Josh Brown , one of Wall Street's most recognizable financial advisers, said the rise of passive investing has created demand for a different kind of product: a concentrated portfolio aimed at capturing the market's biggest winners.

The CEO of Ritholtz Wealth Management and CNBC contributor recently launched Porterhouse, a separately managed account named after the premium cut of steak and built to hold what he considers the market's best opportunities. The rules-based momentum strategy, run in partnership with Franklin Templeton, favors companies with strong earnings growth and persistent share-price strength.

"Everybody's got broad equity market diversification. It costs three basis points, one click and you can own the S&P 500," Brown said in an interview. "There are people who are in search of the literal best stocks in the market.…