Dobson Asset Management

The firm runs a concentrated, long-only equity value strategy. It selects 20 to 35 positions based on fundamental analysis, targeting companies with durable competitive advantages and strong free cash flow that are trading at a discount to estimated intrinsic value. The approach emphasizes long holding periods and low portfolio turnover.

Dobson operates on a fee-only basis through separately managed accounts. As a registered investment adviser, the firm's fee schedule is detailed in its Form ADV Part 2A, with rates that typically reflect the boutique, high-touch nature of its client relationships. Specific fee tiers depend on account size and are disclosed directly to prospective clients.

The firm's investment decisions are made by its principal portfolio managers, who conduct the original research and construct client portfolios. Dobson maintains a flat organizational structure where the individuals analyzing securities are the same people making buy and sell decisions — a structure common among small, owner-operated investment boutiques.

Dobson is structured as a registered investment adviser serving external clients, not a single-family office. It provides portfolio management services to individuals, trusts, and institutions through separately managed accounts, operating under the fiduciary standard required of SEC-registered advisers.

The firm generates ideas through proprietary, bottom-up fundamental research. It screens for companies meeting specific financial criteria — consistent returns on capital, strong balance sheets, and shareholder-aligned management — before conducting deep-dive analysis on business models, industry dynamics, and valuation. No external research aggregators or quantitative models drive the process.