SMA Capital LLC

SMA Capital provides discretionary investment advisory services to institutional clients—such as foundations, endowments, pensions, and private funds—primarily through separately managed accounts that are run as distinct, strategy-specific mandates. The firm targets institutional accounts with a stated minimum of $25 million, manages approximately $553 million in discretionary assets, and acts under client-specific investment management agreements.

The investment process is primarily fundamental, focused on equity securities (mainly U.S.-listed with some international exposure) and informed by financial modeling, company filings, and technical and macro factors. Portfolios may include long and short equity positions, options and other derivatives, private placements (including PIPEs), and the firm’s agreements permit the use of leverage and borrowing in separately managed accounts for hedging or opportunistic purposes.

Distinctive features include the explicit use of borrowing and derivatives within separately managed accounts—practices that are uncommon among peers—and the firm’s disclosure of predecessor performance in its materials. SMA Capital also operates under performance-fee arrangements with high-water mark provisions in compliance with Rule 205-3, uses soft-dollar research arrangements, and states that it is a newly formed entity without an operating track record, which may be relevant for prospective institutional clients.