# Calvert Research and Management

> Calvert Research and Management is an SEC-registered investment advisory firm in Washington, DC, registered since 2016, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 31, 2026.

- CRD: 285127
- Filed as: CALVERT RESEARCH AND MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Washington, DC
- Filing period: October 2026
- Form ADV filing dated: July 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/285127
- AdvisorCensus page: https://advisorcensus.com/firm/calvert-research-and-management-washington-dc-285127

## Quick answers

**How is Calvert Research and Management compensated?**
On its Form ADV (Item 5.E, October 2026), Calvert Research and Management reports these compensation arrangements: a percentage of assets under its management.

**Where is Calvert Research and Management located?**
Calvert Research and Management's principal office is in Washington, DC, according to its Form ADV; the August 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is Calvert Research and Management registered with the SEC or a state?**
Calvert Research and Management is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 285127.

**How much does Calvert Research and Management manage?**
Calvert Research and Management reports $40,257,330,574 in regulatory assets under management in its Form ADV filing dated July 31, 2026 (100% discretionary).

**How have Calvert Research and Management's assets and staff changed since 2021?**
In the Form ADV data for Calvert Research and Management: Regulatory assets under management: $27,725,970,607 in the October 2021 data and $40,257,330,574 in the October 2026 data, up 45%. Total employees: 271 in October 2021 and 64 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Calvert Research and Management serve?**
By number of clients on Form ADV Item 5.D: other (1,865); investment companies (44); pension and profit sharing plans (but not the plan participants or government pension plans) (3).

**Which custodians does Calvert Research and Management use?**
Calvert Research and Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Caisse DES Depots, JP Morgan Chase and Morgan Stanley (affiliated with the firm) as custodians holding 10% or more of its separately managed account assets.

**Does Calvert Research and Management report any disciplinary disclosures?**
Reports 4 disclosure items on Form ADV Item 11: yes answers to 11.D(1) (another regulator's finding of a false statement or omission, or of dishonest, unfair, or unethical conduct), 11.D(2) (another regulator's finding of a violation), 11.D(4) (another regulator's order in the past ten years), and 11.F (authorization as an attorney, accountant, or federal contractor revoked or suspended). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/285127

**What changed in Calvert Research and Management's recent Form ADV filings?**
In the August 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

### Custodians (Schedule D, Section 5.K(3))
- Caisse DES Depots
- JP Morgan Chase
- Morgan Stanley (affiliated with the firm)

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: $40,257,330,574
- Discretionary: $40,257,330,574
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | Fewer than 5 | $0 |
| High net worth individuals | Fewer than 5 | $0 |
| Banking or thrift institutions | Fewer than 5 | $0 |
| Investment companies | 44 | $39,276,450,862 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $42,257,864 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 3 | $469,356,896 |
| Charitable organizations | Fewer than 5 | $0 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $0 |
| Other investment advisers | Fewer than 5 | $0 |
| Insurance companies | Fewer than 5 | $0 |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $0 |
| Corporations or other businesses not listed above | 2 | $30,823,423 |
| Other | 1,865 | $438,441,529 |

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

### Firm details
- Registered since: 2016 (10 years)
- Employees: 64 total, 57 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, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports 4 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(1): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.F: Has an authorization to act as an attorney, accountant, or federal contractor granted to the firm or an advisory affiliate ever been revoked or suspended?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/285127

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Boston, MA
- New York, NY
- Seattle, WA

### Websites listed on Form ADV (Item 1.I)
- calvert.com
- LinkedIn @calvert-research-and-management
- X @CalvertUpdates

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $27,725,970,607 | 271 | July 30, 2021 |
| October 2022 | $40,396,629,300 | 296 | March 31, 2022 |
| October 2023 | $33,598,717,296 | 256 | August 24, 2023 |
| October 2024 | $38,423,403,142 | 210 | March 28, 2024 |
| October 2025 | $39,548,164,290 | 257 | June 18, 2025 |
| October 2026 | $40,257,330,574 | 64 | July 31, 2026 |

Regulatory assets under management: $27,725,970,607 in the October 2021 data and $40,257,330,574 in the October 2026 data, up 45%.
Total employees: 271 in October 2021 and 64 in October 2026.

## Changes in the filing (last 12 months)

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

### April 2026
- Employees performing advisory functions went from 229 to 57.
- Updated its list of owners and control persons (Schedule A).

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Calvert Research and Management (CRD 285127): Form ADV filing data as of October 2026.