@article {Horan71, author = {Stephen M Horan and David Adler}, title = {Tax-Aware Investment Management Practice}, volume = {12}, number = {2}, pages = {71--88}, year = {2009}, doi = {10.3905/jwm.2009.12.2.071}, publisher = {Institutional Investor Journals Umbrella}, abstract = {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{\textquoteright} return requirements and expected portfolio returns for taxes. They consider a security{\textquoteright}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}, issn = {1534-7524}, URL = {https://jwm.pm-research.com/content/12/2/71}, eprint = {https://jwm.pm-research.com/content/12/2/71.full.pdf}, journal = {The Journal of Wealth Management} }