The Tax Benefits of Pre-Tax Alpha
March 18, 2026
This paper shows that pre-tax alpha may enhance tax benefits in tax-aware long-short strategies by accelerating NAV growth and creating new positions that support loss realization. The result is meaningfully higher after-tax wealth—especially at longer horizons and higher levels of leverage.
Tax Aware
Ten Lessons on Managing Concentrated Wealth
August 11, 2026
Nathan Sosner, AQR Principal and guest co-editor of a recent special issue of The Journal of Wealth Management, identifies ten principles for managing concentrated positions. One point is especially clear: concentrated wealth is not simply a problem to solve, but an asset to manage thoughtfully over time.
Tax Aware
More Attention on Tax-Aware Investing Is a Good Thing for the Industry and Investors
August 6, 2026
As tax-aware long-short investing gains attention, we welcome thoughtful conversations that can help investors distinguish credible strategies from weaker approaches. We believe these strategies should be grounded in time-tested investment models, prioritize expected pre-tax profits, and balance tax efficiency with economic substance.
Tax Aware
Managing Concentrated Wealth: Research, Perspectives, and Practical Insights
August 6, 2026
AQR Principal Nathan Sosner was guest co-editor for a special issue of The Journal of Wealth Management on managing concentrated wealth. Drawing on behavioral finance, investment analysis, wealth planning, and practitioner experience, the issue offers practical perspectives on navigating the transition from wealth creation to wealth preservation.
Tax Aware
An Interview with Nathan Sosner: Perspectives on Concentrated Wealth
July 31, 2026
In an interview with Portfolio Management Research, AQR Principal Nathan Sosner discusses managing concentrated wealth, including goals-based diversification, balancing risk with long-term objectives, and integrating investment decisions into a broader wealth management framework.
Tax Aware
The Wrapper Illusion: Do Entity Structures Neutralize Tax Anti-Abuse Rules?
June 15, 2026
This article explains how U.S. tax law generally looks through legal wrappers to economic substance—and why structures designed primarily to engineer tax outcomes may create more compliance and reputational risk.
Strategic Asset Allocation
Total Portfolio Approach
May 19, 2026
Total portfolio approach (TPA) is a broad philosophy for institutional portfolio management that has become increasingly popular over the last few years. We explore potential benefits and risks of TPA when compared to traditional strategic asset allocation, and offer practical demonstrations of how TPA might help investors achieve their goals.
Alternative Investing
An Interview with Cliff Asness: The Illusion of Safety in Private Assets
March 31, 2026
In an interview with the editor of The Journal of Private Markets Investing, Cliff Asness reiterates his views on the numerous flaws embedded in private assets, and what investors should keep in mind when assessing the role of privates in their own portfolios.
Tax Aware
Why More Alpha Can Mean More Tax Benefits
March 19, 2026
In this piece, we discuss how, in tax-aware long-short investing, pre-tax alpha not only enhances returns but can also improve tax outcomes and reduce transition costs.
Alternative Investing
An Interview with Jordan Brooks: Multi-Asset Strategies and Asset Allocation
March 10, 2026
In a comprehensive interview, AQR Principal Jordan Brooks outlines his thoughts on building multi-asset portfolios – including investing across a range of assets, incorporating low-correlation strategies, designing portfolios to be resilient, and more.