# 1919 Investment Counsel, LLC

> 1919 Investment Counsel, LLC is an SEC-registered investment advisory firm in Baltimore, MD, registered since 2004, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 27, 2026.

- CRD: 133370
- Filed as: 1919 INVESTMENT COUNSEL, LLC
- Also doing business as: ARTHUR KARAFIN INVESTMENT ADVISORS, A DEPARTMENT OF 1919 INVESTMENT COUNSEL, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Baltimore, MD
- Filing period: October 2026
- Form ADV filing dated: August 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/133370
- AdvisorCensus page: https://advisorcensus.com/firm/1919-investment-counsel-llc-baltimore-md-133370

## Quick answers

**How is 1919 Investment Counsel, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), 1919 Investment Counsel, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is 1919 Investment Counsel, LLC located?**
1919 Investment Counsel, LLC's principal office is in Baltimore, MD, according to its Form ADV; the September 2026 filing also lists 7 other offices (Schedule D, Section 1.F).

**Is 1919 Investment Counsel, LLC registered with the SEC or a state?**
1919 Investment Counsel, LLC is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 133370.

**How much does 1919 Investment Counsel, LLC manage?**
1919 Investment Counsel, LLC reports $26,036,166,216 in regulatory assets under management in its Form ADV filing dated August 27, 2026 (100% discretionary).

**How have 1919 Investment Counsel, LLC's assets and staff changed since 2021?**
In the Form ADV data for 1919 Investment Counsel, LLC: Regulatory assets under management: $17,554,381,658 in the October 2021 data and $26,036,166,216 in the October 2026 data, up 48%. Total employees: 125 in October 2021 and 131 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does 1919 Investment Counsel, LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (2,653); individuals (other than high net worth individuals) (2,213); charitable organizations (146).

**Which custodians does 1919 Investment Counsel, LLC use?**
1919 Investment Counsel, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., Citigroup Private Bank, Fidelity Brokerage Services LLC and U.S. Bancorp Investments, Inc. as custodians holding 10% or more of its separately managed account assets.

**Does 1919 Investment Counsel, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/133370

**What changed in 1919 Investment Counsel, LLC's recent Form ADV filings?**
In the May 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Other

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Citigroup Private Bank
- Fidelity Brokerage Services LLC
- U.S. Bancorp Investments, Inc.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $26,036,166,216
- Discretionary: $25,942,155,978
- Non-discretionary: $94,010,238

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 2,213 | $1,015,405,892 |
| High net worth individuals | 2,653 | $18,840,060,771 |
| Investment companies | 2 | $1,048,458,042 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 50 | $962,275,770 |
| Charitable organizations | 146 | $2,370,889,506 |
| State or municipal government entities (including government pension plans) | 3 | $40,193,509 |
| Corporations or other businesses not listed above | 102 | $1,758,882,726 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2004 (21 years)
- Employees: 131 total, 52 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Birmingham, AL
- Charlotte, NC
- Cincinnati, OH
- New York, NY
- Philadelphia, PA
- San Francisco, CA
- Vero Beach, FL

### Websites listed on Form ADV (Item 1.I)
- [1919funds.com](https://1919funds.com)
- [1919ic.com](https://1919ic.com)
- [1919strategies.com](https://1919strategies.com)
- LinkedIn @1919INVESTMENTCOUNSEL

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $17,554,381,658 | 125 | July 12, 2021 |
| October 2022 | $21,063,150,819 | 124 | June 15, 2022 |
| October 2023 | $17,378,996,240 | 121 | March 31, 2023 |
| October 2024 | $21,255,587,588 | 136 | March 27, 2024 |
| October 2025 | $23,984,805,749 | 133 | June 13, 2025 |
| October 2026 | $26,036,166,216 | 131 | August 27, 2026 |

Regulatory assets under management: $17,554,381,658 in the October 2021 data and $26,036,166,216 in the October 2026 data, up 48%.
Total employees: 125 in October 2021 and 131 in October 2026.

## Changes in the filing (last 12 months)

### May 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 53 to 52.
- Registered or notice-filed in PR.

### February 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. 1919 Investment Counsel, LLC (CRD 133370): Form ADV filing data as of October 2026.