Pebble Capital Management

Pebble Capital Management is a state‑registered investment adviser that provides discretionary portfolio management through a Concentrated Value Strategy applied to U.S. publicly traded equities held in separately custodied accounts. The firm says it accepts only clients who meet its suitability requirements and targets investors seeking medium‑ to long‑term capital growth with a high tolerance for volatility.

The investment approach is value‑oriented and fundamentally driven, emphasizing underappreciated growth opportunities and special situations, concentrated long‑only positions, and a margin of safety; the strategy avoids derivatives for hedging or speculation. The firm also offers performance‑based fee arrangements for qualified clients and discloses that such arrangements can create an incentive to assume greater risk.

Operationally, the adviser is a sole proprietorship with a single principal and reported zero regulatory assets under management as of the brochure filing, reflecting a newly established practice. The firm uses third‑party custodians with automatic fee deduction, maintains explicit personal‑trading controls (watch and restricted lists and pre‑clearance), prohibits client‑directed brokerage, and calculates performance fees on an absolute‑return basis subject to a high‑water mark.