H. C. Denison provides portfolio management for individuals and small businesses, portfolio management for institutions, and insurance.
H. C. Denison reports 343 clients. They include 250 individual clients and 93 high-net-worth individuals. Of its assets, 100.0% ($310M across 889 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 73% | 39% |
| High-net-worth individuals | 27% | 61% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 250 | $121M | 39.1% | $485K |
| High-net-worth individuals | 93 | $189M | 60.9% | $2.03M |
| Total | 343 | $310M | 100% | $904K |
- Clients
- 250
- Regulatory AUM
- $121M
- AUM share
- 39.1%
- Avg. per client
- $485K
- Clients
- 93
- Regulatory AUM
- $189M
- AUM share
- 60.9%
- Avg. per client
- $2.03M
Total
- Clients
- 343
- Regulatory AUM
- $310M
- AUM share
- 100%
- Avg. per client
- $904K
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
H. C. Denison charges 0.75%–1.20% a year for its Portfolio Management Fees. The fee is billed in advance and is negotiable.
Fee details and sources
James Anthony Testwuide owns 75% or more of H. C. Denison. The leadership team of H. C. Denison includes President Robert Joseph Kuehl. It has 4 employees.
Staff
- 4 employees
- 4 in advisory functions
- 4 state-registered reps
- 4 broker-dealer reps
- 3 insurance agents
- Owns 75% or more of H. C. Denison Co.
James Anthony Testwuide
Control person · since April 2003
H. C. Denison’s regulatory assets grew 1.7× from $177M (March 2025) to $310M (March 2026); clients rose from 212 to 343 and employees were 4 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Mar 2026March 2026 | $310M | 343 | 4 | 1 |
| Mar 2025March 2025 | $177M | 212 | 4 | 1 |
Besides its headquarters, H. C. Denison has 0 offices, with 1 listed address in 1 state.
Wisconsin · 1 listed address
- 618 North 7th Street, SheboyganHQ
Contact and registration details
- Legal name
- H. C. Denison Co.
- Headquarters
- 618 North 7th Street, Sheboygan, WI 53081
- Website
- hcdenison.com
- Phone
- 920-457-9451
- @h-c-denison-co
- SEC file
- 801-131334
- Structure
- Wisconsin corporation
- Fiscal year end
- December
H. C. Denison’s named custodian for separately managed accounts is Hilltop Securities ($310M). H. C. Denison does not have custody of client assets.
- Hilltop SecuritiesHilltop Securities Inc. · Dallas, TX · $310M100%
At year end, H. C. Denison’s separately managed accounts were mostly in funds (70%) and stocks (22%).
What the accounts hold
- Stocks22%
- Funds70%
- Bonds6%
- State and local bonds5%
- Investment grade corporate bonds1%
- Cash2%
How many clients does H. C. Denison have?
H. C. Denison has 343 clients and manages $310 million for them, as of March 2026. They include 250 individual clients and 93 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 23 March 2026
What services does H. C. Denison offer?
H. C. Denison provides portfolio management for individuals and small businesses, portfolio management for institutions, and insurance.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does H. C. Denison charge?
H. C. Denison charges 0.75%–1.20% a year for its Portfolio Management Fees. The fee is billed in advance and is negotiable.
Which custodians does H. C. Denison use?
H. C. Denison’s separately managed account assets are held at Hilltop Securities Inc. (Dallas, TX), with $310M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 23 March 2026
How many financial advisors does H. C. Denison have?
H. C. Denison has 4 investment adviser representatives registered with state securities authorities, out of 4 employees, and 4 perform investment advisory functions. 4 employees are registered representatives of a broker-dealer and 3 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 H. C. Denison invest in?
At the end of its last fiscal year, H. C. Denison’s separately managed accounts held 70% registered funds (mutual funds, ETFs, BDCs), 22% exchange-traded equities, 5% state and local bonds, 2% cash and equivalents and 1% investment grade corporate bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns H. C. Denison?
H. C. Denison’s direct owner is James Anthony Testwuide (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 23 March 2026
How does H. C. Denison get paid?
H. C. Denison is paid through a percentage of assets under management. 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 H. C. Denison?
H. C. Denison’s main office is at 618 North 7th Street, Sheboygan, WI 53081. Its phone number is 920-457-9451. Its website is hcdenison.com.