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Jumbo portfolio manager adds tax-aware long/short private fund
Late on Tues (Dec 22, 2025) a few wealth manager pals emailed me a Bloomberg article.
Apparently, JPM is coming to market with a tax-aware long/short private fund, verbosely titled “J.P. Morgan Tax-Smart Disciplined Equity Long Short Strategy.”
This isn’t totally surprising. JPM has been at the long/short game for decades.
The JPMorgan U.S. Large Cap Core Plus Fund (JPLSX),1 a mutual fund, “[u]tilizes a long/short (130/30) strategy that combines an actively managed 100% long portfolio with an active equity long/short overlay portfolio,” launched in late 2005 and still has one of the original portfolio managers (yes… 20 years).
They’ve probably been testing the tax-aware long/short hedge fund behind the scenes for a while.
So, none of this is new, but in some ways it represents the mainstreaming of a complex strategy.
In this article…
- Tax-aware hedge funds have been around for decades (a brief history)
- Not all funds are created equal
- JPM’s fund is the right play for JPM
- What about separate accounts?
- What about tax-aware separate account and hedge funds together?
- What happened to Jones?
Long/short hedge funds have been around for decades
The first instance appears to be A. W. Jones & Co.’s hedge fund, which the mysterious Jones himself managed for 30-some odd years.
