{
  "crd_number": 125780,
  "slug": "capital-fund-management-s-a-paris-125780",
  "primary_business_name": "CAPITAL FUND MANAGEMENT S.A.",
  "legal_name": "CAPITAL FUND MANAGEMENT S.A.",
  "dbas": [],
  "city": "Paris",
  "state": null,
  "country": "France",
  "cbsa_code": null,
  "metro": null,
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2003-04-07",
  "years_registered": 23,
  "period": "2026-10-01",
  "filing_date": "2026-03-26",
  "carried_forward": false,
  "raum_total": 13381701504.0,
  "raum_discretionary": 13381701504.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 348,
  "advisory_employees": 94,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "charitable": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "investment_companies": {
      "raum": 665619246.0,
      "count": 4
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "high_net_worth_individuals": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "pooled_investment_vehicles": {
      "raum": 12716082258.0,
      "count": 11
    },
    "corporations_other_businesses": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0,
      "fewer_than_5": true
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 1,
  "states_registered": [],
  "websites": [
    "https://cfm.com",
    "https://linkedin.com/company/capital-fund-management",
    "https://welcometothejungle.com/en/companies/capital-fund-management"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/125780",
  "disclosure_items": [
    {
      "item": "11.D(4)",
      "question": "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?"
    }
  ],
  "city_as_filed": "PARIS",
  "url": "https://advisorcensus.com/firm/capital-fund-management-s-a-paris-125780",
  "display_name": "Capital Fund Management S.A.",
  "summary": "Capital Fund Management S.A. is an SEC-registered investment advisory firm in Paris, France, registered since 2003, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 26, 2026.",
  "citation": "AdvisorCensus. Capital Fund Management S.A. (CRD 125780): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "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"
  ],
  "quick_answers": [
    {
      "q": "How is Capital Fund Management S.A. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Capital Fund Management S.A. 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."
    },
    {
      "q": "Where is Capital Fund Management S.A. located?",
      "a": "Capital Fund Management S.A.'s principal office is in Paris, France, according to its Form ADV."
    },
    {
      "q": "Is Capital Fund Management S.A. registered with the SEC or a state?",
      "a": "Capital Fund Management S.A. is an SEC-registered investment advisory firm, registered since 2003. Status as filed: Approved. CRD 125780."
    },
    {
      "q": "How much does Capital Fund Management S.A. manage?",
      "a": "Capital Fund Management S.A. reports $13,381,701,504 in regulatory assets under management in its Form ADV filing dated March 26, 2026 (100% discretionary)."
    },
    {
      "q": "How have Capital Fund Management S.A.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Capital Fund Management S.A.: Regulatory assets under management: $5,503,932,278 in the October 2021 data and $13,381,701,504 in the October 2026 data, up 143%. Total employees: 214 in October 2021 and 348 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Capital Fund Management S.A. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (11); investment companies (4)."
    },
    {
      "q": "Does Capital Fund Management S.A. report any disciplinary disclosures?",
      "a": "Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(4) (another regulator's order in the past ten years). 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/125780"
    },
    {
      "q": "What changed in Capital Fund Management S.A.'s recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 79 to 94."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 5503932278.0,
      "total_employees": 214,
      "filing_date": "2021-03-30"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 6607350558.0,
      "total_employees": 185,
      "filing_date": "2022-03-30"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 7658046698.0,
      "total_employees": 212,
      "filing_date": "2023-03-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 10178009780.0,
      "total_employees": 242,
      "filing_date": "2024-06-25"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 12269414483.0,
      "total_employees": 285,
      "filing_date": "2025-07-02"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 13381701504.0,
      "total_employees": 348,
      "filing_date": "2026-03-26"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 79 to 94."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/capital-fund-management-s-a-paris-125780.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 4,
      "fewer_than_5": false,
      "raum": 665619246.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 11,
      "fewer_than_5": false,
      "raum": 12716082258.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": true,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports 1 disclosure item on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/125780",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}