By Maureen Busby Oster, Philip Penaloza, Meir Statman, Nancy L. Jacob, Jean L.P. Brunel, Christopher G. Luck, R.B. Davidson III, Joanne M. Hill, William R. Levy, James M. Poterba
ISBN-10: 093501537X
ISBN-13: 9780935015379
Taxable money owed current many of the maximum demanding situations for managers. In constructing portfolio coverage and approach, managers needs to bear in mind tax, criminal, and (sometimes precise) customer issues, needs to combine tax and property making plans with funding approach, and infrequently, needs to paintings with 3rd events to complete shopper targets. The authors during this lawsuits tackles the complicated concerns which are particular to coping with taxable portfolios with services and thoroughness. court cases of the November 1998 AIMR seminar "Investment Counseling for Taxable Investor."
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Extra resources for Investment Counseling for Private Clients
Example text
Question: When managers establish what they believe to be the best asset allocation for a client with taxable and tax-deferred assets, is the asset allocation determined (assuming an optimization model is used) via pretax analysis or after-tax analysis?
Turnover can be good-such as the turnover that allows investors to add to their after-tax return-or bad. The focus should be on minimizing net realized gains, not on minimizing turnover. So, before dealing with a particular transaction, the question is whether the transaction will create incremental after-tax wealth. Either the answer will be yes and the manager should proceed, or more often than not, the answer will be no, in which case the manager needs to go one step further and consider whether another trade will make the transaction feasible.
5 percent expected return. In short, the Drug and Health transaction did not generate alpha per se, but it enabled the manager to execute another transaction that did generate alpha. Note that the net realized gain is zero. Alpha enabling illustrates that turnover alone is not the issue in constructing tax-aware portfolios. Turnover can be good-such as the turnover that allows investors to add to their after-tax return-or bad. The focus should be on minimizing net realized gains, not on minimizing turnover.