Leonard Rickey Investment Advisors P.L.L.C. — 13F Portfolio

Leonard Rickey Investment Advisors P.L.L.C. is a registered investment advisory firm headquartered in Spokane, Washington, serving high-net-worth individuals, families, and select small institutional clients in the Pacific Northwest and beyond. The firm files with the Securities and Exchange Commission under CIK #0001731447, with 13F disclosures beginning around 2018 that provide a multi-year record of publicly disclosed equity holdings across a range of market environments. The firm operates under a partnership structure founded by Brian Leonard and Craig Rickey, who both serve as Managing Partners and Portfolio Managers. This co-founder model, where both principals are directly engaged in investment decision-making, creates a collaborative approach to portfolio management that benefits from dual analytical perspectives while maintaining the alignment of interest inherent in a principal-owned advisory practice. The partners' shared investment responsibilities suggest a process that values deliberation, consensus-building, and the intellectual rigor that comes from subjecting investment ideas to critical review by a trusted co-decision-maker. Spokane, situated in eastern Washington, provides a distinctive operating environment that sets Leonard Rickey apart from advisory firms concentrated in the coastal financial centers. The city serves as the economic hub of the Inland Northwest region, a market characterized by agricultural wealth, healthcare industry employment, natural resources, and a growing technology and professional services sector. The private wealth generated by these industries—along with the significant real estate appreciation, business succession liquidity events, and retirement capital pools characteristic of the region—creates a client base that tends to value pragmatic, relationship-driven financial stewardship over the flashier marketing approaches sometimes associated with larger metropolitan advisory markets. The firm's geographic independence from Wall Street convention can be viewed as an analytical advantage, fostering the kind of independent thinking and contrarian temperament that sometimes produces superior investment outcomes. Leonard Rickey's location reflects a deliberate choice to build a practice rooted in client relationships and investment discipline rather than proximity to financial industry consensus. The firm's 13F filing history, spanning from approximately 2018 through the present, captures positioning through the late-cycle expansion, the fourth-quarter 2018 correction, the pandemic-driven crash and recovery of 2020, the speculative growth environment of 2021, and the rate-normalization correction and subsequent recovery of 2022–2024. This period, while not as extensive as some longer-tenured filers, encompasses a remarkably diverse set of market conditions that provides meaningful analytical material for evaluating portfolio construction resilience.

Leonard Rickey Investment Advisors employs a core equity blend strategy with a quality-growth orientation, constructing diversified portfolios designed to deliver long-term capital appreciation while managing risk through prudent security selection and sector diversification. The firm's 13F Portfolio Composition reveals a thoughtfully constructed equity portfolio allocated across multiple major sectors, with meaningful recurring exposures to Technology, Healthcare, Industrials, and Financials—a four-sector framework that provides balanced participation in secular innovation trends, defensive healthcare demand, cyclical industrial recovery, and financial sector earnings leverage. The quality-growth orientation manifests through the firm's preference for well-managed companies demonstrating consistent revenue growth, expanding margins, strong free cash flow generation, and sustainable competitive advantages. This focus on business quality serves the dual purpose of supporting long-term compounding potential while providing a measure of fundamental downside protection—high-quality companies with robust balance sheets and essential products or services tend to exhibit greater resilience during economic downturns than lower-quality alternatives with weaker financial positions. Position sizing within the portfolio reflects a balanced construction philosophy that avoids the extreme concentration of hedge fund strategies while maintaining sufficient conviction in individual holdings to generate meaningful security-level attribution. The firm appears to construct portfolios with enough positions to achieve genuine diversification across sectors and market capitalizations, yet with each holding sized to represent a deliberate, researched investment decision rather than a marginal allocation. This disciplined sizing approach is characteristic of wealth advisory mandates where the imperative to manage idiosyncratic risk coexists with the goal of delivering returns that justify active management over passive alternatives. The portfolio construction may incorporate both individual equity selections and strategic ETF positions, reflecting the hybrid approach increasingly adopted by sophisticated advisory practices. Individual stock holdings enable the investment team to express targeted fundamental views derived from proprietary research, while ETF allocations can provide efficient exposure to specific asset classes, market segments, or factor premiums. This combination allows the firm to optimize the balance between active alpha generation and cost-effective beta exposure. Turnover across sequential 13F filings trends low to moderate, consistent with a patient investment approach that values holding period discipline and tax efficiency. For the high-net-worth families that constitute the firm's primary clientele, the after-tax implications of portfolio turnover represent a significant driver of long-term wealth accumulation. Leonard Rickey's measured repositioning cadence suggests an awareness of this tax-efficiency imperative, with portfolio changes driven by fundamental thesis evolution or compelling new opportunities rather than short-term trading impulses. The Sector Allocation History traced across the firm's filing record reveals how the partnership has navigated the shifting landscape of sector leadership over the past several years. The degree to which sector weights have been actively adjusted versus organically evolved through price appreciation of existing holdings provides insight into whether the firm employs deliberate tactical sector rotation or maintains a more strategic, static allocation that relies on individual security selection within predetermined sector bands.

