# Montcalm TCR LLC

> Montcalm TCR LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2012, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 11, 2026.

- CRD: 164521
- Filed as: MONTCALM TCR LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 11, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/164521
- AdvisorCensus page: https://advisorcensus.com/firm/montcalm-tcr-llc-san-francisco-ca-164521

## Quick answers

**How is Montcalm TCR LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Montcalm TCR LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges.

**Where is Montcalm TCR LLC located?**
Montcalm TCR LLC's principal office is in San Francisco, CA, according to its Form ADV.

**Is Montcalm TCR LLC registered with the SEC or a state?**
Montcalm TCR LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 164521.

**How much does Montcalm TCR LLC manage?**
Montcalm TCR LLC reports $237,542,520 in regulatory assets under management in its Form ADV filing dated March 11, 2026 (100% discretionary).

**How have Montcalm TCR LLC's assets and staff changed since 2021?**
In the Form ADV data for Montcalm TCR LLC: Regulatory assets under management: $171,817,558 in the October 2021 data and $237,542,520 in the October 2026 data, up 38%. Total employees: 3 in October 2021 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Montcalm TCR LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (73); high net worth individuals (59); charitable organizations (1).

**Which custodians does Montcalm TCR LLC use?**
Montcalm TCR LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Fidelity Brokerage Services LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Montcalm TCR 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/164521

**Does Montcalm TCR LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 11, 2026 says: "There is an account minimum of 1,000,000 to initiate a relationship with Montcalm which may be waived by Montcalm in its discretion."

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges

### Fees and minimums (Form ADV Part 2A brochure dated March 11, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> There is an account minimum of 1,000,000 to initiate a relationship with Montcalm which may be waived by Montcalm in its discretion.

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

### Custodians (Schedule D, Section 5.K(3))
- Fidelity Brokerage Services 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: $237,542,520
- Discretionary: $237,542,520
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 73 | $33,246,448 |
| High net worth individuals | 59 | $200,546,448 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 1 | $3,749,624 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### 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)

### Firm details
- Registered since: 2012 (13 years)
- Employees: 4 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NH, NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- montcalmtcr.addepar.com
- montcalmtcr.com
- Facebook @MontcalmTCR
- LinkedIn @montcalm-tcr
- X @MONTCALMTCR
- YouTube @hziegs1

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $171,817,558 | 3 | April 1, 2021 |
| October 2022 | $182,953,165 | 3 | August 26, 2022 |
| October 2023 | $184,185,187 | 3 | March 30, 2023 |
| October 2024 | $199,428,396 | 4 | June 17, 2024 |
| October 2025 | $223,449,930 | 4 | May 5, 2025 |
| October 2026 | $237,542,520 | 4 | March 11, 2026 |

Regulatory assets under management: $171,817,558 in the October 2021 data and $237,542,520 in the October 2026 data, up 38%.
Total employees: 3 in October 2021 and 4 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Montcalm TCR LLC (CRD 164521): Form ADV filing data as of October 2026.