Our advisory services, fee structures, conflicts of interest, investment philosophy, and the background of our firm — as disclosed in our Form ADV Part 2A filed with the U.S. Securities and Exchange Commission.
Source document
This page reproduces the substance of Form ADV Part 2A (V. 2026-03-30) as filed. For the official signed PDF, the most current version, or any portion not displayed here, contact us at corporate@highbrookcap.com or refer to the SEC Investment Adviser Public Disclosure site at adviserinfo.sec.gov (CRD 338408 · SEC# 801-134570).
This brochure provides information about the qualifications and business practices of Highbrook Capital Partners, LLC. If you have any questions about the contents of this brochure, please contact us at corporate@highbrookcap.com. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority.
Additional information about Highbrook Capital Partners, LLC is also available on the SEC's website at www.adviserinfo.sec.gov. Highbrook Capital Partners, LLC's CRD number is 338408 and its SEC file number is 801-134570.
Registration with the SEC does not imply a certain level of skill or training.
Highbrook Capital Partners, LLC has the following material changes to report since the firm's last annual amendment filing.
As of December 31, 2025, Regulatory Assets Under Management have grown to $509,064,516.
There are no other changes to disclose.
Highbrook Capital Partners, LLC ("HCP") is registered with the United States Securities and Exchange Commission as an investment advisor. HCP is a Limited Liability Company formed under Delaware law. The firm was created in August 2025 by principals Michael H. Rollauer, Daniel C. Hall, and E. Carter Morris IV through their respective holding companies.
HCP offers ongoing portfolio management services based on the individual goals, objectives, time horizon, and risk tolerance of each client. HCP creates an Investment Policy Statement or a Client Data Sheet for each client, which outlines the client's current situation (income, tax levels, and risk tolerance levels). Portfolio management services include, but are not limited to: investment strategy; personal investment policy; asset allocation; asset selection; risk tolerance; and regular portfolio monitoring.
HCP evaluates the current investments of each client with respect to their risk tolerance levels and time horizon. HCP will generally request discretionary authority from clients to select securities and execute transactions without permission from the client prior to each transaction. Risk tolerance levels are documented in the Investment Policy Statement or Client Data Sheet, which is given to each client.
HCP seeks to provide that investment decisions are made in accordance with the fiduciary duties owed to its accounts and without consideration of HCP's economic, investment, or other financial interests. HCP's policy is to seek fair and equitable allocation of investment opportunities and transactions among its clients, including initial public offerings ("IPOs") and other limited-supply opportunities, on a fair and equitable basis over time.
HCP offers ongoing consulting services to pension or other employee benefit plans (including but not limited to 401(k) plans) based on the demographics, goals, objectives, time horizon, and/or risk tolerance of the plan's participants.
HCP offers broad-based financial planning services regarding management of financial resources based upon an analysis of the client's individual needs. Financial planning services may include any one or all the following:
Clients may choose to accept or reject HCP's recommendations and may implement through HCP's advisory services or any advisory/brokerage firm of their choice. Certain Associated Persons of HCP are licensed insurance agents and can earn commission-based compensation for insurance sales — this presents a conflict of interest, and clients are not required to purchase insurance through HCP's dually licensed Associated Persons.
HCP generally limits its investment advice to mutual funds, fixed-income securities, real estate funds (including REITs), insurance products including annuities, equities, ETFs (including ETFs in the gold and precious metal sectors), Treasury Inflation-Protected/inflation-linked bonds, commodities, non-U.S. securities, and private placements. HCP may use other securities as well to help diversify a portfolio when applicable.
HCP offers the same suite of services to all clients; specific strategies and implementation depend on the client's Investment Policy Statement or Client Data Sheet. Clients may impose restrictions on investments in certain securities or types of securities in accordance with their values or beliefs. However, if the restrictions prevent HCP from properly servicing the account or would require HCP to deviate from its standard suite of services, HCP reserves the right to end the relationship.
HCP does not participate in any wrap fee programs.
