Separately managed accounts

Separately managed accounts (SMAs) are professionally managed portfolios generally made up of individual securities that can be personalized around your needs while focusing on a targeted investment objective. Connect with a Fidelity advisor to learn more about SMAs.


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How SMAs can play a role in your portfolio

Our professionally managed strategies are designed to serve as a key component of your overall investment portfolio, giving you a strategic tool to help you pursue your unique financial goals.

Tax management
Ongoing tax-smart investing strategies2 help keep more of your money invested and working for you.

Targeted
Portfolios are generally built around a single asset class and focused on a targeted objective.

Personalization
Portfolios can be personalized around your preferences and tax situation.

Transparency
You have full visibility into everything we do on your behalf.

A few ways SMAs compare

Features* SMAs Mutual funds Exchange-traded funds (ETFs)
Professional portfolio management Yes Yes Yes
Reduce capital gains distributions for eligible accounts** Yes No Yes
Personalized tax management Yes No No
Real-time transparency of holdings Yes No No
Ability to personalize your holdings Yes No No

* Keep in mind that investing, including investing in Fidelity SMAs, mutual funds, or ETFs, involves risk. They are subject to market fluctuation and the risks of their underlying investments. You may gain or lose money. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. ETFs and mutual funds are subject to management fees and other expenses. In addition to any underlying expenses associated with an investment vehicle, Fidelity SMAs are also subject to an annual advisory fee. Fidelity SMAs charge gross advisory fees that range between 0.20% and 1.5%, and vary based on total assets invested. The total fees and expenses applicable to mutual funds and ETFs are generally lower than those associated with Fidelity SMAs. For more information on the specific fees and expenses associated with Fidelity SMAs, or a specific mutual fund or ETF, please speak with your investment professional.


** Generally, ETFs swap securities for securities or redeem securities in kind, while mutual funds generally sell securities to redeem shares. The ETF redemption process is not always able to be executed in a way that avoids all capital gains.

We offer an extensive selection of SMAs focused on either stocks or bonds. Start by looking at the role you're hoping your strategy will play in your portfolio. Then, work with a Fidelity advisor to determine which strategy is best suited to that role. You'll also want to consider the type of account you plan to open, as some options may not be appropriate for tax-advantaged retirement accounts.

Filter SMAs


Fidelity® Tax-Managed U.S. Equity Index Strategy


Seeks investment results similar to US large-cap stocks while looking to boost after-tax performance by using tax-smart strategies.2


  • Tax management
  • Direct indexing

Learn more


Fidelity® Tax-Managed International Equity Index Strategy


Seeks investment results similar to international developed market stocks while looking to boost after-tax performance by using tax-smart strategies.2


  • Tax management
  • Direct indexing
  • International investing

Learn more


Fidelity® International Equity Strategy


Seeks to deliver long-term growth and to provide returns greater than the MSCI® EAFE® Index (Net MA Tax) over a full market cycle.


  • Active management
  • International investing
  • Capital appreciation
  • Tax-aware

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Fidelity® Equity Income Strategy


Seeks to deliver long-term growth and dividend income greater than the S&P 500® Index, with the potential for less volatility than the index.


  • Active management
  • Dividend income
  • Capital appreciation
  • Tax-aware

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Fidelity® U.S. Large Cap Equity Strategy


Seeks long-term growth in an effort to provide returns greater than the S&P 500® Index over a full market cycle.


  • Active management
  • Capital appreciation
  • Tax-aware

Learn more


Fidelity® Core Bond Strategy


Seeks to provide a balance between income potential and risk by investing in a diversified portfolio of investment-grade taxable bonds. The average portfolio duration will generally range between 3-5 years.


  • Bond exposure
  • Intermediate duration
  • Taxable income
  • Active management

Learn more


Fidelity® Intermediate Municipal Strategy


Seeks to provide a balance between income potential and risk by investing in a diversified portfolio of investment-grade municipal bonds rated A− or higher while retaining the flexibility to invest a portion of the portfolio in lower credit quality bonds in search of greater income potential. The average portfolio duration will generally range between 3-5 years.


  • Bond exposure
  • Intermediate duration
  • Federally tax-exempt income
  • Active management

Learn more


BlackRock® Diversified Income Portfolio


Seeks to generate income by investing in a broad range of asset classes, while carefully balancing the trade-offs between risk and yield.


  • Stock and bond exposure
  • Diversified income

Learn more


NEW
Fidelity® Limited Duration Municipal Strategy


Seeks to provide a balance between income potential and risk by investing in a diversified portfolio of investment-grade municipal bonds rated A− or higher while retaining the flexibility to invest a portion of the portfolio in lower credit quality bonds in search of greater income potential. The average portfolio duration will generally range between 2-3 years.


  • Bond exposure
  • Limited duration
  • Federally tax-exempt income
  • Active management

Learn more


NEW
Fidelity® Limited Duration Bond Strategy


Seeks to provide a balance between income potential and risk by investing in a diversified portfolio of investment-grade taxable bonds. The average portfolio duration will generally range between 2-3 years.


  • Bond exposure
  • Limited duration
  • Taxable income
  • Active management

Learn more


NEW
Breckinridge Limited Duration Municipal Strategy


Seeks to provide a balance between income potential and risk by investing in a diversified portfolio of high-quality investment-grade municipal bonds. The average portfolio duration will generally range between 2-3 years.


  • Bond exposure
  • Limited duration
  • Federally tax-exempt income
  • Active management

Learn more


Breckinridge Intermediate Municipal Strategy


Seeks to provide a balance between income potential and risk by investing in a diversified portfolio of high-quality investment-grade municipal bonds. The average portfolio duration will generally range between 4-5 years.


  • Bond exposure
  • Intermediate duration
  • Federally tax-exempt income
  • Active management

Learn more

Minimum investment:

$100,000 — $350,0001
depending on the strategy

Gross annual advisory fee:

0.20% — 1.50%3
depending on the strategy and account balance

Working with a Fidelity advisor

A Fidelity advisor starts by learning about what matters most to you. Then, we partner with you to build a plan around your full financial picture, including helping you choose the SMAs that make the most sense for you and your goals. It all starts with a conversation.


Find an advisor
Already have a dedicated Fidelity advisor? Schedule an appointment (login required)


Building a relationship
Based on a clear understanding of your goals, your advisor will help you choose a strategy designed to support those goals.


We’ll do the investing
Once you select a strategy we’ll go to work in an effort to help you reach your goals, keeping you updated along the way.


Ongoing support
We’re always here to answer questions about your portfolio or your goals. Feel free to schedule a call.

One simple advisory fee


Your advisory fee is based on your account balance and selected strategy, and covers commissions when we make trades on your behalf.3

Find an advisor



Prioritizing your security


At Fidelity, we take your security and privacy seriously. That’s why we employ the latest digital encryption technology designed to help keep your personal information and your portfolio safe.

Learn more

How to get started investing in SMAs

Schedule an appointment with a Fidelity advisor.

Review your investment objectives.

Choose from one or more available strategies.

Other ways to invest

Fidelity Managed FidFolios®—making SMAs more accessible than ever before


Enjoy the benefits of a professionally managed stock portfolio with tax-smart investing strategies2 designed to help you keep more of what you earn.


  • Personalize your portfolio by eliminating up to 5 companies or 2 industries.
  • All for a $5,000 minimum investment.


Learn more


Image is for illustrative purposes only.

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