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Journal Article

Lot Layering: The New Frontier for Hedge Fund Partnership Allocations

October 11, 2019 - Nathan Sosner Philip Balzafiore

Despite its unavoidable deficiency caused by current regulations, we believe that lot layering aligns tax and economics more closely than any of the “aggregation” methods presently used by most hedge funds.

Journal Article

Partnership Allocations and Their Effects on Tax-Aware Fund Investors

May 1, 2018 - Nathan Sosner Philip Balzafiore Zhenduo Du

We discuss certain accounting principles relevant for investors in tax-aware funds structured as limited partnerships. We present a simple stylized model that illustrates that under such accounting principles new investors do not materially suffer from unrealized gains accumulated in a tax-aware fund.