Bridging Academic Research and Real World Investing with Vanguard's Kevin Khang
Excess Returns
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The Difference Between Taxless Harvesting and Direct Indexing
You're seeing a huge increase in people using those types of strategies. And you'd written an interesting paper where you looked at the difference between using individual securities versus using something like sector funds for direct indexing. So what we found is that compared to the sector funds based tax us harvesting, using the individual securities can add north of 50 basis points,. additionally, maybe about 60 basis points of additional alpha to tax us harvesting.
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