How we report

Regulatory data comes through AUMSearch, drawing on SEC filings and adviser registration records. Coverage includes Form ADV, Form ADV-W, Form 13F, Form D and adviser affiliations.

Articles link to the records and datasets supporting their claims. Company statements and announcements are attributed when used; a company's account of an event is distinguished from what a regulatory filing establishes.

SEC filingsAdviser registration records

The edition date identifies the issue, not the date of every event it covers. Regular editions follow an Eastern Time weekday calendar; Monday's edition covers Friday through Sunday source activity.

Filing and observation dates

These identify when a record was filed or when a change appeared in the available data. Neither necessarily establishes when a business event happened.

Reporting periods

A portfolio quarter or a monthly withdrawal dataset keeps its own period, even when it appears in a later daily edition.

Article dates

Articles display their edition date. Historical records and backfilled editions retain their original source dates in the reporting.

A story may highlight a few notable entities while covering a much larger filing batch. Selected examples do not replace the total: graphics identify their source period and whether they describe the full batch or a sample.

A filing count is not necessarily a count of unique firms. One entity can submit multiple filings, including amendments. A chart grouping 13F filings by portfolio quarter counts the filings in the stated filing window, not every filing for those quarters.

When an article includes a complete filing table, the first 10 rows appear initially. Readers can show the remaining rows or download the table as a CSV. Samples and incomplete coverage are identified as such.

Regulatory records answer specific questions. We avoid treating a filing, a reported balance or an affiliation pattern as proof of a broader business event.

Form ADV: assets are not flows

Regulatory assets under management are reported balances. A change alone does not establish net inflows, investment performance or an acquisition. Comparisons require compatible dates, entities and reporting units.

Form ADV-W: withdrawal is not necessarily closure

A filing can withdraw registration from some or all jurisdictions. The article preserves that scope and any reason reported by the filer; withdrawal alone does not prove a merger or that the business has closed.

Form 13F: holdings for a past quarter

The form reports specified securities, not a complete portfolio or current ownership. Amendments and restatements are distinguished from original filings. Reported value changes do not by themselves establish purchases or sales.

Form D: a notice, not a completed capital raise

Offering targets, reported amounts sold and intermediary compensation are different measures. An amendment is not a separate capital raise, and an amount sold is not automatically new fundraising within the article's date window.

Affiliations: patterns require corroboration

Registration changes can suggest a possible group move. Matching firms or firm addresses do not prove a shared adviser office, coordinated hiring, or transferred clients and assets. First observed in the data does not necessarily mean new to the industry.

Identity: legal entities matter

Names, brands and related businesses can overlap. Comparisons use the entity identifiers available in the source, and ambiguous matches remain unresolved.

SEC Form ADV-W instructionsSEC Form 13F guidance

Publication checks compare material claims with the supporting evidence, including entity names, totals, units, dates and the scope of comparisons. Headlines, homepage teasers and graphics are checked alongside the article. Missing evidence and unresolved discrepancies must be addressed before publication.

Qualifications appear beside the claims they affect. A filing date is not presented as a hiring date, a selected sample is not described as the full population, and a possible explanation is not reported as a confirmed cause.