Bristlecone Value Partners, Llc
- Regulatory AUM
- $188M
- Discretionary
- $186M
- Clients
- 94
- Avg AUM / client
- $2.0M
- Accounts
- 323
- Employees
- 3
AUM over time
Reported AUM from Form ADV filings, plotted by filing date · as of Feb 20, 2026
Investments (13F portfolio — 68 positions, $113,644,623)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Vanguard Ftse Developed Markets Etf | VAN FTSE DEV MKT | $15,025,692 | 234,483 | 13.2% | 7.98% |
| 2 | Schwab Fundamental U.S. Large Company Etf | FUNDAMENTAL US L | $10,449,318 | 375,200 | 9.19% | 5.55% |
| 3 | Vanguard Dividend Appreciation Etf | DIV APP ETF | $9,467,797 | 44,024 | 8.33% | 5.03% |
| 4 | Wisdomtree Emerging Markets Smallcap Dividend Etf | EMG MKTS SMCAP | $7,211,217 | 119,987 | 6.35% | 3.83% |
| 5 | Vanguard International Dividend Appreciation Etf | INTL DVD ETF | $4,560,366 | 51,553 | 4.01% | 2.42% |
| 6 | Avantis International Small Cap Value Etf | INTL SMCP VLU | $4,145,111 | 41,509 | 3.65% | 2.2% |
| 7 | Vanguard S&P 500 Etf | S&P 500 ETF SHS | $3,876,483 | 6,487 | 3.41% | 2.06% |
| 8 | Ishares Core S&P Small Cap Etf | CORE S&P SCP ETF | $3,688,572 | 29,672 | 3.25% | 1.96% |
| 9 | State Street Spdr S&P Global Natural Resources Etf | STATE STREET SPD | $3,662,238 | 49,046 | 3.22% | 1.94% |
| 10 | Vanguard Total Bond Market Etf | TOTAL BND MRKT | $3,481,405 | 47,276 | 3.06% | 1.85% |
| 11 | Ishares Global Reit Etf | GLOBAL REIT ETF | $3,034,464 | 120,655 | 2.67% | 1.61% |
| 12 | Vanguard Ultra Short Bond Etf | VANGUARD ULTRA | $2,916,381 | 58,580 | 2.57% | 1.55% |
| 13 | Capital Group Core Plus Income Etf | CORE PLUS INCM | $2,434,323 | 108,967 | 2.14% | 1.29% |
| 14 | Vanguard Short Term Infl Protected | STRM INFPROIDX | $2,173,450 | 43,513 | 1.91% | 1.15% |
| 15 | Powershares International Corp Bond Etf | INTL CORP BD | $2,137,490 | 92,532 | 1.88% | 1.13% |
| 16 | Schwab Fundamental International Equity Etf | FUNDAMENTAL INTL | $2,069,138 | 42,288 | 1.82% | 1.1% |
| 17 | Bank Of Amer Corp Com | COM | $1,668,952 | 34,235 | 1.47% | 0.89% |
| 18 | Johnson Ctls Intl Plc Shs | SHS | $1,547,436 | 11,817 | 1.36% | 0.82% |
| 19 | Vanguard Mid Cap Value Etf | MCAP VL IDXVIP | $1,477,829 | 8,019 | 1.3% | 0.78% |
| 20 | Lowes Cos Inc Com | COM | $1,437,764 | 6,085 | 1.27% | 0.76% |
| 21 | Berkshire Hathaway Inc Del Cl B New | CL B NEW | $1,279,943 | 2,671 | 1.13% | 0.68% |
| 22 | First Trust Dow Jones Select Microcap Index Fund | COM SHS ANNUAL | $1,268,888 | 15,458 | 1.12% | 0.67% |
| 23 | Markel Corp Holding Co | COM | $1,242,231 | 649 | 1.09% | 0.66% |
| 24 | Pepsico Inc Com | COM | $1,181,446 | 7,608 | 1.04% | 0.63% |
| 25 | Jpmorgan Ultra Short Municipal Income Etf | ULTRA SHT MUNCPL | $1,166,168 | 22,875 | 1.03% | 0.62% |
Top 25 of 68 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 28 | $6.1M | 3.24% |
| High net worth individuals | 62 | $175M | 93.1% |
| Pooled investment vehicles (non-investment companies) | 1 | $5.2M | 2.76% |
| Charitable organizations | 2 | $1.5M | 0.8% |
| Corporations and other businesses | 1 | $200K | 0.11% |
Private funds (1)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $4.7M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Bristlecone Microcap Fund, Lp | Hedge Fund | Delaware | $4.7M | 17 |
People (5)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| David Rex Fleer | Managing Partner | CFA | Jan 2004 (23y) | Less than 5% |
| Jean Luc Francois Nouzille | Managing Partner, Chief Compliance Officer | CFA | Jan 2004 (23y) | Less than 5% |
| Nouzille, Cyrena | Trustee | Aug 2004 (22y) | GP / trustee / elected manager of Nouzille Family Trust U/A Dtd 8/24/2004 (indirect) | |
| Josh Todd Graybill | Member | CFA | Jun 2008 (18y) | 10% – 25% |
| Miler, Ann, Rachel | Trustee | Sep 2008 (18y) | GP / trustee / elected manager of Fleer Miler Family Trust U/A Dtd 9/9/2008 (indirect) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Nouzille Family Trust U/A Dtd 8/24/2004 | Member | Jan 2005 | A | 25% – 50% |
| Fleer Miler Family Trust U/A Dtd 9/9/2008 | Member | Sep 2008 | A | 25% – 50% |
Undisclosed: 0% – 40% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (1, $4.7M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Bristlecone Microcap Fund, Lp | Hedge Fund | $4.7M | $250K | 17 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 02/20/2026 | 1.16 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Selection of other advisers
Custody
Reported custodians
- Charles Schwab & Co. $137M (73% of AUM) Feb 2026
- Fidelity Brokerage Services $45.8M (24% of AUM) Feb 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Feb 20, 2026.
View current Form ADV (SEC/IAPD) ↗