Shelton Capital Management

What Shelton Capital Management does

Shelton Capital Management is a privately held, Denver-based investment management firm founded in 1985 that provides asset management services to financial advisors, registered investment advisors (RIAs), and institutional investors. The firm operates as an investment advisor offering a diversified set of equity, tactical growth, income, and risk-managed portfolio strategies, distributed through separately managed accounts, fund platforms, and exchange-traded funds.

The firm's product shelf has been built and expanded primarily through acquisition. In January 2022 it acquired Vitruvian Capital Management to add equity strategies. In December 2025 it acquired Stringer Asset Management, a Memphis-based firm specializing in risk-managed portfolio solutions with behavioral finance underpinnings, contributing approximately $650 million in AUM. In March 2026 Shelton became the investment advisor for STF Management LP's STF Tactical Growth ETF (TUG) and STF Tactical Growth & Income ETF (TUGN), with combined assets of approximately $100 million. Combined AUM exceeds $7 billion following the Stringer transaction and over $6.5 billion following the ETF advisory appointment. The firm explicitly pursues a 'wrapper neutral' platform approach, giving advisors access to strategies across ETF and fund structures through a single relationship.

Revenue is generated primarily through asset-based management fees on AUM, billed under standard institutional fee schedules that vary by strategy, account size, and client type. The firm is led by Steve Rogers as Chief Executive Officer and Portfolio Manager, and has added Jonathan Molchan as senior portfolio manager and head of ETF trading. No proprietary technology platform, AI/ML capabilities, or patents are disclosed in the available data; the underlying business is conventional active asset management scaled through inorganic growth and advisor-channel distribution.

Name

Shelton Capital Management

Website

https://sheltoncap.com

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

11–50 employees

Short description

Shelton Capital Management is a Denver-based, privately held investment manager founded in 1985 that provides active equity, tactical, and risk-managed portfolio strategies to financial advisors, RIAs, and institutional clients, with over $7 billion in combined AUM.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consultants & Fiduciary Management (Investment Consulting) (FSAAAGAJ)

akta.pro secondary industries

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Sector & Industry Equity ETFs (FSAAAFAC)

Keywords

• Investment management services
• Exchange-traded funds
• Separately managed accounts
• Risk-managed portfolios
• Tactical growth strategies

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Asset Management Fees: Shelton Capital Management generates revenue through asset-based management fees charged on assets under management (AUM). As an investment management firm, the company earns fees calculated as a percentage of client assets managed, with revenue scaling based on total AUM which exceeds $7 billion following the Stringer acquisition.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels2 records

Core offering

Shelton Capital Management is an investment management firm that provides asset management services, including exchange-traded funds (ETFs), separately managed accounts, and risk-managed portfolio strategies, to financial advisors, RIAs, and institutional clients. The firm operates a 'wrapper neutral' platform spanning ETF and fund structures, with combined assets under management exceeding $7 billion following the December 2025 acquisition of Stringer Asset Management.

Product overview

Shelton Capital Management operates as an investment management firm offering a platform of exchange-traded funds (ETFs) and related investment strategies. The firm's product portfolio includes the STF Tactical Growth ETF (TUG) and the STF Tactical Growth & Income ETF (TUGN), which are integral to its 'wrapper neutral' platform strategy aimed at expanding its ETF lineup to better serve financial advisors and clients. The company has grown through strategic acquisitions including Vitruvian Capital Management (2022) and Stringer Asset Management (2025), which expanded its investment product offerings and risk-managed portfolio strategies. The combined assets under management exceed $6.5 billion following the acquisition of Stringer Asset Management and the ETF advisory appointments.

Differentiator

Problem solved

Functional benefit

Products and services

• STF Tactical Growth ETF (TUG)
• STF Tactical Growth & Income ETF (TUGN)
• Risk-Managed Portfolio Solutions (Stringer)
• Equity Strategies (Vitruvian)
• Institutional Separately Managed Accounts

Quantifiable outcome

• Combined AUM exceeds $7 billion following December 2025 acquisition
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• STF Management LPcoreStrategic or Co-development Partner · 30 March 2026Shelton Capital Management became the investment advisor for STF Management LP's exchange-traded funds, including the STF Tactical Growth ETF (TUG) and STF Tactical Growth & Income ETF (TUGN), with combined assets of approximately $100 million. The appointment was effective March 30, 2026, and brought Shelton's total AUM to over $6.5 billion. Shelton hired Jonathan Molchan, formerly of STF Management, as senior portfolio manager and head of ETF trading to strengthen its ETF capabilities as part of its strategy to become a 'wrapper neutral' platform.
• Stringer Asset ManagementcoreStrategic or Co-development Partner · 1 December 2025Shelton Capital Management acquired Stringer Asset Management, a Memphis-based investment firm specializing in risk-managed portfolio solutions. The deal added approximately $650 million in assets and expanded Shelton's offerings and operational capabilities. The transaction included retaining Stringer's entire team and strategies focused on risk management and behavioral finance. The deal was completed in December 2025.
• Vitruvian Capital ManagementcoreStrategic or Co-development Partner · 3 January 2022Shelton Capital Management acquired Vitruvian Capital Management on January 3, 2022. The acquisition added new investment strategies and expanded Shelton's product offerings. The transaction involved Vitruvian's team and integrated its equity strategies into Shelton's existing fund platform.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• ALPS Advisors: ALPS Advisors is a Denver-based investment manager offering ETFs and advisor-focused fund products, closely mirroring Shelton's ETF/SMA platform and RIA distribution model. Comparable in size and product mix, including actively managed ETFs.
• Cambiar Investors: Cambiar is a Denver-based boutique asset manager serving institutional and advisor channels with equity strategies — a near-twin of Shelton's pre-Stringer profile. Comparable in scale and target customer base.
• Westwood Holdings Group: Westwood is a multi-affiliate asset manager serving advisors and institutions with active equity and income strategies, structured around an acquisition/integration model very similar to Shelton's boutique-rollup approach.
• RiverFront Investment Group: RiverFront builds tactical, risk-aware ETF and SMA strategies distributed through advisors, directly overlapping with Shelton's wrapper-neutral platform and behavioral-finance-oriented risk-managed offerings.

Broad incumbents

• Victory Capital Holdings: Victory Capital is a multi-boutique asset management platform that acquires and integrates specialized managers — the public-market analog to Shelton's acquisition-led strategy, with overlapping institutional and RIA distribution.
• Federated Hermes: Federated Hermes is a large diversified asset manager with significant ETF, equity, and fixed-income capabilities serving advisors and institutions. Provides scale-comparable context for Shelton's growth trajectory.
• WisdomTree Investments: WisdomTree is an established ETF sponsor with active and smart-beta strategies distributed to advisors. Comparable in advisor-channel distribution and ETF product focus, though considerably larger.

Emerging players

• Reinhart Partners: Reinhart is a smaller active asset manager with institutional and advisor distribution, illustrative of the type of boutique target Shelton might acquire next to scale AUM and strategy breadth.
• Tema ETFs: Tema is an emerging active ETF sponsor focused on thematic and tactical strategies. Relevant emerging-player comparison for Shelton's ETF expansion (TUG/TUGN) and advisor-distribution playbook.

Others

• SS&C Technologies (SS&C Advent): SS&C provides back-office, fund accounting, and portfolio management technology to asset managers like Shelton. Relevant as an infrastructure/ecosystem enabler supporting boutique asset managers' operational scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/shelton-capital-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shelton Capital Management