# Churchill Asset Management LLC

> Churchill Asset Management LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2015, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 15, 2026.

- CRD: 175092
- Filed as: CHURCHILL ASSET MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: June 15, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/175092
- AdvisorCensus page: https://advisorcensus.com/firm/churchill-asset-management-llc-new-york-ny-175092

## Quick answers

**How is Churchill Asset Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Churchill Asset Management LLC reports these compensation arrangements: a percentage of assets under its management; subscription fees (for a newsletter or periodical); fixed fees (other than subscription fees); performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Churchill Asset Management LLC located?**
Churchill Asset Management LLC's principal office is in New York, NY, according to its Form ADV; the July 2026 filing also lists 4 other offices (Schedule D, Section 1.F).

**Is Churchill Asset Management LLC registered with the SEC or a state?**
Churchill Asset Management LLC is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 175092.

**How much does Churchill Asset Management LLC manage?**
Churchill Asset Management LLC reports $55,662,946,430 in regulatory assets under management in its Form ADV filing dated June 15, 2026 (100% discretionary).

**How have Churchill Asset Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Churchill Asset Management LLC: Regulatory assets under management: $17,891,891,077 in the October 2021 data and $55,662,946,430 in the October 2026 data, up 211%. Total employees: 90 in October 2021 and 206 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Churchill Asset Management LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (48); other (9); insurance companies (8).

**Which custodians does Churchill Asset Management LLC use?**
Churchill Asset Management LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists JP Morgan Chase Bank NA, State Street Bank and Trust Company, The Bank of New York Mellon and US Bank National Association as custodians holding 10% or more of its separately managed account assets.

**Does Churchill Asset Management LLC report any disciplinary disclosures?**
Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation) and 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/175092

**What changed in Churchill Asset Management LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 73 to 79. Regulatory assets under management went from $47,142,923,417 to $55,662,946,430 (+18%). 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
- Subscription fees (for a newsletter or periodical)
- Fixed fees (other than subscription fees)
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- JP Morgan Chase Bank NA
- State Street Bank and Trust Company
- The Bank of New York Mellon
- US Bank National Association

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: $55,662,946,430
- Discretionary: $55,662,946,430
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 2 | $1,060,168,330 |
| Business development companies | 3 | $5,107,993,873 |
| Pooled investment vehicles (other than investment companies and business development companies) | 48 | $24,503,846,266 |
| Insurance companies | 8 | $19,525,933,897 |
| Sovereign wealth funds and foreign official institutions | 2 | $1,623,794,930 |
| Other | 9 | $3,841,209,134 |

### 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
- Publication of periodicals or newsletters
- Other

### Firm details
- Registered since: 2015 (11 years)
- Employees: 206 total, 79 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports 2 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 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?

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/175092

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Charlotte, NC
- Chicago, IL
- El Segundo, CA
- Palm Beach Gardens, FL

### Websites listed on Form ADV (Item 1.I)
- churchillam.com
- ncdl.com
- theleadleft.com
- LinkedIn @churchill-asset-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $17,891,891,077 | 90 | April 22, 2021 |
| October 2022 | $26,829,876,169 | 114 | March 31, 2022 |
| October 2023 | $38,412,615,731 | 155 | September 8, 2023 |
| October 2024 | $42,453,206,348 | 167 | August 29, 2024 |
| October 2025 | $47,142,923,417 | 198 | April 3, 2025 |
| October 2026 | $55,662,946,430 | 206 | June 15, 2026 |

Regulatory assets under management: $17,891,891,077 in the October 2021 data and $55,662,946,430 in the October 2026 data, up 211%.
Total employees: 90 in October 2021 and 206 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 73 to 79.
- Regulatory assets under management went from $47,142,923,417 to $55,662,946,430 (+18%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Churchill Asset Management LLC (CRD 175092): Form ADV filing data as of October 2026.