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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.
Take our word for it.
Read the tape.
Every number below is computed live from our daily return database the moment this page loads — nothing is typed in, nothing is cherry-picked. Drag across the chart, switch the window, flip gross to net. Audit us.
3-yr gross return · 2023–2025
"This is the live record — every trading day since March 2020, bear market included, recomputed in front of you."
Step one isn't finding companies.
It's screening stocks. It's finding where growth lives.
The average S&P 500 company grows revenue about 5–6% a year. We start by ignoring almost all of it. We hunt inside industries that are structurally compounding at 20–30%+ a year — then buy the fastest-growing companies inside them.
The six grounds — and how much of the book lives in each.
The platform shift of the decade. Compute, models, and the application layer are all being rebuilt at once — and the capex behind it is measured in the trillions. The companies supplying that build-out grow as fast as the spend does.
Every AI workload runs on someone's cloud, and every model is only as good as the data feeding it. The platforms that store, move, and govern that data are the toll booths of the new economy.
Compute demand compounds faster than Moore's Law can absorb it. When demand outruns supply at the frontier, the bottleneck gets the pricing power — and the bottleneck is silicon.
Every AI deployment expands the attack surface, and the cost of a breach grows faster than the cost of preventing one. Security is the budget line nobody cuts — it only ratchets up.
Money movement keeps converting to software — and the winners earn a take rate on a transaction base that grows every year. Volume growth times rate is a compounding machine.
Winner-take-most categories where the best products expand inside their own customers — top-decile net revenue retention means growth even before a single new logo is signed.
Industry growth figures are illustrative multi-year estimates drawn from public industry research; they are not guarantees and sources vary. Portfolio weights reflect the model portfolio as of the most recent rebalance and change over time. Sector definitions are BRIM's own.
"We don't hunt the whole market. We hunt the industries compounding 20–30% a year — then buy their fastest companies."
Fast this quarter for years.
That's the bar.
Entry requires a number, not a story: 25%+ projected revenue growth sustained over the next three to five years — at high gross margins, so the growth actually converts into value. Many of our holdings clear it with room to spare: companies compounding 40%, 50%, 70% a year. Several north of 100%.
Illustrative — dots represent the profile of portfolio companies, not specific positions or precise figures. Hover any dot. Faded dots are the kinds of businesses we pass on: growth without margins, or margins without growth.
Six gates. Every position clears all six.
And what gets a company sold.
The sell discipline is the entry discipline run in reverse. The same six gates that let a company in are checked continuously — and they're how a company leaves.
"The bar is 25%+ revenue growth for the next three to five years, at high gross margins. Clear it, you're in. Lose it, you're out."
"But the multiple will hold."
It won't. We win anyway.
This is the whole thesis in one equation: price = revenue × multiple. We fully expect the multiple to compress as our companies mature — and we buy them anyway, because at 25%+ growth the revenue side outruns the compression. Don't take it on faith. Move the sliders and break it yourself.
At these settings, the multiple would have to fall — before the annualized return hits zero. Growth pays for the compression.
Simplified illustration: assumes price equals revenue times the price-to-sales multiple, with growth and re-rating spread evenly over the holding period. Ignores dilution, buybacks, margin changes, and dividends. This is a way to understand the mechanics of the strategy — not a projection of Innovation SMA returns, which depend on actual security selection and market conditions.
"Multiples compress. Growth compounds. At 25%+ growth, the math wins anyway — that's why the threshold is the threshold."
A black box. An open book.
This is the actual model portfolio — pulled live from our database, the same one your Schwab account mirrors. Every name, every weight, no teaser list. And below it, the part most managers hide: what the ride has actually felt like.
Current holdings.
As of —Holdings represent the model portfolio and are subject to change without notice. Individual account positions may vary. Nothing here is a recommendation to buy or sell any security.
The ride: what 20%-a-year actually costs.
We will not pretend this strategy is smooth. It is concentrated, aggressive, and it draws down hard when growth sells off — 2022 is on the chart, not airbrushed out of it. The investors who win here are the ones who can look at the red chart and stay seated.
Since Live
"The cost of 20% a year is sitting through drawdowns — 2022 cut this strategy nearly 80% peak-to-trough — without selling. If you can't, this isn't your strategy, and we'll tell you that to your face."
A pitch. An open door.
Everything above is the strategy — the tape, the hunting grounds, the bar, the math, the book, the ride. What's left is mechanics: a separately managed account at Charles Schwab, in your name, with daily liquidity. Here is exactly what you're stepping into.
- Long-horizon accumulators — 10+ year timelines, still adding capital, able to treat drawdowns as entry points.
- Roth IRA allocations — let the highest-growth sleeve in the lineup compound tax-free.
- Aggressive and moderately-aggressive profiles — typically a 30–50% sleeve, not the whole portfolio.
- Tech-fluent investors who want professional execution on the innovation economy instead of stock-picking it themselves.
- Business owners who understand concentrated, conviction-driven investing — because they live it.
"Same Schwab account you already know. Daily liquidity, every position visible. Own the flagship directly — or through your advisor."
You've read the tape.
Thirty minutes settles the rest.
Bring your current statement. We'll show you what an Innovation allocation would have done to it — backtest, live record, drawdowns and all — and tell you straight whether it belongs in your portfolio.
Bull Run Investment Management, LLC ("BRIM") is a fee-only Registered Investment Adviser (CRD #306763) state-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. Past performance is not indicative of future results. Investing involves risk, including the potential loss of principal. The Equity Innovation SMA is a concentrated, aggressive equity strategy and has experienced — and should be expected to experience — substantial drawdowns.
All performance figures on this page are computed in real time from BRIM's daily return database. Performance shown for periods before March 24, 2020 is backtested and hypothetical; performance thereafter reflects the live model portfolio. Series labeled "Backtested + Live" combine both periods. Backtested and hypothetical performance has inherent limitations: it is prepared with the benefit of hindsight, does not reflect actual trading or the impact of market liquidity, and does not represent results any client actually achieved. "Net" returns reflect the deduction of a 1.50% annual advisory fee applied daily — the maximum rate under BRIM's tiered schedule; actual client returns will differ based on timing of capital flows, specific fee arrangements, and individual account circumstances. Benchmark returns (S&P 500, Nasdaq 100, BVP Emerging Cloud Index) are shown gross and do not reflect fees. The ETF percentile ranking reflects the strategy's gross cumulative return for the three-year period ended December 31, 2025 relative to 3,496 non-leveraged ETFs, sourced from public ETF return data.
Industry growth figures in Act 02 are illustrative multi-year estimates drawn from public industry research, not guarantees. The holdings map in Act 03 plots illustrative, approximate characteristics for representative positions and is not a complete or current depiction of portfolio fundamentals. The compression calculator in Act 04 is a deliberately simplified single-factor illustration — it ignores margins, share count, multiple paths, and taxes — and is not a projection of any security's or the strategy's return. The 25%+ revenue growth threshold and the ~20% annualized return objective are forward-looking design targets of the strategy, not guarantees or projections. Portfolio holdings and weights are representative of a model portfolio, change without notice, and are not recommendations to buy or sell any security.
For the complete description of the strategy's objectives, fees, risks, and performance history, refer to the Equity Innovation SMA Fact Sheet and BRIM's Form ADV Part 2A.
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.
Questions? Seeking Further Insight?
Connect with our experts at BRIM.