Proprietary Management

Low / Moderate Risk Revenue Target: 7–12% Available on Schwab

Equity Low Volatility SMA

Designed to track the S&P 500 over long market cycles with meaningfully reduced drawdowns. Invests in resilient, defensive sectors while prioritizing capital preservation and stability.

Consumer Goods Healthcare Industrials Food & Beverage Pharmaceuticals Waste Management

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Fee Basis

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Cumulative Return

Backtested + Live

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CAGR

Backtested + Live

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Since Jan 2023

Live Performance

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1-Year Trailing

Rolling Return

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Year-to-Date

2026

Strategy Overview

Equity Low Volatility SMA

The Equity Low Volatility SMA targets defensive, economic-staple companies that generate steady revenue regardless of market conditions — consumer staples, utilities, healthcare, dividend aristocrats, and low-beta industrials that prioritize capital preservation over aggressive growth.

This is our most conservative equity strategy, designed for investors who want market participation with meaningfully less downside risk. Holdings typically exhibit 7–12% revenue growth, high dividend yields, strong balance sheets, and the kind of business durability that weathers recessions.

01

Defensive Quality Screening

Systematic identification of low-beta companies with 7–12% revenue growth, above-average dividend yields, and recession-resistant business models that maintain earnings through downturns.

02

Recession Resistance Analysis

Evaluation of revenue stability through prior recessions, essential-service characteristics, and pricing power in inflationary environments. We favor businesses people can’t stop buying.

03

Dividend & Income Framework

Yield-aware valuation approach incorporating dividend growth rates, payout sustainability, and total return analysis. We seek companies that pay and grow their dividends consistently.

04

Volatility Management

Maximum diversification across 35–50 holdings with strict beta limits, sector caps, and correlation monitoring to deliver the smoothest possible equity return profile.

Strategy Details

Revenue Growth Target7–12%

Typical Holdings35 – 50

Live SinceApril 16, 2021

BenchmarkS&P 500

Advisory Fee1.50% Annual

Account Minimum$250,000

CustodianCharles Schwab

Risk ProfileConservative

Schwab Marketplace Approved

Sector Exposure

Where We Invest

Concentrated exposure to defensive, essential-service sectors where companies generate stable revenue regardless of economic conditions. The broadest diversification of any BRIM strategy, emphasizing capital preservation and income generation.

10+ Sectors

Targeted Verticals

100% U.S.

Equity Exposure

Defensive

Sector Focus

Income First

Dividend & Yield

Consumer Staples

Utilities

Healthcare

Dividend Aristocrats

Low-Beta Industrials

REITs

Telecommunications

Insurance

Waste Management

Water & Infrastructure

Defense Contractors

Food & Beverage

Performance

Track Record Since January 2008

Calendar year returns alongside the S&P 500, demonstrating the strategy’s ability to compound meaningfully above its benchmark across full market cycles.

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Cumulative Return

Backtested + Live

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Annualized (CAGR)

Backtested + Live

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vs. S&P 500 Cumulative

Excess Return

Calendar Year Returns

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Year	Low Volatility SMA	S&P 500	Excess Return

Growth of $100,000

Compounding Visualized

Hypothetical growth of a $100,000 investment in the Equity Low Volatility SMA compared to the S&P 500, using daily compounded returns.

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Low Volatility SMA

Ending Balance

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S&P 500

Ending Balance

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Excess Value

Low Volatility vs. S&P

Date Range

Fee Basis

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Low Volatility SMA

S&P 500

Investment Process

How We Select Holdings

A disciplined, defense-first approach designed to identify the most resilient businesses in the economy — companies that protect capital in downturns while still participating in market upside.

01

Universe Screening

Screening for low-beta companies with 7–12% revenue growth, above-average dividend yields, and a track record of maintaining earnings through at least two prior recessions.

02

Moat Analysis

Assessment of revenue predictability, customer captivity, and essential-service characteristics. We favor companies whose products people buy every week regardless of the economy — toothpaste, electricity, insurance, healthcare.

03

Valuation Framework

Total return framework balancing dividend yield, dividend growth rate, and capital appreciation potential. We seek the highest risk-adjusted total return, not the highest absolute return.

04

Portfolio Construction

Maximum diversification across 35–50 holdings with strict beta caps, sector limits, and correlation management. The goal is the smoothest possible equity return curve with minimal drawdowns.

