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Bull Run Investment Management · McLean, Virginia

High-Growth wealth management, built for individuals & families, business owners, and financial advisors.

We build concentrated portfolios of individual stocks, companies growing revenue 25% or more a year. The goal is simple: beat the S&P 500 over a full market cycle, not track it.

Find your portfolio fit Schedule a call

Start with the fit questionnaire. Talk to a real person whenever you want.

You get a dedicated portfolio manager. Your advisor stays your advisor.

Bull Run runs four proprietary equity strategies through Charles Schwab's Managed Account Marketplace. We handle the research, the trading, and the day-to-day portfolio. Your advisor keeps doing what you hired them for: the plan, the advice, and the relationship.

Evaluate the SMA platform View live performance

Gross and net daily data, published for your diligence.

Your advisor. Your account. Bull Run's investment management.

Your financial advisor remains your primary relationship. Bull Run manages the selected strategy inside an account held in your name at Charles Schwab, with direct ownership of every position and full transparency.

Understand the strategy See how the account works

Full visibility into every holding, every day.

Built to outperform

What does a Bull Run portfolio look like?

A blend of our four strategies, matched to your risk tolerance. Every blend is designed to beat its benchmark over a full market cycle, not to copy it. Slide to see how the mix changes.

Fee-only fiduciary Held at Charles Schwab Direct stock ownership Daily transparency Founder-led management

Portfolio architecture Moderate

StabilityMaximum growth

Illustrative allocation families only. Not a recommendation. Find your fit

Inside your existing workflow

How do you add Bull Run on Schwab?

Four steps inside the Schwab workflow you already use. No repapering, no custodial change, and no wholesaler in the middle.

Schwab Marketplace 0.50% standard manager fee Four proprietary SMAs Direct ownership You remain the advisor

Implementation at Schwab

1

Find Bull Run on Schwab MarketplaceSearch the Managed Account Marketplace inside your existing workflow.

2

Select the strategyOne mandate or a blend of sleeves across accounts.

3

Open or assign the accountThe account stays in your client's name at Schwab.

4

Fund it. Bull Run manages.Research, trading, rebalancing, and monitoring are on us.

You keepClient relationshipPlanningAdvisory fee

We runResearchTradingRebalancingMonitoring

Two relationships, one account

Who does what.

Your advisor manages the plan. Bull Run manages the mandate. Schwab holds the account in your name.

Account in your name Held at Charles Schwab Direct stock ownership Full visibility

Who does what

Your advisorPrimary relationshipFinancial planningAllocation oversight

Bull RunPortfolio managementTradingMonitoring

SchwabCustody of your accountStatementsOnline access

Financial advisor?

The SMA platform, live performance, and the diligence kit are one click away. You keep the relationship. We run the mandate.

The SMA platform Live performance Diligence kit

Fee-onlyWe are paid only by our clients, through one clear advisory fee. Never by commissions. Four SMAsFour strategies, one research philosophy, across the growth and volatility spectrum.

FiduciaryWe are legally required to act in your best interest. Schwab MarketplaceImplemented inside the advisor workflow you already use.

Charles SchwabYour accounts are held in your name at an independent custodian. 0.50% manager feeA standard portfolio-management fee, disclosed and billed separately.

Direct ownershipYou own the individual stocks, not a pooled fund. Live performanceDaily gross and net data, published with full methodology.

Daily transparencyYou can see every holding and every trade, every day. Public due diligenceFact sheets, process, and data, published for your review.

Founder-ledThe person who built the strategies is the person managing your money. Founder-ledThe person who built the strategies is the person managing the mandate.

Chris Passarelli, Founder and Portfolio Manager of Bull Run Investment Management

Inside the Bull Run Investment Management office

The Bull Run Investment Management office in McLean, Virginia

01 · Founder-led, by design

"You should always know what you own, why you own it, and exactly what you are paying. Everything else about this firm follows from that."

