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Search Bull Run
For Financial Professionals
Proprietary Management
Four Actively Managed SMAs for High-Growth Public Equities
Our actively managed portfolios are built to outperform traditional benchmarks by investing in leading publicly traded equities. Each strategy is offered as a Separately Managed Account — delivering direct ownership, personalized implementation, and precise tax management.
Strategy Suite
4SMA Strategies
InnovationGrowth · Core · Low Vol
SchwabInstitutional Platform
Before the numbers
What a separately managed account actually is
A separately managed account, or SMA, is an investment portfolio managed directly inside
an account held in your name. Instead of buying shares of a pooled fund, you own the individual stocks,
see every position, and retain daily access to your account at Charles Schwab.
Bull Run receives limited authority to research, buy, sell, and rebalance the selected
strategy. Schwab holds the assets, provides the statements, and remains the independent custodian.
Performance is not the entire decision, but it is the first thing most investors want to
understand. Compare all four Bull Run strategies over the same period, change the fee assumption, add
relevant benchmarks, and see exactly how each result was calculated.
Net results apply a modeled annual advisory fee on a quarterly
average-daily-balance basis. Benchmarks always stay gross.
Enter the advisor's fee. Bull Run's 0.50% sub-advisory rate is added to it.
+ 0.50% Bull Run
Loading the performance database
02 · Direct Ownership
The strategy is managed by Bull Run. The account and every security remain yours.
An SMA is structurally different from a mutual fund or an ETF. Bull Run does not pool your
money with other investors and does not take custody of your assets. The portfolio is managed inside an
account held in your name at Charles Schwab.
That direct ownership creates practical benefits. You can see every position, manage taxes
at the individual-security level, apply reasonable restrictions, transfer eligible holdings in kind, and
exit without waiting for a redemption window.
Built for individual clients. Designed so financial advisors can walk through the
same experience with their own clients.
Fee-Only FiduciaryIndependent Schwab CustodyNo Performance FeeNo LockupFull Position Transparency
Defines the financial plan, selects the allocation, oversees the relationship, and keeps
full visibility of the account.
02
Bull Run
Conducts the research, builds the strategy, executes trades, rebalances and monitors.
Receives limited trading authority only.
03
Charles Schwab
Holds the account and maintains custody, settles trades, and provides statements and
online access. The assets stay in the client's name.
How that compares with a pooled investment
Feature
Bull Run SMA
Typical pooled investment
Individual stock ownership
Yes
No
Daily holdings visibility
Yes
Limited or delayed
Position-level tax management
Yes
No
Reasonable account restrictions
Available
Generally unavailable
In-kind transfer flexibility
Available
Limited
Capital-gain decisions caused by other investors
No
Possible
Underlying expense ratio
None
Often present
Daily liquidity
Yes
Usually, through fund shares
Comparison of structural features. Individual pooled investments vary and some offer
features listed here.
03 · One Process, Four Mandates
The research discipline stays consistent. The growth and volatility targets change.
Bull Run's four strategies are not unrelated products. They are four applications of the same
research process, arranged across a spectrum from maximum growth to defensive equity. Innovation sets the
highest growth threshold and accepts the most volatility. Growth broadens the opportunity set while keeping a
strong secular-growth orientation. Core focuses on durable large-cap compounders. Low Volatility emphasizes
resilient businesses and downside control.
Growth gets a company onto the research list. Quality, valuation, and conviction determine
whether it enters the portfolio.
Bull Run begins with a simple belief: over long periods, sustained revenue growth is one of the
most important drivers of business value. Growth alone, however, is not enough. Every prospective holding is
also evaluated for margin quality, unit economics, competitive position, management, balance-sheet strength,
valuation, and its role inside the complete portfolio. The same process drives all four strategies. The primary
difference is the growth and volatility mandate each company must satisfy.
What every company is measured against
What causes a position to leave?
Selling is part of the same discipline as buying. A holding does not stay in a portfolio
because it has been there, and it is not sold because the price moved.
The original investment thesis changes
Expected revenue growth falls outside the mandate
Competitive positioning weakens
Valuation no longer supports the expected return
Risk becomes disproportionate to the opportunity
A higher-conviction opportunity becomes available
The person managing the portfolios
Hear the investment process from the person managing the portfolios.
Chris Passarelli founded Bull Run and serves as the portfolio manager across all four strategies. The
same person responsible for the research framework is responsible for each buy, trim, and sale.
