Which companies/firms are included on your website? Is it just hedge funds?

While a large part of our database includes hedge funds, it’s not limited to hedge funds. Any company that is registered with the SEC as an investment adviser is available on our website.

What can I access by signing up?

In addition to our search functionality, by signing up to our website, you can receive free customizable alerts, create your own watchlist and access limited features such as our adviser comparison function and brochure analysis function. Our enterprise subscription includes Microsoft Excel export on all our databases, access to listed contacts and executives at investment advisers, more details and analysis on service providers and their clients, and a weekly dashboard of new advisers and private funds. For more information, please visit our pricing page.

Why do I sometimes see multiple results for the same company?

Our website is organized by investment adviser filing. Certain larger companies will have multiple subsidiaries or operating companies filed as separate investment advisers. We made efforts to build the proper connections between related investment advisers. While we’ve made significant progress, we don’t have them covered 100%. However, if you find that two companies should be connected, feel free to shoot us a note and we’ll have it corrected and updated.

How do watchlists work?

By registering to our site, you have the ability to set up a watchlist of investment advisers, while paid subscribers can have multiple. A watchlist is an unlimited set of investment advisers you’re interested in. You’ll have the ability to use your watchlist as a filter on multiple pages- such as the SEC filings, news, and advisers pages, limiting what you see related to only those on your watchlist. You can edit your watchlists by clicking on the watchlist button on the main Adviser search page.

What are My Alerts?

Alerts are push notifications sent to your email when either there’s a news article published or an SEC filing submitted related to a specific adviser. Additionally, you can choose which type of alerts you’d like to receive for said adviser, ie, only news or only filings. When registering for free, you can receive alerts for up to 10 advisers. Paid subscribers can receive alerts for up to 50 advisers. Alerts can be managed by clicking on your name in the top right-hand corner of the page and selecting “Alert Settings.”

What is Form ADV?

Form ADV is an annual form used by investment advisers to register with the SEC and state securities authorities. Advisers report on their business activities, clients, AUM, methods of compensation, private funds and other relevant information. This form is due 90 days after the adviser’s fiscal year.

Why should I care? Because the form is standardized, we find this data useful to compare advisers one to another as well as to compare advisers year over year.

What is the brochure?

Form ADV has two parts; Part 1 is a fill-in-the-blank questionnaire with additional schedules that provide further details where necessary. Part 2, also known as the “brochure”, is an open-ended narrative in which the investment adviser describes their advisory business and management in simple English.

Who is required to file Form ADV?

Form ADV is required by all firms that are in the business of providing investment advice, be it market trends, security selection, investment management, or manager selection. Firms with less than $25 million of AUM are not required to file a Form ADV. Those with more than $25 million but less than $150 million can file as an Exempt Reporting Adviser (“ERA”).

What Service Providers are included in your database?

Our database consists of all service providers listed in Form ADV under the private funds section, which includes administrators, auditors, custodians, and prime brokers.

How are client gains and losses assessed in the Service Provider section of your site?

Our website searches for the listed service providers on said investment adviser’s current form ADV and compares them to those listed on the same funds in the ADV from the prior year. If the service provider was listed in the historical ADV but no longer in the current one under that same fund, this would be considered as a “loss” to the service provider, and vice versa. If the fund wasn't listed under the said adviser in the historical or current Form ADV, those funds would be flagged as “New” and “Closed”, respectively. The sections that show from whom or to whom the clients were gained or lost provide all service providers of that category listed in the historical or current ADV. For example, if a firm was using Custodians A, B, and C on a specific private fund in one year and the following year it listed Custodians B, C, and D, then Custodian A would show that they lost that fund to Custodians B, C and D, whereas Custodian D would show that they gained that fund from Custodians A, B, and C. (Custodians B and C wouldn’t show any gains or losses.)

Note: While this model assesses changes year over year, keep in mind that advisers file once a year. So the most recently filed ADV can be anywhere up to a year old and the prior year’s ADV can be anywhere up to two years old. So while this is meant to give an assessment of activity over the last year, it can stretch as far as up to two years back.

What are the little icons in the table on the Historical tab of a single Service Provider?

The green plus signs and the red minus signs indicate a new or lost client for that service provider, respectively. The small navy arrows indicate an existing client with which they gained and/or lost funds

What is the weekly dashboard and how do I access it?

The weekly dashboard is a page that pulls in all new investment advisers and private funds filed with the SEC within the last 7 days. The investment advisers are pulled directly from IAPD whereas the private funds can be either from IAPD or those that filed a Form D. This feature is available only for subscribers. If you already are a subscriber, click on the Welcome button in the top left corner of the screen and select “Weekly Dashboard.”

What are Forms 13D and 13G?

Forms 13D and 13G are commonly known as “beneficial ownership reports”, in which investors report ownership of 5% or more in a public company’s stock. 13D is used for active investors or investors with over 20% ownership. 13G, which is a much shorter form, is used for passive investors with under 20% ownership.

What are Forms 3 and 4?

Forms 3 and 4 are filed by a public company’s “insiders”. Insiders include directors, officers and principal shareholders. Principal shareholders are investors with at least 10% beneficial ownership. Insiders, per this definition, are required to file Form 3 within 10 days of becoming an insider, declaring their beneficial ownership. Form 4 is then used to declare any changes to that beneficial ownership. Insiders are required to file Form 4 by the second day since the change in ownership.

What is Form 13F?

13F is a form filed quarterly by all institutional investment managers disclosing their holdings. 13F filings are due 90 days after quarter end. Most managers file it as late as possible in the acceptable filing window in order to avoid revealing current investment positions.

Is it possible to...?

Yes! We’d love to hear your suggestions on improving our site. Feel free to email us directly with suggestions or questions at support@9at.com