Advisor Managed Portfolios files Firehouse, Sound Capital's proposed sixth fund

Advisor Managed Portfolios filed on Thursday, October 1, to register the Firehouse Long-Term Growth ETF, which would be the sixth fund Sound Capital Solutions advises in the trust. It would hold U.S.-listed stocks that its managers pick, and the draft names JJM Investment Advisors as sub-adviser.

The SEC accepted the filing on Thursday as Post-Effective Amendment No. 112, the form a trust uses to add a fund to a registration already on file. The cover says the shares may not be sold until that registration is effective.

Brackets are what this stage looks like. The management fee, the exchange, a ticker shown as FRHS and a December 2026 inception date are still open, while distribution and service fees are listed as none.

What the fund would own

The draft says the fund seeks long-term growth of capital. It would invest primarily in U.S.-listed stocks, in companies worth at least $1 billion, with average daily trading of at least $10 million at the first purchase. It expects a large share of its money in mid-size and large companies, and it may also hold receipts for foreign shares and property companies.

The same draft allows exchange-traded funds, and it specifies leveraged ETFs, funds that magnify a day's move.

Managers would score companies on revenue, earnings and cash flow, looking both backward and forward, and they may still buy a stock the screen ranks lower if they believe the price is below what the business is worth. The fund would not track an industry benchmark.

Sound Capital would be the adviser, and JJM the sub-adviser the draft says would pick the stocks day to day. Douglas Cannon, of JJM, and Emmett Flood, Sound Capital's executive vice president and chief financial officer, are the portfolio managers the draft names. The contract that would hire JJM is not attached, and the draft says it will come by amendment.

The trust asked for the amendment to become effective 75 days after Thursday's filing, under Rule 485(a)(2). The draft dates both managers to that December inception, so the clock and the date point at the same month.

What the other five have gathered

In May, Dom Dalmaso, Sound Capital's chief investment officer, described the firm's role this way.

"Our role as a white-label ETF advisor is to simplify this process for independent asset managers."

A white-label adviser puts an outside manager's strategy on a shared platform. Firehouse fits that pattern, with Sound Capital as adviser and JJM named to pick the stocks.

The filing says Sound Capital already advises five other series in the trust. All five traded on Thursday. The two that started in 2024 hold about 85% of the assets, and yearly charges, the share of assets an investor pays, run from 0.25% to 0.69%.

Right now CSPDF does not hold individual stocks. 99.5% of it sits in one S&P 500 fund, State Street's SPDR Portfolio S&P 500 ETF.

DRKSG traded 15 shares on Thursday.

What to watch

The amendment that fills in the fee, the exchange and the sub-advisory contract is the one to watch. Until it arrives, the only guide to what this adviser has charged, and to how unevenly its funds have gathered money, is the five already in the trust.