Shearwater Capital provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, publishing newsletters, and educational seminars. Financial planning was provided to 1–10 clients last fiscal year.
Shearwater Capital reports 180 clients. They include 120 high-net-worth individuals and 60 individual clients. Of its assets, 99.7% ($426M across 718 accounts) are managed with discretion; $1.23M across 13 accounts are not. Of its clients, 1% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 33% | 4% |
| High-net-worth individuals | 67% | 94% |
| Pension and profit-sharing plans | Fewer than 5 | 1% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 60 | $18.8M | 4.4% | $314K |
| High-net-worth individuals | 120 | $402M | 94.1% | $3.35M |
| Pension and profit-sharing plans | Fewer than 5 | $6.37M | 1.5% | — |
| Total | 180 | $427M | 100% | — |
- Clients
- 60
- Regulatory AUM
- $18.8M
- AUM share
- 4.4%
- Avg. per client
- $314K
- Clients
- 120
- Regulatory AUM
- $402M
- AUM share
- 94.1%
- Avg. per client
- $3.35M
- Clients
- Fewer than 5
- Regulatory AUM
- $6.37M
- AUM share
- 1.5%
- Avg. per client
- —
Total
- Clients
- 180
- Regulatory AUM
- $427M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 1–10
Shearwater Capital charges 0.15%–0.85% a year for its Investment Management Fees. The whole portfolio is charged at the rate of its band. The fee is billed in arrears, is negotiable and requires an account of at least $500,000.
| Asset band | Annual rate |
|---|---|
| $0–$100K | 0.85% |
| $100K–$250K | 0.75% |
| $250K–$500K | 0.65% |
| $500K–$1M | 0.55% |
| $1M–$2.5M | 0.45% |
| $2.5M–$5M | 0.35% |
| $5M–$10M | 0.25% |
| $10M and above | 0.15% |
Fee details and sources
Jeffrey Brown owns 50% to 75% of Shearwater Capital. The leadership team of Shearwater Capital includes Chief Compliance Officer Jared Meese. It has 4 employees.
Leadership
- Jared MeeseChief Compliance Officer
Jeffrey BrownPrincipal- Eric MaldenPrincipal
Investment adviser representatives
4 representatives listed in the SEC register as of 9 October 2026.
Staff
- 4 employees
- 4 in advisory functions
- 1 state-registered rep
- 1 soliciting firm
- Owns 50% to 75% of Shearwater Capital, LLC
Jeffrey Brown
Control person · since June 1999
- Owns 50% to 75% of Shearwater Capital, LLC
Eric Malden
Control person · since June 1999
Shearwater Capital’s regulatory assets grew from $309M (February 2021) to $427M (March 2026); clients were 180 in both filings and employees rose from 1 to 4.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $427M | 180 | 4 | 2 |
| February 2025 | $348M | 178 | 4 | 2 |
| March 2024 | $307M | 180 | 4 | 2 |
| March 2023 | $280M | 180 | 4 | 2 |
| February 2022 | $306M | 184 | 5 | 2 |
| February 2021 | $309M | 186 | 1 | 2 |
Besides its headquarters, Shearwater Capital has 1 office (1 private residence, listed without an address), with 1 listed address in Colorado.
Colorado · 1 listed address
- 2000 S Colorado BLVD. Tower 1, Suite 2000-1148, DenverHQ
Contact and registration details
- Legal name
- Shearwater Capital, LLC
- Headquarters
- 2000 S Colorado BLVD. Tower 1, Suite 2000-1148, Denver, CO 80222
- Website
- shearcap.com
- Phone
- 314-434-4750
- SEC file
- 801-77787
- Founded
- 1999
- Structure
- Colorado LLC
- Fiscal year end
- December
Shearwater Capital uses Charles Schwab ($300M) as custodian for its separately managed accounts. Shearwater Capital has custody of $247M in client assets for 154 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $300M100%
At year end, Shearwater Capital’s separately managed accounts were mostly in stocks (98%). Its reported 13F holdings for the quarter ended 30 June 2026 total $209M across 65 positions; the largest are Dimensional ETF Trust (36.3%), Dimensional ETF Trust (16.2%) and Dimensional ETF Trust (8.8%).
What the accounts hold
- Stocks98%
- Cash2%
Reported 13F holdings
- $209M
- Reported 13F value
- 65
- Positions
- 77.1%
- In the 10 largest
- +9.8%
- Value vs. prior quarter
- Dimensional ETF Trust · US Core Equity 236.3%
- Dimensional ETF Trust · World EX US Core16.2%
- Dimensional ETF Trust · Internatnal Val8.8%
- Dimensional ETF Trust · US Mktwide Value3.2%
- Dimensional ETF Trust · US Targeted Vlu2.7%
- Berkshire Hathaway Inc. Del · CL B New2.5%
- Docusign Inc.2.4%
- Dimensional ETF Trust · Emerging Mkts CO1.8%
- Amazon Com Inc.1.6%
- Dimensional ETF Trust · Intl Core EQT MK1.5%
Together, the ten largest are 77.1% of reported value.
How many clients does Shearwater Capital have?
Shearwater Capital has 180 clients and manages $427 million for them, as of March 2026. They include 120 high-net-worth individuals and 60 individual clients.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 17 March 2026
What services does Shearwater Capital offer?
Shearwater Capital provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, publishing newsletters, and educational seminars.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Shearwater Capital charge?
Shearwater Capital charges 0.15%–0.85% a year for its Investment Management Fees. The whole portfolio is charged at the rate of its band. The fee is billed in arrears, is negotiable and requires an account of at least $500,000.
Source: SHEARWATER CAPITAL, LLC FORM ADV PART 2A BROCHURE, filed 17 March 2026
Which custodians does Shearwater Capital use?
Shearwater Capital’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $300M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 17 March 2026
How many financial advisors does Shearwater Capital have?
Shearwater Capital has 1 investment adviser representative registered with state securities authorities, out of 4 employees, and 4 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 Shearwater Capital invest in?
At the end of its last fiscal year, Shearwater Capital’s separately managed accounts held 98% exchange-traded equities and 2% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does Shearwater Capital have a minimum investment?
Yes, Shearwater Capital’s minimum account size for its Investment Management Fees is $500K.
Source: SHEARWATER CAPITAL, LLC FORM ADV PART 2A BROCHURE, filed 17 March 2026
Who owns Shearwater Capital?
Shearwater Capital’s direct owners are Jeffrey Brown (50% to 75%) and Eric Malden (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 17 March 2026
How does Shearwater Capital get paid?
Shearwater Capital 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 Shearwater Capital?
Shearwater Capital’s main office is at 2000 S Colorado BLVD. Tower 1, Suite 2000-1148, Denver, CO 80222. Its phone number is 314-434-4750. Its website is shearcap.com.