Frequently asked questions

How is Luca Capital structured?

Luca Capital is a registered investment advisor (RIA). It manages money on behalf of clients in the Durable Growth and Wide Moat Portfolios through separately managed accounts (SMAs).

What is a seperately managed account?

Each investor has their own account on Charles Schwab. Luca Capital manages the account on investors' behalf but does not take custody of the assets. Investors can access their funds at any time. While Luca Capital does not have a lock-up period, any money managed in our strategies is meant to be invested over the long-term. Accounts can be taxable brokerages, IRAs, trusts, estates, or corporate accounts managed by Luca Capital. All managed accounts are invested with the same allocations.

What is Luca Capital?

We manage public equity investment strategies. Our goal is to provide returns above the general market over the long-term by investing in leading companies in industries with high secular growth. We typically hold 10-25 positions across our focus areas of Software, Digital Advertising, Cybersecurity, Digital Payments, and Health Technology.

What are the fees?

Fees are an annual 1.5% of assets under management. At the beginning of each quarter accounts are charged 0.375% (1.5%/4) based on the closing balance at the end of quarter. There is no performance fee.

What is the minimum to open an account?

The minimum to invest in the Durable Growth or Wide Moat Portfolios is $200,000 USD.

Who manages these strategies?

Michael Nowacki makes all final investment decisions in both strategies. Michael continues to support Joe Frankenfield as Co-Portfolio Manager of the Saga Portfolio under Saga Partners as well.

How do I invest with Luca Capital?

If you are interested in investing with us, please send a message under the contact page on the website.

Can Luca Capital manage international accounts?

Investors outside the United States are able to invest in all our strategies as long as Charles Schwab supports accounts in that jurisdiction.

How can I find Luca Capital's ADV and Client Relationship Summary?

Here is a copy of our ADV (link) and our CRS (link).