Walstad Investment Counsel

The firm builds concentrated equity portfolios of 25 to 40 positions selected through fundamental analysis of free cash flow, return on invested capital, and management quality. Portfolios are managed on a separately managed account basis, allowing customization for tax sensitivity, sector restrictions, and liquidity needs. Holdings are typically held for multi-year periods rather than traded on short-term price movements.

Walstad Investment Counsel constructs portfolios from individual securities rather than packaged products. In fixed income, the firm buys individual bonds — often in laddered maturity structures — rather than bond funds, giving it direct control over credit quality and duration. The firm does not use leverage, derivatives, hedge funds, private equity, or other alternative asset classes in its core strategies.

The firm earns only advisory fees based on assets under management, with no commissions, revenue sharing, or product-based compensation. This fee-only structure eliminates the conflict of interest inherent in commission-driven models. Fee schedules are disclosed in the firm's Form ADV Part 2A and negotiated individually with each client.

Fixed-income portfolios are built using individual bonds — typically US Treasury, agency, and investment-grade corporate issues — held in laddered maturities. The firm manages duration and credit exposure directly rather than outsourcing to third-party managers or fund vehicles. This approach gives clients transparency into each holding and the ability to hold bonds to maturity regardless of interim mark-to-market volatility.

The firm does not take physical custody of client assets. All securities are held at unaffiliated third-party custodians, separating the advisory function from asset safekeeping. Clients receive independent account statements directly from the custodian, providing a check against the firm's performance reporting.