# Towle & Co

> Towle & Co is an SEC-registered investment advisory firm in Denver, CO, registered since 1981, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated July 16, 2026.

- CRD: 110862
- Filed as: TOWLE & CO
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Denver, CO
- Filing period: October 2026
- Form ADV filing dated: July 16, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/110862
- AdvisorCensus page: https://advisorcensus.com/firm/towle-and-co-denver-co-110862

## Quick answers

**How is Towle & Co compensated?**
On its Form ADV (Item 5.E, October 2026), Towle & Co reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Towle & Co located?**
Towle & Co's principal office is in Denver, CO, according to its Form ADV.

**Is Towle & Co registered with the SEC or a state?**
Towle & Co is an SEC-registered investment advisory firm, registered since 1981. Status as filed: Approved. CRD 110862.

**How much does Towle & Co manage?**
Towle & Co reports $473,654,492 in regulatory assets under management in its Form ADV filing dated July 16, 2026 (100% discretionary).

**How have Towle & Co's assets and staff changed since 2021?**
In the Form ADV data for Towle & Co: Regulatory assets under management: $782,740,823 in the October 2021 data and $473,654,492 in the October 2026 data, down 39%. Total employees: 9 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Towle & Co serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (17); charitable organizations (7); pooled investment vehicles (other than investment companies and business development companies) (3).

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

**Does Towle & Co 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/110862

**What changed in Towle & Co's recent Form ADV filings?**
In the July 2026 filing data: 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
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Pershing LLC

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: $473,654,492
- Discretionary: $473,654,492
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 17 | $51,402,574 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 2 | $168,657,877 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $152,552,531 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 1 | $4,354,954 |
| Charitable organizations | 7 | $73,158,111 |
| State or municipal government entities (including government pension plans) | 1 | $23,528,445 |
| 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 | 0 | $0 |
| Other | 1 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- 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

### Firm details
- Registered since: 1981 (44 years)
- Employees: 9 total, 4 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: CA, CO, MO, NH, NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- smallcapvalue.com
- towleco.com
- towledeepvalue.com
- towledeepvaluefund.com
- towleetfs.com
- towlefund.com
- towlefunds.com
- LinkedIn @towle-&-co.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $782,740,823 | 9 | July 26, 2021 |
| October 2022 | $842,995,191 | 9 | June 29, 2022 |
| October 2023 | $773,407,222 | 10 | March 28, 2023 |
| October 2024 | $879,341,384 | 10 | March 28, 2024 |
| October 2025 | $608,740,974 | 9 | May 19, 2025 |
| October 2026 | $473,654,492 | 9 | July 16, 2026 |

Regulatory assets under management: $782,740,823 in the October 2021 data and $473,654,492 in the October 2026 data, down 39%.
Total employees: 9 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 5 to 4.
- Regulatory assets under management went from $608,740,974 to $473,654,492 (-22%).

### January 2026
- No longer registered or notice-filed in FL, KS, NV.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Towle & Co (CRD 110862): Form ADV filing data as of October 2026.