Separately Managed Accounts (SMAs)

 

 Why Consider a Separately Managed Account?

More and more, investors are choosing separately managed accounts, or SMAs, to help pursue their goals. SMAs offer a range of customizable options that can provide potential benefits beyond that of the average mutual fund or exchange traded fund (ETF), including:

  • Flexibility and Control. SMA clients have direct ownership of the securities in their portfolio. This allows for a more customized structure to help pursue investment objectives as well as needs for managing risk, tax efficiency, liquidity and diversification1.
  • A Personal Touch. Clients can further tailor their portfolios to reflect their own ethical and moral values, choosing to include or exclude securities according to a set of personalized investment guidelines.
  • Professional Management and Transparency. Each SMA portfolio is overseen by a professional investment manager or management team. Regular reporting provides a clear view of performance, holdings, shares and other details to keep clients informed about portfolio progress.

 

1 Diversification does not assure profit or protect against loss

Advantages to SMA and Amundi US

Experienced Professional Management

Our SMA portfolios allow clients to leverage the same expertise and insights of the professional investment teams who manage our funds and strategies with similar objectives. 

Time-tested Investment Strategies

Each of our SMA products is managed based on a time-tested investment approach that’s been successfully deployed across multiple market cycles.

A Range of Options for Investor Needs

We offer equity and income strategies to help each client build a portfolio that can be flexible and responsive to their needs and objectives.

Pioneer Core Equity SMA

This portfolio seeks to invest in attractively valued stocks that focus on high quality and sustainable business models. We believe this is the best way to aggregate our equity research team’s highest conviction ideas and pursue long-term outperformance.

Pioneer Disciplined Growth SMA

This portfolio integrates a structured portfolio construction process with the foundation of strong fundamental research and disciplined approach to valuation. We believe this is the best way to aggregate our equity research team’s highest conviction ideas and pursue long-term outperformance.

Pioneer Disciplined Value SMA

This portfolio seeks to invest in attractively valued stocks that focus on high quality and sustainable business models. We believe this is the best way to aggregate our equity research team’s highest conviction ideas and pursue long-term outperformance.

Pioneer Dividend Equity SMA

This portfolio seeks to generate current income and long-term growth of capital, by investing in a portfolio of sustainable companies that we believe can pay, sustain and increase dividends over time, to pursue competitive performance with less risk.

Pioneer Fundamental Growth SMA

This portfolio seeks to capture innovation and secular growth in the US economy, while aiming to provide lower volatility and long-term capital appreciation over a full market cycle.

Pioneer SMA

This portfolio seeks to generate above average returns over time with reduced risk by investing in attractively valued, high quality, sustainable businesses that have high or improving ESG ratings.

Pioneer High Income Municipal SMA 

Pioneer High Income Municipal Plus SMA

These SMAs, seek to offer a blended portfolio – with distinctly different allocations – of high quality (investment grade) municipal bonds, combined with high yield municipals. The portfolios invest nationally across municipal bond sectors, states and securities, striving to provide tax-advantaged income while preserving capital and generating total return.

SMA Selection

SMA 
Name

SMA 
Type

Quarterly
Factsheet

Product Profile/
Overview

Holdings

Pioneer Core Equity SMA  

Equity

Pioneer Disciplined Growth SMA  

Equity

Pioneer Disciplined Value SMA  

Equity

Pioneer Dividend Equity SMA

Equity

Pioneer Fundamental Growth SMA

Equity

Pioneer SMA

Equity

Pioneer High Income Municipal SMA
 

Fixed Income/ 
Municipal

--

--

Pioneer High Income Municipal Plus SMA

Fixed Income/ 
Municipal

--

--

     

Financial Professionals, for more information, contact your Amundi US Sales Specialist at 800-622-9876.

More Questions?

Please contact us if you would like to speak to one of our representatives about SMAs.

 

Important Information

Pioneer Core Equity SMA  1,2,4
Pioneer Disciplined Growth SMA  1,2,8,4,9
Pioneer Disciplined Value SMA  1,2,8,4,9
Pioneer Dividend Equity SMA  1,2,7,4
Pioneer Fundamental Growth SMA  1,2,3,4
Pioneer SMA  1,5,6,4 

1. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. 2. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic and political conditions. 3. The portfolio invests in a limited number of securities and, as a result, the portfolio’s performance may be more volatile than the performance of other portfolios holding more securities. 4. At times, the portfolio’s investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. 5. The portfolio generally excludes corporate issuers that do not meet or exceed minimum ESG standards. 6. Excluding specific issuers limits the universe of investments available to the portfolio, which may mean forgoing some investment opportunities available to portfolios without similar ESG standards. 7. The portfolio invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. 8. The portfolio may invest in fewer than 40 securities, and as a result, the portfolio’s performance may be more volatile than the performance of portfolios holding more securities. 9. Investing in small and mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies.

Pioneer High Income Municipal SMA 
Pioneer High Income Municipal Plus SMA

The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. When interest rates rise, the prices of fixed income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities in the Portfolio will generally rise. Investments in the Portfolio are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Portfolio would experience a decline in income and lose the opportunity for additional price appreciation. The value of municipal securities can be adversely affected by changes in financial condition of municipal issuers, lower revenues, and regulatory and political developments. The Portfolio may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Derivatives may have a leveraging effect on the Portfolio. A portion of income may be subject to local, state, federal and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax. At times, the  Portfolio’s investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.

Amundi US is the US business of the Amundi Asset Management group of companies. Investment advisory services are offered through Amundi US, Inc. and Amundi US Institutional Asset Management, Inc. (collectively “Amundi US”). Not all Amundi products and services are available in all jurisdictions.

Amundi US acts as a discretionary investment manager or non-discretionary model provider in a variety of separately managed account or wrap fee programs (each, an “SMA Program”) sponsored either by Amundi US or a third party investment adviser, broker-dealer or other financial services firm (a “Sponsor”). When acting as a discretionary investment manager, Amundi US is responsible for making and implementing all investment decisions in SMA Program accounts. When acting as a non-discretionary model provider, Amundi US’ responsibility is limited to providing investment recommendations (in the form of model portfolios) to the SMA Program Sponsor who may or may not, in their sole discretion, utilize such recommendations in connection with its management of SMA Program accounts. In such “model-based” SMA Programs (“Model-Based Programs”), it is the Sponsor, and not Amundi US, which serves as the investment manager to, and has trading responsibility for, the Model-Based Program accounts.

There is no guarantee that the portfolio will continue to hold any particular security and securities are held in varying percentages. Holdings are subject to change since the portfolio is actively managed. Holdings are intended to illustrate the composition and characteristics of the SMA for separately managed accounts. Across client portfolios, there may be variations in holdings and the percentage of holdings as dictated by diversification needs, specific client guidelines, account size, cash flows within accounts and restrictions on accounts.

The Model Portfolio/SMA securities holdings information provided is intended solely for your use in evaluating the Model Portfolio/SMA portfolio(s). Under no circumstances does the information contained within represent a recommendation to buy, hold or sell securities and it should not be assumed that the securities transactions or holdings presented were or will prove to be profitable.

Separately managed account programs are available exclusively through a Financial Professional. Separately managed account programs may require a minimum asset level and, depending on specific investment objectives and financial position, may not be appropriate for all investors.

Amundi US, Inc.
60 State Street, Boston, MA 02109
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