# Muddy Waters Capital LLC

> Muddy Waters Capital LLC is an SEC-registered investment advisory firm in Austin, TX, registered since 2017, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 28, 2026.

- CRD: 281411
- Filed as: MUDDY WATERS CAPITAL LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Austin, TX
- Filing period: October 2026
- Form ADV filing dated: March 28, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/281411
- AdvisorCensus page: https://advisorcensus.com/firm/muddy-waters-capital-llc-austin-tx-281411

## Quick answers

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

**Where is Muddy Waters Capital LLC located?**
Muddy Waters Capital LLC's principal office is in Austin, TX, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Muddy Waters Capital LLC registered with the SEC or a state?**
Muddy Waters Capital LLC is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 281411.

**How much does Muddy Waters Capital LLC manage?**
Muddy Waters Capital LLC reports $576,299,911 in regulatory assets under management in its Form ADV filing dated March 28, 2026 (100% discretionary).

**How have Muddy Waters Capital LLC's assets and staff changed since 2021?**
In the Form ADV data for Muddy Waters Capital LLC: Regulatory assets under management: $261,305,526 in the October 2021 data and $576,299,911 in the October 2026 data, up 121%. Total employees: 8 in October 2021 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Muddy Waters Capital LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (11).

**Does Muddy Waters Capital LLC report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.H(2) (pending civil proceeding). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/281411

**What changed in Muddy Waters Capital LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 8 to 10. Regulatory assets under management went from $308,820,184 to $576,299,911 (+87%).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $576,299,911
- Discretionary: $576,299,911
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 11 | $576,299,911 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2017 (9 years)
- Employees: 14 total, 10 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.H(2): Is the firm or an advisory affiliate now the subject of a civil proceeding that could result in a yes answer to any part of 11.H(1)?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/281411

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Ho Chi Minh City

### Websites listed on Form ADV (Item 1.I)
- muddywaterscapital.com
- muddywatersresearch.com
- X @MUDDYWATERSRE

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $261,305,526 | 8 | March 26, 2021 |
| October 2022 | $244,527,478 | 8 | March 30, 2022 |
| October 2023 | $344,685,243 | 10 | August 30, 2023 |
| October 2024 | $439,692,369 | 13 | March 27, 2024 |
| October 2025 | $308,820,184 | 12 | March 25, 2025 |
| October 2026 | $576,299,911 | 14 | March 28, 2026 |

Regulatory assets under management: $261,305,526 in the October 2021 data and $576,299,911 in the October 2026 data, up 121%.
Total employees: 8 in October 2021 and 14 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 8 to 10.
- Regulatory assets under management went from $308,820,184 to $576,299,911 (+87%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Muddy Waters Capital LLC (CRD 281411): Form ADV filing data as of October 2026.