# Michaud Capital Management LLC

> Michaud Capital Management LLC is an SEC-registered investment advisory firm in Denver, CO, registered since 2012, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 159828
- Filed as: MICHAUD CAPITAL MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Denver, CO
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/159828
- AdvisorCensus page: https://advisorcensus.com/firm/michaud-capital-management-llc-denver-co-159828

## Quick answers

**How is Michaud Capital Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Michaud Capital Management LLC reports these compensation arrangements: fixed fees (other than subscription fees).

**How much does Michaud Capital Management LLC charge?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Hourly rate: up to $750 an hour (administrative clients and strategic consulting services). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Michaud Capital Management LLC located?**
Michaud Capital Management LLC's principal office is in Denver, CO, according to its Form ADV.

**Is Michaud Capital Management LLC registered with the SEC or a state?**
Michaud Capital Management LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 159828.

**How much does Michaud Capital Management LLC manage?**
Michaud Capital Management LLC reports $2,444,281,186 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (19% discretionary).

**How have Michaud Capital Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Michaud Capital Management LLC: Regulatory assets under management: $1,406,979,587 in the October 2021 data and $2,444,281,186 in the October 2026 data, up 74%. Total employees: 9 in October 2021 and 19 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Michaud Capital Management LLC serve?**
By number of clients on Form ADV Item 5.D: other (18); high net worth individuals (12); charitable organizations (2).

**Which custodians does Michaud Capital Management LLC use?**
Michaud Capital Management LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., Fidelity Brokerage Services LLC and J.P. Morgan Securities LLC as custodians holding 10% or more of its separately managed account assets.

**Does Michaud Capital Management 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/159828

**What changed in Michaud Capital Management LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 5 to 6. Registered or notice-filed in MA.

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Minimum annual fee: $50,000

> As a result, MCM does not have a set fee schedule, but may impose a minimum fixed fee of $50,000 per annum.

- Hourly rate: up to $750 an hour (administrative clients and strategic consulting services)

> For administrative clients and strategic consulting services which are separate from regular consulting services, we may charge a maximum hourly fee of $750.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Fidelity Brokerage Services LLC
- J.P. Morgan Securities LLC

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.

### Regulatory assets under management (Item 5.F)
- Total: $2,444,281,186
- Discretionary: $468,629,263
- Non-discretionary: $1,975,651,923

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 12 | $427,194,953 |
| Charitable organizations | 2 | $91,418,071 |
| Other | 18 | $1,925,668,162 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2012 (14 years)
- Employees: 19 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO, MA, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- michaudcapital.com
- LinkedIn @15448710

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,406,979,587 | 9 | March 22, 2021 |
| October 2022 | $1,667,919,900 | 11 | March 24, 2022 |
| October 2023 | $1,815,025,348 | 15 | March 16, 2023 |
| October 2024 | $2,075,263,249 | 16 | April 4, 2024 |
| October 2025 | $2,448,148,356 | 17 | March 28, 2025 |
| October 2026 | $2,444,281,186 | 19 | March 30, 2026 |

Regulatory assets under management: $1,406,979,587 in the October 2021 data and $2,444,281,186 in the October 2026 data, up 74%.
Total employees: 9 in October 2021 and 19 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 5 to 6.
- Registered or notice-filed in MA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Michaud Capital Management LLC (CRD 159828): Form ADV filing data as of October 2026.