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Equity Innovation SMA
A concentrated portfolio of the 20–25 fastest-growing public companies — projected revenue growth above 25% — owned directly in your own Schwab account. Benchmarked against the S&P 500, NASDAQ 100, and BVP Emerging Cloud Index.
+4,743% since 2008. +338% since 2023.
Backtested + live, gross of fees — every figure on this page is recomputed in your browser from BRIM’s public daily-return dataset the moment it loads. Nothing is typed in by hand. Switch the window. Flip the fee. Audit it.
The fastest-growing public companies, owned directly in your name.
The Equity Innovation SMA — also known as the Equity Innovation Portfolio — is a concentrated portfolio of 20–25 publicly traded companies with projected revenue growth above 25%: the businesses building AI infrastructure, cloud software, semiconductors, fintech, and the platforms of the next decade.
It is delivered as a separately managed account (SMA). That means you own every individual stock directly, in your own account at Charles Schwab — there is no fund wrapper between you and the companies. You can see every position and every trade, harvest tax losses on individual lots, exclude names you already hold, and transfer positions in-kind. Bull Run manages the portfolio; the assets never leave your name.
The top 0.78% since 2023 — against every ETF in America.
Below is the cumulative return of every non-leveraged exchange-traded fund with data for the selected window — thousands of funds, sorted best to worst — with the Equity Innovation SMA marked in gold. Hover anywhere on the curve to see exactly which fund sits at each rank. The whole universe is published in BRIM's dataset, so any advisor can rebuild this chart independently.
The environment this portfolio compounded through.
This section is the honest, cited version of the last six years — what happened to interest rates, what happened to software valuations, and what this portfolio did while both were happening. Every chart pulls from public data with the source linked next to it.
Rates went to zero. Then valuations went through the floor.
Through the late 2010s, the median public software company traded at roughly 8–10× forward revenue. In March 2020 the Federal Reserve cut its policy rate to effectively zero and COVID pulled years of digital demand forward into a few quarters. Investors paid up for growth: by early 2021, the median public software company traded at — forward revenue — and the fastest growers traded far richer.
Then came the fastest hiking cycle in four decades. The Fed took rates from zero to —, and the median software multiple collapsed to — — roughly an — valuation reset, comparable to what the dot-com bust did to the sector. Innovation went live on March 24, 2020 and lived every day of it: — in the 2020 recovery, then — in 2021 and — in 2022 as multiples were cut. Those two years are on every chart on this page — the story only makes sense with them in it.
The multiple has been flat since 2023. We’re up +338% since then — gross.
Here is the part that matters for what you own today. Since January 2023 the median software multiple has drifted lower — around — then, — now. No re-rating tailwind; if anything, a further de-rate.
Over that same window, Innovation compounded — cumulatively (— annualized, gross), while its formal benchmark — the BVP Emerging Cloud Index — returned —. When valuations are flat, returns can only come from two places: revenue growth and stock selection. That is the engine, and it is the same engine whether multiples ever recover or not. If the median multiple does drift back toward its longer-run range, that would be additional — not required.
The S&P just had one of its best runs ever. Software had one of its worst.
Since Innovation went live, the S&P 500 has compounded at — per year — against a long-run average of — since 1926. Out of — rolling six-year windows in the index’s modern history, only — have ever compounded faster than this one — and the best six-year window on record was — annualized. In plain terms: the benchmark everyone compares against just ran near the top of its own historical range, at the same time software valuations were being cut by ~80%.
Through that exact tape, Innovation still compounded — per year gross since live inception. Both of those extremes — the S&P’s run and software’s reset — are unusual by their own histories. Neither is owed to anyone going forward. The portfolio isn’t built on either one reversing; it’s built on owning the companies growing revenue fastest, at valuations that now assume very little.
What this is actually similar to — and why size matters.
The honest peer for this strategy isn’t the S&P 500 — it’s the flagship public innovation funds. Since live inception, Innovation’s daily returns have a — correlation with ARKW, ARK’s Next Generation Internet ETF. Same universe, same style of concentrated growth. ARKW has compounded roughly — per year since its 2014 inception — through two full boom-bust cycles — which is a useful base rate for what this style of investing has produced over a decade-plus, verifiable on ARK’s own site.
The structural difference is size. ARK manages billions across thousands of holders; BRIM manages tens of millions in this strategy. In our view, that is an advantage in concentrated growth investing: smaller positions move in and out without moving the market, and the portfolio can own mid-cap compounders that a multi-billion-dollar fund practically cannot. That is a belief about capacity, not a guarantee — but it is the reason we’d rather run this strategy small.
~44% growth · ~68% gross margin — the portfolio, plotted.
Every position, placed by its projected revenue growth and gross margin, sized by portfolio weight. This is the profile the strategy pays for: businesses growing 25%+ with software-grade economics. The weighted portfolio averages appear below the chart — computed live from BRIM’s holdings data. Growth and margin figures are BRIM estimates, updated with holdings.
The current holdings — every position, every weight.
This is the model portfolio, pulled live from the same published dataset that powers everything else on this page. Client accounts mirror the model, with individual adjustments for taxes, timing, and customizations.
| # | Ticker | Company | Weight | Fwd Growth |
|---|---|---|---|---|
| Loading holdings… | ||||
Press play. The whole strategy, told in two minutes.
One story per strategy — the same screening funnel, narrated scene by scene. Advisors: this is the pitch. Sound is optional and off by default.
Direct ownership. Transparent fees. Institutional plumbing.
