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Active Tax Management by Taotao Cai & Lisa Goldberg May 5, 2021
An investor might hold on to concentrated stock for a variety of reasons. A position may carry a substantial tax overhang, or perhaps it has emotional value, representing the fruits of hard work building a successful business. Investors are subject, in greater or lesser degrees, to the “endowment effect,” which is our tendency to...
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Active Tax Management by Taotao Cai & Lisa Goldberg February 23, 2021
The S&P 500 Index return was up 18.4% in 2020, even though 95% of its constituents experienced a drawdown of more than 10%. This is not, however, just another crazy thing that happened in 2020...
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Active Tax Management by Patrick Geddes September 19, 2019
At Aperio, we’ve been asked by many wealth advisors and family offices about our views on opportunity zones (OZs), a tax incentive that allows for deferral and even elimination of some capital gain for taxable investors. In our view, the best way to look at these structures requires incorporating three different angles...
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Active Tax Management by Patrick Geddes March 18, 2019
Heightened investor sophistication that took decades to evolve has finally forced the financial services industry to come to terms with how much fees can eat into returns. Naturally, the industry has resisted fee pressure since....
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Active Tax Management November 29, 2017
An enormous body of academic finance literature discusses the pre-tax performance of public equity factor tilts, but almost nothing measures the impact of taxes on taxable asset owners. Pete Hand, Aperio’s Director of Quantitative Strategies, has remarked over the years that...
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