# Trigran Investments, Inc.

> Trigran Investments, Inc. is an SEC-registered investment advisory firm in Northbrook, IL, registered since 2011, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 155200
- Filed as: TRIGRAN INVESTMENTS, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Northbrook, IL
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/155200
- AdvisorCensus page: https://advisorcensus.com/firm/trigran-investments-inc-northbrook-il-155200

## Quick answers

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

**Where is Trigran Investments, Inc. located?**
Trigran Investments, Inc.'s principal office is in Northbrook, IL, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Trigran Investments, Inc. registered with the SEC or a state?**
Trigran Investments, Inc. is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 155200.

**How much does Trigran Investments, Inc. manage?**
Trigran Investments, Inc. reports $533,193,505 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Trigran Investments, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Trigran Investments, Inc.: Regulatory assets under management: $915,543,160 in the October 2021 data and $533,193,505 in the October 2026 data, down 42%. Total employees: 8 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 Trigran Investments, Inc. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).

**Which custodians does Trigran Investments, Inc. use?**
Trigran Investments, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BMO Bank National Association, Comerica Bank and Northern Trust as custodians holding 10% or more of its separately managed account assets.

**Does Trigran Investments, Inc. 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/155200

**What changed in Trigran Investments, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $954,720,913 to $533,193,505 (-44%).

## 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))
- BMO Bank National Association
- Comerica Bank
- Northern Trust

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: $533,193,505
- Discretionary: $533,193,505
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | Fewer than 5 | $16,475,967 |
| 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) | 2 | $472,456,980 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $759,623 |
| Charitable organizations | 0 | $0 |
| 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 | 0 | $0 |
| Other | Fewer than 5 | $43,500,935 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- 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: 2011 (15 years)
- Employees: 9 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO, IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Boulder, CO

### Websites listed on Form ADV (Item 1.I)
- LinkedIn @trigran-investments-inc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $915,543,160 | 8 | March 29, 2021 |
| October 2022 | $1,190,758,123 | 10 | March 24, 2022 |
| October 2023 | $1,111,711,656 | 10 | April 12, 2023 |
| October 2024 | $1,143,305,769 | 10 | April 17, 2024 |
| October 2025 | $954,720,913 | 9 | March 27, 2025 |
| October 2026 | $533,193,505 | 9 | March 27, 2026 |

Regulatory assets under management: $915,543,160 in the October 2021 data and $533,193,505 in the October 2026 data, down 42%.
Total employees: 8 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $954,720,913 to $533,193,505 (-44%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Trigran Investments, Inc. (CRD 155200): Form ADV filing data as of October 2026.