HCP has the following assets under management as of December 31, 2025:
HCP is not compensated based on a share of capital gains upon or capital appreciation of any portion of client funds. HCP's fee schedule is a tiered or blended asset-based fee calculated as a percentage of the market value of assets under management. At no time will fees be greater than 3% of account value. All fees are clearly listed and agreed to in the Investment Management Agreement prior to initiating a relationship.
Account minimum: $1,000,000. At HCP's discretion, fees and account minimum may be reduced or discounted based on factors such as anticipated future earning capacity, anticipated future additional assets, total dollar amount of assets to be managed, related accounts, family accounts, and account composition.
Maximum tiered fee schedule
| Tier | Annual fee |
|---|---|
| First $1,000,000 | 1.50% |
| $1,000,001 — $5,000,000 | 1.00% |
| Over $5,000,000 | 0.85% |
For accounts held at Interactive Brokers, annualized fees are billed on a pro-rata basis daily in arrears based on an average of the daily balance in the client's account. For accounts held at Charles Schwab or Fidelity, annualized fees are billed on a pro-rata basis monthly in advance based on the account balance on the last day of the previous month. Client is responsible for the payment of all third-party fees (custodian fees, brokerage fees, mutual fund fees, transaction fees, etc.), which are separate and distinct from HCP's fees.
Either party may terminate the Agreement at any time by giving thirty (30) days signed written notice.
HCP charges a fixed fee that ranges from $7,500 to $30,000 for financial planning services. Alternatively, HCP may negotiate an hourly fee arrangement at a negotiable rate of $500 per hour. In either case, the minimum fee for a broad-based financial plan is set at $7,500. Financial planning fees are paid via check or credit card upon completion of agreed-upon services.
Pension consulting fees follow the same tiered asset-based schedule as portfolio management fees. Asset-based pension consulting fees are withdrawn directly from client accounts with written authorization monthly in arrears. Hourly pension consulting fees are paid via check or credit card in arrears upon completion.
HCP allows Associated Persons servicing the account to negotiate investment management fees within the range disclosed in this Brochure. As a result, the Associated Person servicing your account may charge more or less for the same service than another Associated Person of HCP, and HCP's annual investment management fee may be higher than that charged by other investment advisors offering similar services.
The firm treats cash and cash equivalents as an asset class. Accordingly, unless otherwise agreed in writing, all cash and cash-equivalent positions (e.g., money market funds) are included as part of assets under management for purposes of calculating the firm's advisory fee. While assets are maintained in cash or cash equivalents, such amounts could miss market advances and, depending upon current yields, the firm's advisory fee could exceed the interest paid by the client's cash position.
The firm has a fiduciary duty to provide services consistent with the client's best interest. Based on various factors, there may be extended periods when the firm determines that changes to a client's portfolio are neither necessary nor prudent. Notwithstanding, unless otherwise agreed in writing, the firm's annual investment advisory fee will continue to apply during these periods.
An Associated Person who recommends an investor roll over plan assets into an Individual Retirement Account ("IRA") may earn an asset-based fee as a result, but no compensation if assets are retained in the plan. Thus, HCP has an economic incentive to encourage an investor to roll plan assets into an IRA. HCP is a fiduciary under the Investment Advisers Act of 1940 and ERISA / Internal Revenue Code provisions governing retirement accounts, and must act in your best interests and not put HCP's interest ahead of yours.
HCP collects its fees in arrears. It does not collect fees in advance.
Certain Associated Persons of HCP are licensed as independent insurance agents and will earn commission-based compensation for selling insurance products, including to HCP clients. Insurance commissions are separate from and in addition to HCP's advisory fees. This practice presents a conflict of interest because persons providing investment advice on behalf of HCP who are insurance agents have an incentive to recommend insurance products to generate commissions rather than solely based on client needs. Clients are under no obligation to purchase insurance through HCP's licensed Associated Persons.
HCP does not accept performance-based fees or other fees based on a share of capital gains on or capital appreciation of the assets of a client.
HCP generally provides advisory services to the following types of clients:
HCP's investment management services are designed for individuals and families with liquid investable assets of at least $500,000. HCP reserves the right to accept accounts that are smaller in value but evaluates such accounts on a case-by-case basis. The account minimum under the fee schedule is $1,000,000 and may be waived at the firm's discretion.
