# Topturn Capital, LLC

> Topturn Capital, LLC is an SEC-registered investment advisory firm in Carmel, CA, registered since 2009, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 151464
- Filed as: TOPTURN CAPITAL, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Carmel, CA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/151464
- AdvisorCensus page: https://advisorcensus.com/firm/topturn-capital-llc-carmel-ca-151464

## Quick answers

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

**Where is Topturn Capital, LLC located?**
Topturn Capital, LLC's principal office is in Carmel, CA, according to its Form ADV.

**Is Topturn Capital, LLC registered with the SEC or a state?**
Topturn Capital, LLC is an SEC-registered investment advisory firm, registered since 2009. Status as filed: Approved. CRD 151464.

**How much does Topturn Capital, LLC manage?**
Topturn Capital, LLC reports $187,362,358 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (89% discretionary).

**How have Topturn Capital, LLC's assets and staff changed since 2021?**
In the Form ADV data for Topturn Capital, LLC: Regulatory assets under management: $150,947,646 in the October 2021 data and $187,362,358 in the October 2026 data, up 24%. Total employees: 4 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Topturn Capital, LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (45); individuals (other than high net worth individuals) (38); charitable organizations (9).

**Which custodians does Topturn Capital, LLC use?**
Topturn Capital, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Topturn Capital, 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/151464

**Does Topturn Capital, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 30, 2026 says: "As a condition for starting and maintaining a relationship, Topturn generally imposes a minimum portfolio size of $1,500,000. Topturn, in its sole discretion, may accept clients with smaller portfolios based upon certain criteria"

**What changed in Topturn Capital, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 3 to 4.

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Account minimum: $1,500,000 (the brochure says it may be waived or negotiated)

> As a condition for starting and maintaining a relationship, Topturn generally imposes a minimum portfolio size of $1,500,000. Topturn, in its sole discretion, may accept clients with smaller portfolios based upon certain criteria

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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.

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: $187,362,358
- Discretionary: $167,145,477
- Non-discretionary: $20,216,881

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 38 | $20,132,561 |
| High net worth individuals | 45 | $105,415,801 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 6 | $21,924,546 |
| Charitable organizations | 9 | $36,466,338 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 8 | $3,423,112 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2009 (17 years)
- Employees: 5 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NV, UT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [topturncapital.com](https://topturncapital.com)
- Facebook @topturncapital
- LinkedIn @darchuck-stewart-capital-advisors-llc
- X @topturncapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $150,947,646 | 4 | February 24, 2021 |
| October 2022 | $163,243,000 | 4 | March 28, 2022 |
| October 2023 | $137,339,000 | 4 | March 29, 2023 |
| October 2024 | $160,024,000 | 4 | March 27, 2024 |
| October 2025 | $178,358,890 | 4 | March 27, 2025 |
| October 2026 | $187,362,358 | 5 | March 30, 2026 |

Regulatory assets under management: $150,947,646 in the October 2021 data and $187,362,358 in the October 2026 data, up 24%.
Total employees: 4 in October 2021 and 5 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 3 to 4.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Topturn Capital, LLC (CRD 151464): Form ADV filing data as of October 2026.