# Systima Capital Management

> Systima Capital Management is an SEC-registered investment advisory firm in Chicago, IL, registered since 2014, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 168318
- Filed as: SYSTIMA CAPITAL MANAGEMENT
- Legal name: Systima Capital Management LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/168318
- AdvisorCensus page: https://advisorcensus.com/firm/systima-capital-management-chicago-il-168318

## Quick answers

**How is Systima Capital Management compensated?**
On its Form ADV (Item 5.E, October 2026), Systima Capital Management reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees; other.

**Where is Systima Capital Management located?**
Systima Capital Management's principal office is in Chicago, IL, according to its Form ADV.

**Is Systima Capital Management registered with the SEC or a state?**
Systima Capital Management is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 168318.

**How much does Systima Capital Management manage?**
Systima Capital Management reports $512,605,896 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (81% discretionary).

**How have Systima Capital Management's assets and staff changed since 2021?**
In the Form ADV data for Systima Capital Management: Regulatory assets under management: $505,744,980 in the October 2021 data and $512,605,896 in the October 2026 data, up 1%. Total employees: 9 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Systima Capital Management serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6); other (1).

**Which custodians does Systima Capital Management use?**
Systima Capital Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists The Bank of New York Mellon as a custodian holding 10% or more of its separately managed account assets.

**Does Systima Capital Management 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/168318

**Does Systima Capital Management state an account minimum?**
Its Form ADV Part 2A brochure dated March 27, 2026 says: "The Adviser does not have a minimum size for a Client account."

**What changed in Systima Capital Management's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $594,552,802 to $512,605,896 (-14%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees
- Other

### Fees and minimums (Form ADV Part 2A brochure dated March 27, 2026)

- Account minimum: None

> The Adviser does not have a minimum size for a Client account.

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

### Custodians (Schedule D, Section 5.K(3))
- The Bank of New York Mellon

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.

### Regulatory assets under management (Item 5.F)
- Total: $512,605,896
- Discretionary: $413,803,401
- Non-discretionary: $98,802,495

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $356,318,631 |
| Other | 1 | $156,287,265 |

### Advisory services (Item 5.G)
- 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: 2014 (12 years)
- Employees: 7 total, 7 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)
- systimacapital.com
- LinkedIn @systima-capital-management-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $505,744,980 | 9 | March 31, 2021 |
| October 2022 | $508,276,454 | 9 | March 30, 2022 |
| October 2023 | $492,059,423 | 7 | June 30, 2023 |
| October 2024 | $579,094,473 | 7 | March 27, 2024 |
| October 2025 | $594,552,802 | 7 | May 14, 2025 |
| October 2026 | $512,605,896 | 7 | March 27, 2026 |

Regulatory assets under management: $505,744,980 in the October 2021 data and $512,605,896 in the October 2026 data, up 1%.
Total employees: 9 in October 2021 and 7 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $594,552,802 to $512,605,896 (-14%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Systima Capital Management (CRD 168318): Form ADV filing data as of October 2026.