Advisory Services Offered by Bitterroot Capital
Bitterroot Capital Advisors, LLC (“Bitterroot Capital” or “we”), is a Delaware limited liability company that was
founded by Andrew S. Martzloff in January 1999. Mr. Martzloff owns 61% and Mr. Carl W. Gardiner owns 25%
of Bitterroot Capital. We are a registered investment adviser regulated by the Securities and Exchange Commission
in the United States and the Ontario and British Columbia Securities Commissions in Canada.
We serve a select group of clients with substantial assets who want the benefits of leading their desired lifestyles
without undue risk. We are confidential, international, and comprehensive. We provide tailored services and
differentiate ourselves through our advice. We have a diverse team, with complementary areas of expertise that
enables us to provide a comprehensive range of services, pursue worldwide investment opportunities, solve
problems, and get results.
We provide discretionary “investment supervisory services,” which consist of investing on a discretionary basis on
behalf of clients in stocks, bonds, investment partnerships, or other securities or investments (also referred to herein
as “investment advisory accounts”). We also provide non-discretionary “investment supervisory services,” which
consist of determining asset allocation strategies for clients across the universe of asset classes, recommending
investments (generally through investment managers, investment companies or private investment partnerships) to
implement the strategy, monitoring the recommended investment, and reviewing performance with clients. In
addition, clients can impose restrictions on investing in certain securities or types of securities.
While we primarily provide investment supervisory services, we also offer investment advice
through consultations
not involving investment supervisory services, and occasional advice regarding other financial matters not
involving securities.
“Investment advice through consultations not involving investment supervisory services” consists of advice
regarding securities other than the discretionary and non-discretionary investment supervisory services described
above. This advice primarily relates to concentrated equity positions acquired by clients prior to, and independent
of, their relationship with Bitterroot Capital.
“Occasional advice regarding other financial matters not involving securities” involves evaluation of cash flow and
estate planning for clients. We work with other client advisors, such as attorneys, to develop comprehensive plans
that include an investment perspective.
Bitterroot Capital offers advice with respect to, and without limitation, the following types of investments: equity
securities, including exchange-listed securities, securities traded over-the-counter, and foreign issues; warrants;
corporate debt securities and commercial paper; certificates of deposit; municipal securities; mutual fund securities
and exchange traded fund securities; United States government securities; option contracts on securities; real estate;
oil and gas interests; hedge funds and private partnerships investing in venture capital, risk arbitrage, special
situations, and distressed securities; private placements; and privately held businesses.
As of December 31, 2023, the following represents the amount of client assets under management by Bitterroot
Capital on a discretionary and non-discretionary basis:
Type of Account: Assets Under Management:
Discretionary $ 365,696,580
Non-Discretionary $ 1,143,386,137
Total $ 1,509,082,717