# Discovery Capital Management, LLC

> Discovery Capital Management, LLC is an SEC-registered investment advisory firm in South Norwalk, CT, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 161263
- Filed as: DISCOVERY CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: South Norwalk, CT
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/161263
- AdvisorCensus page: https://advisorcensus.com/firm/discovery-capital-management-llc-south-norwalk-ct-161263

## Quick answers

**How is Discovery Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Discovery Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Discovery Capital Management, LLC located?**
Discovery Capital Management, LLC's principal office is in South Norwalk, CT, according to its Form ADV.

**Is Discovery Capital Management, LLC registered with the SEC or a state?**
Discovery Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 161263.

**How much does Discovery Capital Management, LLC manage?**
Discovery Capital Management, LLC reports $6,748,629,715 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Discovery Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Discovery Capital Management, LLC: Regulatory assets under management: $3,666,487,015 in the October 2021 data and $6,748,629,715 in the October 2026 data, up 84%. Total employees: 44 in October 2021 and 36 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Discovery Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (15).

**Does Discovery Capital Management, LLC 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/161263

**What changed in Discovery Capital Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $4,297,248,915 to $6,748,629,715 (+57%). Employees performing advisory functions went from 19 to 20.

## 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: $6,748,629,715
- Discretionary: $6,748,629,715
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 15 | $6,748,629,715 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 36 total, 20 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT
- 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/161263

### Websites listed on Form ADV (Item 1.I)
- discoverycapitalmanagement.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,666,487,015 | 44 | May 20, 2021 |
| October 2022 | $3,746,445,165 | 43 | March 31, 2022 |
| October 2023 | $2,518,273,833 | 35 | March 31, 2023 |
| October 2024 | $2,551,384,557 | 35 | March 28, 2024 |
| October 2025 | $4,297,248,915 | 36 | March 28, 2025 |
| October 2026 | $6,748,629,715 | 36 | March 31, 2026 |

Regulatory assets under management: $3,666,487,015 in the October 2021 data and $6,748,629,715 in the October 2026 data, up 84%.
Total employees: 44 in October 2021 and 36 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $4,297,248,915 to $6,748,629,715 (+57%).
- Employees performing advisory functions went from 19 to 20.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Discovery Capital Management, LLC (CRD 161263): Form ADV filing data as of October 2026.