Below is Financial Advisor's semiannual ranking of the top 10 separately managed accounts in nine categories. Only SMAs with $50 million or more in assets are listed. Morningstar ranks the SMAs and assigns categories based on the actual portfolio holdings, not the names of the investments. Frequently a portfolio will drift into adjacent categories as the underlying holdings grow or shrink in size or the manager chooses investments that technically are out of the scope of the portfolio.

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