# Sheffield Asset Management, L.L.C.

> Sheffield Asset Management, L.L.C. is an SEC-registered investment advisory firm in Chicago, IL, registered since 2011, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 25, 2026.

- CRD: 137065
- Filed as: SHEFFIELD ASSET MANAGEMENT, L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/137065
- AdvisorCensus page: https://advisorcensus.com/firm/sheffield-asset-management-l-l-c-chicago-il-137065

## Quick answers

**How is Sheffield Asset Management, L.L.C. compensated?**
On its Form ADV (Item 5.E, October 2026), Sheffield Asset Management, L.L.C. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**How much does Sheffield Asset Management, L.L.C. charge?**
Its Form ADV Part 2A brochure dated March 25, 2026 states: Asset-based fee: 1% to 2% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Sheffield Asset Management, L.L.C. located?**
Sheffield Asset Management, L.L.C.'s principal office is in Chicago, IL, according to its Form ADV.

**Is Sheffield Asset Management, L.L.C. registered with the SEC or a state?**
Sheffield Asset Management, L.L.C. is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 137065.

**How much does Sheffield Asset Management, L.L.C. manage?**
Sheffield Asset Management, L.L.C. reports $151,720,693 in regulatory assets under management in its Form ADV filing dated March 25, 2026 (100% discretionary).

**How have Sheffield Asset Management, L.L.C.'s assets and staff changed since 2021?**
In the Form ADV data for Sheffield Asset Management, L.L.C.: Regulatory assets under management: $234,476,279 in the October 2021 data and $151,720,693 in the October 2026 data, down 35%. Total employees: 3 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Sheffield Asset Management, L.L.C. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1).

**Does Sheffield Asset Management, L.L.C. 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/137065

**Does Sheffield Asset Management, L.L.C. state an account minimum?**
Its Form ADV Part 2A brochure dated March 25, 2026 says: "The minimum initial investment for the Fund is currently $100,000. All minimums can be reduced or waived in Sheffield’s sole discretion."

**What changed in Sheffield Asset Management, L.L.C.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $174,958,144 to $151,720,693 (-13%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 25, 2026)

- Asset-based fee: 1% to 2% a year (a range, as the brochure states it)

> Sheffield receives a management fee from the Fund, in advance and on a quarterly basis, at a rate equivalent to an annual rate ranging from 1.0% to 2.0% of the net asset value of an investor’s interest in the Fund.

- Account minimum: $100,000 (the brochure says it may be waived or negotiated)

> The minimum initial investment for the Fund is currently $100,000. All minimums can be reduced or waived in Sheffield’s sole discretion.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $151,720,693
- Discretionary: $151,720,693
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $151,720,693 |

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

### Firm details
- Registered since: 2011 (15 years)
- Employees: 3 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- sheffieldmgmt.com
- LinkedIn @sheffield-asset-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $234,476,279 | 3 | March 16, 2021 |
| October 2022 | $206,815,864 | 3 | March 23, 2022 |
| October 2023 | $172,253,489 | 3 | May 15, 2023 |
| October 2024 | $204,780,333 | 3 | March 27, 2024 |
| October 2025 | $174,958,144 | 3 | March 26, 2025 |
| October 2026 | $151,720,693 | 3 | March 25, 2026 |

Regulatory assets under management: $234,476,279 in the October 2021 data and $151,720,693 in the October 2026 data, down 35%.
Total employees: 3 in October 2021 and 3 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $174,958,144 to $151,720,693 (-13%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Sheffield Asset Management, L.L.C. (CRD 137065): Form ADV filing data as of October 2026.