PT  - JOURNAL ARTICLE
AU  - Stephen M Horan
AU  - David Adler
TI  - Tax-Aware Investment Management Practice
AID  - 10.3905/jwm.2009.12.2.071
DP  - 2009 Jul 31
TA  - The Journal of Wealth Management
PG  - 71--88
VI  - 12
IP  - 2
4099  - https://pm-research.com/content/12/2/71.short
4100  - https://pm-research.com/content/12/2/71.full
AB  - The authors examine the tax-aware investment practices of investment managers managing taxable accounts. Their sample of mostly well-experienced CFA charter holders exhibits a high degree of tax awareness in investment practices. Specifically, those managers surveyed adjust clients’ return requirements and expected portfolio returns for taxes. They consider a security’s holding period when making a decision to sell and engage in periodic tax-loss harvesting. Moreover, they consider taxes when making investment selections, allocating assets among different taxable entities and managing multiple managers. In contrast, relatively few managers report portfolio performance on a tax-adjusted basis or present their performance relative to a tax-adjusted benchmark.TOPICS: Wealth management, legal/regulatory/public policy, performance measurement