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Bristlecone Value Partners, LLC — 13F Holdings & Portfolio

CIK 1313998 · latest 13F-HR filed 2026-08-14

Backtest portfolio

Bristlecone Value Partners, LLC manages $124.3M in 13F-reported U.S. long-equity assets across 70 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are VEA (13.45%), FNDX (9.30%), VIG (8.41%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 3 new positions and exited 1; 40 existing positions rose in reported value and 10 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$124.3M

Long-equity book

Holdings
70

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+3 / −1 / ↑40 / ↓10

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
VEA13.4% · +0%FNDX9.3% · -1%VIG8.4% · +0%DGS6.2% · -1%VIGI3.9% · 0%VOO3.7% · +3%IJR3.6% · +0%AVDV3.4% · +0%REET2.8% · +5%BND2.8% · 0%VUSB2.6% · +13%GNR2.6% · -1%CGCP2.1% · +8%PICB1.9% · +9%FNDF1.8% · +0%INTC1.7% · -0%BAC1.6% · -0%JCI1.4% · -0%VOE1.3% · +1%VTIP1.1% · -35%FDM1.1% · -6%LOW1.1% · -0%BRK.B1.1% · -0%VMI1.1% · 0%MKL1.0% · +1%AXP0.9% · 0%JMST0.9% · -0%PEP0.8% · 0%VTEB0.8% · +6%BUD0.8% · 0%VRP0.8% · +6%FNDC0.7% · -0%GHC0.6% · 0%AMGN0.6% · 0%HGTY0.6% · 0%FNDA0.5% · -15%UHAL.B0.5% · 0%AGCO0.5% · 0%WIP0.5% · +24%NRG0.5% · 0%RLGT0.4% · 0%KMX0.4% · +1%AAPL0.4% · -0%KOP0.4% · 0%CX0.4% · 0%CMT0.4% · 0%META0.4% · -0%CALI0.4% · +17%NKE0.4% · +29%MCFT0.4% · 0%USFR0.4% · +28%NTR0.3% · 0%VUG0.3% · +500%YUM0.3% · -0%DIS0.3% · -0%HZO0.3% · 0%TITN0.3% · 0%OXY0.3% · 0%NVR0.3% · -4%CHCI0.3% · 0%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 57.5%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Feb 20, 2026.

