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Equity Growth SMA
Designed to outperform the NASDAQ 100 and S&P 500 by delivering comparable downside volatility while capturing greater upside potential. Targets large-cap companies with substantial market presence and strong growth trajectories.
Equity Growth SMA
Growth of $100,000
Calendar Year Returns
Annual performance vs. the S&P 500 — computed live from daily return data
| Year | Growth (Gross) | S&P 500 | Alpha | Market Context |
|---|---|---|---|---|
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Seen Enough? Let's Talk.
Schedule a complimentary consultation to discuss whether the Growth SMA belongs in your portfolio — or keep scrolling for the full strategy breakdown.
What Makes Growth Different
The Equity Growth SMA is our category-leader strategy. It holds 20–25 concentrated positions in businesses that have already proven they can compound — the durable winners of their industries, scaling profitably into large addressable markets.
Every holding must demonstrate revenue growth between 15% and 25% annually, real operating leverage, strong market position, and a management team we would trust with our own capital. This is growth with guardrails — aggressive enough to compound serious wealth, mature enough to survive any cycle.
- Long-term investors with 7+ year horizons in accumulation mode
- Roth IRA and taxable allocations — quality growth compounds efficiently in both
- Moderately aggressive risk profiles who want equity upside without peak volatility
- Investors who want active ownership of best-in-class compounders at a fair price
- Professionals and executives diversifying concentrated company stock into durable leaders
Current Holdings
How We Identify Exceptional Businesses
Every position in the Growth portfolio passes through rigorous bottom-up analysis. We don't screen for stocks — we research businesses. Growth rewards quality compounders with real operating leverage.
Revenue Growth of 15–25%
Sustained, durable top-line growth in the 15–25% zone — the sweet spot where companies are large enough to compound capital efficiently, but still small enough for growth to matter. Not one good quarter. A trajectory.
Real Operating Leverage
Revenue without operating leverage is a treadmill. We want businesses where each incremental dollar of revenue drops more profit to the bottom line than the last — expanding margins, scaling free cash flow, proving the model works at size.
Durable Competitive Moat
Network effects, switching costs, proprietary distribution, brand equity, platform ecosystems — structural advantages that protect and compound over time. Growth without a moat is a footrace the market will eventually win.
Large, Open End Market
The ceiling matters as much as the current floor. We invest in companies operating in markets measured in tens or hundreds of billions — with clear runway for years of double-digit growth before the market itself hits saturation.
World-Class Management
Founder-led or founder-mentality teams with strong capital allocation discipline, long-term thinking, and proven execution through multiple market cycles. Compensation alignment and meaningful insider ownership matter.
Fair Valuation Relative to Growth
We don't pay any price for growth. Every position is evaluated on a price-to-growth basis — we want durable compounders at reasonable multiples, not story stocks riding hype. Quality growth at a fair price is the edge.
Where the Category Leaders Live
Diversified across the sectors where scale, brand, and capital compound — not concentrated in a single theme.
Why We Believe Quality Growth Wins
Six structural forces that favor the proven category leaders — and why patient capital allocated to durable compounders earns the best long-run return.
Category Leaders Compound
In mature markets, the #1 player captures most of the economics. Once a leader reaches escape velocity — scale advantages, pricing power, brand recognition — its position widens every year. The gap between best-in-class and the rest keeps growing.
Morgan Stanley Investment Research
Operating Leverage Scales
The magic of durable growth isn't the revenue line — it's the margin line. Software, platforms, and network businesses expand operating margins as they scale. Every incremental dollar drops more to free cash flow than the last. That's the compounding engine.
BRIM research, FactSet data
Brand & Network Moats
Network effects and consumer brand loyalty are the most durable moats in business. Every additional user makes a platform more valuable. Every additional decade makes a brand harder to displace. These are the assets that stay out of competitors' reach.
Interbrand / Ocean Tomo
Enterprise Durability Survives Cycles
Mission-critical enterprise software and payments infrastructure keep earning through recessions. Budgets get cut on nice-to-haves, not on the systems that run the business. Recurring revenue is the armor that lets a growth business compound through any macro environment.
Bessemer State of the Cloud
Capital Allocation Compounds
Growing businesses generate more cash than they need. How management reinvests that cash — high-ROIC organic investment, disciplined acquisitions, buybacks at reasonable multiples — separates the great compounders from the mediocre. We underwrite management as much as business.
