DIRECT ANSWER
Definition
AUM, regulatory AUM, and 13F reported value are different measures. Generic AUM depends on the publisher’s methodology; regulatory AUM follows Form ADV instructions; 13F value totals specified positions disclosed for a quarter. None should be substituted for another without reconciling scope and date.
01
Comparison at a glance
| Measure | Source | Scope | Best use |
|---|---|---|---|
| AUM | Firm or data publisher | Methodology-dependent | Understand size under the stated method |
| Regulatory AUM | Form ADV Item 5.F | Assets calculated under Form ADV instructions | Compare adviser regulatory disclosures with care |
| 13F reported value | Form 13F information table | Specified Section 13(f) positions disclosed for a report period | Analyze reported holdings, not total AUM |
02
Assets under management
AUM is a useful umbrella term only when its methodology is explicit. Firm-published AUM can be entirely valid while differing from regulatory AUM because the firm uses a different scope, affiliate treatment, valuation date, or gross/net method.
03
Regulatory assets under management
RAUM is the Form ADV measure reported under the form’s calculation rules. It is tied to a filing and measurement date. It can include both discretionary and non-discretionary regulatory AUM and has specific treatment for private funds and qualifying portfolios.
04
13F reported value
A Form 13F information table reports positions in specified Section 13(f) securities. The aggregate value is delayed, incomplete as a portfolio view, and does not include short positions. It should be labeled “13F disclosed value” or similarly precise language.
05
Safe comparison rules
- Use the same reporting entity or explain entity differences.
- Display the report/measurement date and filing date.
- Name the source form or publisher.
- Do not infer performance from a change in AUM alone.
- Do not use 13F value as total portfolio AUM.
- Keep reported and calculated figures visually distinct.
SRC
Primary sources
Definitions and regulatory claims on this page are grounded in the following official public resources.