# Contrary LLC

> Contrary LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2023, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated July 8, 2026.

- CRD: 311054
- Filed as: CONTRARY LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: July 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/311054
- AdvisorCensus page: https://advisorcensus.com/firm/contrary-llc-san-francisco-ca-311054

## Quick answers

**How is Contrary LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Contrary LLC 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 Contrary LLC located?**
Contrary LLC's principal office is in San Francisco, CA, according to its Form ADV.

**Is Contrary LLC registered with the SEC or a state?**
Contrary LLC is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 311054.

**How much does Contrary LLC manage?**
Contrary LLC reports $480,520,000 in regulatory assets under management in its Form ADV filing dated July 8, 2026 (100% discretionary).

**How have Contrary LLC's assets and staff changed since 2021?**
In the Form ADV data for Contrary LLC: Regulatory assets under management: $181,970,000 in the October 2023 data and $480,520,000 in the October 2026 data, up 164%. Total employees: 20 in October 2023 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Contrary LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (11).

**Does Contrary 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/311054

**What changed in Contrary LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $287,790,000 to $480,520,000 (+67%). Registered or notice-filed in OR.

## 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: $480,520,000
- Discretionary: $480,520,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 11 | $480,520,000 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2023 (3 years)
- Employees: 12 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NY, OR, PA, UT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- contrary.com
- research.contrary.com
- startupsearch.com
- Facebook @startupsearchjobs
- Instagram @contrarycapital
- Instagram @startup_search
- LinkedIn @contrarycapital
- LinkedIn @contrary-research
- LinkedIn @startupsearch
- X @Contrary_Res
- X @contrarycapital
- X @startupsearch

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | Not reported | Not reported | July 7, 2021 |
| October 2022 | Not reported | Not reported | March 24, 2022 |
| October 2023 | $181,970,000 | 20 | August 15, 2023 |
| October 2024 | $198,640,000 | 20 | March 29, 2024 |
| October 2025 | $287,790,000 | 15 | July 25, 2025 |
| October 2026 | $480,520,000 | 12 | July 8, 2026 |

Regulatory assets under management: $181,970,000 in the October 2023 data and $480,520,000 in the October 2026 data, up 164%.
Total employees: 20 in October 2023 and 12 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $287,790,000 to $480,520,000 (+67%).
- Registered or notice-filed in OR.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Contrary LLC (CRD 311054): Form ADV filing data as of October 2026.