients":1,"fewerThan5":true,"regulatoryAum":200000}],"feePrograms":[{"role":"main","program":"Investment Supervisory 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BROCHURE","status":"read","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1060520","versionId":1060520,"submittedOn":"2026-10-08"}]},"custodians":[{"name":"Charles Schwab & Co., Inc.","shortName":"Charles Schwab","location":"Westlake, TX","smaAssets":137000000},{"name":"Fidelity Brokerage Services LLC","shortName":"Fidelity","location":"Smithfield, RI","smaAssets":45800000}],"custodyNote":"Bristlecone Value Partners has custody of $5.2M in client assets for 1 client.","leadership":[{"name":"Jean-Luc Nouzille","title":"Managing Partner, Chief Compliance Officer","crd":"2208571"},{"name":"David Fleer","title":"Managing Partner","crd":"2807692"},{"name":"Josh Graybill","title":"Member","crd":"5655874"}],"ownership":[{"label":"Nouzille Family Trust U/A DTD 8/24/2004","detail":"Member in the 25% to 50% ownership band and a control person, since January 2005."},{"label":"Josh Graybill","detail":"Member in the 10% to 25% ownership band, since June 2008."},{"label":"Fleer Miler Family Trust U/A DTD 9/9/2008","detail":"Member in the 25% to 50% ownership band and a control person, since September 2008."},{"label":"Jean-Luc Nouzille","detail":"Indirect owner: trustee of Nouzille Family Trust U/A DTD 8/24/2004 and a control person, since August 2004.","parent":"Nouzille Family Trust U/A DTD 8/24/2004"},{"label":"Cyrena Nouzille","detail":"Indirect owner: trustee of Nouzille Family Trust U/A DTD 8/24/2004 and a control person, since August 2004.","parent":"Nouzille Family Trust U/A DTD 8/24/2004"},{"label":"David Fleer","detail":"Indirect owner: trustee of Fleer Miler Family Trust U/A DTD 9/9/2008 and a control person, since September 2008.","parent":"Fleer Miler Family Trust U/A DTD 9/9/2008"},{"label":"Ann Miler","detail":"Indirect owner: trustee of Fleer Miler Family Trust U/A DTD 9/9/2008 and a control person, since September 2008.","parent":"Fleer Miler Family Trust U/A DTD 9/9/2008"}],"filedOffices":{"otherThanPrincipal":3,"privateResidences":3},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"California","offices":1,"addresses":[{"street":"12301 Wilshire Boulevard, Suite 320","city":"Los Angeles","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"310-806-4141","stateRegisteredReps":3,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for individuals and/or small businesses","Portfolio management for pooled investment vehicles (other than investment companies)","Selection of other advisers (including private fund managers)"],"financialPlanningClients":null,"assetMix":[{"label":"Exchange-traded equity securities","percent":18},{"label":"U.S. government/agency bonds","percent":1},{"label":"Securities issued by registered investment companies or business development 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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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Bristlecone Value Partners offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How much does Bristlecone Value Partners charge?","answer":"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","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does Bristlecone Value Partners use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Bristlecone Value Partners have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Bristlecone Value Partners invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Bristlecone Value Partners?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Bristlecone Value Partners get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Is Bristlecone Value Partners registered with the SEC?","answer":"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","sourceRef":{"doc":"adv1","section":"identity"}},{"question":"How do I contact Bristlecone Value Partners?","answer":"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.","source":"Form ADV Part 1A, Item 1.F, filed 20 February 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":null,"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}