Obermeyer Wood Investment Counsel, LLLP, is an SEC-registered investment adviser with its principal place of business
in Colorado. Obermeyer Wood began conducting business on October 1, 2014.
The firm’s principal shareholders (i.e., those individuals or entities controlling 25% or more of this LLLP) are listed
below:
• Walter Raymond Obermeyer, Co-Founder and President. A large portion of Mr. Obermeyer’s interest is held
through Walter R. Obermeyer Holdings, Inc., of which he is the Chief Executive Officer.
Obermeyer Wood was formed in 2014 through the merger of the former firms Obermeyer Asset Management Company
and Wood Investment Counsel, LLC. The firms operated with similar investment philosophies, types of clients, and
geographic areas, and had a mutual respect for how each conducted business and served clients. The purpose of the
merger was to leverage each other’s skills and to enhance the capability to serve the investment needs of both firms’
clients. The merger transaction closed on September 30, 2014, and the merged entity began operations on October 1,
2014, with an Aspen office located at 501 Rio Grande Place, Suite 107, Aspen, CO 81611 and a Denver office at 55
Madison Street, Suite 680, Denver, CO 80206. The Denver office moved to 200 Columbine Street, Suite 600, Denver,
CO 80206 on August 24, 2015.
On January 1, 2024, Obermeyer Wood acquired Booth Creek Capital Management, LP, an independent investment
advisor based in Vail, Colorado. Booth Creek’s founder and portfolio manager, Adam Savin, joined Obermeyer Wood
as Partner and Vice President, Investments. Booth Creek managed investments with a dividend-oriented strategy and
that will continue to be an available strategy for Obermeyer Wood clients going forward.
Obermeyer Wood offers the following advisory services to our clients:
Our firm provides continuous investment management to clients based on their individual needs. We work with each
client to establish goals and objectives through discussions about that client’s particular circumstances. We then
develop a client’s investment objective and create and manage a portfolio based on that objective. During our data-
gathering process, we learn the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. As
appropriate, we also review and discuss a client’s prior investment history as well as family composition and background.
We also often collaborate with the client’s other professional service providers as we work to understand clients’
financial circumstances. We regularly encourage clients to promptly inform us of any changes in their financial situation
or investment goals.
Account supervision is guided by the client’s stated objectives (e.g., all equity, growth, growth and income, or income).
As an integrated part of our investment management services, we offer financial planning. We offer the following
financial planning services depending on the client’s situation: cash flow analysis, budgeting, retirement needs, asset
allocation consulting, education funding, tax efficiency, charitable giving, estate considerations, wealth transfer, and
other goals or special needs. With respect to our limited financial planning services, clients are free to accept or reject
any of our recommendations; clients alone have authority to implement any of our recommendations; with respect to
estate and tax planning, our role is limited to consulting and facilitating with clients and their other professional
advisors. We do not offer legal or tax advice.
We are long-term investors focused primarily on common stocks, both domestic and foreign, and, as appropriate,
various types of bonds, mutual funds, and ETFs. Because some types of investments involve additional risks, we will only
recommend and implement them when consistent with the client’s stated investment objectives, tolerance for risk,
liquidity, and suitability.
For certain eligible clients, we will offer private investment vehicles. These are generally available only to clients for
whom we manage $5 million or more. Typically, we invest client funds in a private vehicle via an access fund. This
structure generally means that clients will pay fees to the private fund and the access fund as well as to us. We only
use these investments for clients after specific additional discussions and disclosure.
On occasion, clients request a margin loan or other loan secured by the client’s portfolio. Margin loans and secured loans typically
incur additional expenses such as interest costs. When a client intends to carry a margin loan balance for an extended period of
time, our policy is to open a separate account to house the margin loan separate from the managed securities portfolio.
Both private investments and margin or secured loans are sophisticated investment strategies and carry additional costs.
Obermeyer Wood’s Chief Compliance Officer, Charlton Rugg, is available to address any questions that a client or
prospective client has about private investments, margin loans, or secured loans.
As of December 31, 2023, we were actively managing approximately $2,140,000,000 of clients’ assets on a
discretionary basis.
Limitations of Financial Planning and Non-Investment Consulting or Referral Services: To the extent requested by the
client, Obermeyer Wood will generally provide limited financial planning and related consulting services regarding non-
investment related matters, such as tax and estate planning, insurance, etc. Please Also Note: Obermeyer Wood does
not serve as an attorney, accountant, or insurance agent, and you should not construe any part of our services as such.
Accordingly, Obermeyer Wood does not prepare legal documents, prepare tax returns, or sell insurance products.
Upon request, we can refer a client to other professionals such as attorneys, accountants, or insurance agents. The
client retains absolute discretion to make any engagement decisions and has no obligation to engage any professional
to whom we make a referral. The client is free to accept or reject any recommendation from Obermeyer Wood or its
representatives. If the client engages any professional (i.e., attorney, accountant, insurance agent, etc.), whether or
not referred by Obermeyer Wood, and a dispute later arises related to that engagement, the client agrees to seek
recourse exclusively from the engaged professional. At all times, the engaged professional[s] (i.e., attorney,
accountant, insurance agent, etc.), and
not Obermeyer Wood, is responsible for the quality and competency of the
services provided.
