# Portfolio Advisors LLC

> Portfolio Advisors LLC is an SEC-registered investment advisory firm in Darien, CT, registered since 1994, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 105981
- Filed as: PORTFOLIO ADVISORS LLC
- Also doing business as: ASIA SELECT MANAGEMENT LIMITED (RELYING ADVISOR)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Darien, CT
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/105981
- AdvisorCensus page: https://advisorcensus.com/firm/portfolio-advisors-llc-darien-ct-105981

## Quick answers

**How is Portfolio Advisors LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Portfolio Advisors LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees); performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Portfolio Advisors LLC located?**
Portfolio Advisors LLC's principal office is in Darien, CT, according to its Form ADV; the April 2026 filing also lists 8 other offices (Schedule D, Section 1.F).

**Is Portfolio Advisors LLC registered with the SEC or a state?**
Portfolio Advisors LLC is an SEC-registered investment advisory firm, registered since 1994. Status as filed: Approved. CRD 105981.

**How much does Portfolio Advisors LLC manage?**
Portfolio Advisors LLC reports $47,842,535,266 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (62% discretionary).

**How have Portfolio Advisors LLC's assets and staff changed since 2021?**
In the Form ADV data for Portfolio Advisors LLC: Regulatory assets under management: $30,640,468,027 in the October 2021 data and $47,842,535,266 in the October 2026 data, up 56%. Total employees: 118 in October 2021 and 164 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Portfolio Advisors LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (113); investment companies (1).

**Does Portfolio Advisors LLC 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/105981

**What changed in Portfolio Advisors LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 84 to 83. Changed its office addresses in Jongno-Gu, Seoul. Added an office in Tokyo. 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
- Hourly charges
- Fixed fees (other than subscription fees)
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $47,842,535,266
- Discretionary: $29,530,206,362
- Non-discretionary: $18,312,328,904

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $1,685,162,798 |
| Pooled investment vehicles (other than investment companies and business development companies) | 113 | $24,679,523,033 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $1,109,753,697 |
| Charitable organizations | Fewer than 5 | $2,308,571,819 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $18,050,957,488 |
| Insurance companies | Fewer than 5 | $8,566,431 |

### Advisory services (Item 5.G)
- 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
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 1994 (32 years)
- Employees: 164 total, 83 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, AR, AZ, CA, CO, CT, DC, DE, FL, GA, IA, IL, IN, KS, LA, MA, MD, MI, MN, MO, NC, ND, NE, NJ, NV, NY, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Dallas, TX
- Dubai
- Hong Kong
- Jongno-Gu, Seoul
- London
- Singapore
- Tokyo
- Zurich

### Websites listed on Form ADV (Item 1.I)
- futurestandard.com
- music.amazon.com/es-us/podcasts/8e15a78f-46f8-4204-bfb5-40a49123a106/fireside-a-podcast-series-from-fs-investments
- open.spotify.com/show/1bNRLpYa1IuvcEyTA8AtMc
- player.fm/series/fireside-a-podcast-series-from-future-standard
- podcastaddict.com/podcast/fireside-a-podcast-series-from-future-standard/3323566
- podcastindex.org/podcast/2757367
- podcasts.apple.com/us/podcast/fireside-a-podcast-series-from-future-standard/id1561214982
- portad.com
- Facebook @fsfuturestandard
- Instagram @futurestandardfs
- LinkedIn @futurestandardfs
- LinkedIn @portfolio-advisors
- LinkedIn @michael-forman
- LinkedIn @troy-a-gayeski-cfa-720366197
- X @MichaelFormanFS
- X @TroyGayeski
- X @futurestandard
- YouTube @futurestandardfs

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $30,640,468,027 | 118 | April 30, 2021 |
| October 2022 | $38,290,334,708 | 126 | March 31, 2022 |
| October 2023 | $40,830,389,177 | 140 | July 31, 2023 |
| October 2024 | $42,237,636,380 | 158 | March 29, 2024 |
| October 2025 | $44,674,354,531 | 157 | March 31, 2025 |
| October 2026 | $47,842,535,266 | 164 | March 27, 2026 |

Regulatory assets under management: $30,640,468,027 in the October 2021 data and $47,842,535,266 in the October 2026 data, up 56%.
Total employees: 118 in October 2021 and 164 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 84 to 83.
- Changed its office addresses in Jongno-Gu, Seoul.
- Added an office in Tokyo.
- Updated its list of owners and control persons (Schedule A).

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

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Portfolio Advisors LLC (CRD 105981): Form ADV filing data as of October 2026.