Investment-manager data, defined precisely

Assets under management (AUM) is the value of assets an organization manages or advises for clients under a stated methodology and as of a stated date. Because firms and regulatory forms may use different calculation rules, an AUM figure is meaningful only with its source, scope, method, and date.

Regulatory assets under management (RAUM) is the value an investment adviser reports in Item 5.F of Form ADV using the form’s prescribed calculation instructions. It includes qualifying securities portfolios receiving continuous and regular supervisory or management services and should not be treated as interchangeable with every AUM figure a firm publishes.

A CRD number is a unique registration identifier used in securities-industry records for firms and individuals. In investment-adviser research, it is the principal identifier used to locate adviser firm and representative records across systems such as IAPD and BrokerCheck.

A Central Index Key (CIK) is the unique public identifier the SEC’s EDGAR system assigns to a filer account. It identifies the filer, while an accession number identifies one submission made by that filer.

An EDGAR accession number is the unique reference number generated for a submission to the SEC’s EDGAR system. It identifies the submission, not the filer; the filer is identified by a CIK.

A CUSIP is a nine-character alphanumeric identifier used for many financial instruments. In Form 13F information tables, the reported CUSIP helps identify the security position, but it is not the same as a stock ticker and must be interpreted with issuer and security-class fields.

A reporting period is the date or interval represented by the information in a filing. For Form 13F, it is the calendar quarter-end date for the disclosed holdings. It is different from the later filing date, acceptance timestamp, retrieval date, and AUMSearch processing date.

A registered investment adviser (RIA) is a firm or person in the business of providing securities advice for compensation that is registered with the SEC or one or more state securities authorities, depending on the adviser’s circumstances. Registration creates filing and conduct obligations; it is not a regulator’s endorsement or performance rating.

Institutional ownership is the amount or percentage of a security reported as held by institutions under a stated data method and as of a stated date. Many public estimates aggregate Form 13F positions, which are delayed and cover specified reportable securities rather than every beneficial owner or economic exposure.