SMA design in the presence of taxes
This whitepaper explores the tax management of separately managed accounts (SMAs) by looking at: (1) real active managers' portfolios; and (2) using an SMA-style investment vehicle rather than a mutual fund.
This whitepaper explores the tax management of separately managed accounts (SMAs) by looking at: (1) real active managers' portfolios; and (2) using an SMA-style investment vehicle rather than a mutual fund.