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F/M Investments

SEC-registered adviser since 2019Washington, DCCRD 304405

$17.7B
AUM
5,780
Clients
See fees
Fee
46
Advisory staff

From Form ADV filed 26 August 2026 · data retrieved 15 October 2026SEC record

F/M Investments is an investment adviser headquartered in Washington, District of Columbia, and registered with the SEC since 2019. Its clients include investment companies, corporations and other businesses, and pension and profit-sharing plans. High-net-worth individuals account for 6% of its regulatory assets under management.

Its services include portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, and selecting other managers. Fee arrangements include a percentage of assets under management and fixed fees. ZCM owns 25% to 50% of F/M Investments, and Alexander Morris is its CEO.

Clients

F/M Investments serves 5,780 clients, 797 of them high-net-worth individuals. The average client has about $3.1 million with the firm, and high-net-worth clients hold 6% of its $17.7 billion in assets.

Regulatory assets by client type
  • High-net-worth individuals797 clients6%
  • Investment companies23 clients48%
  • Pension and profit-sharing plans108 clients13%
  • Other investment advisers3,971 clients10%
  • Corporations and other businesses497 clients17%
  • OtherIndividuals, Banking or thrift institutions, Pooled investment vehicles, Charitable organizations, State or municipal government entities, Other5%
Show client breakdown
Individuals (other than HNW)
Clients
202
Regulatory AUM
$80,514,020
Share
0.5%
Avg. per client
$399K
High-net-worth individuals
Clients
797
Regulatory AUM
$999,665,123
Share
5.6%
Avg. per client
$1.25M
Banking or thrift institutions
Clients
25
Regulatory AUM
$116,857,783
Share
0.7%
Avg. per client
$4.67M
Investment companies
Clients
23
Regulatory AUM
$8,566,241,240
Share
48.3%
Avg. per client
$372.4M
Pooled investment vehicles
Clients
53
Regulatory AUM
$334,063,747
Share
1.9%
Avg. per client
$6.30M
Pension and profit-sharing plans
Clients
108
Regulatory AUM
$2,341,914,800
Share
13.2%
Avg. per client
$21.7M
Charitable organizations
Clients
77
Regulatory AUM
$255,134,454
Share
1.4%
Avg. per client
$3.31M
State or municipal government entities
Clients
19
Regulatory AUM
$112,303,855
Share
0.6%
Avg. per client
$5.91M
Other investment advisers
Clients
3,971
Regulatory AUM
$1,824,554,548
Share
10.3%
Avg. per client
$459K
Corporations and other businesses
Clients
497
Regulatory AUM
$3,062,401,644
Share
17.3%
Avg. per client
$6.16M
Other
Clients
8
Regulatory AUM
$42,347,308
Share
0.2%
Avg. per client
$5.29M

Total

Clients
5,780
Regulatory AUM
$17,735,998,522
Share
100%
Avg. per client
$3.07M

What it does

F/M Investments provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and selecting other managers. It is paid through a percentage of assets and fixed fees.

F/M Investments advises no private funds.

99.5% of assets ($17.64B across 5,687 accounts) are managed with discretion; $92.2M across 93 accounts are not. $1.52B sits in a wrap fee program the firm both sponsors and manages. 2% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Stocks14%
  • Bonds78%
    • U.S. government and agency bonds59%
    • Investment grade corporate bonds15%
    • State and local bonds4%
  • Cash2%
  • Other5%
    • Certificates of deposit, mortgage/abs5%

Filed values cover 99%. The neutral 1% gap has no reported category.

Custodians

F/M Investments’ client accounts are held mainly at U.S. Bancorp Investments, with 8% of managed assets. F/M Investments does not have custody of client assets.

Managed account assets by custodian
  • U.S. Bancorp InvestmentsU.S. Bancorp Investments, Inc. · Saint Paul, MN · $1.48B8%
  • All other custodians$16.26B92%

Ownership and leadership

ZCM owns 25% to 50% of F/M Investments, and Alexander Morris is its CEO.

