# HFR Asset Management, L.L.C

> HFR Asset Management, L.L.C is an SEC-registered investment advisory firm in Chicago, IL, registered since 2001, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated February 6, 2026.

- CRD: 111705
- Filed as: HFR ASSET MANAGEMENT, L.L.C
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: February 6, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/111705
- AdvisorCensus page: https://advisorcensus.com/firm/hfr-asset-management-l-l-c-chicago-il-111705

## Quick answers

**How is HFR Asset Management, L.L.C compensated?**
On its Form ADV (Item 5.E, October 2026), HFR Asset Management, L.L.C reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees; other.

**Where is HFR Asset Management, L.L.C located?**
HFR Asset Management, L.L.C's principal office is in Chicago, IL, according to its Form ADV.

**Is HFR Asset Management, L.L.C registered with the SEC or a state?**
HFR Asset Management, L.L.C is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 111705.

**How much does HFR Asset Management, L.L.C manage?**
HFR Asset Management, L.L.C reports $326,180,124 in regulatory assets under management in its Form ADV filing dated February 6, 2026 (100% discretionary).

**How have HFR Asset Management, L.L.C's assets and staff changed since 2021?**
In the Form ADV data for HFR Asset Management, L.L.C: Regulatory assets under management: $5,021,411,398 in the October 2021 data and $326,180,124 in the October 2026 data, down 94%. Total employees: 4 in October 2021 and 2 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does HFR Asset Management, L.L.C serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).

**Does HFR Asset Management, L.L.C 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/111705

**Does HFR Asset Management, L.L.C state an account minimum?**
Its Form ADV Part 2A brochure dated February 6, 2026 says: "HFR typically requires a minimum of $15 million for a separately managed account to be opened. Smaller accounts may be opened at HFR’s discretion."

**What changed in HFR Asset Management, L.L.C's recent Form ADV filings?**
In the March 2026 filing data: Regulatory assets under management went from $5,117,079,131 to $326,180,124 (-94%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated February 6, 2026)

- Account minimum: $15,000,000 (the brochure says it may be waived or negotiated)

> HFR typically requires a minimum of $15 million for a separately managed account to be opened. Smaller accounts may be opened at HFR’s discretion.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $326,180,124
- Discretionary: $326,180,124
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $326,180,124 |

### 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
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2001 (25 years)
- Employees: 2 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $5,021,411,398 | 4 | March 24, 2021 |
| October 2022 | $8,496,390,459 | 4 | September 7, 2022 |
| October 2023 | $2,529,224,324 | 3 | March 31, 2023 |
| October 2024 | $3,207,580,253 | 3 | March 28, 2024 |
| October 2025 | $5,117,079,131 | 3 | March 31, 2025 |
| October 2026 | $326,180,124 | 2 | February 6, 2026 |

Regulatory assets under management: $5,021,411,398 in the October 2021 data and $326,180,124 in the October 2026 data, down 94%.
Total employees: 4 in October 2021 and 2 in October 2026.

## Changes in the filing (last 12 months)

### March 2026
- Regulatory assets under management went from $5,117,079,131 to $326,180,124 (-94%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. HFR Asset Management, L.L.C (CRD 111705): Form ADV filing data as of October 2026.