DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

SEC-registered adviser

Gadsden

Asset manager (funds and pooled vehicles)Newtown Square, PennsylvaniaCRD 291195SEC 801-112416websiteIAPD
Legal name Gadsden, LLC
Latest filing Jul 27, 2026
First filing on the tape Jan 9, 2018 · 15 filings
SEC status approved since Feb 8, 2018
RAUM
$162M
reported, Item 5.F
Discretionary
0.0%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
2
1 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
15 filings and snapshots on the tape
RAUM$162M as of Jul 27, 2026
Mar 25, 2019$45.0M then
HNW client RAUM: no history
State-registered IARs (5.B.3)1 as of Jul 27, 2026
Mar 25, 20193 then
Employees (5.A)2 as of Jul 27, 2026
Mar 25, 20196 then
Private funds: no history
RAUM +8.1% over the last fiscal year+1.6% a year over threeIARs 1 to 1
Practice profile
derived from the filing of Jul 27, 2026; every figure names its basis
Archetypes, each a printed rule
  • Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
RAUM per advisor
$162MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client
unknownderivedHNW RAUM over HNW clients
Average account
$162MderivedRAUM over accounts (5.F.2.f)
Discretionary
0.0%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
2.0derivedItem 5.A over advisors
Advisors per office
1.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
+8.1%derivedbetween the last two annual amendments
Advisor growth, one year
+0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assetsreportedItem 5.E
Advisory activities
portfolio management for investment companiesreportedItem 5.G
Custody
$59.8M, 5 clientsreportedItem 9.A
Ownership
no PE, bank or public-company owner found on Schedule Aderived
Advisor book size
not public; not estimatedreported
Also answered yes on Form ADV
  • buys or sells securities as principal to or from clients (8.A.2)
  • has discretionary authority over which securities are bought or sold (8.C.1)
  • has custody of client cash or bank accounts (9.A.1.a)
  • has custody of client securities (9.A.1.b)
  • a related person has custody of client cash (9.B.1.a)
  • a related person has custody of client securities (9.B.1.b)
  • an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Investment companies$162M100%
Individual clients
n/areported
HNW clients
n/areported
Pension plan clients
n/areported
Charitable clients
n/areported
Accounts
1reported
Financial planning clients
reported
Wrap fee programs
noreported
Custody of client assets
$59.8M for 5 clientsreported
Compensation
% of AUMreported
Class basis
private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Left, latest
Joined, latest
Every departureEvery arrival
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • Raymond Kevin Harper · Portfolio Managercontrol
    since 02/2018 · owns less than 5%
  • Ann Megen Hemdal · Chief Compliance Officercontrol
    since 06/2023 · owns less than 5%
  • Raymond Kevin Harper · Ownercontrol
    since 08/2016 · owns 75% or more of Gadsden Group Holdings, LLC
Entity owners
  • Gadsden Group Holdings, LLC · Owner
    direct · owns 75% or more
Related persons
Schedule D 7.A
Advisers that list Gadsden as a related person
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
  • low discretionary shareStatic outlier · filing Jul 27, 2026
    discretionary share of RAUM of 0% against a peer median of 100% (1567 comparable advisers, 0.0th percentile, 33.7 robust deviations)
    peers: asset managers, $100M to $500M (1,567) · 0.0% percentile
How anomalies are measured
What changed
