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Separately managed accounts are created by a computer program that says that these are the 50 stocks someone with X number of dollars should own, and that’s what goes into the portfolio. When the computer changes the portfolio, it is changed across the board for all accounts. Worse, I suspect SMA’s are programmed by “B-team” managers. A firm is going to put its senior managers in charge of billion-dollar portfolios, not half-million dollar portfolios. Harold Evensky