HCP works directly with clients to evaluate stated needs and objectives. HCP attempts to measure a client's stated risk tolerance, time horizon, goals, and objectives through an interview and data-gathering process to determine an investment plan or portfolio that best fits the client's profile. There are two components to HCP's portfolio management process: (1) individual security selection, and (2) the asset allocation process.
HCP's methods of analysis include:
HCP generally conducts portfolio reviews on a quarterly basis to ensure adherence to the risk objective for each portfolio.
HCP uses long-term trading, short-term trading, short sales, margin transactions, and options trading (including covered options, uncovered options, or spreading strategies).
Investing in securities involves a risk of loss that you, as a client, should be prepared to bear.
HCP's use of short sales, margin transactions, and options trading generally hold greater risk, and clients should be aware that there is a material risk of loss using any of these strategies. Risks specific to the security types HCP utilizes include:
HCP's Form ADV Part 2A also discloses risks associated with concentrated positions, preferred securities, inverse and leveraged funds, buffer ETFs, structured notes, cybersecurity, pandemic events, and cryptocurrency exposure. Please request the complete brochure for the full text of these risk disclosures.
All investments involve risk and investment performance can never be predicted or guaranteed. Account values can fluctuate (perhaps significantly) due to market conditions, manager performance, and other factors.
There are no criminal or civil actions to report.
There are no administrative proceedings to report.
There are no self-regulatory organization (SRO) proceedings to report.
Neither HCP nor its representatives are registered as, or have pending applications to become, a broker/dealer or a representative of a broker/dealer.
Neither HCP nor its representatives are registered as, or have pending applications to become, a Futures Commission Merchant, Commodity Pool Operator, Commodity Trading Advisor, or an associated person of any of the foregoing.
HCP is under common control with Atticus Wealth Management, LLC ("AWM"), a registered investment advisor. Although these entities are under common ownership, they maintain an information barrier and do not share research, staff, clients, or resources. E. Carter Morris IV is an investment advisor representative with both HCP and AWM. Additionally, E. Carter Morris IV owns two separate entities, Atticus Asset Management, LLC ("AAM") and Level8 Ventures LLC ("L8"). L8 holds a material interest in HCP; AAM holds a material ownership interest in AWM. HCP is unaware of any specific conflicts of interest that arise from this common control and actively avoids such conflicts. However, because AWM is under common control with HCP, a general conflict of interest exists. HCP addresses this conflict by disclosing it in this Form ADV Part 2A and meeting its fiduciary obligation by acting in the client's best interest when providing investment advice.
Certain Associated Persons of HCP, including Michael Rollauer, are licensed insurance agents and can affect transactions in insurance products and earn commission-based compensation. Receipt of commission-based compensation presents a conflict of interest because persons providing investment advice on behalf of HCP who are licensed insurance agents have an incentive to recommend insurance products to generate commissions rather than solely based on client needs. HCP addresses this conflict by recommending insurance products only where it, in good faith, believes the product is appropriate for the client's particular needs and circumstances, and only after a full presentation of the recommended insurance product.
HCP does not utilize nor select third-party investment advisers. All assets are managed by HCP management.
HCP has a written Code of Ethics that covers Prohibited Purchases and Sales, Insider Trading, Personal Securities Transactions, Exempted Transactions, Prohibited Activities, Conflicts of Interest, Gifts and Entertainment, Confidentiality, Service on a Board of Directors, Compliance Procedures, Compliance with Laws and Regulations, Procedures and Reporting, Certification of Compliance, Reporting Violations, Compliance Officer Duties, Training and Education, Recordkeeping, Annual Review, and Sanctions. The Code of Ethics is available free upon request to any client or prospective client.
HCP does not recommend that clients buy or sell any security in which a related person to HCP or HCP itself has a material financial interest.
From time to time, representatives of HCP may buy or sell securities for themselves that they also recommend to clients, or at or around the same time as clients. Such transactions may create a conflict of interest. HCP will always document any transactions that could be construed as conflicts of interest and will never engage in trading that operates to the client's disadvantage.
