What Montag & Caldwell does

Montag & Caldwell is a U.S. investment advisory firm founded in 1945 in Atlanta, Georgia, that manages proprietary equity and multi-asset strategies for institutional and individual investors. Effective August 1, 2024, the firm operates as a distinct brand/business unit within Advocacy Wealth Management, LLC, an SEC-registered investment adviser, following an asset purchase agreement. The firm employs a team-based, bottom-up fundamental investment process governed by an Investment Policy Group (IPG) that meets at least twice weekly to set portfolio policy and stock selection by consensus, implemented across all accounts subject to client-specific restrictions. The core technology is a proprietary valuation framework that uses stock-specific, risk-adjusted discount rates derived from a proprietary financial scoring process, inter-relating valuation with earnings momentum to screen a universe of U.S.-listed securities with at least $3 billion market capitalization and an expected 10% earnings growth rate, with a sell discipline triggered at 120% of estimated fair value or on significant earnings disappointment.

The firm's product set comprises five core investment strategies: Large Cap Growth (concentrated 30-40 holdings), Mid Cap Growth, Thematic Growth (~20 holdings managed by CIO Scott Thompson), Balanced Growth (~60% equity / 40% fixed income), and the Global Tactical Allocation Model (GTAM), an ETF-based multi-asset tactical allocation product. Distribution occurs through direct separate accounts to institutional and individual investors, with additional reach via Wrap/SMA and UMA program platforms. A dedicated Private Client Group serves individual investors with customized allocations, and the Advocacy Wealth integration added ultra-high-net-worth client access and Certified Financial Planner capabilities. The investment team includes 8+ Chartered Financial Analysts and many investment professionals who co-invest in firm strategies, aligning interests with clients. Revenue is generated through AUM-based investment advisory fees negotiated individually with clients and billed annually, consistent with a subscription/recurring model.

Name

Montag & Caldwell

Legal name

Montag & Caldwell

Website

https://montag.com

Company type

Private

Founded year

1945

Operating status

Operating

Headcount range

11–50 employees

Short description

Montag & Caldwell is an Atlanta-based investment advisory firm, founded in 1945 and now operating as a brand within Advocacy Wealth Management, that manages five proprietary equity and multi-asset strategies via team-based fundamental analysis for institutional and individual investors.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Construction & Asset Allocation Advisory (FSAEAAAC)

akta.pro secondary industry

Target-Risk / Risk-Profile Model Portfolios (FSAAAJAD)

Keywords

• Investment advisory services
• Equity portfolio management
• Growth equity strategies
• Wealth management
• Asset management

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Investment Advisory and Management Fees: Montag & Caldwell generates revenue through investment advisory fees for managing client portfolios across multiple strategies including large cap growth, mid cap growth, thematic growth, fixed income, and balanced strategies. The firm manages assets primarily for U.S. domiciled clients including both institutional and individual investors.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Montag & Caldwell is an investment advisory firm that manages proprietary equity and balanced investment strategies — including Large Cap Growth, Mid Cap Growth, Thematic Growth, Balanced Growth, and a Global Tactical Allocation Model (GTAM) — through separate accounts and model portfolios for institutional investors, and through a dedicated Private Client Group for individual investors. Investment decisions are made by an internal Investment Policy Group using a proprietary risk-adjusted discount rate model and bottom-up, earnings-momentum-driven fundamental research.

Product overview

Montag & Caldwell operates as a distinct brand within Advocacy Wealth Management, offering a suite of proprietary investment management strategies. The core offerings include five investment strategies: Large Cap Growth, Mid Cap Growth, Thematic Growth, Balanced Growth, and Global Tactical Allocation Model (GTAM). These strategies are delivered through separate accounts to both institutional and individual investors, with participation in Wrap/SMA and UMA programs. The firm emphasizes a team-based, bottom-up investment approach focusing on high quality growth opportunities with disciplined fundamental analysis.