Comparing this strategy to a growth ETF misses the structural difference: in an SMA you own the individual stocks, not fund shares. That unlocks tax and customization advantages a pooled vehicle cannot replicate — and the fee is a single published schedule.
| Feature | Innovation SMA | Typical ETF |
|---|---|---|
| Direct stock ownership | ✓ Yes | ✗ No |
| Tax-loss harvesting on individual lots | ✓ Yes | ✗ No |
| Customizable exclusions (held names, sectors) | ✓ Yes | ✗ No |
| Fund-level expense ratio | ✓ None | ✗ Yes |
| Capital-gains distributions from other investors | ✓ Impossible | ⚠ Common |
| Transparency into every holding | ✓ Real-time | ⚠ Delayed |
| Move positions in-kind | ✓ Yes | ✗ Liquidate only |
| Estate step-up flexibility | ✓ Per lot | ✗ Fund-level |
| First $250,000 | 1.50% |
| $250,000 – $500,000 | 1.25% |
| $500,000 – $1,000,000 | 1.10% |
| $1,000,000 – $2,500,000 | 0.95% |
| Above $2,500,000 | 0.85% |
The Equity Innovation SMA is available to independent financial advisors through Schwab’s institutional Managed Account Marketplace, where firms allocate it inside their own clients’ portfolios at a flat 0.50% sub-advisory rate. For private clients, that cuts both ways as a trust signal: the strategy you’re evaluating is the same one other fiduciaries have put through their own due diligence — same model, same published daily data, same Schwab custody.
Everything you need to verify this yourself.
Fact sheet, pitch decks, regulatory filings, and the raw daily dataset. Nothing gated, no qualification forms.
Every day of this track record — from January 7, 2008 to today — is open for inspection in a public spreadsheet: the same file that powers every chart and every number on this page. No gated access, no asterisks. It’s the dataset we’d hand to a regulator.
Performance Methodology
All Equity Innovation SMA performance shown on this page is computed live in the viewer’s browser from BRIM’s published daily-return dataset. Returns prior to March 24, 2020 are backtested using the same investment methodology applied to live accounts; live performance begins March 24, 2020. Backtested performance does not represent actual trading, is labeled “Backtested + Live” wherever combined with live results, and may not reflect the impact of material economic and market factors had the strategy been live. Performance is presented gross of advisory fees unless a net view or modeled fee is selected; net figures reflect the deduction of a model advisory fee consistent with BRIM’s published tiered schedule (maximum 1.50% annually), applied to daily performance or prorated for partial years as indicated. Past performance is not indicative of future results.
Rankings & the ETF Universe
Section 03 compares the strategy’s cumulative return to a universe of non-leveraged exchange-traded funds with return data covering the full selected window, compiled in the BRIM Performance Database from public fund data. Rankings, percentiles, cutoffs, and medians are computed live in the browser from that published universe. The Equity Innovation SMA is a separately managed account, not an ETF; it is shown gross of advisory fees unless a fee is modeled, while ETF returns are net of each fund’s expense ratio. Funds returning more than +1,000% over a selected window remain in every rank, percentile, cutoff, and median calculation but are omitted from the plotted distribution curve for scale. The universe changes over time as funds launch and close and is provided for context only; it is not a claim that the strategy and every fund shown are directly comparable investments.
Benchmarks & Comparisons
The S&P 500, NASDAQ 100, BVP Emerging Cloud Index, and ARK ETFs (ARKW, ARKK) are unmanaged indices or third-party funds shown for context and are not directly investable on identical terms; index returns reflect no advisory fee. References to correlation with, or the historical returns of, ARKW are informational comparisons computed from published daily data and do not imply any affiliation with, or endorsement by, ARK Investment Management. Statements about the potential advantages of managing a smaller asset base reflect BRIM’s opinion and are not a guarantee of future results.
Macroeconomic & Third-Party Data
Federal funds rate data is sourced from the Federal Reserve Bank of St. Louis (FRED). Software valuation multiples (median EV / NTM revenue) are compiled from the Clouded Judgement newsletter (Jamin Ball, Altimeter). S&P 500 annual total-return history used for the rolling-window analysis is a public compilation of index total returns including dividends. These third-party series are maintained in the BRIM Performance Database with their sources linked on this page, are provided for educational context, may be revised by their publishers, and are not investment advice.
Holdings
Holdings, weights, sector groupings, and portfolio characteristics are representative of the model portfolio as of the date indicated and are subject to change without notice. Individual account positions may differ due to customizations, tax considerations, timing of funding, or other factors. Projected revenue growth and gross margin figures are BRIM estimates. Nothing on this page is a recommendation to buy or sell any security.
Risk
The Equity Innovation SMA is a concentrated, aggressive equity strategy and involves substantial risk, including the loss of principal. It is designed for the aggressive portion of an allocation and is not suitable for all investors. Concentrated growth portfolios can experience severe drawdowns: the strategy’s own history includes a calendar-year decline of more than 65% in 2022, shown throughout this page. No guarantee is made that the strategy will achieve its objectives.
Fees
The maximum advisory fee is 1.50% annually under BRIM’s published tiered schedule ($0–$250K at 1.50%, $250K–$500K at 1.25%, $500K–$1M at 1.10%, $1M–$2.5M at 0.95%, $2.5M+ at 0.85%), billed quarterly in arrears on average daily balance. Advisors accessing the strategy through the Schwab Managed Account Marketplace pay a flat 0.50% sub-advisory rate; their client-facing fees are set independently by each firm. 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, serving clients nationally pursuant to applicable state notice-filing requirements and de minimis exemptions. Registration does not imply a certain level of skill or training. For additional information about BRIM — including fees, services, and disciplinary history — see our Form ADV at adviserinfo.sec.gov, or contact us at (703) 344-6844 · info@bullrunim.com.
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