# Bitterroot Capital Advisors LLC

> Bitterroot Capital Advisors LLC is an SEC-registered investment advisory firm in Bozeman, MT, registered since 2000, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated August 24, 2026.

- CRD: 109088
- Filed as: BITTERROOT CAPITAL ADVISORS LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Bozeman, MT
- Filing period: October 2026
- Form ADV filing dated: August 24, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/109088
- AdvisorCensus page: https://advisorcensus.com/firm/bitterroot-capital-advisors-llc-bozeman-mt-109088

## Quick answers

**How is Bitterroot Capital Advisors LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Bitterroot Capital Advisors LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Bitterroot Capital Advisors LLC located?**
Bitterroot Capital Advisors LLC's principal office is in Bozeman, MT, according to its Form ADV.

**Is Bitterroot Capital Advisors LLC registered with the SEC or a state?**
Bitterroot Capital Advisors LLC is an SEC-registered investment advisory firm, registered since 2000. Status as filed: Approved. CRD 109088.

**How much does Bitterroot Capital Advisors LLC manage?**
Bitterroot Capital Advisors LLC reports $1,780,038,798 in regulatory assets under management in its Form ADV filing dated August 24, 2026 (14% discretionary).

**How have Bitterroot Capital Advisors LLC's assets and staff changed since 2021?**
In the Form ADV data for Bitterroot Capital Advisors LLC: Regulatory assets under management: $1,060,496,778 in the October 2021 data and $1,780,038,798 in the October 2026 data, up 68%. Total employees: 7 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Bitterroot Capital Advisors LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (20).

**Does Bitterroot Capital Advisors LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/109088

**What changed in Bitterroot Capital Advisors LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 8 to 7. Regulatory assets under management went from $1,453,507,231 to $1,780,038,798 (+22%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Regulatory assets under management (Item 5.F)
- Total: $1,780,038,798
- Discretionary: $253,984,337
- Non-discretionary: $1,526,054,461

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 20 | $1,780,038,798 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2000 (25 years)
- Employees: 7 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MT, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- bitterrootcapital.com
- LinkedIn @bitterroot-capital-advisors

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,060,496,778 | 7 | March 26, 2021 |
| October 2022 | $1,206,698,986 | 8 | March 30, 2022 |
| October 2023 | $1,228,715,227 | 8 | March 10, 2023 |
| October 2024 | $1,509,082,717 | 8 | March 5, 2024 |
| October 2025 | $1,453,507,231 | 8 | March 28, 2025 |
| October 2026 | $1,780,038,798 | 7 | August 24, 2026 |

Regulatory assets under management: $1,060,496,778 in the October 2021 data and $1,780,038,798 in the October 2026 data, up 68%.
Total employees: 7 in October 2021 and 7 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 8 to 7.
- Regulatory assets under management went from $1,453,507,231 to $1,780,038,798 (+22%).

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Bitterroot Capital Advisors LLC (CRD 109088): Form ADV filing data as of October 2026.