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
September 8, 2026
Liquidity need not be an all-or-nothing decision. Our latest research explores how investors may be able to access meaningful cash from tax-aware long-short strategies while remaining invested and retaining key portfolio attributes.
ESG Investing
September 1, 2026
Popular carbon metrics can make portfolios appear to be decarbonizing even when underlying emissions change little. This paper explains why investors should distinguish between relative carbon exposure and financed emissions when evaluating climate-aware investment strategies.
Tax Aware
August 28, 2026
This paper shows that investors may be able to access meaningful liquidity from tax-aware strategies while preserving the remaining portfolio’s tracking error, leverage, and pre-tax return potential. An adaptive withdrawal process may also better manage capital-gain realization than a fixed withdrawal schedule.
Strategic Asset Allocation
August 25, 2026
As traditional sources of return face increasing challenges, investors may need to look beyond long-only active management and private equity. We argue that portable alpha, viewed through a total portfolio approach, can offer a more efficient path to enhancing returns while improving liquidity, fees, and portfolio outcomes..
Factor/Style Investing
August 19, 2026
This paper reintroduces style premia investing—or “academic alpha”—and explains how well-researched, skillfully implemented strategies can provide liquid, transparent, and cost-effective sources of uncorrelated returns. It highlights how continued innovation in signal design, portfolio construction, and multi-asset implementation can strengthen their role as long-term portfolio diversifiers.
Tax Aware
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
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
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
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
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.
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