Equity Fund Research, LLC
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
About
Equity Fund Research provides discretionary investment supervisory services to individual investors and personal trust accounts, generally requiring a $500,000 minimum to open a new account. The firm implements portfolios by buying open‑end mutual funds and ETFs through a custodial brokerage account and does not participate in wrap fee programs.
Investment decisions are driven by an in‑house fund rating system that relies on historical price data from Steele Systems and monthly evaluations; funds are sold when their EFR rating falls below a set threshold. The adviser prefers no‑trading‑fee mutual funds available on the chosen custodian platform, conducts weekly reviews of holdings, and sends quarterly performance reports and commentary to clients.
The firm is a single‑principal operation that has provided this service since 1980 and historically published a mutual‑fund newsletter, an uncommon profile for firms of this type and size. It does not advise or manage private funds, does not accept performance‑based fees, discloses receipt of referral fees in 2025, and uses a master‑account proxy voting process—features that distinguish it from larger, multi‑adviser peers.
Client services
Expertise
Fee options
$0 - $500,000: Minimum quarterly fee of $1,200 applies $500,001 - $1,000,000: 0.20% annually (charged quarterly) $1,000,001+: 0.15% annually (charged quarterly)
Account minimum: $500,000 Minimum fee: $1,200 quarterly minimum fee Fee-only: Investment advisory fees only, no commissions
Main office
Winchester MA
Advisors at this office
1
Most active in
Massachusetts
Also doing business as
Equity Fund Research · Equity Fund Research, LLC · Smith, Thurman Leonard · Thurman Leonard Smith
Disclosures
Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.
Business activities & affiliations
Is not active or affiliated with:
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Insurance agent
They sell insurance products and may earn commissions on those sales.
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Broker-dealer / trader
They provide brokerage services and may earn transaction-based compensation in addition to advisory fees.
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Bank
They're affiliated with a bank that may offer its own financial products and services.
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Trust company
They provide trust and estate administration services, typically for separate fees.
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Fund sponsor
They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.
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Accountant / CPA / tax prep
They offer tax and accounting services, typically for separate fees.
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Lawyer
They provide legal services, typically billed separately.
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Real estate agent
They facilitate real estate transactions and may earn commissions.
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Other specialized services
They may provide services such as pension consulting or municipal advisory work, typically for separate fees.
Forms ADV
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