The resources behind
a better conversation.

Each strategy is built top-down, then bottom-up. Innovation looks for industries whose revenue is growing 20–25% a year and owns the fastest-growing companies in them. Growth owns the leading companies in the fastest-growing industries. Core owns the best companies in industries that still grow quickly, leaving out the most volatile ones such as semiconductors. Low Volatility owns the strongest companies in industries whose sales hold up when the market falls.

Chris does the research and makes every buy and sell decision.

Each fact sheet lists every current holding and its weight.

The published minimum is $10,000 per strategy, the same figure printed on each fact sheet. If an account doesn't fit the usual setup, call Chris before ruling it out.

Positions are weighted by conviction, so the largest holdings can sit well above an equal weight. Each fact sheet shows every position with its current weight, the share held in the top 10 and the largest single position.

Every strategy is measured against the S&P 500 total return. The charts can also show the Nasdaq 100, and you can add any ticker to compare. Benchmarks are always shown before fees.

When you use the strategies for your own clients, Bull Run's manager fee is 0.50% a year. Your advisory fee is separate and set by you.

Bull Run's own clients pay the published schedule: 1.50% on the first $250,000, 1.25% on the next $250,000, 1.10% up to $1 million, 0.95% up to $2.5 million and 0.85% above that. Each dollar pays the rate for its band, so a $1 million household pays 1.24% overall. Accounts in the same household are combined. Fees are billed quarterly in arrears on the average daily balance.

Yes. Every chart and fact sheet has four fee views. Gross deducts nothing. Manager fee deducts only Bull Run's 0.50%, the figure to compare with a fund's expense ratio. Client applies the published schedule at a portfolio size you enter. Advisor deducts your fee plus Bull Run's 0.50%. Benchmarks are always gross.

Chris places trades as block orders at Schwab, so accounts in the same strategy trade together at the same average price. Form ADV Part 2A, Item 12, describes brokerage and how trades are allocated.

Clients own each stock directly, so losses in taxable accounts can be harvested. When a household holds more than one strategy, the higher-turnover strategies can be placed in tax-deferred accounts. For complex tax situations, Bull Run works with the client's CPA.

It depends on the client's cost basis and tax bracket, and it is higher in Innovation, which turns over more. For taxable accounts, the Strategy Backtester and the portfolio proposal estimate it by assuming a share of each year's gains is realized: 35% for Innovation and 15% for the other three strategies.

No. The record is Bull Run's own daily return series, published in full. It is not verified to GIPS standards, and Schwab does not audit or verify it.

The Advisor Performance Audit tab in the public dataset explains how the returns are calculated and which accounts they come from. Source files are available on request.

Figures before each strategy's live date are backtested: Innovation before March 24, 2020, Core before March 23, 2021, Low Volatility before April 16, 2021 and Growth before April 14, 2022. The data begins January 7, 2008.

Backtested figures are hypothetical and were not earned by client accounts. Every chart and fact sheet can show live results only.

Yes. The full daily return series for all four strategies and the benchmarks is public in a Google Sheet and updated each trading day. The SMA Performance page also has a CSV download.

Start with a 20-minute call with Chris about the strategies and your clients. Your firm then completes its own review using the documents on this page. After that, you open accounts through the Schwab Managed Account Marketplace and select Bull Run and the strategy.

Schwab sends statements, trade confirmations and tax forms. Bull Run provides performance reporting through Black Diamond. If you use your own reporting system, tell Chris which one and he will walk through the data you need.

Chris. There is no account manager in between. Email or call and you reach the portfolio manager. He usually replies the same business day.

Yes. The Strategy Backtester blends strategies and benchmarks over any period, before or after fees. The Wealth Forecaster projects an allocation forward with contributions and withdrawals. Neither needs an account.