# Pichardo Asset Management, S.A. de C.V.

> Pichardo Asset Management, S.A. de C.V. is an SEC-registered investment advisory firm in Mexico City, Mexico, registered since 2003, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated February 18, 2026.

- CRD: 126683
- Filed as: PICHARDO ASSET MANAGEMENT, S.A. DE C.V.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Mexico City, Mexico
- Filing period: October 2026
- Form ADV filing dated: February 18, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/126683
- AdvisorCensus page: https://advisorcensus.com/firm/pichardo-asset-management-s-a-de-c-v-mexico-city-126683

## Quick answers

**How is Pichardo Asset Management, S.A. de C.V. compensated?**
On its Form ADV (Item 5.E, October 2026), Pichardo Asset Management, S.A. de C.V. 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 Pichardo Asset Management, S.A. de C.V. located?**
Pichardo Asset Management, S.A. de C.V.'s principal office is in Mexico City, Mexico, according to its Form ADV.

**Is Pichardo Asset Management, S.A. de C.V. registered with the SEC or a state?**
Pichardo Asset Management, S.A. de C.V. is an SEC-registered investment advisory firm, registered since 2003. Status as filed: Approved. CRD 126683.

**How much does Pichardo Asset Management, S.A. de C.V. manage?**
Pichardo Asset Management, S.A. de C.V. reports $89,759,598 in regulatory assets under management in its Form ADV filing dated February 18, 2026 (73% discretionary).

**How have Pichardo Asset Management, S.A. de C.V.'s assets and staff changed since 2021?**
In the Form ADV data for Pichardo Asset Management, S.A. de C.V.: Regulatory assets under management: $40,598,000 in the October 2021 data and $89,759,598 in the October 2026 data, up 121%. Total employees: 13 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Pichardo Asset Management, S.A. de C.V. serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (7); investment companies (3).

**Does Pichardo Asset Management, S.A. de C.V. 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/126683

**What changed in Pichardo Asset Management, S.A. de C.V.'s recent Form ADV filings?**
In the March 2026 filing data: Regulatory assets under management went from $67,661,976 to $89,759,598 (+33%).

## 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: $89,759,598
- Discretionary: $65,411,917
- Non-discretionary: $24,347,681

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 7 | $15,632,786 |
| Investment companies | 3 | $74,126,812 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- 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: 2003 (23 years)
- Employees: 8 total, 5 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- paminversion.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $40,598,000 | 13 | March 18, 2021 |
| October 2022 | $71,913,000 | 12 | March 17, 2022 |
| October 2023 | $71,771,000 | 10 | April 3, 2023 |
| October 2024 | $89,018,868 | 7 | April 22, 2024 |
| October 2025 | $67,661,976 | 9 | March 28, 2025 |
| October 2026 | $89,759,598 | 8 | February 18, 2026 |

Regulatory assets under management: $40,598,000 in the October 2021 data and $89,759,598 in the October 2026 data, up 121%.
Total employees: 13 in October 2021 and 8 in October 2026.

## Changes in the filing (last 12 months)

### March 2026
- Regulatory assets under management went from $67,661,976 to $89,759,598 (+33%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pichardo Asset Management, S.A. de C.V. (CRD 126683): Form ADV filing data as of October 2026.