# NED Davis Research, Inc.

> NED Davis Research, Inc. is an SEC-registered investment advisory firm in Sarasota, FL, registered since 2001, reporting under $25 million in regulatory assets under management in its Form ADV filing dated December 18, 2025.

- CRD: 112260
- Filed as: NED DAVIS RESEARCH, INC.
- Also doing business as: NDR
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Sarasota, FL
- Filing period: October 2026
- Form ADV filing dated: December 18, 2025
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/112260
- AdvisorCensus page: https://advisorcensus.com/firm/ned-davis-research-inc-sarasota-fl-112260

## Quick answers

**How is NED Davis Research, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), NED Davis Research, Inc. reports these compensation arrangements: hourly charges; subscription fees (for a newsletter or periodical); fixed fees (other than subscription fees); other.

**Where is NED Davis Research, Inc. located?**
NED Davis Research, Inc.'s principal office is in Sarasota, FL, according to its Form ADV; the January 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is NED Davis Research, Inc. registered with the SEC or a state?**
NED Davis Research, Inc. is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 112260.

**How much does NED Davis Research, Inc. manage?**
NED Davis Research, Inc. reports $2,221,348 in regulatory assets under management in its Form ADV filing dated December 18, 2025 (100% discretionary).

**How have NED Davis Research, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for NED Davis Research, Inc.: Regulatory assets under management: $194,280 in the October 2021 data and $2,221,348 in the October 2026 data, up 1043%. Total employees: 64 in October 2021 and 68 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does NED Davis Research, Inc. serve?**
By number of clients on Form ADV Item 5.D: other investment advisers (1,089); corporations or other businesses not listed above (241); banking or thrift institutions (89).

**Which custodians does NED Davis Research, Inc. use?**
NED Davis Research, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does NED Davis Research, Inc. 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/112260

**What changed in NED Davis Research, Inc.'s recent Form ADV filings?**
In the January 2026 filing data: Employees performing advisory functions went from 59 to 44. Regulatory assets under management went from $248,514 to $2,221,348 (+794%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- Hourly charges
- Subscription fees (for a newsletter or periodical)
- Fixed fees (other than subscription fees)
- Other

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.

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: $2,221,348
- Discretionary: $2,221,348
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 26 | $0 |
| High net worth individuals | 28 | $0 |
| Banking or thrift institutions | 89 | $0 |
| Investment companies | 1 | $1,953,000 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 23 | $0 |
| Charitable organizations | 17 | $0 |
| State or municipal government entities (including government pension plans) | 24 | $0 |
| Other investment advisers | 1,089 | $0 |
| Insurance companies | 25 | $0 |
| Sovereign wealth funds and foreign official institutions | 13 | $0 |
| Corporations or other businesses not listed above | 241 | $0 |
| Other | 1 | $268,348 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Pension consulting services
- Publication of periodicals or newsletters
- Security ratings or pricing services
- Market timing services
- Educational seminars/workshops
- Other

### Firm details
- Registered since: 2001 (25 years)
- Employees: 68 total, 44 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, FL, GA, NY, PA, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the January 2026 filing
- London
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- ndr.com
- LinkedIn @ned-davis-research-inc.
- X @NDR_RESEARCH

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $194,280 | 64 | December 22, 2020 |
| October 2022 | $219,185 | 83 | December 23, 2021 |
| October 2023 | $183,824 | 124 | August 3, 2023 |
| October 2024 | $202,484 | 71 | February 9, 2024 |
| October 2025 | $248,514 | 70 | December 18, 2024 |
| October 2026 | $2,221,348 | 68 | December 18, 2025 |

Regulatory assets under management: $194,280 in the October 2021 data and $2,221,348 in the October 2026 data, up 1043%.
Total employees: 64 in October 2021 and 68 in October 2026.

## Changes in the filing (last 12 months)

### January 2026
- Employees performing advisory functions went from 59 to 44.
- Regulatory assets under management went from $248,514 to $2,221,348 (+794%).
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Registered or notice-filed in GA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. NED Davis Research, Inc. (CRD 112260): Form ADV filing data as of October 2026.