# F/M Investments LLC

> F/M Investments LLC is an SEC-registered investment advisory firm in Washington, DC, registered since 2019, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 26, 2026.

- CRD: 304405
- Filed as: F/M INVESTMENTS LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Washington, DC
- Filing period: October 2026
- Form ADV filing dated: August 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/304405
- AdvisorCensus page: https://advisorcensus.com/firm/f-m-investments-llc-washington-dc-304405

## Quick answers

**How is F/M Investments LLC compensated?**
On its Form ADV (Item 5.E, October 2026), F/M Investments LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is F/M Investments LLC located?**
F/M Investments LLC's principal office is in Washington, DC, according to its Form ADV; the September 2026 filing also lists 4 other offices (Schedule D, Section 1.F).

**Is F/M Investments LLC registered with the SEC or a state?**
F/M Investments LLC is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 304405.

**How much does F/M Investments LLC manage?**
F/M Investments LLC reports $17,735,998,522 in regulatory assets under management in its Form ADV filing dated August 26, 2026 (99% discretionary).

**How have F/M Investments LLC's assets and staff changed since 2021?**
In the Form ADV data for F/M Investments LLC: Regulatory assets under management: $1,466,253,671 in the October 2021 data and $17,735,998,522 in the October 2026 data, up 1110%. Total employees: 20 in October 2021 and 83 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does F/M Investments LLC serve?**
By number of clients on Form ADV Item 5.D: other investment advisers (3,971); high net worth individuals (797); corporations or other businesses not listed above (497).

**Which custodians does F/M Investments LLC use?**
F/M Investments LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists U.S. Bancorp Investments, Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does F/M Investments 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/304405

**What changed in F/M Investments LLC's recent Form ADV filings?**
In the September 2026 filing data: No longer lists the business name Oakhurst Capital Advisors LLC. Added an office in Clayton, MO. No longer lists an office in Los Angeles, CA. No longer lists an office in St Louis, MO.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- U.S. Bancorp Investments, Inc.

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: $17,735,998,522
- Discretionary: $17,643,810,046
- Non-discretionary: $92,188,476

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 202 | $80,514,020 |
| High net worth individuals | 797 | $999,665,123 |
| Banking or thrift institutions | 25 | $116,857,783 |
| Investment companies | 23 | $8,566,241,240 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 53 | $334,063,747 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 108 | $2,341,914,800 |
| Charitable organizations | 77 | $255,134,454 |
| State or municipal government entities (including government pension plans) | 19 | $112,303,855 |
| Other investment advisers | 3,971 | $1,824,554,548 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 497 | $3,062,401,644 |
| Other | 8 | $42,347,308 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- 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
- Pension consulting services
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2019 (7 years)
- Employees: 83 total, 46 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Boston, MA
- Chicago, IL
- Clayton, MO
- Milwaukee, WI

### Websites listed on Form ADV (Item 1.I)
- etfaction.com/author/fm_investments
- fminvest.com
- zcm.com
- Facebook @usbenchmarkseries
- Instagram @fminvestmentsllc
- LinkedIn @f-m-investments-llc
- LinkedIn @alexander-morris-a0a89422
- LinkedIn @david-littleton
- LinkedIn @kimberly-lavigne-5631571a6
- LinkedIn @zcm-ziegler-capital-management
- X @alexmorrisfm
- X @fminvestllc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,466,253,671 | 20 | May 26, 2021 |
| October 2022 | $1,444,691,093 | 21 | July 15, 2022 |
| October 2023 | $1,865,627,695 | 18 | May 16, 2023 |
| October 2024 | $12,845,275,039 | 67 | April 23, 2024 |
| October 2025 | $16,899,434,237 | 70 | April 3, 2025 |
| October 2026 | $17,735,998,522 | 83 | August 26, 2026 |

Regulatory assets under management: $1,466,253,671 in the October 2021 data and $17,735,998,522 in the October 2026 data, up 1110%.
Total employees: 20 in October 2021 and 83 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- No longer lists the business name Oakhurst Capital Advisors LLC.
- Added an office in Clayton, MO.
- No longer lists an office in Los Angeles, CA.
- No longer lists an office in St Louis, MO.

### April 2026
- Employees performing advisory functions went from 38 to 46.
- No longer lists an office in Lawrence, KS.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. F/M Investments LLC (CRD 304405): Form ADV filing data as of October 2026.