# Fermat Capital Management, LLC

> Fermat Capital Management, LLC is an SEC-registered investment advisory firm in Westport, CT, registered since 2006, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 26, 2026.

- CRD: 134099
- Filed as: FERMAT CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Westport, CT
- Filing period: October 2026
- Form ADV filing dated: March 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/134099
- AdvisorCensus page: https://advisorcensus.com/firm/fermat-capital-management-llc-westport-ct-134099

## Quick answers

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

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

**Is Fermat Capital Management, LLC registered with the SEC or a state?**
Fermat Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 134099.

**How much does Fermat Capital Management, LLC manage?**
Fermat Capital Management, LLC reports $11,140,188,586 in regulatory assets under management in its Form ADV filing dated March 26, 2026 (90% discretionary).

**How have Fermat Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Fermat Capital Management, LLC: Regulatory assets under management: $8,330,505,748 in the October 2021 data and $11,140,188,586 in the October 2026 data, up 34%. Total employees: 31 in October 2021 and 47 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Fermat Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: sovereign wealth funds and foreign official institutions (7); pooled investment vehicles (other than investment companies and business development companies) (5).

**Which custodians does Fermat Capital Management, LLC use?**
Fermat Capital Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of New York Mellon, Citibank and J.P. Morgan as custodians holding 10% or more of its separately managed account assets.

**Does Fermat Capital Management, 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/134099

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Bank of New York Mellon
- Citibank
- J.P. Morgan

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: $11,140,188,586
- Discretionary: $10,051,918,329
- Non-discretionary: $1,088,270,257

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | Not reported | $0 |
| High net worth individuals | Not reported | $0 |
| Banking or thrift institutions | Not reported | $0 |
| Investment companies | Not reported | $0 |
| Business development companies | Not reported | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $5,245,936,791 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Not reported | $0 |
| Charitable organizations | Not reported | $0 |
| State or municipal government entities (including government pension plans) | Not reported | $0 |
| Other investment advisers | Not reported | $0 |
| Insurance companies | Fewer than 5 | $777,521,257 |
| Sovereign wealth funds and foreign official institutions | 7 | $5,116,730,538 |
| Corporations or other businesses not listed above | Not reported | $0 |
| Other | Not reported | $0 |

### Advisory services (Item 5.G)
- 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: 2006 (20 years)
- Employees: 47 total, 15 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $8,330,505,748 | 31 | March 23, 2021 |
| October 2022 | $9,204,212,915 | 31 | March 28, 2022 |
| October 2023 | $10,097,139,000 | 35 | March 27, 2023 |
| October 2024 | $10,954,239,406 | 37 | July 31, 2024 |
| October 2025 | $11,062,776,304 | 41 | March 28, 2025 |
| October 2026 | $11,140,188,586 | 47 | March 26, 2026 |

Regulatory assets under management: $8,330,505,748 in the October 2021 data and $11,140,188,586 in the October 2026 data, up 34%.
Total employees: 31 in October 2021 and 47 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Fermat Capital Management, LLC (CRD 134099): Form ADV filing data as of October 2026.