Risk Profile

Strategy Risk Characteristics

ConservativeMod-ConservativeModerateMod-AggressiveAggressive

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Max Drawdown (Month-to-Month)

100%

Equity Exposure

35–50

Typical Positions

The Defensive Thesis

Why We Believe Defense Wins

The companies in this portfolio are the economy’s essential infrastructure — businesses that generate revenue in every environment because their products and services are non-discretionary.

Downside Protection Matters Most

A portfolio that loses 50% needs a 100% gain to recover. By limiting drawdowns, the Low Volatility SMA preserves the compounding base — the single most important factor in long-term wealth creation.

Essential Services Never Stop

People buy groceries, pay electric bills, visit doctors, and renew insurance policies in every economy. Companies providing these essential services generate stable cash flows that fund reliable dividends.

Dividends Compound Quietly

Reinvested dividends have historically contributed 40–50% of the S&P 500’s total return. Dividend-paying companies in defensive sectors offer the most reliable path to compounding wealth over decades.

Inflation Protection

Companies with pricing power — utilities with regulated rate increases, consumer staples with brand loyalty, healthcare with inelastic demand — pass inflation through to customers, protecting real returns.

Sleep-at-Night Factor

The best investment strategy is the one you can stick with. Lower volatility means fewer panic decisions, fewer sleepless nights, and a higher probability of staying invested through full market cycles.

The Math of Not Losing

Over 20-year periods, low-volatility equity strategies have historically matched or exceeded the returns of aggressive growth strategies — with 30–40% less volatility. Less risk, similar reward.

Ideal Investor

Who This Strategy Is Built For

The Low Volatility SMA is designed for investors with long time horizons, high risk tolerance, and a deep understanding that short-term volatility is the price of long-term outperformance. It’s not for everyone — and that’s the point.

The Capital Preserver

Retirees and near-retirees who have accumulated meaningful wealth and now prioritize protecting it. They need equity exposure to beat inflation but can’t afford a 40–50% drawdown that would derail their retirement income plan.

Retirement Income

The Conservative Allocator

Investors with a naturally conservative risk tolerance who still want equity market participation. They’ve seen market crashes, learned the emotional cost of volatility, and prefer a smoother path even if it means slightly lower returns.

Conservative Profile

The Income Seeker

Investors who want their portfolio to generate reliable income through dividends. The Low Volatility SMA’s emphasis on dividend-paying defensive companies creates a natural income stream that grows over time.

Dividend Income

The Portfolio Balancer

BRIM clients who pair the Low Volatility SMA with Growth or Innovation strategies as a defensive counterweight. When aggressive strategies draw down, Low Vol holds steady — reducing overall portfolio volatility and smoothing returns.

Defensive Counterweight

Get Started

Ready to Protect Your Wealth?

Schedule a complimentary consultation to discuss whether the Equity Low Volatility SMA is the right fit for your portfolio, risk tolerance, and long-term goals.

The best offense is a great defense.

No obligations, no pressure — just a straightforward conversation about your goals and whether defensive equity investing is right for you.

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Important Disclosures

Bull Run Investment Management, LLC (“BRIM”) is a registered investment adviser with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The information presented is for informational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any securities.

Past performance is not indicative of future results. All investments involve risk, including the potential loss of principal. The Equity Low Volatility SMA involves risk including the potential loss of principal. While designed for lower volatility, all equity investments carry market risk and may lose value. This strategy may experience significant drawdowns and is not suitable for all investors.

Backtested performance (January 2008 – April 2021) is hypothetical and was derived by retroactively applying the strategy’s current methodology to historical data. Backtested returns do not represent actual trading, do not reflect the impact of actual market conditions on decision-making, and may not account for all material economic and market factors. Actual results may differ materially.

Live performance represents actual client account returns beginning April 16, 2021. Gross returns are presented before the deduction of the 1.50% annual advisory fee. Net returns reflect the deduction of the advisory fee on a quarterly average daily balance basis. Returns include reinvestment of dividends and capital gains. Individual client results may vary based on account size, timing of contributions and withdrawals, and other factors.

The S&P 500 Index is an unmanaged index of 500 large-capitalization U.S. stocks and is used as a benchmark for comparative purposes only. You cannot invest directly in an index. Index returns do not reflect fees, expenses, or trading costs.

For more information, including BRIM’s Form ADV Part 2A and privacy policy, please visit bullrunim.com or contact us at info@bullrunim.com.

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Equity Low Volatility SMA

Calendar Year Returns

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