Differentiator

Problem solved

Functional benefit

Products and services

• Large Cap Growth Strategy Proprietary large-capitalization growth equity strategy, offered through separate accounts and model portfolios to institutional and individual investors using the firm's bottom-up, earnings-momentum research approach and IPG-governed decision process.
• Mid Cap Growth Strategy Proprietary mid-capitalization growth equity strategy, available through separate accounts and model portfolios for institutional and individual clients seeking mid-cap growth exposure built on the firm's fundamental, earnings-momentum-driven research.
• Thematic Growth Strategy Proprietary thematic growth equity strategy offered through separate accounts and model portfolios, applying the firm's IPG-governed research process to identify long-term growth themes for institutional and individual investors.
• Balanced Growth Strategy Proprietary balanced portfolio strategy combining equity and fixed income exposures, managed via the same IPG-governed process and used by institutional and individual clients seeking a multi-asset growth-oriented allocation.
• Global Tactical Allocation Model (GTAM) Proprietary global tactical asset allocation model that adjusts multi-asset positioning based on the firm's valuation framework and market views, offered to institutional and individual investors through separate accounts and model portfolios.
• Private Client Group Service offering that delivers Montag & Caldwell's institutional equity and balanced strategies to individual investors, providing personalized portfolio management and client service that adapts the firm's institutional process for private clients.

Quantifiable outcome

• Large Cap Growth portfolio: 22.23 P/E (Next 12 months), 27.75 5 Yr Average ROE, 14.00 Est 3-5 Yr EPS Growth, 25.00 Return on Invested Capital
• +2 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Advocacy Wealth ManagementcoreOthers · 1 August 2024In August 2024, Advocacy Wealth Management joined forces with Montag & Caldwell. Montag & Caldwell now operates as a distinct brand/business unit within Advocacy Wealth Management, LLC, an SEC-registered investment adviser. The partnership combines Montag & Caldwell's eight Chartered Financial Analysts with Advocacy Wealth Management's ten Certified Financial Planners. This allows Advocacy Wealth Management to provide clients access to Montag & Caldwell's investment strategies and expertise, while Montag & Caldwell gains access to Advocacy Wealth's financial planning capabilities and ultra-high-net-worth client base.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Tocqueville Asset Management: Boutique active manager with growth, value, and balanced strategies distributed through intermediary and institutional channels. Comparable boutique scale and bottom-up fundamental approach.
• Eagle Asset Management: St. Petersburg-based boutique offering growth and income equity strategies including Large Cap Growth, Mid Cap Growth, and small cap growth. Closely mirrors M&C's product lineup and institutional focus.
• Polen Capital: Boutique investment manager specializing in concentrated, high-quality growth equity strategies for institutional and private clients. Directly comparable on product (large/mid cap growth, focused portfolios) and target market (UHNW and institutional), making it the closest analog to Montag & Caldwell.
• Alger: Established growth-equity specialist offering large cap, mid cap, and thematic growth strategies via separate accounts and sub-advisory. Comparable in product mix and growth-style philosophy, though larger in scale.
• Westwood Holdings Group: Diversified asset manager with growth and income equity strategies distributed to institutional, intermediary, and private wealth channels. Comparable multi-strategy structure and growth/product mix.
• Brown Capital Management: Long-tenured, fundamentally-driven small/mid cap growth equity boutique tracing back decades; pursues concentrated, bottom-up quality growth investing with a team-based culture. Directly comparable in philosophy, product, and target customer base.
• Cardinal Capital Management: Concentrated, high-quality growth equity boutique serving institutional and private wealth clients. Philosophically and operationally aligned with M&C's concentrated bottom-up approach.
• Peregrine Capital Management: Mid-sized growth equity boutique offering large cap and small cap growth strategies to institutional and private clients. Similar size, growth-style philosophy, and fundamental bottom-up process.

Broad incumbents

• Capital Group: Major multi-affiliate active manager with the iconic American Funds equity franchise including growth strategies served via SMAs and institutional mandates. Overlaps on growth equity but vastly larger and broader than Montag & Caldwell.
• T. Rowe Price: Large diversified active manager with a long-established U.S. growth-equity franchise across large, mid, and small cap. Provides direct strategic benchmark and large-incumbent comparison for Montag & Caldwell.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/montagcaldwell
• Facebookfacebook.com/montagcaldwell

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Montag & Caldwell