About half of the taxable accounts Aperio manages start with legacy holdings, and a large portion of the capital gains taxes embedded in a legacy portfolio can generally be deferred by transitioning to an Aperio strategy in a tax-efficient manner. Our research shows that subsequent loss harvesting provides additional tax alpha, which tends to be higher for portfolios with fewer embedded gains at inception.
The Risk of Low-Beta Investing
by Michelle Shkedi & Ryan SteverIn this blog post, we explore some of the questions that clients invested in low-beta strategies have asked us: What should I do? Have the benefits of low beta been arbitraged away, or was 2020 driven by idiosyncratic reasons rather than structural changes?...
Steps Advisors Could Take Ahead of Potential Changes in Capital Gains Tax Law
by Lincoln FlemingAlthough there is still a lack of clarity on what capital gains tax changes may be passed, when they will be passed, or when they will become effective, in this blog post, we provide relevant updates and share steps advisors can take now to help clients prepare for potential changes...
Some investors may feel frustrated by the performance of international stocks and are wondering why they are still invested internationally. In this Applied Insights Webcast, Michael Branch provides a common sense perspective on the benefits and risks of international diversification.
This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date of publication and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and non-proprietary sources deemed by BlackRock [Aperio] to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader.
Aperio is providing this link to a third-party website that displays a research report, article, webcast, video, or other content that we believe may be informational or educational for you. This linked content is presented by a source that we believe to be reliable, but we do not guarantee its accuracy or completeness, including any associated disclosures. Aperio has no control over the nature of the content on, or the availability of, this third-party website.
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Michael Branch, CFA
Manager of Portfolio Research
What are your key responsibilities? I lead a team of researchers responsible for supporting the policies, procedures, and tools used to standardize decision-making and enhance our investment strategies.
Describe your key previous work experience. Prior to Aperio, I was a Fund Operations Specialist at California Investment Trust (now Shelton Capital Management), where I managed the daily liquidity for 12 mutual funds. At CIT, I learned the fundamentals of equity index portfolio management, performance assessment, reporting, and compliance.
Describe some noteworthy projects you have worked on that directly impact Aperio’s clients. I’ve been working with a team to develop investment decision-making algorithms that translate client preferences for risk, taxes, and factors/ESG into optimal portfolios. The project has enhanced our ability to provide customized solutions to clients, while also improving the efficiency and standardization of our internal operations.
What do you like most about working at Aperio? I’m surrounded by very intelligent and curious-minded colleagues who care deeply about improving our investment strategies and furthering our understanding of portfolio optimization, risk modeling, and performance. The atmosphere is engaging and challenging, which I find highly motivating.
What previous role(s) did you serve at Aperio? I started at Aperio in 2007 as a Performance Analyst. In addition to handling monthly performance reporting and assessment, I worked with the systems development team to build a new performance tool and bring Aperio’s performance into compliance with Global Investment Performance Standards. In 2011, I transitioned to portfolio management, where I provided analytical support in the research, portfolio management, and trading of client portfolios. That role has evolved over time, shifting to more project-based work that supports the standardization of investment decision-making.
List any committees or organizations you are a member of outside Aperio. I’m a member of the CFA Institute, the CFA Society San Francisco, and the Long Now Foundation.
What are some non-work-related things we should know about you? I love hiking, biking, stair climbing, weight lifting, and other grueling activities.
What postsecondary degrees and/or professional certifications do you possess? BS magna cum laude in Finance from the University of Arizona; Chartered Financial Analyst (CFA) charterholder.
Some investors may feel frustrated by the performance of international stocks and are wondering why they are still invested internationally. Michael Branch provides a common sense perspective on...
The Risk of Low-Beta Investing
by Michelle Shkedi & Ryan Stever
In this blog post, we explore some of the questions that clients invested in low-beta strategies have asked us: What should I do? Have the benefits of low beta been arbitraged away, or was 2020 driven by idiosyncratic reasons rather than structural changes?...
Steps Advisors Could Take Ahead of Potential Changes in Capital Gains Tax Law
by Lincoln Fleming
Although there is still a lack of clarity on what capital gains tax changes may be passed, when they will be passed, or when they will become effective, in this blog post, we provide relevant updates and share steps advisors can take now to help clients prepare for potential changes...
