Business Background
Peak Capital Management, LLC (“PCM”) was formed in June 2007 as a Limited Liability Company (LLC)
and is registered as an investment advisor with the Securities and Exchange Commission. Effective April
2013, the principal owners were Brian Lockhart and Geoff Eliason.
In February 2020 PCM was acquired by Shepherd Kaplan Krochuk, LLC (“SKK”), a Boston-based
investment adviser registered with the SEC, which is now PCM’s sole Managing Member. Brian Lockhart
remains as Chief Investment Officer and also became Chief Executive Officer of PCM following the
acquisition, and he also holds an indirect minority membership interest in SKK, a direct membership interest
in SKK Group, LLC, which serves as the managing member of the general partners or managers of a number
of SKK-affiliated funds and is a member of SKK’s Management Board. Although service enhancements
have been implemented, the PCM team remains in place and the acquisition has not resulted in material
changes to the services being provided by PCM to its clients. More information can be obtained about SKK
in its Form ADV Part 2A brochure available at
www.adviserinfo.sec.gov. Also, see Items 10 and 11 of this
brochure for additional information regarding our relationship with SKK.
PCM develops investment strategies designed to manage risk utilizing an absolute return philosophy.
The basis of these strategies is to seek an investment return less dependent on the returns in the stock
and fixed income markets, while seeking to reduce volatility.
Effective in March 2023, Bayard Dodge has replaced Peter J. DiLorenzo as Chief Compliance Officer of
PCM.
Advisory Services
Investment Management
Advisory services are tailored to meet the individual needs of clients with the use of Risk Profile
Questionnaire (“RPQ”), which is a tool that PCM uses to classify each client into risk tolerance levels
including: growth, balanced, and income. Client funds are invested into models or other investments that are
appropriate to their specific risk tolerance. In limited circumstances, PCM may recommend allocations to
models and/or investments with a different risk profile than the one identified in the client’s RPQ, such as
when the client holds other assets not managed by PCM, which PCM’s recommended allocation seeks to
counterbalance, e.g., PCM might recommend conservative investments to a client which expressed a
moderate risk tolerance, to balance a client’s holding of aggressive assets held outside PCM managed
accounts. PCM’s models are diversified, multi-strategy equity and fixed income portfolios that are tactical in
nature and hold combinations of individual stocks, exchange-traded funds (“ETFs”), mutual funds, U.S.
treasury obligations, and/or short funds.
Sub-Advisory and Research Services
PCM’s management of diversified portfolios primarily utilizing exchange-traded funds, individual stocks, and
mutual
funds enables other registered investment advisors to engage PCM in a sub-advisory and/or signal
provider capacity, which permits them to allocate their clients’ assets into model investment portfolios
designed and managed by PCM. These models incorporate ETFs, individual stocks, mutual funds, U.S.
treasury obligations, and/or short funds. Such advisors retain fiduciary responsibility for their clients, and
PCM’s services are provided pursuant to agreements with such advisors and not with their clients. In these
circumstances, PCM typically charges a sub-advisory or signal provider fee to the advisor that is a percentage
of the assets allocated to PCM models, but its fee may include minimum fees and/or fixed amounts. These
sub-advisory arrangements may be negotiated directly with advisors, or in other circumstances PCM may
allow advisors to allocate client funds into PCM models through third-party platforms facilitating such
allocation.
Financial Planning
As part of its service offerings, PCM offers financial planning with respect to estate, retirement, and tax
plans. Clients are under no obligation to contract for a financial plan service in order to receive investment
management and may contract for financial planning without utilizing investment management services.
The initial financial planning engagement will include the following services:
• Review of the Client’s personal and financial goals
• Net worth calculations and cash flow analysis
• Projection and estimation of federal and state income taxes
• Estate planning review
• Retirement income planning
• Investment portfolio evaluation and recommendations
• Education and succession planning, where appropriate
Tailored Services
We offer investment advice to every client based upon their specific circumstances, including investment
objectives, financial goals, and risk tolerance. Clients may impose restrictions on investing in certain
securities or types of securities by providing in writing, and within 30 calendar days of advance notice,
specific restrictions they wish to impose.
Participation in Wrap Fee Program
We do not participate in a wrap fee program.
Regulatory Assets Under Management
As of December 31, 2023, PCM managed client assets totaling approximately $155,703,109. Approximately
$109,089,276 are managed on a discretionary basis and approximately $46,613,833 are managed on a non-
discretionary basis.
Assets Under Advisement
Assets under advisement refer to assets on which our firm provides advice or consultation but for which we
either do not provide regular and continuous supervisory or management services or do not arrange or
effectuate the transaction.
There is no requirement to disclose the assets under advisement figure, but we have opted to include the
figure to give prospective clients a more complete picture of the firm’s responsibilities.
The Firm had approximately $58,625,654 in assets under advisement for 20 accounts.