# Capital Fund Management S.A.

> 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.

- CRD: 125780
- Filed as: CAPITAL FUND MANAGEMENT S.A.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Paris, France
- Filing period: October 2026
- Form ADV filing dated: March 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/125780
- AdvisorCensus page: https://advisorcensus.com/firm/capital-fund-management-s-a-paris-125780

## Quick answers

**How is Capital Fund Management S.A. compensated?**
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.

**Where is Capital Fund Management S.A. located?**
Capital Fund Management S.A.'s principal office is in Paris, France, according to its Form ADV.

**Is Capital Fund Management S.A. registered with the SEC or a state?**
Capital Fund Management S.A. is an SEC-registered investment advisory firm, registered since 2003. Status as filed: Approved. CRD 125780.

**How much does Capital Fund Management S.A. manage?**
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).

**How have Capital Fund Management S.A.'s assets and staff changed since 2021?**
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.

**What types of clients does Capital Fund Management S.A. serve?**
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).

**Does Capital Fund Management S.A. report any disciplinary disclosures?**
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

**What changed in Capital Fund Management S.A.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 79 to 94.

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $13,381,701,504
- Discretionary: $13,381,701,504
- 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 | 4 | $665,619,246 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 11 | $12,716,082,258 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $0 |
| 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 | Fewer than 5 | $0 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 2003 (23 years)
- Employees: 348 total, 94 performing advisory functions
- Wrap fee program participation: Yes
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 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?

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/125780

### Websites listed on Form ADV (Item 1.I)
- cfm.com
- welcometothejungle.com/en/companies/capital-fund-management
- LinkedIn @capital-fund-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $5,503,932,278 | 214 | March 30, 2021 |
| October 2022 | $6,607,350,558 | 185 | March 30, 2022 |
| October 2023 | $7,658,046,698 | 212 | March 31, 2023 |
| October 2024 | $10,178,009,780 | 242 | June 25, 2024 |
| October 2025 | $12,269,414,483 | 285 | July 2, 2025 |
| October 2026 | $13,381,701,504 | 348 | March 26, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 79 to 94.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Capital Fund Management S.A. (CRD 125780): Form ADV filing data as of October 2026.