{"url":"https://nivawealth.com/firms/sage-advisory-services-106236","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/106236","regulatoryAum":28427771682,"crd":"106236","secFileNumber":"801-52937","legalName":"Sage Advisory Services LTD Co","displayName":"Sage Advisory Services","website":"http://www.sageadvisory.com","linkedinUrl":"https://www.linkedin.com/company/121004/","founded":null,"organization":"Texas limited liability company","fiscalYearEnd":"December","headquarters":{"street":"5900 Southwest Parkway, Building 1, Suite 100","city":"Austin","state":"TX","stateName":"Texas","country":"United States","postalCode":"78735-6202"},"tradeNames":[],"registration":{"secApproved":"24 September 1996","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":58,"advisory":37,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":28285477903,"discretionaryAccounts":14355,"nonDiscretionary":142293779,"nonDiscretionaryAccounts":8,"wrapProgram":9798720978,"nonUsClientsPct":2,"nonAumClients":15},"clientTypes":[{"label":"Individuals (other than HNW)","clients":11158,"regulatoryAum":3305629919},{"label":"High-net-worth individuals","clients":1283,"regulatoryAum":4317751993},{"label":"Investment companies","clients":2,"regulatoryAum":178745371},{"label":"Pooled investment vehicles","clients":7,"regulatoryAum":157313392},{"label":"Pension and profit-sharing plans","clients":238,"regulatoryAum":7291164025},{"label":"Charitable organizations","clients":299,"regulatoryAum":3900223260},{"label":"State or municipal government entities","clients":51,"regulatoryAum":1727716305},{"label":"Insurance companies","clients":106,"regulatoryAum":2801523633},{"label":"Corporations and other businesses","clients":1219,"regulatoryAum":4747703784}],"fees":[],"feeNotes":[],"custodians":[{"name":"Morgan Stanley Smith Barney LLC","shortName":"Morgan Stanley","location":"Purchase, NY","smaAssets":8477060859},{"name":"Northern Trust Securities, Inc.","shortName":"Northern Trust Securities","location":"Chicago, IL","smaAssets":4596231262}],"custodyNote":"Sage Advisory Services does not have custody of client assets.","otherCustodians":[],"leadership":[{"name":"Andrew Demand","title":"Vice President","crd":"5289561"},{"name":"Leonard Finley","title":"Vice President","crd":"4377292"},{"name":"ALLISON Hartman","title":"Vice President","crd":"5757639"},{"name":"Seth Henry","title":"Vice President","crd":"5289609"},{"name":"Sean Krasan","title":"Vice President","crd":"2434187"},{"name":"Richard Ladd","title":"Vice President","crd":"7524132"},{"name":"JR. Peck","title":"Vice President","crd":"2093060"},{"name":"komson Silapachai","title":"Vice President","crd":"6697762"},{"name":"Robert Smith","title":"President and Co-Chief Investment Officer","crd":"1276003"},{"name":"Jeffery Timlin","title":"Vice President","crd":"2958865"},{"name":"John Slais","title":"Chief Financial Officer","crd":"1089512"},{"name":"Wade Uloth","title":"Chief Compliance Officer","crd":"4354946"},{"name":"Robert Moser","title":"Executive Committee Member","crd":"4286284"},{"name":"Thomas Urano","title":"Co-Chief Investment Officer","crd":"2758802"},{"name":"Michael Walton","title":"Executive Committee Member","crd":"2805516"},{"name":"Robert Williams","title":"Executive Committee Member","crd":"2729509"}],"ownership":[{"label":"Robert Smith","detail":"President and co-chief investment officer in the 25% to 50% ownership band and a control person, since September 1996."},{"label":"JR. Peck","detail":"Vice president in the 10% to 25% ownership band, since May 2004."},{"label":"Sean Krasan","detail":"Vice president in the 5% to 10% ownership band, since May 2004."},{"label":"Thomas Urano","detail":"Co-chief investment officer in the 10% to 25% ownership band and a control person, since January 2007."},{"label":"Robert Williams","detail":"Executive committee member in the 10% to 25% ownership band and a control person, since January 2007."},{"label":"Jeffery Timlin","detail":"Vice president in the 5% to 10% ownership band, since July 2009."},{"label":"Michael Walton","detail":"Executive committee member in the 5% to 10% ownership band and a control person, since January 2016."},{"label":"Kudu Investment US, LLC","detail":"Member class a interests in the 25% to 50% ownership band, since December 2023."