# Research Affiliates

> Research Affiliates is an SEC-registered investment advisory firm in Newport Beach, CA, registered since 2002, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 18, 2026.

- CRD: 120440
- Filed as: RESEARCH AFFILIATES
- Legal name: Syzygy Asset Management, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Newport Beach, CA
- Filing period: October 2026
- Form ADV filing dated: September 18, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/120440
- AdvisorCensus page: https://advisorcensus.com/firm/research-affiliates-newport-beach-ca-120440

## Quick answers

**How is Research Affiliates compensated?**
On its Form ADV (Item 5.E, October 2026), Research Affiliates reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Research Affiliates located?**
Research Affiliates' principal office is in Newport Beach, CA, according to its Form ADV.

**Is Research Affiliates registered with the SEC or a state?**
Research Affiliates is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 120440.

**How much does Research Affiliates manage?**
Research Affiliates reports $32,222,800,756 in regulatory assets under management in its Form ADV filing dated September 18, 2026 (93% discretionary).

**How have Research Affiliates' assets and staff changed since 2021?**
In the Form ADV data for Research Affiliates: Regulatory assets under management: $31,312,484,943 in the October 2021 data and $32,222,800,756 in the October 2026 data, up 3%. Total employees: 69 in October 2021 and 31 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Research Affiliates serve?**
By number of clients on Form ADV Item 5.D: investment companies (15); pooled investment vehicles (other than investment companies and business development companies) (9); state or municipal government entities (including government pension plans) (5).

**Does Research Affiliates 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/120440

**What changed in Research Affiliates' recent Form ADV filings?**
In the October 2026 filing data: Changed its legal name from Research Affiliates, LLC to Syzygy Asset Management, LLC. Employees performing advisory functions went from 29 to 15. Regulatory assets under management went from $27,844,764,168 to $32,222,800,756 (+16%). 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

### Regulatory assets under management (Item 5.F)
- Total: $32,222,800,756
- Discretionary: $30,066,022,009
- Non-discretionary: $2,156,778,747

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 15 | $22,073,939,019 |
| Pooled investment vehicles (other than investment companies and business development companies) | 9 | $4,702,063,511 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 3 | $767,263,976 |
| State or municipal government entities (including government pension plans) | 5 | $4,679,534,250 |

### 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
- Other

### Firm details
- Registered since: 2002 (24 years)
- Employees: 31 total, 15 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.

### Websites listed on Form ADV (Item 1.I)
- syzygyassetmanagement.com
- LinkedIn @syzygy-asset-management
- X @SyzygyAssetMgmt
- YouTube @SyzygyAssetManagement

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $31,312,484,943 | 69 | August 2, 2021 |
| October 2022 | $35,071,609,004 | 81 | June 24, 2022 |
| October 2023 | $27,737,473,504 | 65 | July 18, 2023 |
| October 2024 | $28,392,009,518 | 67 | July 10, 2024 |
| October 2025 | $26,308,896,262 | 71 | May 22, 2025 |
| October 2026 | $32,222,800,756 | 31 | September 18, 2026 |

Regulatory assets under management: $31,312,484,943 in the October 2021 data and $32,222,800,756 in the October 2026 data, up 3%.
Total employees: 69 in October 2021 and 31 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Changed its legal name from Research Affiliates, LLC to Syzygy Asset Management, LLC.
- Employees performing advisory functions went from 29 to 15.
- Regulatory assets under management went from $27,844,764,168 to $32,222,800,756 (+16%).
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 35 to 29.

### December 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Research Affiliates (CRD 120440): Form ADV filing data as of October 2026.