Chris Passarelli made his first investment at ten years old and never stopped. Morgan Stanley, TD Ameritrade Institutional, quantitative research at a $400 million RIA, then Bull Run in 2019. In 2023 he bought out his co-founders and took over the firm as its principal owner. Every buy and every sell in every portfolio is his decision.

Chris PassarelliFounder, Chief Executive Officer, and Portfolio Manager

One manager. Every account. Around one hundred households and roughly $54 million, growing quickly from one office in McLean, Virginia. Every account is managed personally by the man who built the track record, and that only works because we stay selective about who we take on.

One manager. Every account. Around one hundred households and roughly $54 million, growing quickly from one office in McLean, Virginia. The strategy your advisor selected is managed personally by the man who built the track record. Your advisor stays your first call.

02 · The flagship, since day one

Top 0.75%

of 3,479 US-listed non-leveraged ETFs

Bull Run was built around this strategy, and it still carries the flag. Its total gross return ranks #27 among every non-leveraged ETF listed in the United States, measured since January 2023.

One of four strategies inside Bull Run portfoliosAvailable as an SMA on Schwab Marketplace

See the Innovation SMA How we calculate this

The full field, ranked #27 of 3,479

TrailingMedianLeading

See the proof — explore the full ranking →

03 · Proprietary management

Every portfolio is built and managed in-house.

Four strategies. One discipline.

We do not outsource to third-party strategists or fill portfolios with funds. We run four proprietary strategies of individual stocks, all managed directly by our founder and portfolio manager. Each one has the same mandate: beat its benchmark over a full market cycle. The difference between them is how much volatility you take on along the way.

Every strategy is run by the same research process and the same manager. What changes is how much growth the mandate reaches for, and how much volatility it holds on the way there.

The flagship

Equity Innovation

Concentrated exposure to transformative growth.

20%Full-cycle
objectiveHighest volatility

Revenue growth target25%+ a year

Current holdings–

Since Jan 2023–

vs S&P 500–

Since 2008 · annualized–

Gross of fees · Backtested + Live

Our flagship. 20 to 25 companies with projected revenue growth above 25%, built for maximum long-term growth.

Appears inMod. AggressiveAggressive

Explore the full strategy →

Equity Growth

Established growth compounders with room to run.

15%Full-cycle
objectiveElevated volatility

Revenue growth target15–25% a year

Current holdings–

Since Jan 2023–

vs S&P 500–

Since 2008 · annualized–

Gross of fees · Backtested + Live

Proven growth businesses still compounding revenue 15 to 25% a year, fast enough to pull away from the index.

Appears inModerateMod. AggressiveAggressive

Explore the full strategy →

Equity Core

Durable blue-chip franchises built to compound.

12%Full-cycle
objectiveModerate volatility

Revenue growth target12–15% a year

Current holdings–

Since Jan 2023–

vs S&P 500–

Since 2008 · annualized–

Gross of fees · Backtested + Live

The foundation. 25 to 30 durable blue-chip franchises that most client portfolios are built around.

Appears inConservativeMod. ConservativeModerateMod. Aggressive

Explore the full strategy →

Equity Low Volatility

Equity participation engineered for a smoother ride.

8%Full-cycle
objectiveManaged volatility

Revenue growth target7–12% a year

Current holdings–

Since Jan 2023–

vs S&P 500–

Since 2008 · annualized–

Gross of fees · Backtested + Live

The stabilizer. Steady, cash-generative companies, built for a smoother ride than the market.

Appears inConservativeMod. ConservativeModerate

Explore the full strategy →

Most clients hold a blend of strategies matched to their plan and risk tolerance. Objectives are goals over a full market cycle, not promised returns. Card figures are gross of fees and include backtested periods before each strategy's live date. Net figures, after the maximum 1.50% annual fee, are in the live panel below.Use a single mandate or blend sleeves across client accounts. Objectives are goals over a full market cycle, not promised returns. Card figures are gross of fees and include backtested periods before each strategy's live date. Net figures, after the maximum 1.50% annual fee, are in the live panel below.Your advisor selected the mandate that fits your plan. Objectives are goals over a full market cycle, not promised returns. Card figures are gross of fees and include backtested periods before each strategy's live date. Net figures, after the maximum 1.50% annual fee, are in the live panel below.

