# Mountain Lake Investment Management LLC

> Mountain Lake Investment Management LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2011, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 154679
- Filed as: MOUNTAIN LAKE INVESTMENT MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/154679
- AdvisorCensus page: https://advisorcensus.com/firm/mountain-lake-investment-management-llc-san-francisco-ca-154679

## Quick answers

**How is Mountain Lake Investment Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Mountain Lake Investment Management LLC reports these compensation arrangements: a percentage of assets under its management.

**Where is Mountain Lake Investment Management LLC located?**
Mountain Lake Investment Management LLC's principal office is in San Francisco, CA, according to its Form ADV.

**Is Mountain Lake Investment Management LLC registered with the SEC or a state?**
Mountain Lake Investment Management LLC is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 154679.

**How much does Mountain Lake Investment Management LLC manage?**
Mountain Lake Investment Management LLC reports $199,250,957 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Mountain Lake Investment Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Mountain Lake Investment Management LLC: Regulatory assets under management: $149,790,281 in the October 2021 data and $199,250,957 in the October 2026 data, up 33%. Total employees: 3 in October 2021 and 6 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Mountain Lake Investment Management LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (20); pooled investment vehicles (other than investment companies and business development companies) (1).

**Which custodians does Mountain Lake Investment Management LLC use?**
Mountain Lake Investment Management 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 Mountain Lake Investment 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/154679

**What changed in Mountain Lake Investment Management LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $165,606,322 to $199,250,957 (+20%). Registered or notice-filed in NY.

## From the Form ADV filing

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

### 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: $199,250,957
- Discretionary: $199,250,957
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 20 | $68,985,633 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $130,265,324 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2011 (15 years)
- Employees: 6 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- mountainlakeinvest.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $149,790,281 | 3 | March 29, 2021 |
| October 2022 | $187,259,783 | 3 | March 28, 2022 |
| October 2023 | $199,018,491 | 3 | March 16, 2023 |
| October 2024 | $160,030,389 | 3 | March 15, 2024 |
| October 2025 | $165,606,322 | 5 | March 27, 2025 |
| October 2026 | $199,250,957 | 6 | March 27, 2026 |

Regulatory assets under management: $149,790,281 in the October 2021 data and $199,250,957 in the October 2026 data, up 33%.
Total employees: 3 in October 2021 and 6 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $165,606,322 to $199,250,957 (+20%).
- Registered or notice-filed in NY.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Mountain Lake Investment Management LLC (CRD 154679): Form ADV filing data as of October 2026.