# High Trail Capital

> High Trail Capital is an SEC-registered investment advisory firm in Hoboken, NJ, registered since 2020, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 305245
- Filed as: HIGH TRAIL CAPITAL
- Legal name: High Trail Capital LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Hoboken, NJ
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/305245
- AdvisorCensus page: https://advisorcensus.com/firm/high-trail-capital-hoboken-nj-305245

## Quick answers

**How is High Trail Capital compensated?**
On its Form ADV (Item 5.E, October 2026), High Trail Capital reports these compensation arrangements: fixed fees (other than subscription fees); performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is High Trail Capital located?**
High Trail Capital's principal office is in Hoboken, NJ, according to its Form ADV.

**Is High Trail Capital registered with the SEC or a state?**
High Trail Capital is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 305245.

**How much does High Trail Capital manage?**
High Trail Capital reports $296,893,000 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (0% discretionary).

**How have High Trail Capital's assets and staff changed since 2021?**
In the Form ADV data for High Trail Capital: Regulatory assets under management: $227,225,325 in the October 2021 data and $296,893,000 in the October 2026 data, up 31%. Total employees: 1 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does High Trail Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6).

**Does High Trail Capital 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/305245

**What changed in High Trail Capital's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 3 to 2. Regulatory assets under management went from $204,834,189 to $296,893,000 (+45%).

## From the Form ADV filing

### Compensation (Item 5.E)
- Fixed fees (other than subscription fees)
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $296,893,000
- Discretionary: $0
- Non-discretionary: $296,893,000

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $296,893,000 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2020 (6 years)
- Employees: 3 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NJ
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- hightrailcapital.com
- LinkedIn @hightrailcap

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $227,225,325 | 1 | March 31, 2021 |
| October 2022 | $300,735,756 | 2 | May 11, 2022 |
| October 2023 | $400,780,903 | 3 | March 30, 2023 |
| October 2024 | $496,776,012 | 3 | March 28, 2024 |
| October 2025 | $204,834,189 | 3 | May 1, 2025 |
| October 2026 | $296,893,000 | 3 | March 30, 2026 |

Regulatory assets under management: $227,225,325 in the October 2021 data and $296,893,000 in the October 2026 data, up 31%.
Total employees: 1 in October 2021 and 3 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 3 to 2.
- Regulatory assets under management went from $204,834,189 to $296,893,000 (+45%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. High Trail Capital (CRD 305245): Form ADV filing data as of October 2026.