Rebelliously thoughtful for over

40 Years

Why Invest

Our Efficient Growth Strategy Has Outpaced Decades of Ups and Downs

Top 3 percentile: Running Oak’s Efficient Growth separate account has performed in the top 3% of all Mid Cap Core funds in Morningstar’s database over the last 10 years, net of fees.
Opportune: A little known – yet very large – hole exists in the typical equity portfolio, precisely where the most attractive risk/reward asymmetry currently lies. Efficient Growth fills that hole – and opportunity – like few portfolios do.
Since inception, Efficient Growth has provided 24% more return than the S&P 500 Equal Weight Index and 4% more return than the S&P 500 Total Return Index, given the same level of downside risk, gross of fees.

Risk vs. Return, Gross (Sept 2013 -Mar 2025)

Differentiated Approach and Construction

Mid Cap stocks are at their cheapest in 25 years relative to Large. Efficient Growth provides significant Mid Cap exposure.
Efficient Growth is built upon 3 longstanding, common sense principles: maximize earnings growth, strictly avoid inflated valuations, protect to the downside.
Running Oak utilizes a highly disciplined, rules-based process, resulting in a portfolio that is reliable, repeatable, and unemotional.

How To Invest

Efficient Growth is currently available as an SMA and ETF (for more information on our ETF, please visit runningoaketfs.com).

Rules Are Meant To Be Invested In—Especially When They're This Time-Tested

Using our time-tested core philosophy developed over four decades, Running Oak Capital is focused on outperforming the S&P 500 over a full economic cycle with less downside risk. We apply a principled, rules-based approach that seeks to overcome the limitations of human judgement and delivers strong risk-adjusted returns by focusing on quality growth companies that are undervalued by the market.

Ultimately, we endeavor to achieve outcomes that our clients can rely on across all market cycles.

Fortune Favors The Thoughtful

Running Oak is founded upon the proven Efficient Growth strategy, pioneered by Gary Cogswell:

Mid 1970s

As a senior analyst, Gary recognized that funds consistently failed to outperform benchmarks, primarily because of limited human decision-making and the shortcomings of traditional discounted cash flow analysis.

1976

Developed a unique relative valuation methodology, a key element of the Efficient Growth investment process.

1976 – 1987

Pioneered the rules-based Efficient Growth strategy – engineered to overcome human bias and capitalize on self-evident factors to identify undervalued growth.

2013

Together with his father, Gary, Seth Cogswell formed Running Oak to harness the strategy’s potential for individual and institutional investors.

2023

Launch Of Our ETF, listed on NASDAQ.

*As of December 31, 2024.

An Accomplished Management Team, Backed By A Prominent Board

A Family Business With A Focus on Fundamentals

Seth L. Cogswell Founding Partner and Portfolio Manager

16+ years of industry experience and Running Oak Founder

Seth is the Managing Partner and Founder of Running Oak Capital. He is Co-Portfolio Manager of Efficient Growth. Prior to founding Running Oak, Seth was a trader and portfolio manager of the Trillium Multi Horizon Fund, a multi-strategy long/short hedge fund.

Seth received his MBA from The Wharton School for which he was a recipient of the Goldman Sachs H.R. Young Scholarship. He received his undergraduate degree in Decision Making Sciences/Operations Research from the University of North Carolina.

Gary F. Cogswell, CFA Portfolio Manager

40+ years of experience and creator of our core Efficient Growth philosophy
Gary is the primary architect of the Efficient Growth style of equity management, a philosophy he developed in the late 1970s and has been managing ever since. Gary serves as Co-Portfolio Manager of Running Oak’s Efficient Growth Portfolio.

Gary began his career at Wachovia Bank where he was later a Senior Equity Analyst. Following Wachovia, he served as Investment Department Manager and Portfolio Manager for Huntington National Bank. He was later appointed to Director of Research for Boys, Arnold and Company. Gary is a CFA holder, and received both his MBA and BS degrees from Miami University in Oxford, Ohio.

Jeff Broders, CFA Chief Operating Officer, Chief Compliance Officer

15+ years of industry experience

Jeff is the Chief Operating Officer and Chief Compliance Officer of Running Oak Capital. Prior to joining Running Oak in September 2021, Jeff was the head of US Product Strategy & Development for Principal Global Investors, a multi-boutique investment management firm.

