Tag Archives: tax-aware

Why Choosing Between Managers Requires a Two-Dimensional View – Part 2

Part 1 of this article looked at the ways in which superannuation funds and other institutional investors build “multi-manager” equity portfolio structures in an attempt to spread the benefits of diversification within, and not just across, asset classes.  We noted that, astonishingly, the performance track records of managers are typically compared only on a pre-tax Read more […]

Why Choosing Between Managers Requires a Two-Dimensional View – Part 1

For large superannuation funds and other investors with institutional-sized portfolios, a common practice is to spread the allocation to a particular asset class among a number of managers within a “multi-manager” structure.  This provides the benefits of diversification not only across asset classes, but also within key allocations like Australian and global equities.  The aim Read more […]

Investing and the Paradox of Skill

With the release of the latest SPIVA® Cross-Country Comparison results, the debate between active and passive investment management has once again ignited.  Proponents of passive management point to the SPIVA data as evidence of the inability (in aggregate) of asset managers worldwide to beat relevant passive indices over meaningful periods of time.  Meanwhile, proponents of Read more […]

Tax-Aware Shift in Superannuation

This is the fourth blog in a series on the evolution of Australia’s tax-aware investment management (TAIM) landscape. The Super System Review of the superannuation industry was completed in mid-2010, a year after the industry crossed the AUD 1.1 trillion asset mark. The Review included an observation that although taxes are often the single biggest Read more […]

Tax-Aware Superannuation – A Closer Look at Dividends

This is the third blog in a series on the evolution of Australia’s tax-aware investment management (TAIM) landscape. Large asset owners, including statutory authorities, university endowments, and charitable bodies dominate the Australian investment landscape.  However, the largest asset owners by asset size are the 260-odd superannuation funds who collectively manage some 60% of Australia’s ~AUD Read more […]

Historical Impact of Australian Taxes on Returns

This is the second blog in a series on the evolution of Australia’s tax-aware investment management (TAIM) landscape. One historical record of the impact of taxes on returns in Australia is the annual Russell Investments/Australian Securities Exchange (ASX) Long-term Investing Report, which measures pre- and post-tax returns for various asset classes over 20-year periods.  The Read more […]

Tax-Aware Australia: An Idea Whose TAIM Has Come?

This is the first blog in a series on the evolution of Australia’s tax-aware investment management (TAIM) landscape.   In 1999, a new method of calculating Capital Gains Tax (CGT) was introduced in Australia, with assets acquired after its commencement taxed on the basis of time held and type of taxpayer. Assets held for less Read more […]