Birch Run Investments provides portfolio management for individuals and small businesses and portfolio management for institutions.
Birch Run Investments reports 55 clients. They include 35 high-net-worth individuals, 7 state or municipal government entities and 7 other investment advisers. Of its assets, 100.0% ($457M across 55 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| High-net-worth individuals | 64% | 10% |
| Pension and profit-sharing plans | 7% | 17% |
| State or municipal government entities | 13% | 57% |
| Other investment advisers | 13% | 13% |
| Corporations and other businesses | 4% | 4% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | 35 | $44M | 9.6% | $1.26M |
| Pension and profit-sharing plans | Fewer than 5 | $77.3M | 16.9% | $19.3M |
| State or municipal government entities | 7 | $260M | 56.8% | $37.1M |
| Other investment advisers | 7 | $57.7M | 12.6% | $8.24M |
| Corporations and other businesses | Fewer than 5 | $18.4M | 4.0% | $9.18M |
| Total | 55 | $457M | 100% | — |
- Clients
- 35
- Regulatory AUM
- $44M
- AUM share
- 9.6%
- Avg. per client
- $1.26M
- Clients
- Fewer than 5
- Regulatory AUM
- $77.3M
- AUM share
- 16.9%
- Avg. per client
- $19.3M
- Clients
- 7
- Regulatory AUM
- $260M
- AUM share
- 56.8%
- Avg. per client
- $37.1M
- Clients
- 7
- Regulatory AUM
- $57.7M
- AUM share
- 12.6%
- Avg. per client
- $8.24M
- Clients
- Fewer than 5
- Regulatory AUM
- $18.4M
- AUM share
- 4.0%
- Avg. per client
- $9.18M
Total
- Clients
- 55
- Regulatory AUM
- $457M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Birch Run Investments is paid through a percentage of assets under management and performance-based fees; its fees and minimums are set out in its brochures on the SEC website.
David Killian owns 75% or more of Birch Run Investments. The leadership team of Birch Run Investments includes President David Killian and Chief Operating Officer Leigh Killian. It has 5 employees, 2 of them in advisory roles.
Staff
- 5 employees
- 2 in advisory functions
- 2 state-registered reps
- 1 broker-dealer rep
- 1 soliciting firm
- Owns 75% or more of Birch Run Investments, LLC
David Killian
Control person · since September 2016
Birch Run Investments’ regulatory assets grew 1.8× from $248M (February 2021) to $457M (March 2026); clients rose from 18 to 55 and employees were 5 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Mar 2026March 2026 | $457M | 55 | 5 | 1 |
| Mar 2025March 2025 | $334M | 42 | 5 | 1 |
| Mar 2024March 2024 | $270M | 27 | 4 | 1 |
| Mar 2023March 2023 | $223M | 21 | 5 | 1 |
| Mar 2022March 2022 | $271M | 20 | 5 | 1 |
| Feb 2021February 2021 | $248M | 18 | 5 | 1 |
Besides its headquarters, Birch Run Investments has 0 offices, with 1 listed address in 1 state.
Pennsylvania · 1 listed address
- 211 Welsh Pool Road, Suite 234, ExtonHQ
Contact and registration details
- Legal name
- Birch Run Investments, LLC
- Headquarters
- 211 Welsh Pool Road, Suite 234, Exton, PA 19341
- Website
- birchruninvestments.com
- Phone
- 610-321-3453
- @birch-run-investments
- SEC file
- 801-108422
- Structure
- Delaware LLC
- Fiscal year end
- December
Birch Run Investments’ named custodians for separately managed accounts are Principal Custody Solutions ($216M, 64%), Charles Schwab ($70.1M, 21%) and US Bank ($49.2M, 15%). Birch Run Investments does not have custody of client assets.
- Charles SchwabSchwab · San Francisco, CA · $70.1M21%
- US BankUS Bank · Minneapolis, MN · $49.2M15%
- Principal Custody SolutionsPrincipal Custody Solutions · Minneapolis, MN · $216M64%
At year end, Birch Run Investments’ separately managed accounts were mostly in bonds (94%).
What the accounts hold
- Stocks1%
- Funds1%
- Bonds94%
- Investment grade corporate bonds47%
- U.S. government and agency bonds41%
- State and local bonds3%
- High-yield corporate bonds3%
- Cash4%
How many clients does Birch Run Investments have?
Birch Run Investments has 55 clients and manages $457 million for them, as of March 2026. They include 35 high-net-worth individuals, 7 state or municipal government entities and 7 other investment advisers.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 25 March 2026
What services does Birch Run Investments offer?
Birch Run Investments provides portfolio management for individuals and small businesses and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Birch Run Investments use?
Birch Run Investments’ separately managed account assets are held at Principal Custody Solutions (Minneapolis, MN), with $216M, Schwab (San Francisco, CA), with $70.1M and US Bank (Minneapolis, MN), with $49.2M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 25 March 2026
How many financial advisors does Birch Run Investments have?
Birch Run Investments has 2 investment adviser representatives registered with state securities authorities, out of 5 employees, and 2 perform investment advisory functions. 1 employee is a registered representative of a broker-dealer and 0 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Birch Run Investments invest in?
At the end of its last fiscal year, Birch Run Investments’ separately managed accounts held 47% investment grade corporate bonds, 41% U.S. government and agency bonds, 4% cash and equivalents, 3% state and local bonds, 3% high-yield corporate bonds, 1% exchange-traded equities and 1% registered funds (mutual funds, ETFs, BDCs).
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Birch Run Investments?
Birch Run Investments’ direct owner is David Killian (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 25 March 2026
How does Birch Run Investments get paid?
Birch Run Investments is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Birch Run Investments?
Birch Run Investments’ main office is at 211 Welsh Pool Road, Suite 234, Exton, PA 19341. Its phone number is 610-321-3453. Its website is birchruninvestments.com.