MindState Capital LLC
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
About
Mindstate Capital is a small, registered investment adviser managing roughly $70 million for about 16 clients and generally serves high‑net‑worth individuals, trusts, and other legal entities with a typical account minimum of $250,000. The firm provides discretionary portfolio management, conducting individualized analysis and ongoing supervision and rebalancing of client accounts.
The firm combines fundamental research with quantitative optimization and computer models to construct client-specific portfolios using mutual funds, ETFs, individual equities and fixed income. It also implements derivatives strategies — including buying and selling options, covered calls, collars and straddles — in separately managed accounts for clients who elect those strategies, a practice that is uncommon among similarly sized peers.
Mindstate’s boutique scale and limited client roster result in advisor-led oversight and periodic (at least quarterly) reviews rather than broad productized services, and it does not charge performance-based fees or participate in wrap programs. The firm maintains institutional custodial relationships that provide trading, research and operational services to the adviser; those arrangements can affect execution, available share classes and potential conflicts of interest and are disclosed in its brochure.
Client services
Expertise
Fee options
1.00% annually
Account minimum: $250,000
Main office
Edmonds WA
Advisors at this office
2
Most active in
Texas · Washington
Also doing business as
Mindstate Capital · Mindstate Capital LLC
Disclosures
Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.
Business activities & affiliations
Is not active or affiliated with:
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Insurance agent
They sell insurance products and may earn commissions on those sales.
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Broker-dealer / trader
They provide brokerage services and may earn transaction-based compensation in addition to advisory fees.
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Bank
They're affiliated with a bank that may offer its own financial products and services.
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Trust company
They provide trust and estate administration services, typically for separate fees.
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Fund sponsor
They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.
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Accountant / CPA / tax prep
They offer tax and accounting services, typically for separate fees.
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Lawyer
They provide legal services, typically billed separately.
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Real estate agent
They facilitate real estate transactions and may earn commissions.
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Other specialized services
They may provide services such as pension consulting or municipal advisory work, typically for separate fees.
Forms ADV
Advisors at this firm
William C
Series 65
Edmonds, WA
MindState Capital LLC
William Culbertson III is a Series 65 licensed financial advisor with 20 years of industry experience. He is currently with MindState Capital LLC, where he has worked since 2022. Prior to that, he spent 15 years at Bastiât Capital, LLC. MindState Capital is a boutique registered investment adviser managing approximately $70 million for about 16 clients, primarily high-net-worth individuals, trusts, and legal entities. The firm provides discretionary portfolio management using a combination of fundamental research, quantitative optimization, and derivatives strategies, with advisor-led oversight and quarterly reviews.
Paul H
CFA®
Edmonds, WA
MindState Capital LLC
Paul Horng is a CFA® charterholder with 12 years of industry experience. He currently works at MindState Capital LLC, where he has been since 2024. Prior to this, he spent eight years at Badgley Phelps & Bell DBA Badgley Phelps Wealth Managers and three years at Badgley Phelps Wealth Managers, LLC. MindState Capital is a small registered investment adviser serving high-net-worth individuals, trusts, and other legal entities. The firm combines fundamental research with quantitative optimization and computer models to construct customized portfolios and offers discretionary portfolio management along with derivatives strategies such as options, covered calls, collars, and straddles.
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