Who owns the firm
F/M Investments LLC· the adviser

  • ZCM

    Control person · since March 2024

    Owns 25% to 50% of F/M Investments LLC

  • F/M Managers Group, LP

    Control person · since October 2024

    Owns 25% to 50% of F/M Investments LLC

Leadership

  • Alexander Morris
    Chief Executive Officer
  • David Littleton
    President
  • Timothy Dolan
    Chief Financial Officer
  • Kirk Johnson
    General Counsel and Chief Operating Officer
  • Alison Miller
    Chief Compliance Officer
  • Adam Croll
    Director of Trading and Operations

Staff

  • 83 employees
  • 46 in advisory functions
  • 22 state-registered reps
  • 18 broker-dealer reps
  • 1 soliciting firm

Reported holdings

F/M Investments’ reported 13F holdings total $1.97B across 354 positions, and the ten largest make up 42.5% of it.

$1.97B
Reported 13F value
354
Positions
42.5%
In the 10 largest
+30.7%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. iShares TR · Core US Aggbd ET7.5%
  2. Dimensional ETF Trust · Core Fixed Incom7.3%
  3. Invesco Exch Traded FD TR II · Short Term Treas5.5%
  4. Alphabet Inc. · Cap Stk CL A4.0%
  5. Broadcom Inc.3.6%
  6. Apple Inc.3.4%
  7. Vanguard Intl Equity Index F · Allwrld EX US3.1%
  8. Nvidia Corporation3.0%
  9. Microsoft Corp.2.6%
  10. Amazon Com Inc.2.5%

Together, the ten largest are 42.5% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 5 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $1.97B is not its $17.74B in regulatory assets and does not represent any individual client's portfolio.

Fees

F/M Investments is paid through a percentage of assets under management and fixed fees (other than subscription fees).

Brochure fee details have not yet been processed for this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, F/M Investments has 8 offices (4 private residences, listed without an address), with 5 listed addresses across 5 states.

Listed office addresses by state

District of Columbia · 1 listed address

  • 900 19th ST NW, Suite 203, WashingtonHQ

Registration details

Legal name
F/M Investments LLC
Headquarters
900 19th ST NW, Suite 203, Washington, DC 20006
Phone
202-839-4910
Website
www.fminvest.com
SEC file
801-116853
Structure
Delaware LLC
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does F/M Investments have?

F/M Investments has 5,780 clients and manages $17.7 billion for them, as of August 2026. They include 3,971 other investment advisers, 797 high-net-worth individuals and 497 corporations and other businesses.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 26 August 2026

What services does F/M Investments offer?

F/M Investments provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and selecting other managers.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does F/M Investments use?

F/M Investments’ separately managed account assets are held at U.S. Bancorp Investments, Inc. (Saint Paul, MN), with $1,478,560,026. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 26 August 2026

How many financial advisors does F/M Investments have?

F/M Investments has 22 investment adviser representatives registered with state securities authorities, out of 83 employees, and 46 perform investment advisory functions. 18 are registered representatives of a broker-dealer and 0 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does F/M Investments invest in?

At the end of its last fiscal year, F/M Investments’ separately managed accounts held 59% U.S. government and agency bonds, 15% investment grade corporate bonds, 14% exchange-traded equities, 5% certificates of deposit, mortgage/abs, 4% state and local bonds and 2% cash and equivalents. It advises no private funds of its own.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns F/M Investments?

F/M Investments’ direct owners are ZCM and F/M Managers Group, LP, each holding 50% or less.

Source: Form ADV Part 1A, Schedules A and B, filed 26 August 2026

How does F/M Investments get paid?

F/M Investments 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

Sources

  1. Form ADV Part 1A, amendment filed 26 August 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 304405.
  3. Form 13F-HR, filed 5 August 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with F/M Investments LLC and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.