AdvisorCensus / Financial advisors / California / Los Angeles / Cove Street Capital, LLC
Cove Street Capital, LLC is an SEC-registered investment advisory firm in Hermosa Beach, CA, registered since 2011, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated August 27, 2026.
Quick answers
From the filingHow is Cove Street Capital, LLC compensated?
On its Form ADV (Item 5.E, October 2026), Cove Street Capital, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
What does Cove Street Capital, LLC's brochure say about its fees?
Its Form ADV Part 2A brochure dated August 27, 2026 states: Asset-based fee: 0.4% to 1.25% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Cove Street Capital, LLC located?
Cove Street Capital, LLC's principal office is in Hermosa Beach, CA, according to its Form ADV.
Is Cove Street Capital, LLC registered with the SEC or a state?
Cove Street Capital, LLC is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 156260.
How much does Cove Street Capital, LLC manage?
Cove Street Capital, LLC reports $93,844,293 in regulatory assets under management in its Form ADV filing dated August 27, 2026 (100% discretionary).
How have Cove Street Capital, LLC's assets and staff changed since 2021?
In the Form ADV data for Cove Street Capital, LLC: Regulatory assets under management: $629,871,084 in the October 2021 data and $93,844,293 in the October 2026 data, down 85%. Total employees: 9 in October 2021 and 2 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Cove Street Capital, LLC serve?
By number of clients on Form ADV Item 5.D: high net worth individuals (10); corporations or other businesses not listed above (4); individuals (other than high net worth individuals) (3).
Which custodians does Cove Street Capital, LLC use?
Cove Street Capital, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and Mechanics Bank as custodians holding 10% or more of its separately managed account assets.
Does Cove Street Capital, 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/156260
What changed in Cove Street Capital, LLC's recent Form ADV filings?
In the September 2026 filing data: Updated its list of owners and control persons (Schedule A).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAsset-based fee: 0.4% to 1.25% a year (a range, as the brochure states it)
The brochure's wording
Our annual fees for portfolio management services are based upon a percentage of assets under management, generally range from 0.40% to 1.25%, and are payable either monthly or quarterly in advance or arrears.
As stated in the firm's Form ADV Part 2A brochure dated August 27, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$93,844,293 as of October 2026, filing dated August 27, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2011 (15 years)
- Employees
- Total: 2. Performing investment advisory functions: 1.
- Wrap fee program participation
- No.
- Custodians (Schedule D, Section 5.K(3))
-
Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.
- States registered or notice-filed
-
3 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $93,844,293 | 2 | August 27, 2026 |
| October 2025 | $126,729,812 | 2 | June 5, 2025 |
| October 2024 | $363,989,681 | 7 | March 21, 2024 |
| October 2023 | $406,744,180 | 8 | March 21, 2023 |
| October 2022 | $600,073,610 | 10 | March 28, 2022 |
| October 2021 | $629,871,084 | 9 | March 22, 2021 |
Regulatory assets under management: $629,871,084 in the October 2021 data and $93,844,293 in the October 2026 data, down 85%.
Total employees: 9 in October 2021 and 2 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- September 2026
- Updated its list of owners and control persons (Schedule A).
- April 2026
- Regulatory assets under management went from $126,729,812 to $93,844,293 (-26%).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Cove Street Capital, LLC (CRD 156260): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/cove-street-capital-llc-hermosa-beach-ca-156260