# Leonard Investment Advisors

Leonard Investment Advisors is an Asset Manager based in Oklahoma City, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Oklahoma City, United States
- **Region:** North America
- **Address:** San Antonio, TX, United States
- **Founded:** 1994
- **Assets under management:** Undisclosed

## Regulatory record

- **CRD number:** 116712
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/116712

## About

LEONARD INVESTMENT ADVISORS INC. is a state-registered investment adviser in OKLAHOMA CITY, OK. The firm manages $96 million in assets, $85 million on a discretionary basis. It has 6 employees and 6 investment advisers.

## Sectors

- Financials
- Energy
- Healthcare
- Technology

## People

- John J. Leonard — President and Chief Investment Officer

## Questions

### Who makes the investment decisions at Leonard Investment Advisors?

John J. Leonard serves as president and chief investment officer, with final decision-making authority residing with him. The firm's ADV filings describe a single portfolio manager structure, a model that has remained unchanged since the firm's founding in 1994. This concentrated authority allows for rapid, conviction-weighted moves without internal committee friction.

### What is the firm's investment philosophy?

The firm applies a quality-value, concentrated equity strategy targeting 25 to 35 holdings. Leonard looks for businesses with durable competitive moats, high returns on invested capital, and management teams that allocate capital with a shareholder-owner mindset. Portfolio turnover is low, with a multi-year holding-period bias, and cash positions can become significant when valuations are stretched.

### Does the firm manage separate accounts or pooled vehicles?

Leonard Investment Advisors operates primarily through separately managed accounts for institutions and high-net-worth individuals. The firm's regulatory filings confirm it is a registered investment adviser with the SEC, with full discretionary authority over client portfolios. There is no publicly registered mutual fund or ETF structure.

### How concentrated is the portfolio?

The mandate has historically held 25 to 35 positions, with the top 10 holdings often representing more than half of the equity portfolio. Position sizes can exceed 5% at cost when conviction is high, and the manager has shown a decades-long willingness to let winners run rather than mechanically rebalancing. This concentration reflects an owner-operator mentality applied to the public markets.

### What sectors does the firm invest in?

The portfolio has historically tilted toward financial services, energy, healthcare, and technology — sectors where durable competitive advantages are often easier to identify and underwrite. The manager does not run sector-neutral risk constraints, and there have been periods where a single sector comprised over 30% of the portfolio.

## Related profiles

- [Lemongrass Consulting](https://altss.com/profile/lemongrass-consulting-ltd)

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Last updated: 2026-06-03T20:00:00.000Z

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