Below is Financial Advisor's semiannual ranking of the top separately managed accounts in nine categories. Only SMAs with $100 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.

Click here to view the rankings.