These 4 growth areas are driving taxable wealth

While the world is distracted by private credit/equity, core portfolio management is getting disrupted

Q2 2025 issue of Tax Alpha Trends

These are the 4 themes dominating taxable wealth:

1. Direct indexing and its growth into householding

2. ETF share classes and SMA-to-ETF conversions

3. Tax-aware long/short is a Swiss Army Knife for advisers

4. Concentrated wealth is endemic and recurring

Plus, product and policy on my radar:

• Product: Transferrable tax credits, opportunity zones, better ways to real estate

• Policy: New tax bill, TCJA permanence, adjustment to SALT cap

---

Tax indigestion

Thanks for reading.