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Working Paper

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.

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.

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.

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.