Direct-indexing strategies realize tax benefits by harvesting losses on individual stock
positions. Some investors might benefit from this powerful tool for growing after-tax wealth …

On average, net losses realized by direct indexing loss-harvesting strategies taper off within
the first few years after their inception. In our historical simulations, they reach a maximum …

While the benefits of capital gains management to the tax efficiency of investment strategies
have been extensively documented in the literature, evidence on the benefits of avoiding …

The authors analyze the performance of the private equity secondaries market during the
recent financial crisis. They show that the effective market liquidity contracted severely in …

Long-only active investment strategies have an inherent flaw: Investors pay capital gains
taxes on market-related gains as well as on the alpha created. By separating alpha and …

Direct-indexing strategies realize tax benefits by harvesting losses on individual stock
positions. Some investors might benefit from this powerful tool for growing after-tax wealth …

For a taxable investor with a highly appreciated equity portfolio, replacing the portfolio
manager is likely to trigger substantial tax liabilities. We focus on transitioning an …

We illustrate how combining VPFs with tax-aware strategies can help diversify low-basis
stock and thereby improve after-tax wealth accumulation. We find that direct-indexing …

As a result of recent Treasury regulations, investment partnerships, such as hedge funds,
might be required to allocate nonrecourse liabilities to their limited partners (LPs). This …

Direct indexing can provide substantial tax benefits over ETFs for a variety of common
transitioning activities, such as repositioning and rebalancing. The authors show examples …