Top Institutional Investors

BITTERROOT CAPITAL ADVISORS LLC — 13F Holdings & Portfolio

CIK 2110106 · latest 13F-HR filed 2026-08-14

Backtest portfolio

BITTERROOT CAPITAL ADVISORS LLC manages $166.0M in 13F-reported U.S. long-equity assets across 53 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are SGOV (26.09%), QUAL (18.44%), IQLT (11.34%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 2 new positions and exited 9; 28 existing positions rose in reported value and 8 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
$166.0M

Long-equity book

Holdings
53

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+2 / −9 / ↑28 / ↓8

vs 2026-03-31

Portfolio charts

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

Portfolio map

Q2 26
SGOV26.1% · -21%QUAL18.4% · 0%IQLT11.3% · +0%IWD10.6% · 0%IWF9.6% · +300%IEFA5.7% · +0%SPY4.1% · +3%TSLA2.0% · -1%VIG1.4% · +0%MSCI1.2% · +0%MDY1.2% · 0%EFA1.1% · 0%EEM0.7% · +13%IVV0.7% · +0%DIA0.7% · 0%PAGP0.6% · +2%EPD0.5% · +1%ACWI0.5% · 0%WES0.4% · +10%MPLX0.3% · +2%NVDA0.3% · -20%TOTL0.2% · +1%GLD0.2% · 0%IBIT0.2% · 0%FBTC0.2% · 0%BSCU0.2% · -8%MINE0.1% · newIEMG0.1% · +1%BSCT0.1% · -47%SCHO0.1% · 0%SOC0.1% · +3100%VOO0.1% · 0%VWO0.1% · 0%HYFI0.1% · +2%VTEB0.1% · 0%SHV0.1% · 0%AMZN0.1% · 0%BSJT0.1% · newEWC0.1% · 0%HYG0.0% · 0%CBSH0.0% · 0%MO0.0% · newMU0.0% · -15%DBEF0.0% · 0%SCZ0.0% · 0%UNH0.0% · -21%BSJU0.0% · +2%SOLS0.0% · 0%C0.0% · 0%META0.0% · 0%BIL0.0% · 0%BABA0.0% · 0%YOLO0.0% · 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 = 90.5%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated Aug 24, 2026.

Assets Under Management
$1.78B
Discretionary
$254.0M
Employees
7
Accounts
15
Address
118 EAST MAIN STREET
BOZEMAN, MT 59715
Phone
(406) 556-8200
Website
Name Title / Status Ownership Type
CHESTNUT, CAROL, PETERSON ControlCHIEF COMPLIANCE OFFICER
since Jul 2024
Less than 5%Individual
Gertsen, Keith, A ControlMEMBER
since Jul 2024
25–50%Individual
MARTZLOFF, ANDREW, STEWART ControlMANAGING MEMBER
since Jan 1999
50–75%Individual
Ownership & leadership changes · 7 filings with changes since Mar 30, 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.

Aug 24, 2026 filing
  • ChangedGertsen, Keith, A · ownership 10–25% → 25–50%
Oct 1, 2025 filing
  • No longer listedGARDINER, CARL, WADE · MEMBER · 25–50% · control person · listed since Jan 2021
Mar 28, 2025 filing
  • No longer listedPOWERS, WILLIAM, JOSEPH · MEMBER AND CHIEF COMPLIANCE OFFICER · 10–25% · listed since Jan 2011
  • AddedCHESTNUT, CAROL, PETERSON · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • AddedGertsen, Keith, A · MEMBER · 10–25% · control person
Mar 30, 2022 filing
  • ChangedGARDINER, CARL, WADE · title SHAREHOLDER → MEMBER
Mar 26, 2021 filing
  • No longer listedFLYNN, ERIC, WILLIAM · CHIEF OPERATING OFFICER · Less than 5% · listed since Jan 2009
  • AddedGARDINER, CARL, WADE · SHAREHOLDER · 25–50% · control person
  • ChangedMARTZLOFF, ANDREW, STEWART · ownership 75% or more → 50–75%
Jul 29, 2019 filing
  • ChangedFLYNN, ERIC, WILLIAM · title MEMBER → CHIEF OPERATING OFFICER; ownership 10–25% → Less than 5%
  • ChangedPOWERS, WILLIAM, JOSEPH · title CHIEF COMPLIANCE OFFICER → MEMBER AND CHIEF COMPLIANCE OFFICER; ownership Less than 5% → 10–25%
Mar 27, 2014 filing
  • ChangedMARTZLOFF, ANDREW, STEWART · ownership 50–75% → 75% or more
Mar 30, 2012 filing (earliest on record)
  • ListedFLYNN, ERIC, WILLIAM · MEMBER · 10–25%
  • ListedMARTZLOFF, ANDREW, STEWART · MANAGING MEMBER · 50–75% · control person
  • ListedPOWERS, WILLIAM, JOSEPH · CHIEF COMPLIANCE OFFICER · Less than 5%

Quarter-over-quarter changes

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

Top Adds (vs prior quarter)

