{"url":"https://nivawealth.com/firms/capital-innovations-145329","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/145329","regulatoryAum":806657637,"crd":"145329","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"2334382","suffix":null,"lastName":"UNDERHILL","firstName":"MICHAEL","middleName":"DAVID"}],"total":1,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2021-03-30","regulatoryAum":173323777,"clients":8,"employees":7,"offices":1},{"filedOn":"2022-04-05","regulatoryAum":200621368,"clients":39,"employees":7,"offices":1},{"filedOn":"2023-03-30","regulatoryAum":207603754,"clients":47,"employees":7,"offices":1},{"filedOn":"2024-07-15","regulatoryAum":109095622,"clients":65,"employees":5,"offices":1},{"filedOn":"2025-03-24","regulatoryAum":372948460,"clients":6,"employees":4,"offices":1},{"filedOn":"2026-03-31","regulatoryAum":806657637,"clients":6,"employees":4,"offices":1}],"secFileNumber":"801-72322","legalName":"Capital Innovations, LLC","displayName":"Capital Innovations","slug":"capital-innovations-145329","website":"https://capinnovations.com/","classification":{"segment":"registered_funds","segmentLabel":"Fund management","type":"fund_manager","typeLabel":"Mutual funds & ETFs","feeDisclosure":"payment_only"},"founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"N19W24400 Riverwood DR, Suite 350","city":"Waukesha","state":"WI","stateName":"Wisconsin","country":"United States","postalCode":"53188"},"tradeNames":[],"registration":{"secApproved":"25 April 2011","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":null,"staff":{"employees":4,"advisory":4,"brokerDealerReps":0,"insuranceAgents":0,"promoters":1},"aum":{"regulatory":806657637,"discretionary":405640164,"discretionaryAccounts":8,"nonDiscretionary":401017473,"nonDiscretionaryAccounts":1,"wrapProgram":6757319,"nonUsClientsPct":0,"nonAumClients":3},"clientTypes":[{"label":"High-net-worth individuals","clients":null,"fewerThan5":true,"regulatoryAum":1354405},{"label":"Investment companies","clients":1,"regulatoryAum":798545913},{"label":"Other investment advisers","clients":5,"regulatoryAum":6757319}],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[],"custodyNote":"Capital Innovations does not have custody of client assets.","otherCustodians":[],"leadership":[{"name":"Michael Underhill","title":"Chief Executive Officer","crd":"2334382"},{"name":"Susan Dambekaln","title":"President, CCO","crd":"2412607"}],"ownership":[{"label":"Susan Dambekaln","detail":"President, cco in the 50% to 75% ownership band and a control person, since August 2007."},{"label":"Michael Underhill","detail":"Chief executive officer in the 25% to 50% ownership band and a control person, since May 2007."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"Wisconsin","offices":1,"addresses":[{"street":"N19W24400 Riverwood DR, Suite 350","city":"Waukesha","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"262-746-3100","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Fixed fees (other than subscription fees)"],"activities":["Portfolio management for individuals and/or small businesses","Portfolio management for investment companies","Portfolio management for businesses (other than small businesses) or institutional clients","Selection of other advisers (including private fund managers)"],"financialPlanningClients":"0","assetMix":[{"label":"Exchange-traded equity securities","percent":70},{"label":"Non-exchange-traded equity securities","percent":20},{"label":"Cash and cash equivalents","percent":10}],"privateFunds":0},"sources":{"adv1FilingDate":"31 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/145329/PDF/145329.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-21","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Capital Innovations have?","answer":"Capital Innovations has 6 clients and manages $807 million for them, as of March 2026. They include 5 other investment advisers and 1 investment company.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Capital Innovations offer?","answer":"Capital Innovations provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for institutions, and selecting other managers.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How many financial advisors does Capital Innovations have?","answer":"Capital Innovations has 0 investment adviser representatives registered with state securities authorities, out of 4 employees, and 4 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Capital Innovations invest in?","answer":"At the end of its last fiscal year, Capital Innovations’ separately managed accounts held 70% exchange-traded equities, 20% non-exchange-traded equities and 10% cash and equivalents.","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Capital Innovations?","answer":"Capital Innovations’ direct owners are Susan Dambekaln (50% to 75%) and Michael Underhill (25% to 50%).","source":"Form ADV Part 1A, Schedules A and B, filed 31 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Capital Innovations get paid?","answer":"Capital Innovations is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.","source":"Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Capital Innovations?","answer":"Capital Innovations’ main office is at N19W24400 Riverwood DR, Suite 350, Waukesha, WI 53188. Its phone number is 262-746-3100. Its website is capinnovations.com.","source":"Form ADV Part 1A, Item 1.F, filed 31 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":{"url":"https://nivawealth.com/firms/capital-innovations-145329/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-11","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1596076/000159607626000003/0001596076-26-000003-index.html","totalValue":385196,"positionCount":51,"top10Share":0.47682218922314873,"top10":[{"issuer":"WILLIAMS COS INC","titleOfClass":"COM","cusip":"969457100","value":30503,"shares":410323,"shareType":"SH"},{"issuer":"SLB LIMITED","titleOfClass":"COM STK","cusip":"806857108","value":24712,"shares":531546,"shareType":"SH"},{"issuer":"NEXTERA ENERGY INC","titleOfClass":"COM","cusip":"65339F101","value":21099,"shares":240391,"shareType":"SH"},{"issuer":"VISTRA CORP","titleOfClass":"COM","cusip":"92840M102","value":19813,"shares":124901,"shareType":"SH"},{"issuer":"CANADIAN PACIFIC KANSAS 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Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}