consecutive filings, newest first
  • HQ city · WAYNE to NEWTOWN SQUARE
    Mar 26, 2026 to Jul 27, 2026
  • Assets in custody · $37.6M to $59.8M
    Apr 1, 2025 to Mar 26, 2026
  • Non-discretionary RAUM · $150M to $162M
    Apr 1, 2025 to Mar 26, 2026
  • RAUM · $150M to $162M
    Apr 1, 2025 to Mar 26, 2026
  • Assets in custody · $34.9M to $37.6M
    Jul 29, 2024 to Apr 1, 2025
  • Financial planning clients · unset to
    Jul 29, 2024 to Apr 1, 2025
  • Non-discretionary RAUM · $147M to $150M
    Jul 29, 2024 to Apr 1, 2025
  • RAUM · $147M to $150M
    Jul 29, 2024 to Apr 1, 2025
  • Assets in custody · $34.6M to $34.9M
    Aug 11, 2023 to Mar 26, 2024
  • Employees · 3 to 2
    Aug 11, 2023 to Mar 26, 2024
  • Discretionary RAUM · $154M to $0
    Aug 11, 2023 to Mar 26, 2024
  • Non-discretionary RAUM · $0 to $147M
    Aug 11, 2023 to Mar 26, 2024
  • RAUM · $154M to $147M
    Aug 11, 2023 to Mar 26, 2024
  • Advisory employees · 2 to 1
    Mar 30, 2022 to Mar 31, 2023
  • Assets in custody · unset to 34631284.0
    Mar 30, 2022 to Mar 31, 2023
  • Custody of client assets · false to true
    Mar 30, 2022 to Mar 31, 2023
  • Employees · 4 to 3
    Mar 30, 2022 to Mar 31, 2023
  • State-registered IARs · 2 to 1
    Mar 30, 2022 to Mar 31, 2023
  • Discretionary RAUM · $120M to $154M
    Mar 30, 2022 to Mar 31, 2023
  • RAUM · $120M to $154M
    Mar 30, 2022 to Mar 31, 2023
  • Advisory employees · 3 to 2
    Mar 31, 2021 to Mar 30, 2022
  • Employees · 5 to 4
    Mar 31, 2021 to Mar 30, 2022
  • State-registered IARs · 3 to 2
    Mar 31, 2021 to Mar 30, 2022
  • Discretionary RAUM · $98.1M to $120M
    Mar 31, 2021 to Mar 30, 2022
  • RAUM · $98.1M to $120M
    Mar 31, 2021 to Mar 30, 2022
  • Advisory employees · 4 to 3
    Mar 31, 2020 to Mar 31, 2021
  • Employees · 6 to 5
    Mar 31, 2020 to Mar 31, 2021
  • Discretionary RAUM · $50.1M to $98.1M
    Mar 31, 2020 to Mar 31, 2021
  • RAUM · $50.1M to $98.1M
    Mar 31, 2020 to Mar 31, 2021
  • Accounts · 2 to 1
    Jan 13, 2020 to Mar 31, 2020
  • Assets in custody · 15000000.0 to unset
    Jan 13, 2020 to Mar 31, 2020
  • Custody of client assets · true to false
    Jan 13, 2020 to Mar 31, 2020
  • Discretionary RAUM · $45.0M to $50.1M
    Jan 13, 2020 to Mar 31, 2020
  • RAUM · $45.0M to $50.1M
    Jan 13, 2020 to Mar 31, 2020
  • Advisory employees · 5 to 4
    Mar 29, 2019 to Jan 13, 2020
  • Accounts · unset to 2.0
    Jan 11, 2018 to Mar 25, 2019
  • Advisory activities · 7 to 1
    Jan 11, 2018 to Mar 25, 2019
  • Assets in custody · $14.5M to $15.0M
    Jan 11, 2018 to Mar 25, 2019
  • HQ city · CONSHOHOCKEN to WAYNE
    Jan 11, 2018 to Mar 25, 2019
  • Discretionary RAUM · unset to 45000000.0
    Jan 11, 2018 to Mar 25, 2019
Signals
2 dated events
  • William James Judge (Chief Compliance Officer) no longer on Schedule A of Gadsden (listed 2021-03-31, absent 2022-03-30)
    Mar 30, 2022 · Control person left · inference
  • Gadsden filed its initial SEC registration (Form ADV)
    Jan 9, 2018 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
How to reach
public business contact points only, each with its source
Website
gadsdenfunds.comreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone
484-580-2277reportedpublic record, Form ADV, Jul 27, 2026
Provenance
Form ADV
SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors
IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class
Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
RAUM per advisor
n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded
Sep 14, 2026