He explains how Bull Run moves from a broad universe of public companies to a concentrated portfolio,
why revenue growth matters, and how the four mandates translate the same research into different client
outcomes.
Chris Passarelli
Founder, Chief Executive Officer, and Portfolio Manager
The strategies can stand alone, but most client portfolios use them together.
Most investors do not need to decide between Innovation, Growth, Core, and Low Volatility as an
all-or-nothing choice. The strategies are designed to function as sleeves inside a broader allocation. The
appropriate blend depends on the investor's time horizon, income needs, financial plan, tax situation, and
ability to remain invested during market declines.
Blended model performance
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Compare
Building the blended series
These allocation families illustrate how Bull Run's strategies may
be combined at different risk levels. A client's actual portfolio is determined after reviewing the client's
complete financial circumstances, objectives, tax situation, liquidity needs, and risk tolerance. Blended
results are hypothetical, assume daily rebalancing to the stated weights, and were not earned by any client
account.
One graduated advisory fee, no commissions, no hidden costs, no
products in the plan. Slide to the portfolio size and see exactly what it costs, down to the dollar. Whatever
is showing here is the fee the performance charts above are modeling.
$1,000,000
Drag to the portfolio size
$250K$10M+
1.24%
Blended effective rate
$12,375
Estimated annual fee
≈ $3,094 per quarter, billed in arrears on
average daily balance.
TierRateYour dollars hereFee from this tier
Each tier's rate applies only to the dollars inside that tier, like tax brackets.
The first $250K is billed at 1.50% no matter how large the portfolio grows.
%
The advisor sets the advisory fee. Bull Run's flat 0.50% sub-advisory
fee covers portfolio management, trading, and reporting through the
Schwab Managed Account Marketplace.
1.50%
Client's all-in cost
$15,000
Per year
Advisory fee · $10,000
Bull Run sub-advisory 0.50% · $5,000
Illustrative estimate. The written advisory agreement governs. Advisory fees are billed
quarterly in arrears on average daily balance and the minimum investment is $250,000. The complete fee schedule
is in the ADV Part 2
brochure.
Charles Schwab Custody
The account is held in the client's name at an independent custodian.
Daily Transparency
Clients see positions, activity, balances, and statements through Schwab.
Daily Liquidity
The strategies invest primarily in publicly traded securities and impose no Bull Run lockup.
Limited Trading Authority
Bull Run manages the selected portfolio but never takes ownership or custody of client assets.
Charles Schwab & Co., Inc. is not affiliated with Bull Run
Investment Management and does not endorse, review, or recommend the firm or its strategies.
Documents
Complete SMA suite
Individual strategies
Advisor and regulatory resources
See how the four strategies could fit inside your portfolio.
Bring your current statement, your questions, and the level of volatility you are comfortable accepting.
Bull Run will show you how the strategies differ, how they can be combined, and what the complete cost would
be before any decision is made.
Bull Run Investment Management, LLC is an investment adviser registered in the states of California, the
District of Columbia, Florida, Maryland, North Carolina, Texas, and Virginia. Registration does not imply a
certain level of skill or training.
Performance shown on this page is drawn from Bull Run's central performance database and reflects the
period, fee assumption, and history setting selected above. Gross results do not reflect the deduction of
advisory fees. Net results reflect the modeled fee shown in the control, applied on a quarterly
average-daily-balance basis. Index and benchmark returns are always shown gross of advisory fees and are not
available for direct investment.
Periods before a strategy's live inception date are backtested and are shown with shading and a live
inception marker. Backtested results were not achieved by any client account, were constructed with the
benefit of hindsight, and do not represent actual trading. Blended allocation-model results are hypothetical,
assume daily rebalancing to the stated weights, and were not earned by any client account. Individual client
results will differ based on timing of contributions, restrictions, taxes, and the fee actually charged.
Stated return objectives are targets, not guarantees, and there is no assurance any strategy will achieve
its objective. Rankings describe a past measurement period against a stated universe and do not predict
future results. Past performance does not guarantee future results. All investing involves risk, including
the loss of principal.
Ask Bull Run
Have a quick question?
Ask it here and get an answer in a few seconds, with a link to the page that backs it up. Answers come from this website only — no account access, no lookups.
Reading the site
General information from this website only — not advice and not a recommendation. Past performance does not predict future results.
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