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SMAは投資信託と同様、プロの運用者によって管理されるポートフォリオだ。 投信との違いは、各顧客がポートフォリオ内の有価証券を直接所有することだ。この特徴から、SMAは投資家の税務事情や遺産計画、その他の投資方針に、より密接に適合させることができる。
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