04 · Transparency

Where do these numbers come from?

From our public dataset of daily returns. Every chart here is computed in your browser from that dataset the moment the page loads. Nothing is typed in by hand. Change the window, flip the fee, and check us.

Growth of $100,000

Selected strategy vs. the S&P 500 · hypothetical growth · Backtested + Live

Loading…

As-of dateAlways visible

Gross or netYou control it

Live vs backtestedDrawn on the chart

MethodologyOne click away

Select your portfolio size — your tier’s fee applies to the whole model:

Total modeled fee: 1.50%

Returns before each strategy's live date are backtested: hypothetical results applied retroactively that do not represent actual client accounts. The dashed gold line on the chart marks the live inception date read from the published dataset. Net figures reflect the maximum 1.50% annual advisory fee; gross figures reflect no fees. The S&P 500 is an index that cannot be invested in directly. Past performance does not guarantee future results. Methodology · Full performance database

Compounding, made visible

Why do a few percent a year matter so much?

Because compounding turns small differences into enormous ones. A portfolio growing 12% a year doubles roughly every six years. At 20%, it doubles roughly every three and a half. Pick a rate and watch what time does with it. The path is never smooth, but the math is real.

Starting portfolio

$

Monthly contribution (optional)

$

Time horizon 20 years

Illustrative annual return

Custom rate %

Preset rates are the stated full-cycle objectives of the four Bull Run strategies. Objectives are not promises or forecasts.

Compare a second rate

Ending value$0

Total contributed$0

Investment growth$0

Multiple of start0x

12% selected

View the yearly data table

Year	Selected rate	Comparison	Contributed

What could disciplined compounding mean for your family?

Explore your portfolio fit

Show a client what the return assumption means over time.

Open the full Wealth Forecaster

Ask your advisor how return assumptions like these relate to your plan.

This is an illustration of constant annual compounding, not a forecast or a guarantee. Actual investment returns vary, can be negative, and do not occur in a straight line. The illustration does not account for every fee, tax, withdrawal, or sequence-of-returns effect. Strategy objectives are goals, not expected or promised returns. For strategy-specific historical data, fees, taxes, and contribution modeling, open the full Wealth Forecaster.

05 · Custody and control

Your money never becomes our money.

Custody your clients already trust.

The account stays yours. Always.

Bull Run never takes possession of client assets. The account sits at Charles Schwab in the owner's name, with direct ownership of every security and a limited trading authorization that can be revoked at any time.

Nothing changes about where client assets sit. Accounts remain at Charles Schwab in the client's name; Bull Run operates under a limited trading authorization on the selected account only.

The account owner

In control

Owns every security directly
Full statements and online access
Can revoke authorization at any time

Charles Schwab

Independent custodian

Holds the assets
Executes and settles trades
Reports directly to the owner

Bull Run

Limited authority

Manages the mandate
Trades within the authorization
Never takes possession of assets

Charles Schwab & Co., Inc. serves as an independent custodian for client accounts. Schwab is not affiliated with Bull Run Investment Management and does not supervise, endorse, or recommend its services.

06 · Beyond the portfolio

What do you get beyond the portfolio?

Everything wealth management is supposed to include: financial planning, tax strategy, estate coordination, and reporting. It runs on three specialist platforms and is coordinated by one advisor who answers for all of it.

Custody

Charles Schwab

Your accounts, your name, your statements. An independent custodian between you and everyone else.

Reporting

Black Diamond

Institutional-grade performance reporting and a consolidated portal across every account we manage.

See your technology

Planning

RightCapital

A living financial plan: retirement, taxes, cash flow, and what-if modeling, updated as your life changes.

See financial planning

Also under one roof Tax planning and preparation Estate and gift planning Insurance and risk Business owner advisory All wealth management

06 · Built for diligence

Everything you need to underwrite us.

