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.
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.
Explore the features, benefits, and trade-offs between mutual funds, exchange-traded funds (ETFs), and separately managed accounts (SMAs).**
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:
How Financial Professionals Benefit:
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.
Strategies offering the potential to consider client needs
Transparent access to holdings and transactions
Flexible tax planning
Support from a dedicated team of specialists
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