Whetstone Capital Advisors

What Whetstone Capital Advisors does

Whetstone Capital Advisors, LLC is a privately held, value-oriented investment advisory firm headquartered at 2001 Shawnee Mission Parkway in Shawnee Mission, Kansas. The firm operates a research-intensive investment process centered on identifying businesses with discernible competitive advantages in industries benefiting from secular growth, focusing its research within stated circles of competence covering software, payments, internet technology, and media. Its public-equity strategy combines a concentrated long portfolio of typically 15-20 high-conviction ideas with a more diversified short portfolio that includes both stand-alone shorts based on fundamental research and positions used as hedges against long exposure.

The firm serves institutional investors and high-net-worth clients, generating revenue through investment management fees under a subscription/recurring model. Pricing is not publicly disclosed and is negotiated on a quote basis. Distribution is conducted entirely through direct client relationships and referral networks, with no marketing channels, channel partnerships, or intermediary distribution arrangements disclosed. Recent SEC-disclosed activity in Q4 2025 and Q1 2026 — including exits from GitLab and monday.com, an increased stake in Golden Matrix Group, and a shareholder governance filing at Health Catalyst — demonstrates ongoing active mandate management, but no AUM, revenue, or client-count figures are publicly available.

The team consists of four members: David Atterbury as Portfolio Manager and Managing Partner (prior stints at Brown Brothers Harriman's 1818 Partners Fund, DS Advisors, Return Holdings, Ashkenazy Acquisition Corp, and Merrill Lynch; Columbia MBA with Graham & Dodd Heilbrunn Center participation), Andrew Carlson as Investment Partner (joined 2011), and analysts Jordan Hulet and Jonathan Huhn (both joined summer 2021). The firm is organized as a Kansas LLC with no parent company, no disclosed institutional backers, and no public listing. There are no patents, trademarks, certifications, partnerships outside of portfolio investments, or disclosed AI/ML capabilities; the stated differentiator is process discipline and human fundamental research.

Name

Whetstone Capital Advisors

Legal name

Whetstone Capital Advisors, LLC

Website

https://whetstone-capital.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

Whetstone Capital Advisors is a private, value-oriented investment advisory firm in Shawnee Mission, Kansas managing a concentrated long portfolio of 15-20 high-conviction ideas and a diversified short portfolio. It serves institutional and high-net-worth clients with research-intensive equity strategies focused on software, payments, internet, and media.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Equity Long/Short (FSAHAAAC)

akta.pro secondary industries

Small-/Mid-Cap Equity Long/Short (FSAHAAAG), Large-Cap Equity (Active) (FSAAAIAA), Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Long short equity
• Value investing
• Investment management
• Portfolio management
• Hedge fund management

Headquarters

HQ city

Shawnee Mission

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

Revenue model

1. Investment Management Fees: Generates revenue through investment management fees charged to clients for managing long and short portfolios. The firm employs a value-oriented, research-intensive investment process centered on identifying businesses with competitive advantages in secular growth industries.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Whetstone Capital Advisors is a value-oriented investment advisory firm that employs a research-intensive investment process to manage long and short equity portfolios on behalf of institutional and high-net-worth clients. The firm maintains a concentrated long portfolio of 15-20 high conviction ideas and a diversified short portfolio combining stand-alone shorts and hedge positions, with research concentrated in software, payments, internet technology, and media sectors.

Product overview

Whetstone Capital Advisors, LLC is a value-oriented investment advisory firm that employs a research-intensive investment process centered on identifying businesses with discernible competitive advantages in industries benefiting from secular growth. The firm focuses its research within specific circles of competence including software, payments, internet technology, and media. Their investment portfolio strategy includes a concentrated long portfolio of 15-20 high conviction ideas and a more diversified short portfolio that includes both fundamental-research-based stand-alone shorts and positions that serve as hedges against their long positions.

Differentiator

Problem solved

Functional benefit

Products and services

• Long/Short Equity Investment Management

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Lone Pine Capital: Lone Pine runs a long/short equity book with deep concentration in technology, internet, and media — directly overlapping Whetstone's stated circles of competence. Comparable in being a fundamental, research-intensive L/S shop, though substantially larger.
• Pershing Square Capital Management: Bill Ackman's concentrated, high-conviction fund running a small number of large long positions with explicit activist posture. Directly comparable concentrated-portfolio philosophy and willingness to engage on governance.
• Altimeter Capital: Brad Gerstner's tech-focused long/short fund with concentrated public-equity positions in software and internet. Highly comparable sector mandate and concentrated-portfolio style.
• Scion Asset Management: Michael Burry's value-oriented fund running concentrated long/short equity with a fundamental-research edge. Directly comparable as a small, conviction-driven, value L/S manager.
• Maverick Capital: Long/short equity fund running a concentrated, research-intensive book with sector specialization. Comparable as a fundamental, conviction-driven L/S manager.
• Greenlight Capital: Founded by David Einhorn, Greenlight is a long-established value-oriented long/short equity hedge fund running a concentrated book with both longs and shorts. Directly comparable to Whetstone in philosophy (fundamental value investing with short overlay) though at vastly greater AUM scale.
• Whale Rock Capital Management: Tech-concentrated long/short equity fund focused on software, internet, and payments — strong overlap with Whetstone's sector circles of competence and concentrated-portfolio approach.
• DS Advisors: Smaller value-oriented hedge fund where David Atterbury previously worked. Directly comparable philosophy and scale profile to Whetstone and represents the closest stylistic lineage.
• Coatue Management: Tech-focused long/short hedge fund with concentrated positions in software, internet, and payments — a near-perfect overlap with Whetstone's mandate. Closest large-scale direct peer in sector focus.

Broad incumbents

• Baupost Group: Seth Klarman's value-oriented investment firm running a multi-strategy book with significant long/short equity exposure. Comparable value-investing philosophy, though considerably broader in mandate and larger in scale.

Market position

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/whetstone-capital-advisors

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

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 Whetstone Capital Advisors