Leonard Rickey Investment Advisors P.L.L.C. presents the profile of a well-organized, partnership-led advisory practice rooted in Spokane's Inland Northwest community, applying a quality-focused, diversified equity strategy tailored to the long-term wealth objectives of high-net-worth families. The co-founder partnership model, with both Brian Leonard and Craig Rickey directly engaged in portfolio management, creates an investment process built on collaborative analysis and shared accountability for outcomes. The Top 10 Holdings Concentration metric provides valuable diagnostic information about the portfolio's conviction architecture. For partnership-led advisory mandates serving a preservation-oriented clientele, this concentration metric typically occupies a moderate range—concentrated enough to reflect genuine investment conviction and enable differentiated returns, yet diversified enough to manage the idiosyncratic risk that concentrated positions introduce. Tracking this metric across filing periods reveals whether the partnership maintains a stable portfolio architecture or dynamically adjusts the conviction profile in response to opportunity set changes. The Annualized Return (CAGR) implied by historical replication of the disclosed long book, while covering a filing history of approximately six years, encompasses a period of extraordinary market diversity. The capital trajectory from 2018 through 2024 captures a late-cycle correction, a pandemic crash and explosive recovery, a speculative growth bubble, a severe rate-driven correction, and a technology-led rally—providing a compressed but highly informative dataset for evaluating compounding behavior. The platform's portfolio simulation tools allow users to reconstruct this trajectory rescaled to a chosen starting capital, enabling standardized comparison against passive benchmarks and alternative advisory approaches. The Sharpe Ratio derived from this period offers a measure of risk-adjusted efficiency that, while based on a relatively short sample, covers sufficient market regime diversity to provide meaningful analytical signal. The quality-growth orientation of the portfolio creates an expectation of competitive risk-adjusted efficiency during sustained uptrends, with the key question being whether the approach preserves enough capital during drawdowns to maintain attractive Sharpe characteristics across the full measurement period. The critical forward-looking analytical question for Leonard Rickey Investment Advisors is one of strategic positioning amid market structure evolution: As equity market returns have become increasingly concentrated in a narrow cohort of mega-cap technology companies—creating a divergence between headline index returns and the returns of the median stock—does the firm's diversified, quality-growth approach face a structural headwind from market concentration, or does its balanced sector exposure position it to benefit when market breadth eventually expands? Examining the portfolio's participation rate during narrow-leadership rallies versus broad-market advances, and any adjustments to concentration or sector weights in response to the evolving leadership regime, will provide critical insight into the partnership's assessment of this structural market dynamic and its implications for long-term compounding behavior.

The risk characteristics of Leonard Rickey Investment Advisors' disclosed portfolio reflect the measured, preservation-aware profile expected of a wealth advisory practice managing significant private capital. The diversified sector exposure, quality-company emphasis, and large-cap orientation collectively produce a portfolio designed to participate in equity market appreciation while moderating the amplitude of drawdowns during adverse market conditions. The Volatility Profile of the portfolio is expected to track broadly in line with major equity benchmarks, given the diversified construction and large-cap anchor holdings. The quality-growth orientation may provide modest volatility dampening during risk-off environments, as companies with strong balance sheets, consistent cash flows, and essential products tend to experience less severe price declines than lower-quality or more speculative equities. However, the portfolio's equity-only positioning means it remains structurally exposed to systematic equity market risk, and diversification benefits tend to diminish during severe market stress events when cross-asset correlations converge. Examining the Max Drawdown Depth during the March 2020 pandemic selloff is particularly informative for this firm, as it represents the most severe acute drawdown event within the observable filing history. The speed and severity of the drawdown—equity markets declined approximately 34% in roughly five weeks—tested every advisory firm's portfolio construction, risk management processes, and client communication capabilities simultaneously. How the Leonard Rickey portfolio performed during this event—both the absolute magnitude of the drawdown and the speed of subsequent recovery—provides critical evidence of the portfolio's defensive characteristics and the investment team's composure under extreme stress. The 2022 rate-tightening correction provides a complementary stress-test data point, representing a fundamentally different type of adverse market event. Unlike the rapid, indiscriminate selling of March 2020, the 2022 decline was a more gradual, factor-specific repricing that disproportionately affected growth equities and long-duration assets while initially sparing value-oriented and shorter-duration positions. The portfolio's experience during this event reveals the sensitivity of its quality-growth positioning to interest rate regime changes—an increasingly relevant risk factor in the post-zero-rate environment. The Downside Capture Ratio relative to the S&P 500 across both of these stress events—and across the full filing history—provides a quantitative summary of the portfolio's defensive efficiency. A ratio consistently below 100% would confirm that the firm's quality-growth orientation and diversified construction deliver measurable downside protection, while a ratio near or above 100% would suggest that the portfolio's risk profile more closely mirrors the broad market without meaningful defensive benefit. For the firm's Pacific Northwest client base, regional economic factors—including exposure to the technology sector through proximity to the Seattle and Portland tech ecosystems, agricultural commodity cycles, and natural resource economics—may influence both client wealth dynamics and potentially the investment team's analytical perspective on certain sectors and themes.