Assets Under Management
$188.4M
Discretionary
$186.1M
Employees
3
Accounts
323
Address
12301 WILSHIRE BOULEVARD
SUITE 320
LOS ANGELES, CA 90025
Phone
(310) 806-4141
Website
Name Title / Status Ownership Type
FLEER MILER FAMILY TRUST U/A DTD 9/9/2008 ControlMEMBER
since Sep 2008
25–50%Domestic Entity
FLEER, DAVID, REX ControlMANAGING PARTNER
since Jan 2004
Less than 5%Individual
NOUZILLE FAMILY TRUST U/A DTD 8/24/2004 ControlMEMBER
since Jan 2005
25–50%Domestic Entity
NOUZILLE, JEAN-LUC, FRANCOIS ControlMANAGING PARTNER, CHIEF COMPLIANCE OFFICER
since Jan 2004
Less than 5%Individual
GRAYBILL, JOSH, TODDMEMBER
since Jun 2008
10–25%Individual
FLEER, DAVID, REX Control
Indirect owner via FLEER MILER FAMILY TRUST U/A DTD 9/9/2008
TRUSTEE
since Sep 2008
General partner, trustee or managerIndividual
MILER, ANN, RACHEL Control
Indirect owner via FLEER MILER FAMILY TRUST U/A DTD 9/9/2008
TRUSTEE
since Sep 2008
General partner, trustee or managerIndividual
NOUZILLE, CYRENA Control
Indirect owner via NOUZILLE FAMILY TRUST U/A DTD 8/24/2004
TRUSTEE
since Aug 2004
General partner, trustee or managerIndividual
NOUZILLE, JEAN-LUC, FRANCOIS Control
Indirect owner via NOUZILLE FAMILY TRUST U/A DTD 8/24/2004
TRUSTEE
since Aug 2004
General partner, trustee or managerIndividual
Ownership & leadership changes · 1 filing with changes since Mar 12, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 21, 2022 filing
  • ChangedFLEER, DAVID, REX · indirect via FLEER MILER FAMILY TRUST U/A DTD 9/9/2008: ownership 25–50% → General partner, trustee or manager
  • ChangedGRAYBILL, JOSH, TODD · title ANALYST/TRADER → MEMBER
  • ChangedMILER, ANN, RACHEL · indirect via FLEER MILER FAMILY TRUST U/A DTD 9/9/2008: ownership 25–50% → General partner, trustee or manager
  • ChangedNOUZILLE, CYRENA · indirect via NOUZILLE FAMILY TRUST U/A DTD 8/24/2004: ownership 25–50% → General partner, trustee or manager
  • ChangedNOUZILLE, JEAN-LUC, FRANCOIS · indirect via NOUZILLE FAMILY TRUST U/A DTD 8/24/2004: ownership 25–50% → General partner, trustee or manager
Mar 12, 2012 filing (earliest on record)
  • ListedFLEER MILER FAMILY TRUST U/A DTD 9/9/2008 · MEMBER · 25–50% · control person
  • ListedFLEER, DAVID, REX · MANAGING PARTNER · Less than 5% · control person
  • ListedFLEER, DAVID, REX · TRUSTEE · 25–50% · indirect via FLEER MILER FAMILY TRUST U/A DTD 9/9/2008 · control person
  • ListedGRAYBILL, JOSH, TODD · ANALYST/TRADER · 10–25%
  • ListedMILER, ANN, RACHEL · TRUSTEE · 25–50% · indirect via FLEER MILER FAMILY TRUST U/A DTD 9/9/2008 · control person
  • ListedNOUZILLE FAMILY TRUST U/A DTD 8/24/2004 · MEMBER · 25–50% · control person
  • ListedNOUZILLE, CYRENA · TRUSTEE · 25–50% · indirect via NOUZILLE FAMILY TRUST U/A DTD 8/24/2004 · control person
  • ListedNOUZILLE, JEAN-LUC, FRANCOIS · MANAGING PARTNER, CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedNOUZILLE, JEAN-LUC, FRANCOIS · TRUSTEE · 25–50% · indirect via NOUZILLE FAMILY TRUST U/A DTD 8/24/2004 · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Bristlecone Value Partners, LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 VANGUARD FTSE DEVELOPED MARKETS ETF VEA 921943858 $16.7M 13.45% 234,679 SH
2 SCHWAB FUNDAMENTAL U.S. LARGE COMPANY ETF FNDX 808524771 $11.6M 9.30% 371,784 SH
3 VANGUARD DIVIDEND APPRECIATION ETF VIG 921908844 $10.5M 8.41% 44,193 SH
4 WISDOMTREE EMERGING MARKETS SMALLCAP DIVIDEND ETF DGS 97717W281 $7.7M 6.18% 118,729 SH
5 VANGUARD INTERNATIONAL DIVIDEND APPRECIATION ETF VIGI 921946810 $4.8M 3.87% 51,562 SH