S&P Dow Jones Indices
Global & Digital Expansion
The next leg of growth for US category leaders is international penetration and digital business-model extension. A business with 40% US market share and 5% global share has a decade of runway in international alone — and digital channels compound that advantage.
McKinsey Global Institute
Since April 2022
Growth SMA · Gross
Marketplace Approved
Every daily return is public.
Every day of this track record — from January 7, 2008 to today — is open for your inspection. No gated access. No qualification form. No asterisks. The same spreadsheet that powers this page is the one we'd hand to a regulator.
The Structural Advantages of Direct Ownership
Comparing BRIM Growth to growth-themed ETFs misses the fundamental difference: you own individual stocks, not fund shares. This unlocks tax management, customization, and transparency that pooled vehicles cannot replicate.
| Feature | SMA | ETF |
|---|---|---|
| Direct stock ownership | ✓ Yes | ✗ No |
| Tax-loss harvesting on individual positions | ✓ Yes | ✗ No |
| Customizable exclusions (ESG, sector, etc.) | ✓ Yes | ✗ No |
| Fund-level expense ratio | ✓ None | ✗ Yes |
| Capital gains distributions from other investors | ✓ Impossible | ⚠ Common |
| Transparency into every holding | ✓ Real-time | ⚠ Delayed |
| Transferability — move positions in-kind | ✓ Yes | ✗ Liquidate only |
| Estate planning flexibility — step-up per lot | ✓ Per lot | ✗ Fund-level only |
See How Growth Fits Your Portfolio
Schedule a complimentary consultation to discuss whether the Equity Growth SMA is the right fit for your risk tolerance, tax structure, and long-term goals. No obligations, no pressure — just a straightforward conversation about durable, quality-compounder investing.
Explore Our Other Strategies
Four proprietary equity SMAs — matched to your risk profile and long-term goals.
Equity Innovation SMA
Highest-conviction, highest-growth strategy targeting the companies defining the next decade — AI, cloud, semiconductors, cybersecurity.
ExploreEquity Core SMA
Large-cap quality with sustainable competitive advantages and resilient business models. The foundation of most client portfolios.
ExploreEquity Low Volatility SMA
Defensive, income-oriented companies with strong dividends and low beta. The stabilizer within multi-strategy allocations.
ExplorePerformance Methodology. All performance data shown both gross and net of an advisory fee consistent with BRIM's published tiered fee schedule (maximum 1.50% annual rate), deducted quarterly based on average daily balance methodology. Returns prior to March 24, 2020 are backtested using the same investment methodology applied to live accounts. Backtested performance does not represent actual trading and may not reflect the impact of material economic and market factors. Live performance begins March 24, 2020.
Rankings & Comparisons. Benchmarks (S&P 500, Russell 1000 Growth) are unmanaged and not directly investable. Calendar-year returns are computed from daily return data and reflect the compounding of published daily returns for the Equity Growth SMA model portfolio within each calendar year. Past performance is not a guarantee of future results.
Holdings Disclosure. Holdings shown are representative of a model portfolio as of the date indicated and may not reflect the exact positions in every client account. Individual account holdings may differ due to customizations, tax considerations, timing of funding, or other factors. Holdings are subject to change without notice and should not be considered investment recommendations. Sector allocations are approximate and shift as positions are added, trimmed, or rotated.
Risk Disclosure. This strategy involves substantial risk including the potential loss of principal. The Growth SMA is a concentrated equity strategy focused on durable growth companies and is not suitable for all investors. Concentrated portfolios and equity strategies can experience higher volatility and drawdowns than broad market indices. Past performance is not indicative of future results. No guarantee is made that any investment strategy or account will achieve its objectives.
Fees. The advisory fee shown (1.50%) represents the maximum rate. Actual fees may be lower based on account size per BRIM's published tiered fee schedule: $0–$250K at 1.50%, $250K–$500K at 1.25%, $500K–$1M at 1.10%, $1M–$2.5M at 0.95%, and $2.5M+ at 0.85%, billed quarterly in arrears on average daily balance. Advisory fees do not include custodian-charged brokerage or transaction costs.
Regulatory. Bull Run Investment Management, LLC ("BRIM") is a fee-only Registered Investment Adviser headquartered in McLean, Virginia (CRD #306763), registered in California, the District of Columbia, Florida, Maryland, North Carolina, Texas, and Virginia. Registration does not imply a certain level of skill or training. For additional information about BRIM — including fees, services, and disciplinary history — refer to our Form ADV at adviserinfo.sec.gov, or contact us at bullrunim.com · (703) 344-6844 · info@bullrunim.com.