Show all 28 →

Top Trims

Show all 8 →

New Positions

Show all 2 →

Exited Positions

Show all 9 →

BITTERROOT CAPITAL ADVISORS 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 ISHARES TR SGOV 46436E718 $43.3M 26.09% 430,117 SH
2 ISHARES TR QUAL 46432F339 $30.6M 18.44% 139,525 SH
3 ISHARES TR IQLT 46434V456 $18.8M 11.34% 379,823 SH
4 ISHARES TR IWD 464287598 $17.6M 10.58% 72,440 SH
5 ISHARES TR IWF 464287614 $16.0M 9.63% 128,692 SH
6 ISHARES TR IEFA 46432F842 $9.4M 5.67% 97,395 SH
7 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $6.8M 4.11% 9,134 SH
8 TESLA INC TSLA 88160R101 $3.4M 2.02% 7,900 SH
9 VANGUARD SPECIALIZED FUNDS VIG 921908844 $2.4M 1.42% 9,940 SH
10 MSCI INC MSCI 55354G100 $2.1M 1.25% 3,691 SH
11 STATE STR SPDR S&P MIDCAP 40 MDY 78467Y107 $2.1M 1.24% 2,929 SH
12 ISHARES TR EFA 464287465 $1.8M 1.06% 16,882 SH
13 ISHARES TR EEM 464287234 $1.2M 0.75% 18,102 SH
14 ISHARES TR IVV 464287200 $1.2M 0.73% 1,611 SH
15 STATE STR SPDR DOW JONES IND DIA 78467X109 $1.2M 0.70% 2,219 SH
16 PLAINS GP HLDGS L P PAGP 72651A207 $1.0M 0.61% 42,059 SH
17 ENTERPRISE PRODS PARTNERS L EPD 293792107 $872.9K 0.53% 23,746 SH
18 ISHARES TR ACWI 464288257 $863.5K 0.52% 5,501 SH
19 WESTERN MIDSTREAM PARTNERS L WES 958669103 $625.7K 0.38% 14,298 SH
20 MPLX LP MPLX 55336V100 $546.6K 0.33% 9,703 SH
21 NVIDIA CORPORATION NVDA 67066G104 $456.0K 0.27% 2,279 SH
22 SSGA ACTIVE ETF TR TOTL 78467V848 $403.2K 0.24% 10,215 SH
23 SPDR GOLD TR GLD 78463V107 $325.3K 0.20% 883 SH
24 ISHARES BITCOIN TRUST ETF IBIT 46438F101 $316.1K 0.19% 9,496 SH
25 FIDELITY WISE ORIGIN BITCOIN FBTC 315948109 $315.0K 0.19% 6,170 SH
26 INVESCO EXCH TRD SLF IDX FD BSCU 46138J460 $252.1K 0.15% 15,145 SH
27 MAYFAIR GOLD CORP MINE 57808L305 $245.8K 0.15% 100,000 SH
28 ISHARES INC IEMG 46434G103 $219.4K 0.13% 2,648 SH
29 INVESCO EXCH TRD SLF IDX FD BSCT 46138J577 $198.4K 0.12% 10,679 SH
30 SCHWAB STRATEGIC TR SCHO 808524862 $190.4K 0.11% 7,886 SH
31 SABLE OFFSHORE CORP SOC 78574H104 $147.8K 0.09% 48,000 SH
32 VANGUARD INDEX FDS VOO 922908363 $110.6K 0.07% 161 SH
33 VANGUARD INTL EQUITY INDEX F VWO 922042858 $110.1K 0.07% 1,845 SH
34 AB ACTIVE ETFS INC HYFI 00039J608 $103.8K 0.06% 2,781 SH
35 VANGUARD MUN BD FDS VTEB 922907746 $102.9K 0.06% 2,035 SH
36 ISHARES TR SHV 464288679 $101.8K 0.06% 922 SH
37 AMAZON COM INC AMZN 023135106 $90.6K 0.05% 380 SH
38 INVESCO EXCH TRD SLF IDX FD BSJT 46138J395 $87.4K 0.05% 4,138 SH
39 ISHARES INC EWC 464286509 $86.3K 0.05% 1,497 SH
40 ISHARES TR HYG 464288513 $81.0K 0.05% 1,013 SH
41 COMMERCE BANCSHARES INC CBSH 200525103 $77.3K 0.05% 1,338 SH
42 ALTRIA GROUP INC MO 02209S103 $72.0K 0.04% 1,000 SH
43 MICRON TECHNOLOGY INC MU 595112103 $63.5K 0.04% 55 SH
44 DBX ETF TR DBEF 233051200 $61.3K 0.04% 1,122 SH
45 ISHARES TR SCZ 464288273 $53.1K 0.03% 646 SH
46 UNITEDHEALTH GROUP INC UNH 91324P102 $45.7K 0.03% 110 SH
47 INVESCO EXCH TRD SLF IDX FD BSJU 46139W841 $25.0K 0.02% 970 SH
48 SOLSTICE ADVANCED MATLS INC SOLS 83443Q103 $9.7K 0.01% 110 SH
49 CITIGROUP INC C 172967424 $7.3K 0.00% 52 SH
50 META PLATFORMS INC META 30303M102 $3.9K 0.00% 7 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $166.0M 53 0002110106-26-000003
2026-03-31 2026-05-12 $164.7M 60 0002110106-26-000002
2025-12-31 2026-02-17 $146.0M 51 0002110106-26-000001
Filer Information
Address
118 EAST MAIN STREET
BOZEMAN, MT 59715
Phone
(406) 556-8200
Filing Manager
BITTERROOT CAPITAL ADVISORS LLC
BOZEMAN, MT
Signatory
LEILA SHAVER
COUNSEL