Federal obligations in portfolio management (NAICS 523920)

Thirty awards carry $812.0 million in 523920 obligations

$811,954,512.47 divided by 30 awards is about $27.1 million per action. That is not a catalog average. It is the signature of a small set of large portfolio-management vehicles tagged to this NAICS. With n=30, a single modification can move the industry total by a noticeable percentage. Read the rows on the industry hub rather than treating $811,954,512.47 as a diversified market index.

Investment banking and securities intermediation (523150) in this slice has three awards and a different dollar total. Credit bureaus (561450) compile credit files; they do not manage portfolios. Keep 523920 in its own cell. The packet facts for this code are $811,954,512.47 and 30.

What portfolio management means on a federal award

Census NAICS 523920 is establishments that manage portfolios of assets for clients—investment advice and portfolio administration as classified, not commercial banking and not the Federal Reserve. Federal tags land here when the vendor’s primary industry is portfolio management. This page does not name the funds, the asset classes, or the agencies because those fields are not in the facts object.

Contract obligations measure what the government has committed to pay on tagged awards. They are not the market value of assets managed, not returns, and not a performance ranking. Mixing $811,954,512.47 with an AUM figure from another source without a documented crosswalk mixes units.

Obligations are not assets under management

A portfolio-management contract can obligate advisory or management fees, a ceiling, or a related financial-services vehicle. The $811,954,512.47 is that committed contract value on 30 tagged actions. It is not the size of any trust corpus. Outlays of fees can lag or differ after modifications. Keep USAspending’s obligation and outlay fields in separate columns.

Assistance awards may not carry NAICS. Loan, guarantee, and recapitalization programs typically will not add to this 30-award contract total. Use program pages for those streams.

A complete citation of this industry is $811,954,512.47 in USAspending contract obligations tagged to NAICS 523920, portfolio management, on 30 awards. Anything less—dropping the NAICS, dropping the word obligations, or dropping the contract-only universe—overstates what the extract contains. The packet facts do not include a fiscal year, so this guide does not invent one. Live tables on the industry hub can move when USAspending posts modifications; the harvested pair remains $811,954,512.47 and 30.

How to read a 30-row finance industry

Thirty rows can be inspected individually on the portfolio management industry page. Confirm the 523920 tag on each. Then decide whether this NAICS answers the research question or whether 523150 (investment banking) or another finance code does. This guide’s allowed facts remain $811,954,512.47 and 30.

Classification errors are expected at the margin. Vendors that straddle investment banking, credit bureaus, and assets-under-management figures from other sources may land in 523920 on some actions and in a neighbor on others. Investment banking (523150) has three awards in this slice; 523920 has thirty. The public-record stance is to keep $811,954,512.47 attached to 523920 as tagged, then read all 30 rows; the set is small enough for line-by-line review. Re-tagging the extract by hand is out of scope for this overlay.

Neutral public-record limits

This overlay does not call the $811,954,512.47 a bailout, a subsidy, or a savings. It does not invent a fiscal year. Source is USAspending.gov contract awards. The all-industries directory is the hop to investment banking and credit bureaus without merging their dollars into this portfolio-management total.

Portfolio-management fees are not a trust-corpus size

Award count interprets the buying pattern. 30 actions producing $811,954,512.47 is thirty large advisory or management vehicles, with about $27.1 million per action as the simple average. That average hides mix: modifications, options, and delivery orders all increment count. 30 is not a count of unique companies and not a count of physical units. Use the hub amount sort to see whether a few large rows plus a long tail make up most of the tagged total.

Outlays remain a separate USAspending concept. An agency can obligate $811,954,512.47 across 30 tagged portfolio management actions and pay on a different calendar. De-obligations after cancellations reduce the obligation ledger; they do not rewrite the fact that this NAICS has been a large tagged category in the harvest. Assistance without NAICS still sits outside even when the real-world activity looks similar. Program pages answer the grant question; this page answers the tagged-contract question.

Internal links on this file point only to the portfolio management industry page and the all-industries directory. Those are the packet hrefs. Neighboring industry codes mentioned in prose are classification context only. Source note, copied from the packet: NAICS from USAspending contract awards. Assistance awards may not carry NAICS. The overlay’s job is to state $811,954,512.47, 30, the obligation unit, and the boundary around investment banking, credit bureaus, and assets-under-management figures from other sources.

Questions

How much federal contract spending is coded to portfolio management?

NAICS 523920 shows $811,954,512.47 in obligations on 30 USAspending contract awards. That is a concentrated finance-services code, not assets under management. The unit is obligations, not outlays. Quote it as USAspending contract obligations tagged to NAICS 523920, not as cash outlays. Assistance awards may not carry NAICS, so grants remain outside the 30-award extract behind $811,954,512.47.

Is this the same as investment banking (523150)?

No. Investment banking and securities intermediation is a different NAICS with three awards in this slice. This page’s $811,954,512.47 is portfolio management on 30 tagged awards. Open 523150 separately. Investment banking (523150) has three awards in this slice; 523920 has thirty. Keep $811,954,512.47 attached to 523920 as tagged on 30 actions; do not merge neighbor codes into the same unlabeled cell.

Does $812 million measure the size of federal investment portfolios?

No. It is obligated contract value tagged to portfolio-management establishments, not AUM. Asset values are not in the packet facts. The 30 awards average about $27.1 million in obligations each. That pattern is thirty large advisory or management vehicles, with about $27.1 million per action as the simple average of $811,954,512.47 over 30 awards. Read all 30 rows; the set is small enough for line-by-line review.

Are trust or loan programs included?

Only if they appear as contract actions tagged 523920. Assistance awards may not carry NAICS, so they generally fall outside these 30 awards and the $811,954,512.47. Use program pages for assistance. This industry guide covers tagged contracts only: $811,954,512.47 obligated on 30 portfolio management awards in USAspending. Outlays are a different field; assistance without NAICS is a different award type.