# ASB Capital Management LLC

> ASB Capital Management LLC is an SEC-registered investment advisory firm in Bethesda, MD, registered since 2000, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated April 29, 2026.

- CRD: 110995
- Filed as: ASB CAPITAL MANAGEMENT LLC
- Also doing business as: ASB INVESTMENT MANAGEMENT, A DIVISION OF ASB CAPITAL MANAGEMENT LLC, ASB REAL ESTATE INVESTMENTS, A DIVISION OF ASB CAPITAL MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Bethesda, MD
- Filing period: October 2026
- Form ADV filing dated: April 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/110995
- AdvisorCensus page: https://advisorcensus.com/firm/asb-capital-management-llc-bethesda-md-110995

## Quick answers

**How is ASB Capital Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), ASB Capital Management LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is ASB Capital Management LLC located?**
ASB Capital Management LLC's principal office is in Bethesda, MD, according to its Form ADV; the May 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is ASB Capital Management LLC registered with the SEC or a state?**
ASB Capital Management LLC is an SEC-registered investment advisory firm, registered since 2000. Status as filed: Approved. CRD 110995.

**How much does ASB Capital Management LLC manage?**
ASB Capital Management LLC reports $36,676,563,819 in regulatory assets under management in its Form ADV filing dated April 29, 2026 (100% discretionary).

**How have ASB Capital Management LLC's assets and staff changed since 2021?**
In the Form ADV data for ASB Capital Management LLC: Regulatory assets under management: $30,517,376,607 in the October 2021 data and $36,676,563,819 in the October 2026 data, up 20%. Total employees: 77 in October 2021 and 62 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does ASB Capital Management LLC serve?**
By number of clients on Form ADV Item 5.D: pension and profit sharing plans (but not the plan participants or government pension plans) (21); corporations or other businesses not listed above (19); charitable organizations (18).

**Which custodians does ASB Capital Management LLC use?**
ASB Capital Management LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY, Chevy Chase Trust Company (affiliated with the firm), Comerica and US Bank as custodians holding 10% or more of its separately managed account assets.

**Does ASB Capital Management 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/110995

**What changed in ASB Capital Management LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 31 to 33. Regulatory assets under management went from $32,868,383,920 to $36,676,563,819 (+12%). 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
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- BNY
- Chevy Chase Trust Company (affiliated with the firm)
- Comerica
- US Bank

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: $36,676,563,819
- Discretionary: $36,676,563,819
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 1 | $16,124,562 |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $32,991,035,099 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 21 | $1,129,533,531 |
| Charitable organizations | 18 | $176,497,611 |
| State or municipal government entities (including government pension plans) | 1 | $5,240,054 |
| Insurance companies | 18 | $736,585,689 |
| Corporations or other businesses not listed above | 19 | $1,621,547,273 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2000 (26 years)
- Employees: 62 total, 33 performing advisory functions
- Wrap fee program participation: No
- 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, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, 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 May 2026 filing
- Palo Alto, CA

### Websites listed on Form ADV (Item 1.I)
- asbcm.com
- asbrealestate.com
- LinkedIn @asb-capital-management
- LinkedIn @asb-real-estate-investments

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $30,517,376,607 | 77 | June 1, 2021 |
| October 2022 | $32,464,614,170 | 77 | July 11, 2022 |
| October 2023 | $27,057,564,881 | 77 | June 6, 2023 |
| October 2024 | $29,726,275,256 | 80 | August 19, 2024 |
| October 2025 | $32,868,383,920 | 67 | May 21, 2025 |
| October 2026 | $36,676,563,819 | 62 | April 29, 2026 |

Regulatory assets under management: $30,517,376,607 in the October 2021 data and $36,676,563,819 in the October 2026 data, up 20%.
Total employees: 77 in October 2021 and 62 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 31 to 33.
- Regulatory assets under management went from $32,868,383,920 to $36,676,563,819 (+12%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. ASB Capital Management LLC (CRD 110995): Form ADV filing data as of October 2026.