Schlotterbeck & Foss

James Schlotterbeck and Anders Foss are the two named principals and portfolio managers. The firm has operated with the same two-person investment leadership since its founding in 1993, without adding a formal investment committee or junior analyst tier that dilutes decision-making. Both names appear on the firm's ADV filings and regulatory disclosures as the individuals responsible for portfolio construction.

The firm operates as a registered investment adviser managing separate accounts for a small pool of outside clients, not as a single-family office. Its ADV filings show it manages assets for individuals, high-net-worth clients, and pooled investment vehicles, all run through the same concentrated equity strategy. There is no evidence of a multi-family-office conversion or wealth-management services beyond the core portfolio mandate.

Schlotterbeck & Foss deploys capital almost entirely in publicly traded equities. Its 13F filings show a long-only portfolio of common stocks, and there is no public record of direct private company investments, venture allocations, or private equity fund commitments. The firm's edge comes from treating public companies as if they were private — long holding periods and deep fundamental research without the liquidity constraints of closed-end structures.

The firm targets mature, cash-generating platform businesses — not early-stage venture or pre-revenue companies. Its portfolio historically clusters in enterprise software, payments, and healthcare IT companies that dominate a defined market niche, generate recurring revenue, and repurchase their own shares. It has shown little interest in pre-profit tech or speculative growth names, instead favoring businesses with multi-decade operating histories.

The Westbrook, Maine location acts as a structural differentiator by physically removing the principals from the day-to-day consensus-building of Boston and New York. The firm has not built analyst teams, not courted Wall Street sell-side relationships heavily, and not participated in institutional consultant beauty parades. This isolation enables the genuinely long holding periods — often beyond ten years — that define the portfolio, because there is no career risk in looking different from a peer group for quarters at a time.

Because Schlotterbeck & Foss invests only in liquid public equities, it can meet withdrawal requests without triggering forced asset sales at unfavorable prices — a structural advantage over private-credit or private-equity managers. Its separate-account structure means client portfolios are individually custodied and not subject to the run-risk dynamics of a daily-dealt pooled fund. However, the firm's small size means a single large redemption could still meaningfully alter the principal-client relationship.

There is no public evidence that Schlotterbeck & Foss operates co-investment vehicles, sidecars, or special-purpose vehicles alongside its core separate-account strategy. The principals manage client capital directly, and regulatory filings do not reveal private funds or parallel investment structures. The model remains a plain-vanilla separately managed account, which gives clients direct ownership of the underlying securities.