},{"label":"Kudu Investment Holdings, LLC","detail":"Indirect owner: a member of Kudu Investment US, LLC in the 75% or more band and a control person, since December 2023.","parent":"Kudu Investment US, LLC"},{"label":"WM Regent, LTD","detail":"Indirect owner: a shareholder of Kudu Investment Holdings, LLC in the 75% or more band and a control person, since December 2023.","parent":"Kudu Investment Holdings, LLC"},{"label":"WM International Holdings LTD","detail":"Indirect owner: a shareholder of WM Regent, LTD in the 75% or more band and a control person, since December 2023.","parent":"WM Regent, LTD"},{"label":"WM Hinson (bermuda), LTD","detail":"Indirect owner: a shareholder of WM International Holdings LTD in the 75% or more band and a control person, since December 2023.","parent":"WM International Holdings LTD"},{"label":"White Mountains Insurance Group, LTD","detail":"Indirect owner: a shareholder of WM Hinson (bermuda), LTD in the 75% or more band and a control person, since December 2023.","parent":"WM Hinson (bermuda), LTD"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"officesByState":[{"state":"Texas","offices":1,"addresses":[{"street":"5900 Southwest Parkway, Building 1, Suite 100","city":"Austin","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"512-327-5530","stateRegisteredReps":40,"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 pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients","Pension consulting services","Other"],"financialPlanningClients":"0","assetMix":[{"label":"U.S. government/agency bonds","percent":23},{"label":"U.S. state and local bonds","percent":8},{"label":"Investment grade corporate bonds","percent":45},{"label":"Non-investment grade corporate bonds","percent":2},{"label":"Securities issued by registered investment companies or business development companies","percent":1},{"label":"Cash and cash equivalents","percent":2},{"label":"Other","percent":19,"detail":"Other Consists of Asset Backed, Commercial Mortgage Backed, Collateralized Mortgage Obligations (agency & Non-Agency), and Mortgage Passed Through Fixed Income Securities."}],"privateFunds":0},"sources":{"adv1FilingDate":"30 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/106236/PDF/106236.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Sage Advisory Services have?","answer":"Sage Advisory Services has 14,363 clients and manages $28.4 billion for them, as of March 2026. They include 11,158 other individuals, 1,283 high-net-worth individuals and 1,219 corporations and other businesses.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 30 March 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Sage Advisory Services offer?","answer":"Sage Advisory Services 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 other activities.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Sage Advisory Services use?","answer":"Sage Advisory Services’ separately managed account assets are held at Morgan Stanley Smith Barney LLC (Purchase, NY), with $8,477,060,859 and Northern Trust Securities, Inc. (Chicago, IL), with $4,596,231,262. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 March 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Sage Advisory Services have?","answer":"Sage Advisory Services has 40 investment adviser representatives registered with state securities authorities, out of 58 employees, and 37 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 Sage Advisory Services invest in?","answer":"At the end of its last fiscal year, Sage Advisory Services’ separately managed accounts held 45% investment grade corporate bonds, 23% U.S. government and agency bonds, 19% other consists of asset backed, commercial mortgage backed, collateralized mortgage obligations (agency & non-agency), and mortgage passed through fixed income securities., 8% state and local bonds, 2% high-yield corporate bonds, 2% cash and equivalents and 1% registered funds (mutual funds, ETFs, BDCs). 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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Sage Advisory Services?","answer":"Sage Advisory Services is owned through a chain of holding companies by White Mountains Insurance Group, LTD. Its direct owners are Robert Smith, JR. Peck, Sean Krasan, Thomas Urano, Robert Williams, Jeffery Timlin, Michael Walton and Kudu Investment US, LLC, each holding 50% or less.","source":"Form ADV Part 1A, Schedules A and B, filed 30 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Sage Advisory Services get paid?","answer":"Sage Advisory Services 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"}}],"holdings":{"url":"https://nivawealth.com/firms/sage-advisory-services-106236/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-07-22","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1534378/000121465926008799/0001214659-26-008799-index.html","totalValue":203244000,"positionCount":46,"top10Share":0.6726643836964437,"top10":[{"issuer":"ISHARES TR","titleOfClass":"CORE S&P500 ETF","cusip":"464287200","value":30456000,"shares":40668,"shareType":"SH","priorValue":21254000,"priorShares":32538},{"issuer":"SPDR SERIES TRUST","titleOfClass":"ST STR P500GRW","cusip":"78464A409","value":27359000,"shares":229926,"shareType":"SH","priorValue":21366000,"priorShares":218224},{"issuer":"FRANKLIN TEMPLETON ETF TR","titleOfClass":"SENIOR LOAN 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Facts as filed; not a rating, ranking, or recommendation. Niva Wealth 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."}