Form ADV vs Form PF: adviser vs fund report
On Form ADV vs Form PF, both are filings that US investment advisers make, but they serve opposite audiences. Form ADV is the public registration and disclosure form, the one that lets anyone read what an adviser charges and whether it has a disciplinary history. Form PF is a confidential report about the private funds an adviser runs, filed for regulators to monitor systemic risk. This guide compares Form ADV vs Form PF on what each reports, who can read it, and who files it. It is not investment advice.
Definition
Form ADV versus Form PF
are both SEC filings by investment advisers. Form ADV is the public registration form disclosing an adviser's business, fees, and disciplinary history. Form PF is a confidential report about an adviser's private funds, used by regulators for systemic-risk monitoring. Source: SEC.
What does each report?
Form ADV is about the adviser as a firm. Part 1 is structured data on its business, ownership, assets, and any disciplinary events; Part 2 is a plain-English brochure on services, fees, and conflicts; Part 3 is the Form CRS relationship summary for retail clients. Form PF is about the private funds the adviser manages, capturing size, leverage, and exposures so regulators can watch for risk building up across the industry.
How do they differ?
The clearest split is public versus confidential.
| What to check | Form ADV | Form PF |
|---|---|---|
| Purpose | Adviser registration and disclosure | Private-fund risk reporting |
| Who reads it | The public | Regulators only |
| Public? | Yes, on IAPD | No, confidential |
| Trigger | Registering as an adviser | $150 million in private-fund assets |
| Shows fees and conflicts | Yes, in Part 2 | No |
Public vs confidential
Form ADV is public on the SEC's IAPD website; Form PF is filed confidentially for regulators
Source: SEC
Which one should you read?
If you want to check an adviser's fees, conflicts, or background, read Form ADV on the SEC's IAPD website; that is the public record. You cannot read a Form PF, because it is confidential by design. If the same adviser also manages large US equity positions, its public 13F shows those holdings, and how to read a Form ADV walks through the adviser record step by step.
So on Form ADV vs Form PF, the ADV is the open door and the PF is the locked file. Flock reads the public disclosure filings and keeps each one dated and linked to its source. What any of it means for your money is your call to make.
Frequently asked questions
What is the difference between Form ADV and Form PF?
Form ADV is the public form an investment adviser files to register and disclose its business, fees, and disciplinary history. Form PF is a confidential report about the private funds an adviser manages, used by regulators to monitor systemic risk. One is public, one is not. Source: SEC.
Is Form ADV or Form PF public?
Form ADV is public. Part 1 and the Part 2 brochure are on the SEC's Investment Adviser Public Disclosure website. Form PF is confidential and is not published; it is shared with regulators for systemic-risk monitoring. Source: SEC.
Does an adviser file both Form ADV and Form PF?
Often, yes. An SEC-registered adviser files Form ADV to register. If it also advises private funds and has at least $150 million in private-fund assets, it must additionally file the confidential Form PF. Source: SEC.
Which one shows an adviser's fees and conflicts?
Form ADV does. Its Part 2 brochure sets out services, fees, and conflicts of interest in plain English, and is public. Form PF does not disclose that; it reports private-fund risk data to regulators. Source: SEC.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.