Aleph Investments is a registered investment advisor founded in 2010 by its sole owner and principal, David Merkel. Located in Ellicott City, Maryland, the firm specializes in managing personalized client portfolios consisting primarily of equities and fixed income investments. Aleph Investments offers several specific strategies, including a core equity strategy modeled after the principal's personal investments, a risk-managed fixed income strategy focusing on capital preservation, and a recession-resistant balanced income strategy known as Necessity Focused Investing. Clients can also request custom Flex portfolios. The firm operates on a discretionary basis, meaning investments are managed according to the chosen strategy without needing prior approval for each trade. Aleph Investments places a strong emphasis on risk control over full market cycles and aligns its interests with clients by investing in the same securities using a pro-rata allocation method. The firm does not offer standalone financial planning services and focuses exclusively on asset management.
Fee Structure
Portfolio-Based Fees (Tiered)
| Portfolio Value | Annual Fee |
|---|---|
| Up to $1.0M | 1.00% |
| $1.0M - $5.0M | 0.50% |
| $5M+ | 0.25% |
Rates shown are for equities, balanced, and custom flex accounts. Fixed income accounts have a separate tiered schedule: 0.30% for $1M and under, 0.15% for $1M to $5M, and 0.10% for over $5M.