Core Insights - Q3 2025 saw strong market gains, providing opportunities for active managers to excel by leveraging the market's rally and effectively navigating Federal Reserve policy changes [2][3] - The PSN Top Guns list highlights top-performing separate accounts, managed accounts, and managed ETF strategies, showcasing the value of active management in separately managed accounts (SMAs) [1][2] Market Performance - Strong equity performance was driven by demand for artificial intelligence and technology, anticipated interest rate cuts, and solid corporate earnings [3] - Investors showed resilience amid policy uncertainties, trade tensions, persistent inflation, and elevated valuations [3] PSN Top Guns List - The PSN Top Guns list for Q3 2025 includes notable strategies such as: - White Pine Capital, LLC.: Small Cap (+25.7% for the quarter) - RBC Global Asset Management: RBC China Equity (+31.9% for the quarter) - Fisher Investments: China A-Share Equity (+27.6% for the quarter) [6] PSN Database and Features - The PSN SMA database comprises over 2,800 firms, 285 universes, and more than 21,000 products, providing detailed asset breakdowns and compliance information [2][8] - PSN's historical database offers over 40 years of data, including net and gross-of-fee returns, enhancing its value for asset managers [2][8] New Initiatives - Zephyr launched the "Inside SMAs" podcast to discuss SMA strategies, market trends, and industry insights, aiming to engage thought leaders in the field [5][10] - The PSN Manager Advantage program was introduced to enhance visibility and branding for PSN contributors through digital coverage and market intelligence [4]