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White Paper

Understanding Relaxed Constraint Equity Strategies

In this paper, we discuss how Relaxed Constraint (RC) strategies work, some common misconceptions about the strategy especially relative to Long/Short equity strategies, and considerations in evaluating RC managers.

Alternative Thinking

Relaxed-Constraint Portfolios

Active equity investors may increase expected portfolio returns by relaxing the long-only constraint. The investment community has largely turned away from strategies that short bad stocks, but we find that they may want to take a renewed look.

Journal Article

The Tax Benefits of Relaxing the Long-Only Constraint: Do They Come from Character or Deferral?

Are there tax benefits from relaxation of the long-only constraint? If so, what are the sources? To answer these questions, we decompose the total tax benefit (or liability) of a strategy into two components.

White Paper

Understanding the Tax Efficiency of Relaxed-Constraint Equity Strategies

A guide to tax-aware relaxed constraint strategies that also tries to enlighten investors on the nuances around tax benefits by comparing different tax-aware strategies with an equity beta of one.

White Paper

Loosening the Long-Only Leash

For many investors, "relaxed-constraint” strategies may be a more realistic option than hedge funds. They offer many benefits of hedge funds and fewer practical impediments, particularly for investors who already use traditional active management.