Running Oak Capital

What Running Oak Capital does

Running Oak Capital is a privately held, US-based investment management firm founded in 2013 by Seth Cogswell to commercialize the Efficient Growth equity strategy, a rules-based investment philosophy developed by his father Gary Cogswell in the 1970s. The firm serves both individual and institutional investors seeking to outperform the S&P 500 over a full economic cycle with less downside risk, distributing its strategy through two vehicles: Separately Managed Accounts (SMAs) offering full transparency, daily liquidity, and tax control, and an ETF listed on NASDAQ launched in 2023. The underlying methodology is a relative valuation framework developed in 1976, engineered to overcome human bias and the limitations of traditional discounted cash flow analysis by objectively identifying undervalued growth companies, avoiding overvalued names, and minimizing downside risk.

The firm operates as a family business with a compact senior team: Seth Cogswell as Founding Partner and Portfolio Manager, Jeff Broders as COO and CCO (joined 2021 from Principal Global Investors), Jena Cogswell as Head of Marketing (joined December 2024 from Bell Bank), and Gary Cogswell as Advisor. The Efficient Growth strategy is applied to Mid Cap stocks, which the firm notes are at their cheapest relative to Large Cap in 25 years. The strategy is distributed across major wealth platforms including Schwab, Fidelity, Envestnet, RBC, SmartX, Mutual Advisors, Interactive Brokers, and Osaic.

Revenue is generated through management fees, disclosed at approximately 0.5% for the Efficient Growth strategy, with additional third-party wrap fees potentially bringing total client costs to up to 2.50%. The firm has no external private equity or venture capital backing, and revenue figures are not publicly disclosed. As of March 2026, the strategy reported a 0.59% annualized outperformance versus the S&P 500 Equal Weight Index gross of fees, and a 10% excess return on the Ulcer Performance Index (return per unit of downside risk) since its September 2013 inception.

Name

Running Oak Capital

Legal name

Running Oak Capital

Website

https://www.runningoak.com

Company type

Private

Founded year

2013

Operating status

Operating

Short description

Running Oak Capital is a US-based investment management firm offering the rules-based Efficient Growth strategy for Mid Cap equities through Separately Managed Accounts and a NASDAQ-listed ETF, serving individual and institutional investors with a focus on risk-adjusted outperformance.

Ownership category

akta.pro rank

Product category

Active Equity Management

NAICS

Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Quantitative/Systematic Equity (Active) (FSAAAIAL)

akta.pro secondary industries

Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL), Managed Accounts & Model Portfolios (SMA/UMA) (FSAAAAAG)

Keywords

• Equity investment management
• Separately managed accounts
• Rules-based investing
• Mid cap growth equities
• Exchange-traded funds

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Management Fees: Running Oak Capital generates revenue through management fees charged on assets under management. The company mentions a management fee of 0.5% for the Efficient Growth strategy. Revenue is derived from both separately managed accounts (SMAs) and the ETF product.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Running Oak Capital is a private investment management firm that offers the Efficient Growth strategy, a rules-based equity approach focused on Mid Cap stocks, designed to outperform the S&P 500 over a full economic cycle with less downside risk. The strategy is delivered to individual and institutional investors through two vehicles: Separately Managed Accounts (SMAs) providing full transparency, daily liquidity, and tax control, and a NASDAQ-listed ETF launched in 2023 for broader retail and institutional access.

Product overview

Running Oak Capital offers the Efficient Growth investment strategy as two distinct investment vehicles: a Separately Managed Account (SMA) providing full transparency, daily liquidity, and tax control, and an ETF listed on NASDAQ (launched 2023) for broader retail and institutional access. Both products implement the same rules-based strategy focused on Mid Cap stocks, seeking earnings growth while avoiding overvalued companies and minimizing downside risk. The strategy is built on three core principles: seek earnings growth, avoid overvalued companies, and focus on minimizing risk.

Differentiator

Problem solved

Functional benefit

Brands

• Efficient Growth: The core investment strategy of Running Oak Capital, focused on outperforming the S&P 500 over a full economic cycle with less downside risk through rules-based investing in quality growth companies that are undervalued by the market.

