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Equity Innovation SMA
Designed to outperform the S&P 500, NASDAQ 100, and BVP Emerging Cloud Index. Targets the top 20–25 publicly traded companies with projected revenue growth exceeding 25% across innovation-driven sectors.
Equity Innovation SMA
Growth of $100,000
Calendar Year Returns
Annual performance vs. the S&P 500 — computed live from daily return data
| Year | Innovation (Gross) | S&P 500 | Alpha | Market Context |
|---|---|---|---|---|
| Loading… | ||||
Seen Enough? Let's Talk.
Schedule a complimentary consultation to discuss whether the Innovation SMA belongs in your portfolio — or keep scrolling for the full strategy breakdown.
What Makes Innovation Different
The Equity Innovation SMA is our highest-conviction, highest-growth strategy. It holds 20–25 concentrated positions across the companies we believe will define the next decade — AI infrastructure, cloud computing, semiconductors, cybersecurity, fintech, and enterprise software.
Every holding must demonstrate revenue growth exceeding 25% annually, expanding or inflecting margins, a durable competitive moat, and a large addressable market. This isn't a diversified index. It's a concentrated bet on the innovation economy — built for investors who understand that short-term volatility is the cost of long-term outperformance.
- Long-term investors with 10+ year horizons in accumulation mode
- Roth IRA allocations — let the highest-growth strategy compound tax-free
- Aggressive or moderately-aggressive risk profiles
- Tech-savvy investors who want professional execution on the innovation economy
- Business owners and entrepreneurs who understand concentrated, conviction-driven investing
Current Holdings
How We Identify Exceptional Businesses
Every position in the Innovation portfolio passes through rigorous bottom-up analysis. We don't screen for stocks — we research businesses.
Revenue Growth Above 25%
The single most important signal. Companies must demonstrate sustained revenue acceleration — not one good quarter, but a trajectory of compounding top-line growth that signals market dominance in formation.
Expanding or Inflecting Margins
Revenue growth without margin expansion is a treadmill. We look for businesses crossing profitability thresholds, showing operating leverage, or demonstrating clear paths to sustainable free cash flow generation.
Durable Competitive Moat
Network effects, proprietary data, platform ecosystems, high switching costs — we need to see structural advantages that protect and compound over time, not temporary first-mover positioning.
Large Total Addressable 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 above-market growth ahead.
World-Class Management
Founder-led or founder-mentality teams with strong capital allocation discipline, long-term thinking, and proven execution through multiple market cycles. Incentive alignment and insider ownership matter.
Fair Valuation Relative to Growth
We don't chase hype. Every position is evaluated on a price-to-growth basis — we want high-growth businesses at reasonable multiples, not story stocks trading on narrative alone.
Investing Where Innovation Happens
Concentrated in sectors driving structural economic transformation — not cyclical trends.
Why We Believe Innovation Wins
Six structural forces shaping the next decade — and why capital allocated to innovation today compounds faster than capital allocated anywhere else.
AI Is a Platform Shift
AI is a computing paradigm comparable to the internet itself — not a feature wave, a foundation layer. The compute, data, and application companies building this stack capture value for decades, not quarters.
Goldman Sachs Research
Compute Demand Is Exponential
Training and inference costs compound faster than Moore's Law can absorb. Every model generation demands orders of magnitude more silicon — and there is no substitute supplier at the frontier of the AI stack.
NVIDIA / Gartner
Software Is Winner-Take-Most
Network effects, switching costs, and platform ecosystems create compounding advantages. The leaders of each software category don't share the pie — they own it. Bottom quartile of SaaS barely survives; top decile prints money.
Bessemer State of the Cloud
Cybersecurity Is Non-Negotiable
Every AI deployment expands the attack surface. Every connected device is a vector. Security spend is a line item that only grows — because the cost of getting breached grows faster than the cost of preventing it.
McKinsey Global Institute
Data Is the New Moat
Proprietary data compounds. More usage generates more data, which improves the model, which wins more users — a flywheel competitors cannot replicate by writing a check. The companies that control the data pipeline control the category.
BCG / Harvard Business Review
The Next Decade Looks Different
The index winners of 2000–2020 were energy, consumer staples, and financials. The winners of 2020–2040 are software, semiconductors, and AI platforms. Passive exposure to yesterday's leaders is not a portfolio — it's a bet against the future.
BRIM research, FactSet data
Equity ETFs · Live
Innovation SMA · 2023 · 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 Innovation to innovation-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 Innovation Fits Your Portfolio
Schedule a complimentary consultation to discuss whether the Equity Innovation SMA is the right fit for your risk tolerance, tax structure, and long-term goals. No obligations, no pressure — just a straightforward conversation about concentrated growth investing.
Explore Our Other Strategies
Four proprietary equity SMAs — matched to your risk profile and long-term goals.
Equity Growth SMA
High-growth companies with proven trajectories and expanding margins across tech, healthcare, and consumer sectors.
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. The "Top 1.32%" ranking reflects the Innovation SMA's cumulative net return relative to all non-leveraged U.S. equity ETFs tracked during the same measurement period. Rankings are not a guarantee of future performance. Benchmarks (S&P 500, Nasdaq 100, BVP Emerging Cloud Index) are unmanaged and not directly investable. The BVP Emerging Cloud Index history begins August 16, 2013; prior to this date it is excluded from comparison charts.
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 Innovation SMA is a concentrated, aggressive equity strategy focused on high-growth innovation sectors and is not suitable for all investors. Concentrated portfolios, high-growth equity strategies, and smaller market capitalizations can experience significantly 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.
Questions? Seeking Further Insight?
Connect with our team to discuss your goals. No obligations, no pressure — just a straightforward conversation about how we can help.
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