PRIMER RESEARCH
After-tax return is the only return that matters.
Tax effects are embedded in every part of the investment process. The tradable universe, portfolio construction, holding period and partnership structure all have their own tax implications.
Research
I.Explore →II.Explore →III.Read →IV.Explore →
GRATs — An Estate’s Reason to Bet Big
Separate GRATs turn dispersion across independent strategies into distinct opportunities for heir remainders.
Tax Path Dependency
The sequence of portfolio decisions changes the value and timing of future tax opportunities.
Fund of One
A multi-strategy Fund of One organizes investment capabilities around the after-tax compounding of one U.S. investor.
The Multi-Fee Conundrum
Incomplete performance netting and nondeductible SMA fees reduce the capital left to compound.