{
  "crd_number": 154579,
  "slug": "santiago-capital-llc-154579",
  "primary_business_name": "SANTIAGO CAPITAL, LLC",
  "legal_name": "SANTIAGO CAPITAL, LLC",
  "dbas": [],
  "city": null,
  "state": null,
  "country": null,
  "cbsa_code": null,
  "metro": null,
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2019-11-08",
  "years_registered": 6,
  "period": "2026-10-01",
  "filing_date": "2026-03-30",
  "carried_forward": false,
  "raum_total": 152685627.0,
  "raum_discretionary": 152685627.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 1,
  "advisory_employees": 1,
  "client_count_bucket": null,
  "clients_by_type": {
    "high_net_worth_individuals": {
      "raum": 152082121.0,
      "count": 33
    },
    "pooled_investment_vehicles": {
      "raum": 603506.0,
      "count": 3
    }
  },
  "compensation_types": [
    "other",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_individuals",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "PR"
  ],
  "websites": [
    "https://macroalchemist.com",
    "https://santiagocapital.com",
    "https://santiagocapital.substack.com",
    "https://twitter.com/SANTIAGOAUFUND"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/154579",
  "city_as_filed": null,
  "url": "https://advisorcensus.com/firm/santiago-capital-llc-154579",
  "display_name": "Santiago Capital, LLC",
  "summary": "Santiago Capital, LLC is an SEC-registered investment advisory firm, registered since 2019, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 30, 2026.",
  "citation": "AdvisorCensus. Santiago Capital, LLC (CRD 154579): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees",
    "Other"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Santiago Capital, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Santiago Capital, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Is Santiago Capital, LLC registered with the SEC or a state?",
      "a": "Santiago Capital, LLC is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 154579."
    },
    {
      "q": "How much does Santiago Capital, LLC manage?",
      "a": "Santiago Capital, LLC reports $152,685,627 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary)."
    },
    {
      "q": "How have Santiago Capital, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Santiago Capital, LLC: Regulatory assets under management: $178,844,912 in the October 2021 data and $152,685,627 in the October 2026 data, down 15%. Total employees: 1 in October 2021 and 1 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Santiago Capital, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (33); pooled investment vehicles (other than investment companies and business development companies) (3)."
    },
    {
      "q": "Which custodians does Santiago Capital, LLC use?",
      "a": "Santiago Capital, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists National Financial Services LLC as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Santiago Capital, LLC report any disciplinary disclosures?",
      "a": "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/154579"
    },
    {
      "q": "What changed in Santiago Capital, LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $181,830,065 to $152,685,627 (-16%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 178844912.0,
      "total_employees": 1,
      "filing_date": "2021-03-17"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 168138270.0,
      "total_employees": 1,
      "filing_date": "2022-06-02"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 157717246.0,
      "total_employees": 1,
      "filing_date": "2023-03-27"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 166006700.0,
      "total_employees": 1,
      "filing_date": "2024-03-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 181830065.0,
      "total_employees": 1,
      "filing_date": "2025-03-24"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 152685627.0,
      "total_employees": 1,
      "filing_date": "2026-03-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $181,830,065 to $152,685,627 (-16%)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "National Financial Services LLC",
      "name_as_filed": "NATIONAL FINANCIAL SERVICES LLC",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/santiago-capital-llc-154579.md",
  "clients": [
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 33,
      "fewer_than_5": false,
      "raum": 152082121.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 3,
      "fewer_than_5": false,
      "raum": 603506.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/154579",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}