T. ROWE PRICE SEPARATELY MANAGED ACCOUNTS 

Adaptable strategies for diverse objectives

Align distinctive portfolios with unique client goals. T. Rowe Price separately managed accounts (SMAs) bring tactical flexibility to our research-driven, risk-aware active investment process.

Discover the key benefits of separately managed accounts (SMAs).

Customization

Offer a more personalized investment experience with an approach that considers investor needs and preferences.

Transparency

Access holdings and transaction history to monitor portfolios against goals and objectives.

Tax Flexibility

Better accommodate clients’ tax-management needs with the opportunity to sell specified portfolio holdings.

Partnership

Deliver exceptional client experiences with access to our active management expertise and a team of service specialists.

CLIENT-FOCUSED PRODUCTS

Meet complex client needs with versatile solutions.

We've leveraged our capabilities across multiple asset classes, capturing our extensive experience over many market cycles within flexible SMA portfolios. Strategies may provide the opportunity to apply reasonable restrictions to better align portfolios with client goals.*

Our suite of U.S. equity SMAs combines our established equity capabilities with the potential to consider your clients’ individual investment needs.

An approach in pursuit of growth potential 

This strategy seeks long‐term growth of capital by investing primarily in companies with high growth potential in what we believe are the fastest-growing economic sectors—both in and outside of the U.S.

An established approach to long-term growth potential

Seeking long-term capital appreciation and current income, this strategy invests in the common stocks of leading large and medium-sized companies with leading market positions, seasoned management, strong financial fundamentals, and potential for above-average growth.

A portfolio in pursuit of dividend growth and appreciation

Investing in companies with a sustainable competitive advantage and likely to show consistent earnings and dividend growth over time, this strategy seeks to provide a growing level of dividend income, long‐term capital appreciation, and a reasonable level of current income.

A growth strategy designed for economic ups and downs

This strategy seeks long-term capital appreciation, primarily through investment in large-cap growth companies that demonstrate high earnings growth, are positioned to benefit from powerful secular trends, and use innovation to gain a competitive edge.

A risk-managed portfolio seeking long-term capital appreciation

This strategy seeks long-term capital growth, primarily through investing in well-established large-cap U.S. companies—exhibiting compelling business models and strong management teams—that may have either value or growth characteristics.

A relative value approach seeking above-average dividends

Using a conservative, relative value investment approach, this strategy seeks to provide an above-average dividend yield relative to the broader market. It favors high-quality companies with strong brands, franchises, or assets that appear undervalued.

A high-conviction portfolio prioritizing valuation

This strategy seeks long-term capital appreciation—with income as a secondary objective—primarily through investment in large companies that appear to be undervalued.

A value-focused approach offering potential for growth

This strategy invests primarily in companies we believe to have short-term correctable headwinds and promising financial outlooks—providing the opportunity for capital appreciation, with income as a secondary objective.

Our international equity SMAs are backed by our global investment capabilities—with over 250 equity research professionals and analyses spanning over 100 countries.

A high-conviction strategy pursuing bottom-up growth

This strategy seeks long-term capital appreciation by investing in emerging to established companies operating in diverse markets throughout the world, favoring those with faster earnings growth potential and reasonable valuation levels.

A balanced approach to international equity exposure

This strategy seeks long‐term capital appreciation through investment in large‐cap companies. It’s focused primarily on businesses in developed countries with favorable growth prospects, fundamentals, and valuations.

A style-agnostic approach seeking long-term capital appreciation 

This portfolio seeks long‐term capital growth through investments in non‐U.S. companies, with typically up to 15% emerging market exposure. It targets attractive opportunities across the investable universe irrespective of growth, value style, or market capitalization.

Partner with a municipal manager focused on client success. Our fixed income SMAs offer an active approach to investing in the municipal bond market, enhanced by the potential to customize portfolios based on client needs and preferences.*

A hand-selected portfolio pursuing tax-free income

This intermediate-term bond offering seeks current income and capital appreciation through investment in municipal debt securities with effective maturities typically ranging from one to 18 years.

An income-generating bond portfolio with additional credit exposure

Offering increased credit exposure by investing up to 10% of the portfolio in BBB- rated bonds, this intermediate-term bond offering seeks income and capital appreciation through investment in municipal debt securities with effective maturities ranging from one to 18 years.

A hand-selected portfolio designed to maximize tax-free income 

This short intermediate-term bond offering seeks the highest income consistent with minimal principal volatility through investment in municipal debt securities with effective maturities within five years.

An income-maximizing bond portfolio with additional credit exposure

Offering increased credit exposure by investing up to 10% of the portfolio in BBB- rated bonds, this strategy seeks the highest income consistent with minimal principal volatility through investment in municipal debt securities with effective maturities within five years.

A laddered approach pursuing dependable, tax-free income

This nationally focused, laddered bond offering seeks the highest level of tax-exempt income while attempting to minimize transactions and preserve principal. It invests in municipal securities with maturities ranging from one to five years.

A laddered bond strategy with additional credit exposure

This laddered strategy seeks the highest level of tax-exempt income consistent with minimal transactions and low principal volatility. It invests in municipal securities with maturities ranging from one to five years, with up to 10% in BBB- rated bonds for added credit exposure.

A laddered approach pursuing dependable, tax-free income

This nationally focused, laddered bond offering seeks the highest level of tax-exempt income while attempting to minimize transactions and preserve principal. It invests in municipal securities with maturities ranging from one to 10 years.

A laddered bond strategy with additional credit exposure

This laddered strategy seeks the highest level of tax-exempt income consistent with minimal transactions and low principal volatility. It invests in municipal securities with maturities ranging from one to 10 years, with up to 10% in BBB- rated bonds for added credit exposure.