Products and services

• Efficient Growth ETF Exchange-traded fund listed on NASDAQ that provides exposure to the Efficient Growth strategy. Launched in 2023 and available to retail and institutional investors through brokerage platforms, offering daily liquidity and a rules-based, mid cap growth equity exposure.
• Efficient Growth Separately Managed Account (SMA) Separately managed account implementing the Efficient Growth strategy for individual and institutional investors, offering full transparency, daily liquidity, lower expenses, and greater control over taxes.

Quantifiable outcome

• 10% more return than S&P 500 Equal Weight Index given same level of downside risk (Ulcer Performance Index)
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature2 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Palmetto Advisory GroupminorGTM or Marketing PartnerDue diligence and marketing firm founded in 2008, providing support for Running Oak's distribution and client onboarding processes.
• Alternative Core SolutionsminorGTM or Marketing PartnerMarketing professionals helping clients implement unique investment philosophies, supporting Running Oak's go-to-market efforts.
• AdvyzoncoreTechnology or IntegrationPlatform management partner enabling Running Oak to provide exceptional service for a large number of clients, providing technological infrastructure for client management.
• ACA CompliancecoreImplementation/ SI/ Consulting PartnerProvides GIPS compliance verification and investment performance services, ensuring Running Oak's compliance with industry standards.
• Cerulean Securities Compliance, LLCminorImplementation/ SI/ Consulting PartnerProfessional compliance consulting services supporting Running Oak's regulatory and compliance requirements.

Scale indicators4 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• Westwood Holdings Group: Boutique active equity manager offering large cap value, large cap income, and SMAs. Comparable to Running Oak as a small-cap-focused active equity boutique with SMA distribution and similar institutional/retail intermediary go-to-market.
• Victory Capital: Multi-boutique active equity platform housing multiple specialist active managers. Relevant as a structurally similar multi-affiliate structure where individual PM teams run concentrated active strategies, distributed through SMA and ETF channels.
• Gabelli Funds (GAMCO Investors): Family-controlled multi-cap active equity manager with SMAs and mutual funds. Comparable to Running Oak as a family-influenced, fundamentals-driven active equity boutique using disciplined rules/heuristic processes across multiple wrappers.
• Jensen Investment Management: Boutique active equity manager focused on quality dividend growth and downside protection. Directly comparable in philosophy to Running Oak's emphasis on minimizing downside risk and disciplined, unemotional selection of quality growth companies.
• Alger: Boutique active equity manager focused on Mid Cap Growth and other growth strategies offered through SMAs and mutual funds. Directly comparable to Running Oak as a small, style-pure active mid cap growth boutique targeting individual and institutional investors with similar value/growth-tilted mandates.
• Frost Investment Advisors: Boutique active equity manager offering multi-cap strategies through SMAs to advisors and institutions. Comparable as a small active equity boutique with similar distribution through wealth platforms and shared emphasis on disciplined, risk-managed processes.

Emerging players

• WisdomTree Investments: Mid-sized ETF issuer with active and rules-based quantitative equity strategies across small/mid/large caps. Comparable as a smaller, methodology-driven issuer building active/thematic ETFs, similar distribution model to Running Oak's NASDAQ-listed ETF.

Broad incumbents

• American Century Investments: Large diversified active asset manager offering mid cap growth and value strategies across mutual funds, SMAs, and ETFs. Comparable in product category (mid cap active equity with multiple wrappers) but vastly larger scale and broader portfolio breadth.
• BlackRock (iShares): Largest ETF issuer offering dominant mid cap and mid cap growth ETFs (IWP, IWS). Competes directly with Running Oak's mid cap growth ETF wrapper and anchors passive alternatives that define the fee/performance benchmark for active entrants.
• Vanguard: Incumbent with Vanguard Mid-Cap Growth ETF (VOT) and other low-cost mid cap vehicles. Sets the floor on fee competition and is the primary passive substitute that active mid cap boutiques like Running Oak must justify their fees against.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCxNJ6tK4jNgQ

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Running Oak Capital