# OT Research

> OT Research is an SEC-registered investment advisory firm in New York, NY, registered since 2020, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated May 5, 2026.

- CRD: 299086
- Filed as: OT RESEARCH
- Legal name: Oak Thistle LLC
- Also doing business as: OTRESEARCH
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: May 5, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/299086
- AdvisorCensus page: https://advisorcensus.com/firm/ot-research-new-york-ny-299086

## Quick answers

**How is OT Research compensated?**
On its Form ADV (Item 5.E, October 2026), OT Research 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 OT Research located?**
OT Research's principal office is in New York, NY, according to its Form ADV.

**Is OT Research registered with the SEC or a state?**
OT Research is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 299086.

**How much does OT Research manage?**
OT Research reports $1,554,000,000 in regulatory assets under management in its Form ADV filing dated May 5, 2026 (100% discretionary).

**How have OT Research's assets and staff changed since 2021?**
In the Form ADV data for OT Research: Regulatory assets under management: $211,439,285 in the October 2021 data and $1,554,000,000 in the October 2026 data, up 635%. Total employees: 3 in October 2021 and 11 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does OT Research serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6); investment companies (1); other investment advisers (1).

**Which custodians does OT Research use?**
OT Research's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Goldman Sachs International as a custodian holding 10% or more of its separately managed account assets.

**Does OT Research 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/299086

**What changed in OT Research's recent Form ADV filings?**
In the June 2026 filing data: 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))
- Goldman Sachs International

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: $1,554,000,000
- Discretionary: $1,554,000,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | Not reported | $0 |
| High net worth individuals | Not reported | $0 |
| Banking or thrift institutions | Not reported | $0 |
| Investment companies | 1 | $559,000,000 |
| Business development companies | Not reported | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $864,000,000 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Not reported | $0 |
| Charitable organizations | Not reported | $0 |
| State or municipal government entities (including government pension plans) | Not reported | $0 |
| Other investment advisers | 1 | $131,000,000 |
| Insurance companies | Not reported | $0 |
| Sovereign wealth funds and foreign official institutions | Not reported | $0 |
| Corporations or other businesses not listed above | Not reported | $0 |
| Other | Not reported | $0 |

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

### Firm details
- Registered since: 2020 (6 years)
- Employees: 11 total, 9 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $211,439,285 | 3 | March 10, 2021 |
| October 2022 | $327,091,120 | 3 | March 29, 2022 |
| October 2023 | $375,140,883 | 5 | March 20, 2023 |
| October 2024 | $802,399,647 | 6 | August 27, 2024 |
| October 2025 | $700,000,000 | 9 | April 10, 2025 |
| October 2026 | $1,554,000,000 | 11 | May 5, 2026 |

Regulatory assets under management: $211,439,285 in the October 2021 data and $1,554,000,000 in the October 2026 data, up 635%.
Total employees: 3 in October 2021 and 11 in October 2026.

## Changes in the filing (last 12 months)

### June 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Regulatory assets under management went from $700,000,000 to $1,554,000,000 (+122%).
- Employees performing advisory functions went from 8 to 9.
- Updated its list of owners and control persons (Schedule A).

### January 2026
- No longer registered or notice-filed in NY.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. OT Research (CRD 299086): Form ADV filing data as of October 2026.