Knowing how your assets are taxed might inform how you manage your portfolio, from which securities you invest in, to which accounts you hold them in.
Nobody loves taxes, but as the saying goes - only two things in life are certain..... If you are fortunate to have been granted shares in your company, sooner or…
Source: JLL Exchange. There can be no guarantee that a 1031 exchange will be successful in deferring tax obligations as future tax code changes could impact that ability. In addition, there are strict guidelines around timelines, replacement property identification and the use of a qualified intermediary to process funds. Individual investors should consult with their own tax professionals.
Source: Callan Institute; The Callan Periodic Table of Investment Returns conveys the strong case for diversification across asset classes (stocks vs. bonds), capitalizations (large vs. small), and equity markets (U.S. vs. global ex-U.S.). The Table highlights the uncertainty inherent in all capital markets. Rankings change every year. Also noteworthy is the difference between absolute and relative performance, as returns for the top-performing asset class span a wide range over the past 20 years.
Note: For illustrative purposes only.
Source: Aon, Blackrock, Callan, Cliffwater, JPMorgan, Marquette, Meketa, NEPC, RVK, Segal, Verus, and Wilshire. Data forecasts are as of January 2024.
Source: BLS, FactSet, Federal Reserve, J.P. Morgan Asset Management
Real 10-year Treasury yields are calculated as the daily Treasury yield less year-over-year core CPI inflation for that month. For the current month, we use the prior month’s score CPI figures until the latest data is available.
Data as of June 30, 2024.
Disclosure:
This report has been prepared solely for informational purposes and does not represent investment advice or provide an opinion regarding the fairness of any transaction to any and all parties nor does it constitute an offer, solicitation or a recommendation to buy or sell any particular security or instrument or to adopt any investment strategy. This report is not research and should not be treated as research. This report does not represent valuation judgments with respect to any financial instrument, issuer, security or sector that may be described or referenced herein and does not represent a formal or official view of Stone Ridge. It should not be assumed that Stone Ridge will make investment recommendations in the future that are consistent with the views expressed herein or use any or all of the techniques or methods of analysis described herein in managing client accounts. Stone Ridge and its affiliates may have positions (long or short) or engage in securities transactions that are not consistent with the information and views expressed in this report. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. Legal advice can only be provided by legal counsel. Before deciding to proceed with any investment, investors should review all relevant investment considerations and consult with their own advisors. Any decision to invest should be made solely in reliance upon the definitive offering documents for the investment. Stone Ridge shall have no liability to any third party in respect of this report or any actions taken or decisions made as a consequence of the information set forth herein. By accepting this report, the recipient acknowledges its understanding and acceptance of the foregoing terms.
In US dollars. Source: S&P and Dow Jones data © 2022 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Dimensional Index data compiled by Dimensional. MSCI data © 2022, all rights reserved. ICE BofA index data © 2022 ICE Data Indices, LLC. Bloomberg data provided by Bloomberg. FTSE fixed income indices © 2022 FTSE Fixed Income LLC. All rights reserved. See “Index Descriptions” in the appendix for descriptions of Dimensional’s index data. Diversification does not eliminate the risk of market loss. Past performance is not a guarantee of future results. Indices are not available for direct investment. Their performance does not reflect expenses associated with the management of an actual portfolio.