Please Note—Retirement Rollovers and Potential for Conflict of Interest: A client or prospective client leaving an
employer typically has four options regarding an existing retirement plan and may choose a combination of these
options: (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to a new employer’s
plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or
(iv) cash out the account value (which could result in adverse tax consequences). If Obermeyer Wood recommends
that a client roll over retirement plan assets into an account to be managed by Obermeyer Wood, that
recommendation creates a conflict of interest when Obermeyer Wood will earn new or increased compensation from
the rollover. When acting in such capacity, Obermeyer Wood serves as a fiduciary under the Employee Retirement
Income Security Act (ERISA), or the Internal Revenue Code, or both. No client is under any obligation to rollover
retirement plan assets to an account managed by Obermeyer Wood. Obermeyer Wood’s Chief Compliance Officer,
Charlton Rugg, is available to address any questions that a client or prospective client has about the potential for
conflict of interest presented by such rollover recommendation.
Client Obligations: In performing our services, Obermeyer Wood shall not be required to verify any information
received from the client or from the client’s other professionals and is expressly authorized to rely thereon. Moreover,
each client is responsible for promptly notifying Obermeyer Wood of changes in the client’s financial situation or
investment objectives so that we can review, evaluate, and potentially revise our recommendations or services.
Please Note—Investment Risk: Different types of investments involve different degrees of risk. Clients should not
assume that future performance of any specific investment or investment strategy (including the investments and
investment strategies recommended or undertaken by Obermeyer Wood) will be profitable or achieve any specific
performance level.
Portfolio Activity: Obermeyer Wood has a fiduciary duty to provide services consistent with the client’s best interest.
Obermeyer Wood will review client portfolios on an ongoing basis to determine whether any changes are necessary
based upon various factors, including, but not limited to, investment performance, market conditions, fund manager
tenure, style drift, account additions or withdrawals, or a change in the client’s investment objective. Based upon these
factors, there can be extended periods of time when Obermeyer Wood determines that changes to a client’s portfolio
are neither necessary, nor prudent. Clients remain subject to the fees described in Item 5 below during periods of
account inactivity.
Please Note: Cash Positions: Obermeyer Wood continues to treat cash as an asset class. As such, all cash positions
(money markets, etc.) are included as assets under management for purposes of calculating Obermeyer Wood’s
advisory fee, unless specifically agreed otherwise by Obermeyer Wood. At any specific point in time, depending upon
perceived or anticipated market conditions or events, Obermeyer Wood may keep cash positions for defensive
purposes. While assets are kept in cash, such amounts could miss market advances. Depending upon current yields, at
any point in time, Obermeyer Wood’s advisory fee could exceed the interest paid by the client’s money market fund.
Obermeyer Wood’s Chief Compliance Officer, Charlton Rugg, remains available to address any questions that a client
or prospective client has about the above fee billing practice.
Unaffiliated Private Investment Funds: Obermeyer Wood also provides investment advice regarding private
investment funds. Obermeyer Wood, on a non-discretionary basis, may recommend that certain qualified clients
consider an investment in private investment funds, the description of which (the terms, conditions, risks, conflicts,
and fees, including incentive compensation) is in the fund’s offering documents. Obermeyer Wood’s role relative to
unaffiliated private investment funds shall be limited to its initial and ongoing due diligence and investment monitoring
services. If a client decides to invest in an unaffiliated private fund, the amount of assets invested in the fund(s) shall
be included as part of “assets under management” for purposes of Obermeyer Wood calculating its investment
advisory fee. Obermeyer Wood’s fee shall be in addition to the fund’s fees. Obermeyer Wood’s clients are under
absolutely no obligation to consider or make an investment in any private investment fund(s).
Please Note: Private investment funds generally involve various risk factors, including, but not limited to,
potential for complete loss of principal, liquidity constraints and lack of transparency, a complete discussion of
which is set forth in each fund’s offering documents, which will be provided to each client for review and
consideration. Unlike liquid investments that a client owns, private investment funds do not provide daily
liquidity or pricing. Each prospective client investor will be required to complete a Subscription Agreement,
pursuant to which the client shall establish that he or she is qualified for investment in the fund and
acknowledges and accepts the various risk factors that are associated with such an investment.
Please Also Note, Valuation: If Obermeyer Wood displays private investment funds owned by the client on any
supplemental account reports prepared by Obermeyer Wood, the value(s) for all private investment funds
owned by the client shall reflect the most recent valuation provided by the fund sponsor. However, if the fund
has not provided an updated valuation after purchase, the valuation shall reflect the initial purchase price until
the fund provides an updated valuation. Please Also Note: As result of the valuation process, if the valuation
reflects initial purchase price or an updated value subsequent to purchase price, the current value(s) of an
investor’s fund holding(s) could be significantly more or less than the value reflected on the report. Unless
otherwise indicated, Obermeyer Wood shall calculate its fee based upon the most recent value provided by the
fund sponsor.