Clients
Fund Evaluation Group serves 214 clients, 164 of them charitable organizations. The average client has about $111 million with the firm, and high-net-worth clients hold 1% of its $23.9 billion in assets.
- Charitable organizations164 clients81%
- Sovereign wealth funds and foreign official institutions17%
- OtherIndividuals, High-net-worth individuals, Pension and profit-sharing plans, State or municipal government entities, Corporations and other businesses2%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 30 | $8,318,746 | 0.0% | $277K |
| High-net-worth individuals | 15 | $162,678,989 | 0.7% | $10.8M |
| Pension and profit-sharing plans | Not reported | $65,650,508 | 0.3% | — |
| Charitable organizations | 164 | $19,292,575,127 | 80.9% | $117.6M |
| State or municipal government entities | 5 | $154,166,850 | 0.6% | $30.8M |
| Sovereign wealth funds and foreign official institutions | Not reported | $4,139,902,290 | 17.4% | — |
| Corporations and other businesses | Not reported | $35,538,330 | 0.1% | — |
| Total | 214 | $23,858,830,840 | 100% | $111.5M |
- Clients
- 30
- Regulatory AUM
- $8,318,746
- Share
- 0.0%
- Avg. per client
- $277K
- Clients
- 15
- Regulatory AUM
- $162,678,989
- Share
- 0.7%
- Avg. per client
- $10.8M
- Clients
- Not reported
- Regulatory AUM
- $65,650,508
- Share
- 0.3%
- Avg. per client
- —
- Clients
- 164
- Regulatory AUM
- $19,292,575,127
- Share
- 80.9%
- Avg. per client
- $117.6M
- Clients
- 5
- Regulatory AUM
- $154,166,850
- Share
- 0.6%
- Avg. per client
- $30.8M
- Clients
- Not reported
- Regulatory AUM
- $4,139,902,290
- Share
- 17.4%
- Avg. per client
- —
- Clients
- Not reported
- Regulatory AUM
- $35,538,330
- Share
- 0.1%
- Avg. per client
- —
Total
- Clients
- 214
- Regulatory AUM
- $23,858,830,840
- Share
- 100%
- Avg. per client
- $111.5M
What it does
Fund Evaluation Group provides portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers and other activities. It is paid through a percentage of assets, fixed fees and performance-based fees.
Fund Evaluation Group advises no private funds.
67.0% of assets ($16.00B across 150 accounts) are managed with discretion; $7.86B across 68 accounts are not. 0% of clients are outside the U.S., and 134 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks22%
- Funds68%
- Pooled vehicles35%
- Registered funds33%
- Bonds5%
- U.S. government and agency bonds3%
- Investment grade corporate bonds2%
- Cash5%
Custodians
Fund Evaluation Group’s client accounts are held mainly at Charles Schwab, with 35% of managed assets, and Northern Trust Securities, with 16%. Fund Evaluation Group has custody of $12.31B for 125 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Orlando, FL · $8.26B35%
- Northern Trust SecuritiesNorthern Trust Securities, Inc. · Chicago, IL · $3.80B16%
- All other custodians$11.80B49%
Ownership and leadership
Fund Evaluation Group 2017, Inc. owns 75% or more of Fund Evaluation Group, and James Lenahan is its CEO.
- Owns 75% or more of Fund Evaluation Group, LLC
Fund Evaluation Group 2017, Inc.
Control person · since September 2017
- Owns 75% or more of Fund Evaluation Group 2017, Inc.
Fund Evaluation Group Employee Stock Ownership Trust
Control person · since September 2017
Argent Trust Company
Argent is the trustee of fund evaluation group employee stock ownership trust · Control person · since September 2017
Leadership
- James LenahanDirector, Chief Executive Officer
- William GosleeDirector, President
- Kurt KrebsChief Financial Officer & Treasurer
- Robert JenningsChief Operating Officer
- Julie ThomasChief Compliance Officer
- Nolan BeanDirector, Chief Investment Officer & Head of Portfolio Management
- Stephen HopkinsIndependent Director
- Gary PriceDirector & Managing Director of Institutional Services
- Gianna TremoulisGeneral Counsel and Secretary
- Rebecca WoodNon-Executive Chair
Staff
- 136 employees
- 74 in advisory functions
- 1 state-registered rep
- 1 soliciting firm
Reported holdings
Fund Evaluation Group’s reported 13F holdings total $3.70B across 80 positions, and the ten largest make up 82.7% of it.
- $3.70B
- Reported 13F value
- 80
- Positions
- 82.7%
- In the 10 largest
- +13.8%
- Value vs. prior quarter
- iShares Core S&P 500 ETFETF29.5%
- Schwab U.S. Large-cap Growth ETFETF13.4%
- iShares US Treasury Bond ETFETF11.3%
- Schwab U.S. Large-cap ETFETF6.7%
- iShares Core MSCI Total International Stock ETFETF5.5%
- Vanguard S&P 500 ETFETF4.9%
- Schwab International Equity ETFETF3.6%
- Vanguard Total Stock Market ETFETF3.0%
- Vanguard Short-term Bond ETFETF2.5%
- S&P500 Catholic Values ETFETF2.3%
Together, the ten largest are 82.7% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $3.70B is not its $23.86B in regulatory assets and does not represent any individual client's portfolio.
Fees
Fund Evaluation Group is paid through a percentage of assets under management, fixed fees (other than subscription fees) and performance-based fees.
Fund Evaluation Group’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Fund Evaluation Group has 2 offices, with 3 listed addresses across 3 states.
Indiana · 1 listed address
- One Indiana Square, Indianapolis
Ohio · 1 listed address
- 201 East Fifth Street, Suite 1600, CincinnatiHQ
Texas · 1 listed address
- 2911 Turtle Creek BLVD., Dallas
Other business names
Fund Evaluation Group has reported 1 other business name to the SEC.
- Feg Investment Advisors
Registration details
- Legal name
- Fund Evaluation Group, LLC
- Headquarters
- 201 East Fifth Street, Suite 1600, Cincinnati, OH 45202
- Phone
- 513-977-4400
- Website
- Not reported
- SEC file
- 801-61324
- 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 Fund Evaluation Group have?
Fund Evaluation Group has 214 clients and manages $23.9 billion for them, as of March 2026. They include 164 charitable organizations, 30 other individuals and 15 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Fund Evaluation Group offer?
Fund Evaluation Group provides portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers and other activities.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Fund Evaluation Group use?
Fund Evaluation Group’s separately managed account assets are held at Charles Schwab & Co., Inc. (Orlando, FL), with $8,256,391,569 and Northern Trust Securities, Inc. (Chicago, IL), with $3,801,448,371. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026
How many financial advisors does Fund Evaluation Group have?
Fund Evaluation Group has 1 investment adviser representatives registered with state securities authorities, out of 136 employees, and 74 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
What does Fund Evaluation Group invest in?
At the end of its last fiscal year, Fund Evaluation Group’s separately managed accounts held 35% pooled vehicles (private funds and similar), 33% registered funds (mutual funds, ETFs, BDCs), 22% exchange-traded equities, 5% cash and equivalents, 3% U.S. government and agency bonds and 2% investment grade corporate bonds. 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 Fund Evaluation Group?
Fund Evaluation Group’s direct owner is Fund Evaluation Group 2017, Inc. (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Fund Evaluation Group get paid?
Fund Evaluation Group is paid through a percentage of assets under management, fixed fees and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file