# Black Toro LLC

> Black Toro LLC is an SEC-registered investment advisory firm in Miami, FL, registered since 2023, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 315289
- Filed as: BLACK TORO LLC
- Also doing business as: BLACK TORO GLOBAL INVESTMENTS, TORO ASSET MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Miami, FL
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/315289
- AdvisorCensus page: https://advisorcensus.com/firm/black-toro-llc-miami-fl-315289

## Quick answers

**How is Black Toro LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Black Toro LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**How much does Black Toro LLC charge?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Flat fee: $300,000 a year (discretionary and non-discretionary asset management services). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Black Toro LLC located?**
Black Toro LLC's principal office is in Miami, FL, according to its Form ADV.

**Is Black Toro LLC registered with the SEC or a state?**
Black Toro LLC is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 315289.

**How much does Black Toro LLC manage?**
Black Toro LLC reports $345,141,149 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (9% discretionary).

**How have Black Toro LLC's assets and staff changed since 2021?**
In the Form ADV data for Black Toro LLC: Regulatory assets under management: $0 in the October 2021 data and $345,141,149 in the October 2026 data. Total employees: 2 in October 2021 and 15 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Black Toro LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (34); high net worth individuals (29); pooled investment vehicles (other than investment companies and business development companies) (1).

**Which custodians does Black Toro LLC use?**
Black Toro LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Banco Santander, Bank of China, JP Morgan, Raymond James & Associates, Inc. and UBS Financial Services Inc. as custodians holding 10% or more of its separately managed account assets.

**Does Black Toro 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/315289

**Does Black Toro LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 31, 2026 says: "The minimum dollar value for establishing an account is generally $1,000,000. Initial investments of a lesser amount may be accepted at Adviser’s discretion."

**What changed in Black Toro LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 7 to 5. Regulatory assets under management went from $276,710,783 to $345,141,149 (+25%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> The minimum dollar value for establishing an account is generally $1,000,000. Initial investments of a lesser amount may be accepted at Adviser’s discretion.

- Flat fee: $300,000 a year (discretionary and non-discretionary asset management services)

> For the discretionary and non -discretionary asset management services BLACK TORO may charge a fixed annual fee of up to $300,000

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Banco Santander
- Bank of China
- JP Morgan
- Raymond James & Associates, Inc.
- UBS Financial Services 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: $345,141,149
- Discretionary: $32,233,361
- Non-discretionary: $312,907,788

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 34 | $12,023,333 |
| High net worth individuals | 29 | $83,707,001 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $2,929,451 |
| Insurance companies | 1 | $246,481,364 |

### 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: 2023 (3 years)
- Employees: 15 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- blacktoro.us

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $0 | 2 | August 25, 2021 |
| October 2022 | $0 | 2 | September 14, 2022 |
| October 2023 | $158,778,767 | 10 | September 21, 2023 |
| October 2024 | $229,131,919 | 10 | August 21, 2024 |
| October 2025 | $276,710,783 | 12 | March 31, 2025 |
| October 2026 | $345,141,149 | 15 | March 31, 2026 |

Regulatory assets under management: $0 in the October 2021 data and $345,141,149 in the October 2026 data.
Total employees: 2 in October 2021 and 15 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 7 to 5.
- Regulatory assets under management went from $276,710,783 to $345,141,149 (+25%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Black Toro LLC (CRD 315289): Form ADV filing data as of October 2026.