In this episode of Behind the Ticker, Brad Roth speaks with Seth Cogswell, Portfolio Manager at Running Oak Capital, about the firm’s flagship ETF—RUNN, the Running Oak Efficient Growth ETF. With a background that spans fundamental equity research and derivatives trading, Cogswell shares his journey to Running Oak and how the firm’s roots in separately managed accounts (SMAs) laid the foundation for its ETF strategy. Originally launched in 2009 for advisors seeking a smoother ride through market cycles, the strategy behind RUNN has delivered strong results with an emphasis on downside protection.

Cogswell breaks down how RUNN combines a core equity portfolio of 30–50 high-conviction U.S. large-cap stocks with a tactical allocation to fixed income and cash equivalents. What sets RUNN apart is its ability to dynamically shift its allocation between risk-on and risk-off environments. The fund can reduce equity exposure as low as 30% or raise it up to 90%, based on a rules-based framework that evaluates macro indicators, valuation metrics, and market trends. This allows the fund to dial down risk during market stress and re-enter more aggressively during recovery phases.

The equity sleeve of the portfolio focuses on quality companies with strong free cash flow and sustainable growth—avoiding overvalued, speculative names. Meanwhile, the fixed income sleeve remains flexible, emphasizing high credit quality and shorter durations when risk is elevated. Cogswell notes that RUNN is actively managed daily, with oversight to ensure discipline in both the equity and fixed income allocations. The team also maintains a consistent philosophy that prioritizes risk-adjusted returns and long-term capital appreciation rather than chasing short-term performance.

Designed for use as a core equity holding or a risk-managed growth strategy, RUNN offers advisors and investors an efficient, transparent vehicle to navigate unpredictable markets. With a track record rooted in the firm’s SMA history and now offered in a more tax-efficient ETF format, the fund aims to deliver smoother performance without sacrificing long-term upside.

In this episode, Brad sits down with Eric Lutton, CIO of Sound Income Strategies, to discuss the firm’s actively managed ETF: FXED, and its unique approach to fixed income investing.

Eric shares his professional journey from trading in the pits of Chicago to managing institutional assets and ultimately building out Sound Income’s fixed income platform. The firm has grown from managing $30M with one advisor to nearly $4B with over 100 advisors, all through organic growth. At the core of their approach is a clear focus on income generation—particularly for retirees and conservative investors looking to preserve capital and generate steady cash flow.

Eric explains that FXED was created to solve two problems: making the firm’s core-plus fixed income strategy available to smaller accounts and addressing the lack of fixed income ETFs that combine traditional bonds with higher-yielding alternatives like BDCs, REITs, preferreds, and non-core bond ETFs.

He outlines how the portfolio targets around 70-75% fixed coupon instruments and layers in non-traditional income-generating securities—especially those with lower correlation to investment grade bonds—to deliver better risk-adjusted returns than broad benchmarks like the Agg. He discusses their bottom-up selection process, focus on management quality in BDCs and REITs, and commitment to avoiding names with poor underwriting or operational risks.

FXED is actively managed to allow dynamic rebalancing between investment-grade and high-yield allocations depending on market conditions. Eric makes the case that active management in fixed income still has an edge—unlike equities, where alpha is increasingly hard to find. The fund aims to outperform by overweighting stronger names and avoiding the losers—something passive indexes can’t do.

He emphasizes that FXED is especially useful for retirees or near-retirees who need reliable income and want to avoid relying too heavily on equities for yield. With a target yield in the upper 6% range, the fund allows for reduced capital commitment to fixed income, freeing up room for growth investments or risk-free cash buffers elsewhere in the portfolio.

In this episode of Behind the Ticker, Brad Roth interviews Ryan Thomes, Co-Portfolio Manager at Hotchkis & Wiley, to discuss the launch and strategy behind the firm’s newest ETF—HWSM, the Hotchkis & Wiley SMID Cap Diversified Value ETF. Ryan shares his career journey from investment consulting to portfolio management, explaining how his early due diligence work led him to join the very firm he once evaluated. Over the past 17 years at Hotchkis & Wiley, Ryan has been deeply involved in refining the firm’s value-based equity strategies and co-manages both the small-cap and SMID strategies.

The conversation centers on the HWSM ETF, which launched in early 2024 and represents a natural extension of Hotchkis & Wiley’s long-standing small-cap value process. Although the ETF is new, the underlying investment methodology dates back over 20 years. Ryan breaks down the firm’s three-step process: proprietary quantitative modeling, human analyst review, and thoughtful portfolio construction. Unlike traditional quant screens, Hotchkis & Wiley’s models attempt to emulate how a human analyst would value companies based on normalized mid-cycle earnings rather than current market conditions. This combination of rigorous modeling and fundamental judgment allows them to focus on out-of-favor, under-followed stocks with long-term value potential.

HWSM typically holds between 150–200 names, balancing diversification with high active share, and utilizes a tiered weighting system that ties directly to fundamental risk ratings. Analysts assess companies across three pillars—business quality, balance sheet strength, and corporate governance—and these scores directly impact the weightings in the portfolio. The fund is rebalanced biannually with monthly adjustments as needed, helping maintain both conviction and efficiency.

Ryan explains that SMID caps—especially value names—are historically underappreciated and undervalued compared to large-cap growth, making them especially compelling today. Despite large-cap tech’s dominance over the past decade, he sees potential mean reversion in valuations that could favor smaller, overlooked companies. HWSM is positioned as either a core equity holding or a complement to growth-oriented SMID allocations, offering access to Hotchkis & Wiley’s institutional-quality research through a tax-efficient ETF vehicle.