Custodians and broker-dealers are recommended based on HCP's duty to seek "best execution" — the obligation to seek execution of securities transactions for a client on the most favorable terms under the circumstances. Clients will not necessarily pay the lowest commission or commission equivalent; HCP may also consider market expertise and research access. HCP will require clients to use Interactive Brokers LLC, Fidelity Investments, or Charles Schwab & Co., Inc.
While HCP has no formal soft dollar program, HCP may receive research, products, or other services from custodians and broker-dealers in connection with client securities transactions. HCP may enter soft-dollar arrangements consistent with the safe harbor contained in Section 28(e) of the Securities Exchange Act of 1934. Clients should be aware that HCP's acceptance of soft dollar benefits may result in higher commissions charged to the client.
HCP receives no referrals from a broker-dealer or third party in exchange for using that broker-dealer or third party.
HCP may require clients to establish brokerage accounts with one of Interactive Brokers, Charles Schwab & Co., or Fidelity (Fidelity Brokerage Services LLC / National Financial Services LLC). Each of these custodians provides HCP with access to institutional trading and custody services, including software and technology for client account data, trade execution, fee billing, recordkeeping, research, and back-office support. Some of these benefits accrue to HCP but may not directly benefit client accounts. HCP's recommendation that clients maintain assets at a particular custodian may take into account the availability of these products and services and not solely the nature, cost, or quality of custody and brokerage services. This creates a potential conflict of interest.
If HCP buys or sells the same securities on behalf of more than one client, it may aggregate or bunch such securities in a single transaction in order to seek more favorable prices, lower brokerage commissions, or more efficient execution. Trades are reviewed periodically to ensure that accounts are not systematically disadvantaged.
All client accounts for HCP's advisory services provided on an ongoing basis are reviewed at least monthly by E. Carter Morris IV, Michael Rollauer, or Dan Hall (collectively, the principals of the firm) regarding clients' respective investment policies and risk tolerance levels.
Reviews may also be triggered by material market, economic, or political events, or by changes in a client's financial situation (retirement, termination of employment, physical move, or inheritance).
Each client of HCP's ongoing advisory services receives a quarterly report detailing the account, including assets held, asset value, and calculation of fees. This written report comes from the custodian.
Certain Associated Persons of HCP have received monetary benefits from Schwab to transition their advisory clients to Schwab's custodial platform. Receipt of such benefits presents a conflict of interest. HCP attempts to mitigate this conflict by evaluating and recommending that clients use Schwab's services based on the benefits such services provide, rather than the Transition Assistance made available to its Associated Persons.
Occasionally, HCP and its Associated Persons receive additional compensation from vendors and product sponsors — gifts, meals or tickets to sporting events, reimbursement for educational meetings, consulting services, client workshops, marketing events, or advertising. Receipt of additional economic benefits presents a conflict of interest, which HCP addresses by recommending vendors that it, in good faith, believes are appropriate for the client's needs.
HCP does not directly or indirectly compensate any person who is not advisory personnel for client referrals.
When advisory fees are deducted directly from client accounts at the client's custodian, HCP is deemed to have limited custody of client assets and must have written authorization from the client to do so. Clients receive all account statements and billing invoices required in each jurisdiction and should carefully review those statements for accuracy.
HCP provides discretionary and non-discretionary investment advisory services to clients. The Investment Advisory Contract established with each client sets forth the discretionary authority for trading. Where investment discretion has been granted, HCP generally manages the client's account and makes investment decisions without consultation with the client as to when securities are to be bought or sold, the total amount, the specific securities, or the price per share. HCP also has discretion to determine the broker or dealer to be used for purchases and sales.
HCP does not ask for, nor accept, voting authority for client securities. Clients receive proxies directly from the issuer of the security or the custodian. Clients should direct all proxy questions to the issuer of the security.
HCP neither requires nor solicits prepayment of more than $500 in fees per client, six months or more in advance, and therefore is not required to include a balance sheet with this brochure.
Neither HCP nor its management has any financial condition that is likely to reasonably impair HCP's ability to meet contractual commitments to clients. HCP has not been the subject of a bankruptcy petition in the last ten years.
End of document · HCP / ADV-2A · v 2026-03-30