Political risk can become financial risk
Sanctions, export controls, tariffs, regulation, conflict, and state intervention can rapidly affect revenues, operations, valuation, and access to capital.
About Free World Investment
A clearer view of risk in a more fragmented world.
FWI brings geopolitical, supply-chain, geographic-revenue, and concentration-risk research into disciplined U.S. equity management.
FWIRisk intelligence
Why FWI exists
Risk does not stop at the balance sheet.
A company can appear financially strong while depending on a small number of markets, production hubs, suppliers, or political relationships. FWI was created to look through those structures and make the resulting risks more visible to investors.
Diversification can hide concentration
A broad index can still be driven by a small group of companies, sectors, countries, or shared supply-chain dependencies.
Research must look through the company
We examine where a company earns revenue, how it operates, what its supply chain depends on, and how it responds to sensitive political and institutional issues.
FWI and Running Oak Capital
One strategy. Complementary disciplines.
Investment advisory services for Free World Efficient Growth are offered through Running Oak Capital, LLC, an SEC-registered investment adviser doing business as Free World Investment.
Risk research
Free World InvestmentFWI conducts company-level due diligence across supply-chain dependency, geographic revenue exposure, political alignment, and portfolio concentration. The public framework is transparent; the detailed scoring criteria remain proprietary.Investment management
Running Oak CapitalRunning Oak provides the Efficient Growth investment foundation, portfolio construction, trading, and ongoing advisory management through a disciplined, rules-based equity process.≈ $875MAssets managed firm-wideReported as of year-end 2025
Integrated strategy
FWEGFree World Efficient Growth
FWEG combines Running Oak's quality-growth discipline with FWI's additional country-risk screening, seeking less unintended exposure to elevated political and concentration risks.Running Oak's regulatory brochure describes Free World Efficient Growth as applying additional screening to the Efficient Growth process with the goal of reducing country-specific risk. Running Oak managed approximately $875 million firm-wide at year-end: approximately $845 million on a discretionary basis and an additional $30 million through UMA or model-delivery arrangements, where the platform handles trading and rebalancing. This is not FWEG-specific assets or performance.
How the work comes together
From investment universe to ongoing oversight.
- 01
Build the investment foundation
Running Oak identifies quality growth companies using disciplined fundamental and quantitative analysis, with attention to valuation and downside risk.
- 02
Investigate real-world exposure
FWI reviews public evidence on operations, suppliers, geographic revenue, subsidiaries, investments, governance, and political positioning.
- 03
Integrate the research
The two disciplines come together in FWEG, balancing company quality with an additional lens on political, country, and concentration risk.
- 04
Monitor and manage
FWI refreshes company research as exposures change, while Running Oak manages portfolio construction and implementation for advisory clients.
The investment objective
Designed to pursue resilient, risk-adjusted growth.
By seeking to reduce uncompensated exposure to political shocks and hidden concentration, FWEG aims for a more efficient balance between long-term growth and risk. The strategy does not eliminate investment risk, and no return is guaranteed.
Request information