MERGANSER CAPITAL MANAGEMENT, LLC

CRD 169258File 801-78733

APPROVED

Custody

Filing as of Mar 30, 2026

Feed vintage Aug 17, 2026

Regulatory AUM

$17.66B

Top 10% of cohort (national)

Discretionary AUM

$17.66B

Clients

117

125 accounts

Employees

Top 25% of cohort in MA

Identity & registration

ADV Item 1

Organization form: Limited Liability Company
Firm type: Registered
SEC region: BRO
Registration date: Oct 18, 2013
Principal office: 99 HIGH STREET, BOSTON, MA, 02110-2320
Phone: 617-494-1000
Website: http://www.merganser.com

Assets & accounts

ADV Item 5F

Total regulatory AUM: $17.66B
Discretionary AUM: $17.66B
Non-discretionary AUM: $0
Discretionary accounts: 125
Non-discretionary accounts: 0
Total accounts: 125
AUM per client: $151.0M

Clients by type

ADV Item 5D

Client type	Clients	AUM
Other	83	$10.61B
Insurance companies	10	$444.7M
Investment companies	2	$611.7M
High net worth individuals	Fewer than 5	$24.3M
Pooled investment vehicles	4	$534.3M
Pension and profit sharing plans	11	$2.32B
State or municipal government entities	7	$2.64B

Compensation & activities

ADV Items 5E, 5G

Compensation

A percentage of assets under your management

Advisory activities

Portfolio management for businesses
Portfolio management for investment companies
Portfolio management for pooled investment vehicles
Portfolio management for individuals and/or small businesses

Custody

ADV Item 9

Firm Custody Cash: Yes
Firm Custody Assets: No
Firm Custody Clients: No
Firm Custody Securities: Yes
Related Person Custody Cash: No
Related Person Custody Assets: No
Related Person Custody Clients: No
Related Person Custody Securities: Yes

Disclosure events

ADV Item 11

This firm answered no to every Item 11 disclosure question in this filing.

Filed changes

Date	Field	From	To
Aug 17, 2026	Clients	124	117
Aug 12, 2026	Registration	—	APPROVED

Every value above is reproduced from this firm's Form ADV filing. Fields the firm left blank are shown as “Not reported” rather than filled in from other sources.