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The Journal of Wealth Management

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Primary Article

Equity Portfolio Structure and Design in the Presence of Taxes

David M. Stein
The Journal of Wealth Management Fall 2001, 4 (2) 37-42; DOI: https://doi.org/10.3905/jwm.2001.320410
David M. Stein
Managing director and chief investment officer of Parametric Portfolio Associates in Seattle, WA
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Abstract

The author addresses the issues selecting the policy normal equity mix among large and small capitalization stocks, or a value or growth style, together with the method of implementing this, that is through an active or a passive investment process. Focusing on the taxable investor, the author argues that equity portfolio structure is a particularly important subject in this case. Discussing the four decision points at which some tax may be incurred, he proposes five broad recommendations, which view the design of the equity portfolio from a long-term perspective. Thus, he suggests that taxable investors should reject conventional wisdom and rather opt for a broad core equity investment that is passive and tax managed, allowing for concentrated active managers with relatively small portfolios that are unconstrained with respect to risk and are not too focused on taxes.

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The Journal of Wealth Management
Vol. 4, Issue 2
Fall 2001
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Equity Portfolio Structure and Design in the Presence of Taxes
David M. Stein
The Journal of Wealth Management Jul 2001, 4 (2) 37-42; DOI: 10.3905/jwm.2001.320410

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Equity Portfolio Structure and Design in the Presence of Taxes
David M. Stein
The Journal of Wealth Management Jul 2001, 4 (2) 37-42; DOI: 10.3905/jwm.2001.320410
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Cited By...

  • The Tax Benefits of Relaxing the Long-Only Constraint: Do They Come from Character or Deferral?
  • Core Versus Satellite: How Much Should a Taxable Investor Allocate to the Core Equity Portfolio?
  • The Role of ETFs in Active Tax Management
  • Is Your Tax-Managed Fund Manager Hiding in the Closet?
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More in this TOC Section

  • Investment Implications of the Estate Tax
  • Wealth Management
  • The Three Forms of Governance
Show more Primary Article

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