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Tax-Aware Long-Short

Tax alpha and the (healthy) economic substance trend

Tax-awareness attracts assets... but has the industry gone too far?

Brent Sullivan· · 2 min read
Graphic on tax alpha attracting assets and the economic substance line advisers should not cross

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I love the mechanics of tax alpha, but it should not drive investment decisions.

This is happening more and more as asset managers create increasingly tantalizing tax-aware products and wealth managers win new clients based on tax prowess.