Tax-managed Investing

We believe that it is the returns net of tax that matter most.

Many investment firms focus on before tax-results and pay little or no attention to the impact taxes can have on a portfolio returns.

In designing and managing our clients’ portfolios, we pay serious attention to avoiding unnecessary tax burdens and inefficiencies that can seriously erode capital over time. To minimize tax drag and maximize after-tax performance, we:

  • evaluate asset class composition based on expected after-tax asset class returns;
  • assess managers based on after-tax results;
  • allocate mandates among household members and entities to optimize tax burdens (including U.S. estate tax where appropriate);
  • make use of tax-preferred vehicles;
  • rebalance with a view to maintaining tax efficiency; and
  • monitor portfolios with a view to performing timely and effective tax loss harvesting.