The Weekly Wealth Download
Snowfall and Standouts: Celebrating SMA Excellence ❄️
With Ryan Nauman
Ryan's actual view from 6,230 feet
Zephyr warmly welcomes you back to another edition of The Weekly Wealth Download with Ryan Nauman!
Writing from a snow-covered Lake Tahoe, Ryan recaps the Q4 2025 PSN Top Guns and Managers of the Decade, explores the accelerating growth of SMAs and teases our upcoming episodes of Adjusted for Risk featuring Christopher Zook of CAZ Investments and Scott Ladner of Horizon.
So, grab your hot chocolate and settle in for this week's snowy edition. Over to you, Ryan ❄️
One of my favorite pieces of content I produce is the quarterly PSN Top Guns commentary. The article allows me to look back at what drove global markets during the previous quarter along with recognizing the top performing separately managed accounts. That 3-month time period is short, but it’s interesting to go back and relive all the ups and downs investors faced during the quarter, yet markets have continued to stack positive quarters. This week, PSN announced the Top Gun award winners for the fourth quarter of 2025 and the Managers of the Decade.
Powered by 40 years of Insight 🔎
Zephyr’s PSN has been recognizing top performing separately managed accounts (SMAs) for over 20 years. PSN Top Guns is a quarterly ranking of the top performing managers that contribute data to PSN's database.
For over 40 years PSN has been an invaluable resource to asset managers and wealth managers, financial advisors, trust professionals, market analysts, investment researchers and more. PSN strives to deliver its users with the most accurate and up-to-date data managed and separately managed account data. With 20 years of Top Guns and 40 years as an SMA database, being awarded a PSN Top Guns award carries weight throughout the entire financial services industry. Congratulations to all of the Top Gun award winners!
Learn more about PSN Top Guns and view the recipients of the award here.
FUSE Research Network projects SMA assets under management to top $5.1 trillion by 2026, reflecting a 15.4% CAGR from 2025. Growth is fueled by investors seeking transparency, control, customization, and tax-efficient strategies. Alternative investments, direct indexing, and model delivery have also boosted SMAs’ appeal.
Innovation is Key 💡
To stay competitive, asset managers are innovating through acquisitions, partnerships, and internal development. The top 10 SMA managers control 65% of the market, highlighting the importance of differentiation.
Standing Out in a Crowded Market 🥇
Future growth will hinge on personalized offerings, compelling storytelling, and marketing savvy. Leveraging recognitions like PSN Top Guns and partnering with financial advisors for support and education will be essential for success as SMA strategies become increasingly sophisticated.
This week on Adjusted for Risk 🎧
In the ever-evolving landscape of investment strategies, one area that continues to capture the intrigue of financial advisors and investors alike is the realm of private markets. In this episode of Adjusted for Risk, CAZ Investments's Christopher Zook explains the concept of GP stakes, how GP stakes help wealth advisors differentiate their offerings, emphasizing the stable cash flows and lower correlation to public markets, making them an attractive investment.
🎙️Tune in today: The world of GP stakes and private markets
Why does Christopher Zook believe it is so important to include private investments in investment portfolios?
“Of all the companies doing more than a hundred million in revenue, which is a big company, over a hundred million in revenue, 93% of those companies were private. Only 7% were public. So naturally, we all know the trillion dollar plus companies in their wonderful businesses. But we're ignoring if we just invest in the public markets, the other 93% of what's available, and most of the time trading at much lower prices relative to the public markets because you can't trade it every single day.”
The Week Ahead ⏩
Stay tuned for the next episode of Adjusted for Risk where Horizon Investments’ Chief Investment Officer, Scott Ladner shares his insights into the importance of goals-based investment management.
Thank you for joining me, Ryan Nauman, and Zephyr for this week’s Weekly Wealth Download. From our snowy perch in Lake Tahoe, we’re reminded that just like winter landscapes, markets are always changing. ❄️
Which part of this week’s edition caught your eye the most—SMAs, Top Guns, or private markets? We’d love to hear your thoughts in the comments!
