Municipal Bond Separately Managed Accounts Combining tax-exempt income potential with SMA flexibility

More solutions for a diverse range of investment objectives

SMAs offer the flexibility to help you address complex tax and investment needs for your clients, with customizable portfolios backed by active management and a long-term focus.

Click the tabs below to view active SMAs available at Raymond James.*

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Municipal Fixed Income

Capital Group Intermediate Municipal SMA

  • High-quality muni bonds with short-term focus and long-term yield potential
  • Intermediate duration

 

Morningstar Medalist Rating™ as of 4/27/26 for the Intermediate Municipal SMA Composite. The Morningstar Medalist Rating is a forward-looking assessment assigned by Morningstar s research analysts. It reflects their qualitative evaluation of an investment strategy s potential to outpace its category benchmark over a full market cycle on a risk-adjusted basis and net of fees. Morningstar bases its ratings on three key pillars – People, Parent and Process – alongside a fee assessment. The Medalist Rating does not reference a specific time period but is based on qualitative and select quantitative data through April 27, 2026, respectively. Capital Group has paid Morningstar a licensing fee to access and publish its ratings data.

 

Note: Some options are subject to account minimums and/or Capital Group approval.

Now available

Capital Group Core Bond SMA

Designed for resilience in volatile markets, the Core Bond SMA follows a "true" core approach rooted in balance, discipline and consistency.

SMA LINEUP

Raymond James SMA brochure

Get details about the Capital Group SMA strategies available at Raymond James.

Frequently asked SMA questions

Income from municipal bonds is generally exempt from federal income tax, which may help you reduce taxable income for your clients. Because your clients directly own the bonds in their portfolios, muni SMAs can be tailored to emphasize securities from their state of residence potentially extending tax advantages to the state and local level.



 

In addition, the SMA structure itself can support tax efficiency:

 

  • Greater control over capital gains: Direct ownership lets investors decide when to sell, giving them full control over when taxable gains are realized. 
  • Strategic loss harvesting: Investors can use realized losses to offset gains in other parts of their portfolio, helping reduce overall tax liability.
  • In‑kind flexibility: Securities can be moved into or out of the account without first being sold, helping investors manage taxable events.

Tax efficiency: Your client has more opportunities to reduce the impact of federal tax on investment returns.

Transparency: Portfolio holdings can be viewed at all tirnes because your client owns the underlying securities.

Customization and control: Your client can request that specific cornpanies or business sectors be excluded from the portfolio (as agreed to by the investment manager).

The primary difference is that with an SMA, your client directly owns the stocks and bonds. With a mutual fund or ETF, your client owns shares of the fund, which in turn invests in stocks and bonds.

Capital Group's SMA strategies are rooted in over 90 years of investment experience and 50 years of experience managing separate accounts for high-net-worth individuals and institutional clients, with the goal of delivering superior results for our long-term investors.

More investments that pursue tax efficiency

Stand out in a competitive market by bringing Capital Group's tax-aware solutions to clients and prospects.

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Footnotes/Important information:

*As of 5/31/26. Please check with your home office for available SMAs.

The Morningstar Medalist Rating is the summary expression of Morningstar's forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform their Morningstar Category average on a risk-adjusted basis over time.

Investment products are evaluated on three fundamental pillars (People, Parent, and Process) and the Medalist Rating Price Score, which forms the basis for Morningstar's conviction in those products' investment merits and determines the Medalist Rating they are assigned. Pillar ratings take the form of Low (-2), Below Average (-1), Average (0), Above Average (+1), and High (+2). Pillars may be evaluated via an analyst's qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques.

The cost of an investment product is evaluated using the Medalist Rating Price Score, which is a continuous score running from negative 2.5 to positive 2.5 based on the percentile rank of a vehicle's expense ratio within its Morningstar Category. Morningstar combines the pillar scores and Medalist Rating Price Score using predetermined weights for actively and passively managed vehicles to calculate a weighted score. The weighted score is then compared to a set of fixed numeric thresholds employed consistently across Morningstar Categories and regions, with separate thresholds for actively and passively managed investments. Rating thresholds are reviewed at least annually. Buffers and ratings caps are employed to prevent frequent ratings changes.

When analysts directly cover a vehicle, they assign the fundamental pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them approximately once a year. When vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) is not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involves the risk that return targets will not be met due to unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rates, tax rates, or political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product.

A change in the fundamental factors underlying the Morningstar Medalist Rating may result in the rating no longer being accurate. Analysts do not have any other material conflicts of interest at the time of publication. Users wishing to obtain further information should contact their local Morningstar office. Capital Group did not compensate Morningstar for the ratings and comments contained in this material. However, the firm has paid Morningstar a licensing fee to access and publish its ratings data.

 

For institutional investors and registered investment advisors only. Not for use with the public.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
The return of principal for bond portfolios and portfolios with significant underlying bond holdings is not guaranteed. Investments are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.
Income from municipal bonds may be subject to state or local income taxes and/or the federal alternative minimum tax. Certain other income, as well as capital gain distributions, may be taxable.
This material does not constitute legal or tax advice. Investors should consult with their legal or tax advisors.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Use of this website is intended for U.S. residents only.
Advisory services offered through Capital Research and Management Company (CRMC) and its RIA affiliates.