Jeff is a CFA® charterholder. He received a Master of Financial Management degree from Drake University and his BA degree from the University of Northern Iowa.

Jena Cogswell Head of Marketing

20 years of industry experience

Prior to joining Running Oak in December 2024, Jena was the Chief Marketing Officer at Bell Bank. Jena began her career at Goldman Sachs Asset Management as a Financial Analyst in New York City. She has also held strategic roles at JP Morgan, Providence Equity Partners and Principal Asset Management. Jena received her BA degree in Communication Studies from the University of North Carolina.

Our Partners Help Us Find Opportunity Along The Road Less Traded

Palmetto Advisory Group Due diligence and marketing firm, founded in 2008.
Alternative Core Solutions Highly skilled marketing professionals helping clients implement unique investment philosophies.
Advyzon Platform management partner enabling Running Oak to provide exceptional service for a large number of clients
ACA Compliance Group GIPS compliance verification and investment performance services
Cerulean Securities Compliance, LLC Professional compliance consulting
Brightflow Technologies Managed IT and cyber security

A Disciplined Approach Designed To Outperform The S&P 500

Driven by our proven Efficient Growth equity management style, Running Oak’s strategy is designed with a specific outcome in mind: to outperform the S&P 500 over a full economic cycle and do so with meaningfully less risk.

Our disciplined rules-based approach does not rely on human discretion and objectively manages volatility and captures opportunities. Executed with consistency since the 1980s, our time-tested strategy offers investors a repeatable wealth-accumulation strategy and peace of mind through all markets.

Our Success Is Founded On Three Simple, Dependable, and Thoughtful Principles

Seek earnings growth Above-average earnings growth can be expected to result in above-average price performance.

Avoid overvalued companies Never overpay. Paying more than an asset is worth will surely lessen returns.

Focus on minimizing risk There’s a cost to volatility. Mitigate drawdowns and achieve higher cumulative returns.

Efficient Growth Is A Common Sense Strategy That Avoids Risk

Rules-based investment process, promotes discipline and objectivity, eliminating emotion from the investment management process.
Time-tested, Efficient Growth has been executed for over 30 years and through multiple economic cycles.
Available in separately managed accounts, offering full transparency, daily liquidity, lower expenses and greater control over taxes.
Currently Available on these platforms: Schwab, Fidelity, Envestnet, RBC, SmartX, Mutual Advisors, Interactive Brokers, Osaic, and others

Efficient Growth's Rules-Based Prudence Has Outperformed Since Inception

As of March 31, Efficient Growth had outperformed the S&P 500 Equal Weight Index by 1.82%, annualized and gross of fees.*
Despite a historically poor environment for a disciplined, risk-focused strategy, Efficient Growth has still outperformed.* Few outperform when in favor. Efficient Growth outperformed when historically out of favor.*
Efficient Growth has provided 25% more return than the S&P 500 Equal Weight Index, given the same level of downside risk, gross of fees (Ulcer Performance Index).*

> Download Factsheet

* Since inception: as of March 31, 2025. Net performance reflects a management fee of 0.5%. In the event this strategy is offered within a third party’s wrap program, the net performance shown here may be further reduced by an additional amount equal to the fees charged by the third party. For example, if the third-party charges 2% for their wrap program, net performance would be reduced by both the 0.50% fee to Running Oak Capital as well as the 2% charged by the third party (total of 2.50%). Past performance is not indicative of future performance.

Our Conviction & Discipline Have Stood The Test of Time

Click Below To Read More About Thoughtful Investing Against Potentially Reckless Trends

For a more compreshensive collection of our most recent letters on NASDAQ, visit our author page.

05/30/25

Invest Where Others Aren’t: Maximize Gains, Minimize Risks

Watch Now Video

05/23/25

If You Ain't First, Yer Last

05/22/25

This Is What To Do Next In Stocks

Watch Now Video

04/24/25

Do You Smell That?

03/31/25

Marge O'Clock

Download White Paper

03/27/25

Consistently Not Stupid

For More Information About Running Oak Capital and Our Efficient Growth Strategy, Please Contact Us

[email protected]

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Investing involves risk including possible loss of principal.

Before investing, carefully consider a fund’s investment objective, risks, charges and expenses contained in the prospectus. Read carefully before investing.

Distributor: Foreside Fund Services, LLC.