Our asset allocation SMA strategies leverage over 25 years of experience in designing and managing multi-asset portfolios, capturing our best global investment ideas into solutions designed to align with client objectives.

A risk-managed approach in pursuit of long-term growth

This strategy seeks long-term capital growth by investing in the US Large-Cap Core Strategy and, to stabilize the portfolio’s risk profile, a volatility management strategy comprised primarily of ETFs.

SMA Next Steps

01 Explore fact sheets, performance, and more on our product pages.

02 Determine which strategies align with your clients’ objectives.

03 Contact us to learn how to put SMAs to work for your clients.

Ready to learn more?

Reach out to your sales representative, or contact us at 877.561.7670 to speak to a member of our knowledgeable sales team.

ABOUT SMAs

How do SMAs compare to mutual funds and ETFs?

Explore the features, benefits, and trade-offs between mutual funds, exchange-traded funds (ETFs), and separately managed accounts (SMAs).**

Chart comparing the features and benefits of mutual funds, exchange-traded funds (ETFs), and separately managed accounts (SMAs). SMAs offer the following additional benefits: customization, transparent transactions, direct security ownership, and flexible tax planning.
Photograph showing two people—a woman and a man dressed in business attire and wearing glasses—shaking hands.

Frequently Asked Questions

A separately managed account (SMA) is a professionally managed portfolio composed of stocks, bonds, and other securities that are directly owned by an investor. Direct security ownership can offer financial professionals increased flexibility to align holdings with client needs and preferences and to have more control over tax management. Increased visibility of transactions and holdings allows for a more individualized level of portfolio management, in which financial professionals can monitor the portfolio against client goals and objectives.

SMAs are a vehicle of choice for high-net-worth (HNW) or ultra-HNW investors, primarily because this investor segment tends to have more robust needs around tax management, customization, and transparency, and therefore may benefit most from the direct ownership of the underlying securities conferred by SMAs. Since the investor must own each underlying security in an investment portfolio, SMAs tend to have higher minimums to ensure that a given strategy can be implemented.

The term "managed account" refers to a portfolio of investments that is professionally managed on behalf of an investor. An SMA is a type of managed account that’s typically focused on a targeted investment strategy. 

Ownership structure is the primary differentiator between SMAs and other types of investment vehicles. While mutual funds and ETFs are pooled investment products—in which an investor owns a share in the fund, but the fund owns the underlying securities—the securities in an SMA are owned directly by the investor.**

How End Investors Benefit:

  • Customization: SMAs offer clients the ability to impose reasonable restrictions to better align their portfolios to their investment objectives, risk tolerance, and preferences.*
  • Tax Management: Direct ownership of the underlying securities enables robust and personalized tax management—including tax loss harvesting, capital gain deferral, and wash sale avoidance.
  • Transparency: Investors have their own cost basis and can see their holdings and trading activity.
  • In-Kind Funding: SMA investors may be able fund a new portfolio in kind with existing liquid securities (subject to the portfolio manager's discretion).

How Financial Professionals Benefit:

  • Client Needs: SMAs allow financial professionals to accommodate high-net-worth investors, who tend to have more robust needs around tax management, customization, and transparency—and therefore benefit from the direct ownership of the underlying securities conferred by SMAs.
  • Support and Expertise: Our dedicated client service team of skilled specialists offers onboarding support, account-specific requests, and more to help financial professionals provide the best experience for clients. Outsourcing portfolio management to our deeply experienced investment experts also frees up time for more client interaction and acquisition.

 

SMA Educational Resources

SMAs Brochure

Learn about our SMA capabilities.

Municipal SMAs Brochure

Explore our municipal SMA strategies.

SMAs Client Brochure

Share this short introductory guide with clients.

Put SMAs to work for your clients. Contact us.

 Strategies offering the potential to consider client needs 

 Transparent access to holdings and transactions 

 Flexible tax planning

 Support from a dedicated team of specialists

Important Information

*Please note that the ability to impose reasonable investment restrictions is not guaranteed, and is dependent upon strategy, market conditions, and individual investor circumstances, and is subject to portfolio manager’s acceptance. Amount and type of reasonable restrictions, when available, are governed by asset class, strategy type, and individual investor circumstances, and is subject to portfolio manager’s acceptance. 

**Differences between compared investments may include sales and management fees, liquidity, volatility, tax features, holdings, and other features, which may result in differences in performance.

Your account returns may differ from the composite returns shown due to various reasons that may include, but are not limited to, differences in timing of trades, rounding of shares, timing of cash flows and/or any client-imposed restrictions or customizations.

RISK CONSIDERATIONS: All investments are subject to risks, including the possible loss of principal. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. A growth or value approach to investing could cause underperformance as compared to other stock portfolios that employ different investment styles. Growth stocks tend to be more volatile than value stocks and their prices usually fluctuate more dramatically than the overall stock market. The intrinsic value of a stock with value characteristics may not be fully recognized by the market for a long time or a stock judged to be undervalued may actually be appropriately priced at a low level. Fixed income securities are subject to credit risk, liquidity risk, call risk, and interest rate risk. As interest rates rise, bond prices generally fall. The municipal bond portfolios will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. 

T. Rowe Price SMAs investing in non-U.S. issues will gain exposure primarily through investments in American Depository Receipts (ADRs).

This material is provided for general informational purposes only and is not intended to provide legal, tax, or investment advice. This material does not provide recommendations concerning investments, investment strategies, or account types; it is not individualized to the needs of any specific investor and not intended to suggest any particular investment action is appropriate for you, nor is it intended to serve as the primary basis for investment decision-making. 

Availability, expense, and minimum balance required for each strategy will be dependent on the sponsor’s platform. Each strategy has the potential to be offered as a model delivery, retail SMA, or dual contract depending on the platform.

202311-3223864

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