# Northleaf Capital Advisors Ltd.

> Northleaf Capital Advisors Ltd. is an SEC-registered investment advisory firm in Toronto, Ontario, Canada, registered since 2007, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated July 31, 2026.

- CRD: 145014
- Filed as: NORTHLEAF CAPITAL ADVISORS LTD.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Toronto, Ontario, Canada
- Filing period: October 2026
- Form ADV filing dated: July 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/145014
- AdvisorCensus page: https://advisorcensus.com/firm/northleaf-capital-advisors-ltd-toronto-ontario-145014

## Quick answers

**How is Northleaf Capital Advisors Ltd. compensated?**
On its Form ADV (Item 5.E, October 2026), Northleaf Capital Advisors Ltd. reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Northleaf Capital Advisors Ltd. located?**
Northleaf Capital Advisors Ltd.'s principal office is in Toronto, Ontario, Canada, according to its Form ADV.

**Is Northleaf Capital Advisors Ltd. registered with the SEC or a state?**
Northleaf Capital Advisors Ltd. is an SEC-registered investment advisory firm, registered since 2007. Status as filed: Approved. CRD 145014.

**How much does Northleaf Capital Advisors Ltd. manage?**
Northleaf Capital Advisors Ltd. reports $585,377,054 in regulatory assets under management in its Form ADV filing dated July 31, 2026 (100% discretionary).

**How have Northleaf Capital Advisors Ltd.'s assets and staff changed since 2021?**
In the Form ADV data for Northleaf Capital Advisors Ltd.: Regulatory assets under management: $47,074,546 in the October 2021 data and $585,377,054 in the October 2026 data, up 1144%. Total employees: 100 in October 2021 and 156 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Northleaf Capital Advisors Ltd. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3); other (1).

**Which custodians does Northleaf Capital Advisors Ltd. use?**
Northleaf Capital Advisors Ltd.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Northleaf Capital Partners (affiliated with the firm) and TD Bank as custodians holding 10% or more of its separately managed account assets.

**Does Northleaf Capital Advisors Ltd. report any disciplinary disclosures?**
Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation) and 11.D(4) (another regulator's order in the past ten years). 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/145014

**What changed in Northleaf Capital Advisors Ltd.'s recent Form ADV filings?**
In the August 2026 filing data: Regulatory assets under management went from $670,365,215 to $585,377,054 (-13%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Northleaf Capital Partners (affiliated with the firm)
- TD 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: $585,377,054
- Discretionary: $585,377,054
- 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) | 3 | $563,318,777 |
| 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 | 1 | $22,058,277 |

### 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

### Firm details
- Registered since: 2007 (18 years)
- Employees: 156 total, 70 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports 2 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

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/145014

### Websites listed on Form ADV (Item 1.I)
- northleafcapital.com
- LinkedIn @NORTHLEAF-CAPITAL-PARTNERS

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $47,074,546 | 100 | December 17, 2020 |
| October 2022 | $384,181,498 | 113 | December 22, 2021 |
| October 2023 | $643,332,580 | 140 | December 21, 2022 |
| October 2024 | $643,774,348 | 165 | July 10, 2024 |
| October 2025 | $660,759,101 | 175 | February 28, 2025 |
| October 2026 | $585,377,054 | 156 | July 31, 2026 |

Regulatory assets under management: $47,074,546 in the October 2021 data and $585,377,054 in the October 2026 data, up 1144%.
Total employees: 100 in October 2021 and 156 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Regulatory assets under management went from $670,365,215 to $585,377,054 (-13%).
- Updated its list of owners and control persons (Schedule A).

### January 2026
- Employees performing advisory functions went from 71 to 70.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Northleaf Capital Advisors Ltd. (CRD 145014): Form ADV filing data as of October 2026.