WHAT IS A SEPERATELY MANAGED ACCOUNT (SMA)?

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A Separately Managed Account (SMA) is a portfolio of securities managed on your behalf — but unlike a mutual fund or hedge fund, the securities are owned directly by you, not pooled with other investors. This structure provides greater transparency, flexibility, and alignment with your financial goals.

Most investors are familiar with mutual funds, ETFs, or private funds. These vehicles pool money from many investors into one shared account. You own “units” or “shares,” but you don’t directly own the securities inside. That means less control, limited visibility, and often more complexity.

With an SMA, it’s different:

• The securities (stocks, bonds, ETFs) are in your name. 
• You can see exactly what you own, in real time.
• There are no hidden lockups, no pooled risk from other investors, and no surprise tax complications.
   

• Direct Ownership – Your account holds the securities, not pooled fund shares. 
• Transparency – Full visibility into every holding, at any time.
• Flexibility – The ability to customize around tax needs, restrictions, or liquidity preferences.
• Tax Simplicity – Straightforward reporting (no K-1s, fewer surprises).
• Alignment – Your portfolio reflects Aperture’s high-conviction strategy while keeping your interests first.

We believe wealthy investors deserve institutional-quality portfolio management without the opacity and restrictions of traditional vehicles. SMAs give our clients the best of both worlds: the discipline of professional research and risk management, combined with the clarity, liquidity, and simplicity that modern investors demand.