(Out)Performance Update

Running Oak's Efficient Growth portfolio has delivered precisely what we said it would. It has outperformed EVERY SINGLE benchmark and peer (that we follow), ytd. Efficient Growth has outperformed the S&P 500 by 4.46%, the S&P Equal Weight by 1.72%, and the Russell Mid Cap by 4.47%, gross of fees.*

Consistently Not Stupid

Running Oak's Efficient Growth strategy is a thoughtful, common sense, blatantly not stupid investment philosophy. The rules-based process that we employ is disciplined, repeatable, unemotional and designed to ensure that we are reliably and consistently not stupid on our (your) clients' behalf. It's a good time to be unemotional, intentional, and risk-focused.

The World Has Fundamentally Changed

Client portfolios probably need to do so, too.

NOTHING destroys value like owning overvalued companies when complacency dies and valuations revert to their long term means. That is the #1 value-add that Running Oak provides our clients - avoiding stocks that should go down and go down a lot. The average bear market lasts 9 to 14 months. If this is the beginning of a recession and related bear market, we are only a few days in. Any bear market bounce/short squeeze is an excellent opportunity to make a change.

Unrealized gains have led many to make suboptimal portfolio decisions, particularly with regard to risk. Don't avoid difficult decisions until it's too late, and there are no more unrealized gains to worry about.

Running Oak's goal is to maximize the exponential growth of clients' portfolios, while subjecting them to far less risk of loss. In other words, we aim to help your clients realize their dreams and avoid their nightmares.

If you appreciate critical thinking, math, common sense, and occasional sarcasm, we would love to speak with you. Please feel free to set up a time here: Schedule a call.

Best,

Seth L. Cogswell

Founder and Managing Partner

Edina, MN 55424

P +1 919.656.3712

www.runningoak.com

For additional data and context regarding the claims made within this letter, please refer to the Disclosures and Additional Data document located here.

“All opinions expressed in this newsletter are those of Running Oak Capital’s and do not constitute investment advice.”

Investment Advisory Services are offered through Running Oak Capital, a registered investment adviser.

*Past performance is no guarantee of future results. Performance expectations are no guarantee of future results; they reflect educated guesses that may or may not come to fruition. All indices are unmanaged and may not be invested into directly.

*YTD performance through 4/8/2025 is reflective of a representative account within the Efficient Growth composite of which is substantially similar and has performed closely in-line with broader composite returns historically.

*Statements reflect the opinion of Running Oak Capital on the average investor’s equity portfolio allocation. This is based on informal feedback and experience from interactions with investors and other financial professionals.

Statements on the ‘typical equity portfolio’ are based on informal feedback and experience from interactions with investors and other financial professionals. Further, statements on where the most attractive risk/reward asymmetry lie, although based on observable data, reflect the opinion of Running Oak Capital.

The Standard & Poor’s 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments and strategies may be appropriate for you, consult with us at Running Oak Capital or another trusted investment adviser.

Stock prices and index returns provided by Standard & Poor’s.