# Lyons Investment Management

> Lyons Investment Management is an SEC-registered investment advisory firm in Winter Park, FL, registered since 2013, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated March 25, 2026.

- CRD: 166788
- Filed as: LYONS INVESTMENT MANAGEMENT
- Legal name: Great Northern Asset Management, Inc.
- Also doing business as: GREAT NORTHERN CAPITAL
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Winter Park, FL
- Filing period: October 2026
- Form ADV filing dated: March 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/166788
- AdvisorCensus page: https://advisorcensus.com/firm/lyons-investment-management-winter-park-fl-166788

## Quick answers

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

**How much does Lyons Investment Management charge?**
Its Form ADV Part 2A brochure dated March 25, 2026 states: Asset-based fee: up to 1.5% of assets a year (the maximum the brochure states). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Lyons Investment Management located?**
Lyons Investment Management's principal office is in Winter Park, FL, according to its Form ADV.

**Is Lyons Investment Management registered with the SEC or a state?**
Lyons Investment Management is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 166788.

**How much does Lyons Investment Management manage?**
Lyons Investment Management reports $73,067,315 in regulatory assets under management in its Form ADV filing dated March 25, 2026 (100% discretionary).

**How have Lyons Investment Management's assets and staff changed since 2021?**
In the Form ADV data for Lyons Investment Management: Regulatory assets under management: $91,159,321 in the October 2021 data and $73,067,315 in the October 2026 data, down 20%. Total employees: 6 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Lyons Investment Management serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (15); high net worth individuals (14); pension and profit sharing plans (but not the plan participants or government pension plans) (2).

**Which custodians does Lyons Investment Management use?**
Lyons Investment Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists US Bank as a custodian holding 10% or more of its separately managed account assets.

**Does Lyons Investment Management 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/166788

**What changed in Lyons Investment Management's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $64,189,094 to $73,067,315 (+14%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 25, 2026)

- Asset-based fee: up to 1.5% of assets a year (the maximum the brochure states)

> Our annual fee for portfolio management services will not exceed 1.50% of the market value of your assets under our management.

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

### Custodians (Schedule D, Section 5.K(3))
- US Bank

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: $73,067,315
- Discretionary: $73,067,315
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 15 | $6,430,824 |
| High net worth individuals | 14 | $49,382,262 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 2 | $3,214,375 |
| Corporations or other businesses not listed above | 2 | $10,552,563 |
| Other | 2 | $3,487,291 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2013 (13 years)
- Employees: 5 total, 2 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: FL, NJ, NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [gnci.com](https://gnci.com)
- [lyonsinvest.com](https://lyonsinvest.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $91,159,321 | 6 | September 1, 2021 |
| October 2022 | $79,095,407 | 6 | March 23, 2022 |
| October 2023 | $70,636,740 | 6 | March 10, 2023 |
| October 2024 | $61,637,222 | 6 | March 15, 2024 |
| October 2025 | $64,189,094 | 5 | March 21, 2025 |
| October 2026 | $73,067,315 | 5 | March 25, 2026 |

Regulatory assets under management: $91,159,321 in the October 2021 data and $73,067,315 in the October 2026 data, down 20%.
Total employees: 6 in October 2021 and 5 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $64,189,094 to $73,067,315 (+14%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Lyons Investment Management (CRD 166788): Form ADV filing data as of October 2026.