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Tax Aware Investment Management: The Essential Guide


Investment returns are uncertain, especially in today’s economic environment. But taxes are a sure thing.

That's one reason why tax-aware investment management is essential for building and maintaining wealth.

In this comprehensive, groundbreaking book, Douglas S. Rogers, CFA, explains why many accepted investment strategies and techniques developed for tax-exempt institutional investors don't work for individuals who are subject to taxes. They will end up with substantially lower after-tax returns simply because their portfolios are not structured or managed with tax obligations in mind.

This book shows:

  • How to measure and compare the tax-efficiency of mutual funds, hedge funds, and individual investment managers
  • How the widely used style-box matrix can prove detrimental to after-tax investment returns
  • How to minimize taxes on stock-and-bond portfolios and employ sophisticated strategies for offsetting gains against losses
  • How to decide which asset categories should be placed in tax-deferred accounts such as IRAs and which should be placed in regular taxable accounts
  • How to incorporate tax-aware techniques and insights into all facets of investment planning, portfolio management, and estate planning

Douglas S. Rogers, CFA, is a nationally known authority on tax-aware investment management. He is a managing director and senior consultant at CTC Consulting Inc., a subsidiary of U.S. Trust Corporation, where he serves ultra-high-net-worth families. Rogers is currently chair of the CFA Institute (formerly AIMR) Subcommittee for After-Tax Return Reporting. He is a former chief investment officer and director of manager research for nationally known investment advisory firms and holds an MBA in finance from Southern Methodist University. A chartered financial analyst (CFA), Rogers is a frequent speaker on tax-aware investment management and after-tax reporting standards at industry conferences.


Part One: Evolution of Knowledge Pertaining to Tax-Aware Investment Management.

1 The Evolution of Tax-Aware Investment Management.

2 The Sources and Impact of Taxes on Investment Returns.

3 Seminal Research.

4 The Tax-Aware Practitioner.

5 Creating the Triumvirate of Qualified Professionals.

Part Two: After-Tax Reporting and Measures of Tax Efficiency.

6 Mutual Fund After-Tax Reporting.

7 Separate Account After-Tax Reporting.

8 Measures of Tax Efficiency.

Part Three: Tax-Aware Portfolio Management.

9 Outperforming the Index Fund.

10 Quantitative Tax-Aware Portfolio Management and Concentrated Stock.

11 Practices of Elite Tax-Aware Equity Active Managers.

12 Practices of Elite Tax-Aware Fixed Income Active Managers.

13 The Hedge Fund Dilemma.

14 Amending the Search Process for Tax-Aware Manager Selection.

Part Four: Challenging Traditional Asset Allocation Methods.

15 Challenges with Traditional Investment Policy Development.

16 Developing After-Tax Asset Class Assumptions.

17 Why the Style Box Hurts Taxable Investors.

18 Positioning Assets by the Tax Characteristics of the Entity.

19 The Role of Systems Solutions in Tax-Aware Investing.



Continuing Education Exam.