Showing 1 - 10 of 192 results for 'Fixed Income'

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Tax Matters

Why You Might Defer Your Gains, Even When Tax Rates Are About to Increase

With the current proposals for (and the future expectations of) various tax rate hikes, investors with appreciated portfolios might feel like sailing into a storm and wondering, is it still better to defer gains if tax rates were to increase?

Tax Matters

All Is Not Lost: Trader Fund Losses under the CARES Act

Hedge funds are commonly perceived as investments that allocate large amounts of taxable capital gains and income to their investors. But what if a hedge fund realizes a taxable loss? Under the new rules in the TCJA and the CARES Act, can hedge fund investors still benefit from tax offsets offered by realized losses and deductions—and to what extent?

Working Paper

Sustainable Systematic Credit

Interest in sustainable investing is now expanding into fixed income. This paper assesses how measures of sustainability/ESG might be relevant for corporate bonds and analyzes how ESG measures can be incorporated into an investment process to achieve the joint object of maximizing risk-adjusted returns and a sustainability target.

Tax Matters

The Value of Integrating Income and Estate Planning

In this post, we discuss challenges of wealth preservation and growth faced by high net worth families. While a family that invests with income tax and estate tax efficiency in mind is more likely to achieve its financial legacy goals, the numerical advantages of tax efficiency are quite striking. In addition, we show that there is a significant value in integrating income tax efficiency and estate tax planning.

Tax Matters

Does Tax Efficiency Just Delay the Tax Burden?

We often hear the sentiment that tax-efficient investing just delays the inevitable: Eventually, a day will come when the tax-efficient investor will have to true up on years of deferred taxes. And, with the proposed Biden Tax Plan sending many investors scrambling to plan for higher taxes, we feel that now is as good a time as any to put this long-standing myth to bed.

White Paper

What Drives Bond Yields?

In this overview of the various factors that influence government bond yields, we show that both in theory and in the data, non-monetary policy factors drive significant variation in yields, particularly at longer maturities. Despite the exceptionally low yield environments we have witnessed, fundamentals continue to drive bond markets.

Tax Matters

Improving Direct Indexing: 130/30 and 150/50 Strategies

In this post, we expand on our analysis which studies the tax benefits of a hypothetical tax-aware direct indexing strategy with 1% tracking error.

In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis

Tax Matters

Direct Indexing and the Proposed Biden Tax Plan

There are two basic ways to invest in a stock market index: you can buy an index fund, or you can directly buy a stock portfolio that tracks the index. If you are a taxable investor, a benefit of the direct approach is that you can harvest losses on individual positions. But how high are those benefits—and what happens to them under the proposed Biden Tax Plan?

Tax Matters

Tax-Efficient Portfolio Transition, or How to Rejuvenate Ossified Equity Portfolios

We discuss portfolio transition techniques that could alleviate the tax costs of switching managers for a taxable investor.