# HFR Investments, LLC

> HFR Investments, LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 2020, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated February 11, 2026.

- CRD: 307372
- Filed as: HFR INVESTMENTS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: February 11, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/307372
- AdvisorCensus page: https://advisorcensus.com/firm/hfr-investments-llc-chicago-il-307372

## Quick answers

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

**Where is HFR Investments, LLC located?**
HFR Investments, LLC's principal office is in Chicago, IL, according to its Form ADV.

**Is HFR Investments, LLC registered with the SEC or a state?**
HFR Investments, LLC is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 307372.

**How much does HFR Investments, LLC manage?**
HFR Investments, LLC reports $326,180,124 in regulatory assets under management in its Form ADV filing dated February 11, 2026 (100% discretionary).

**How have HFR Investments, LLC's assets and staff changed since 2021?**
In the Form ADV data for HFR Investments, LLC: Regulatory assets under management: $137,716,757 in the October 2021 data and $326,180,124 in the October 2026 data, up 137%. Total employees: 3 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 Investments, LLC 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 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/307372

**Does HFR Investments, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated February 11, 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 Investments, LLC'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 11, 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: 2020 (6 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.

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $137,716,757 | 3 | March 16, 2021 |
| October 2022 | $8,496,390,459 | 3 | September 13, 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 11, 2026 |

Regulatory assets under management: $137,716,757 in the October 2021 data and $326,180,124 in the October 2026 data, up 137%.
Total employees: 3 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 Investments, LLC (CRD 307372): Form ADV filing data as of October 2026.