How top money managers are playing rising rates

Traders work on the floor of the New York Stock Exchange.
Lucas Jackson | Reuters

Ahead of one the most anticipated Federal Reserve interest rate decisions in memory, CNBC Pro reached out to the leading investors who are part of Squawk Box's Platinum Portfolio competition to find out where they are putting money to work.

The central bank is expected to announce Thursday afternoon whether it will raise interest rates for the first time since June 2006.

Although investors and economists alike remain split about the timing of a potential rate hike, the consensus sentiment points to short-term rates eventually going up.

Here is how the "smart money" has positioned itself for the months ahead:

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