6 VANGUARD S&P 500 ETF VOO 922908363 $4.6M 3.70% 6,697 SH
7 ISHARES CORE S&P SMALL CAP ETF IJR 464287804 $4.4M 3.56% 29,802 SH
8 AVANTIS INTERNATIONAL SMALL CAP VALUE ETF AVDV 025072802 $4.3M 3.44% 41,546 SH
9 ISHARES GLOBAL REIT ETF REET 46434V647 $3.5M 2.81% 126,409 SH
10 VANGUARD TOTAL BOND MARKET ETF BND 921937835 $3.5M 2.79% 47,276 SH
11 VANGUARD ULTRA-SHORT BOND ETF VUSB 92203C303 $3.3M 2.64% 66,007 SH
12 STATE STREET SPDR S&P GLOBAL NATURAL RESOURCES ETF GNR 78463X541 $3.3M 2.62% 48,469 SH
13 CAPITAL GROUP CORE PLUS INCOME ETF CGCP 14020Y102 $2.6M 2.11% 117,825 SH
14 POWERSHARES INTERNATIONAL CORP BOND ETF PICB 46138E636 $2.3M 1.88% 100,865 SH
15 SCHWAB FUNDAMENTAL INTERNATIONAL EQUITY ETF FNDF 808524755 $2.2M 1.80% 42,398 SH
16 INTEL CORP COM INTC 458140100 $2.1M 1.66% 14,743 SH
17 BANK OF AMER CORP COM BAC 060505104 $2.0M 1.57% 34,234 SH
18 JOHNSON CTLS INTL PLC SHS JCI G51502105 $1.7M 1.38% 11,757 SH
19 VANGUARD MID-CAP VALUE ETF VOE 922908512 $1.6M 1.29% 8,121 SH
20 VANGUARD SHORT TERM INFL-PROTECTED VTIP 922020805 $1.4M 1.14% 28,328 SH
21 FIRST TRUST DOW JONES SELECT MICROCAP INDEX FUND FDM 33718M105 $1.4M 1.09% 14,565 SH
22 LOWES COS INC COM LOW 548661107 $1.3M 1.08% 6,075 SH
23 BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B 084670702 $1.3M 1.07% 2,669 SH
24 VALMONT INDS INC COM VMI 920253101 $1.3M 1.06% 2,291 SH
25 MARKEL CORP HOLDING CO MKL 570535104 $1.3M 1.03% 654 SH
26 AMERICAN EXPRESS CO COM AXP 025816109 $1.2M 0.95% 3,484 SH
27 JPMORGAN ULTRA-SHORT MUNICIPAL INCOME ETF JMST 46641Q654 $1.2M 0.94% 22,795 SH
28 PEPSICO INC COM PEP 713448108 $1.0M 0.83% 7,608 SH
29 VANGUARD TAX-EXEMPT BOND ETF VTEB 922907746 $1.0M 0.82% 20,188 SH
30 ANHEUSER BUSCH INBEV SA NV SPONSORED ADR BUD 03524A108 $977.2K 0.79% 11,859 SH
31 INVESCO VARIABLE RATE PREFERRED ETF VRP 46138G870 $944.0K 0.76% 38,832 SH
32 SCHWAB FUNDAMENTAL INTERNATIONAL SMALL EQUITY ETF FNDC 808524748 $838.6K 0.67% 17,269 SH
33 GRAHAM HLDGS CO COM CL B GHC 384637104 $772.7K 0.62% 677 SH
34 AMGEN INC AMGN 031162100 $727.1K 0.58% 2,008 SH
35 HAGERTY INC CL A COM HGTY 405166109 $716.3K 0.58% 60,093 SH
36 SCHWAB FUNDAMENTAL U.S. SMALL COMPANY ETF FNDA 808524763 $655.9K 0.53% 17,232 SH
37 U HAUL HOLDING COMPANY COM SER N UHAL.B 023586506 $609.4K 0.49% 10,561 SH
38 AGCO CORP AGCO 001084102 $602.2K 0.48% 5,031 SH
39 SPDR INTERNATIONAL GOVERNMENT TIPS ETF WIP 78464A490 $585.8K 0.47% 14,871 SH
40 NRG ENERGY INC NEW NRG 629377508 $568.2K 0.46% 3,890 SH
41 RADIANT LOGISTICS INC COM RLGT 75025X100 $552.7K 0.44% 58,430 SH
42 CARMAX INC COM KMX 143130102 $513.6K 0.41% 9,711 SH
43 APPLE INC COM AAPL 037833100 $492.1K 0.40% 1,700 SH
44 KOPPERS HOLDINGS INC COM KOP 50060P106 $478.2K 0.38% 10,650 SH
45 CEMEX S.A.B. DE C.V. CX 151290889 $476.2K 0.38% 39,680 SH
46 CORE MOLDING TECHNOLOGIES INC COM CMT 218683100 $472.0K 0.38% 20,000 SH
47 META PLATFORMS INC CL A META 30303M102 $465.1K 0.37% 825 SH
48 ISHARES SHORT-TERM CALIFORNIA MUNI ACTIVE ETF CALI 092528884 $461.5K 0.37% 9,132 SH
49 NIKE INC CL B NKE 654106103 $456.5K 0.37% 11,120 SH
50 MASTERCRAFT BOAT HLDGS INC COM MCFT 57637H103 $438.9K 0.35% 17,000 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $124.3M 70 0001313998-26-000009
2026-03-31 2026-05-08 $113.6M 68 0001313998-26-000007
2025-12-31 2026-02-13 $86.7M 36 0001313998-26-000005
Filer Information
Address
12301 WILSHIRE BOULEVARD
SUITE 320
LOS ANGELES, CA 90025
Phone
(310) 806-4141
Filing Manager
Bristlecone Value Partners, LLC
LOS ANGELES, CA
Signatory
Jean-Luc Nouzille
CCO