Manager selection should not depend on a pitch deck. The data, the process, and the tools are public, so you can pressure-test Bull Run before a single client conversation.

Evaluate

Live performance database

Daily gross and net series for all four strategies, with methodology, benchmarks, and backtest labeling.

Open the database

Test

Strategy Backtester

Blend the strategies against benchmarks over any window and see how a proposed client portfolio would have behaved.

Run a backtest

Implement

Advisor resources

Fact sheets, the investment approach, and the paperwork path for Schwab's Managed Account Marketplace.

Get the resources

The Bull Run office · McLean, Virginia. Come see it in person.

Go deeper Investment approach Wealth Forecaster SMA platform overview

06 · What you can expect

Clear sightlines into your account.

Schwab reports directly to you with statements and online access. Your advisor coordinates your plan and your overall reporting. Bull Run manages the selected strategy and publishes its performance methodology publicly, so nothing about the mandate is a black box.

07 · What working together looks like

How does getting started work?

Introductory call

Thirty minutes on your situation, your questions, and whether the fit is real. No prep required.

Plan and proposal

A written picture of your finances, the recommended strategy blend, and the exact fee. In plain language.

Accounts at Schwab

Open or transfer accounts in your name. Assets move custodian to custodian, never through Bull Run.

Ongoing management

The portfolio runs daily. The plan updates as your life changes. You always see everything.

Schedule the introductory call See the full onboarding process

07 · From diligence to funded

Three steps to your first funded account.

Run your diligence

Performance database, methodology, fact sheets, and the backtester. Take as long as you need.

Marketplace paperwork

Standard Schwab Managed Account Marketplace agreements. We handle our side same-day.

Fund and manage

Assign the account, fund it, and Bull Run takes it from there. You stay in front of the client.

Open advisor resources

07 · Your next step

Take your questions to your advisor.

They know your full picture, and they chose Bull Run with it in mind. For independent reading, everything Bull Run publishes about the strategies is linked throughout this page.

Latest thinking

Our latest research.

All insights

The next step is a conversation

Ready when you are. It starts with one call.

A complimentary discovery call. Your questions, straight answers about fees and fit, and no obligation on the other side of it.

Find your portfolio fit Schedule a call instead

For your platform

Underwrite us. Then let's talk.

The data is public and the process is documented. When you are ready, the conversation is with the portfolio manager, not a wholesaler.

Review the SMA platform

In good hands

Talk with your advisor about Bull Run's role in your plan.

Prefer to read independently first? Bull Run's regulatory filings are public.

Read the Form ADV

Questions about fit or fees? Find your fit

Let’s get to know you:

Where is your primary residence?

How May We Reach You?

Did Someone Refer You to Bull Run?

What is the Approximate Amount of Your Investable Assets?

High-Growth wealth management, built for individuals & families, business owners, and financial advisors.

You get a dedicated portfolio manager. Your advisor stays your advisor.

Your advisor. Your account. Bull Run's investment management.

What does a Bull Run portfolio look like?

How do you add Bull Run on Schwab?

Who does what.

Every portfolio is built and managed in-house.

Four strategies. One discipline.

Equity Innovation

Equity Growth

Equity Core

Equity Low Volatility

Where do these numbers come from?

Why do a few percent a year matter so much?

Your money never becomes our money.

Custody your clients already trust.

The account stays yours. Always.

The account owner

Charles Schwab

Bull Run

What do you get beyond the portfolio?

Charles Schwab

Black Diamond

RightCapital

Everything you need to underwrite us.

Live performance database

Strategy Backtester

Advisor resources

Clear sightlines into your account.

How does getting started work?

Three steps to your first funded account.

Take your questions to your advisor.

Our latest research.

Ready when you are. It starts with one call.

Underwrite us. Then let's talk.

Talk with your advisor about Bull Run's role in your plan.

Questions? Seeking Further Insight?

Questions? Seeking Further Insight?