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Predicting the future path of inflation is notoriously difficult; just ask any economist. The best protection against future uncertainty is a well-constructed portfolio, tailored to meet the asset owner’s risk tolerance, portfolio objectives, and spending needs. While there are trade-offs associated with all solutions to protect a portfolio against inflation, there are ten things that investors have come to appreciate.

As of the week of April 6, there continue to be diverse opinions among leaders within the United States on which policies and procedures will provide both a safe environment for employees and allow productivity to return to levels that are closer to those generated before the COVID-19 crisis. This Executive Summary provides an overview of the initial patterns to the way in which most organizations are examining their Back to Work policy and procedural choices.

Born out of the hard lessons learned from early 20th-century market crashes and the First World War, the concept of a diversified investment fund was formalized under the Securities Act of 1933 and Investment Company Act of 1940. Three types of funds were created, including the closed-end funds (CEFs). It can be psychologically difficult to stay invested in tough times and amid the COVID-19 pandemic, but that’s what it takes to unlock the value of closed-end funds.

On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the Act) was enacted into law. The Act provides relief to individuals, small businesses, and others impacted by the ongoing Coronavirus emergency. This summary offers an overview of certain relief provided to individuals by the ACT, including direct payments to taxpayers, retirement plans, qualified plan loans, and expanded unemployment compensation.

Tax alpha is a measurement of tax efficiency that attempts to isolate the value of active tax management by comparing a manager versus a passive benchmark. This metric is preferred over alternative measures of tax efficiency because it shows the investor’s actual tax experience and uses a custom benchmark to put the results in perspective. The primary shortcoming of using alternative metrics such as turnover, unrealized gains, or loss carry forwards is that they can only indicate the investor’s potential tax experience—not their actual experience.

Taxable investors are right to be concerned with measuring performance on an after-tax basis. However, to put after-tax performance in perspective requires a benchmark, just as pretax performance measurement does. Yet unlike pretax performance, after-tax performance is unique to each investor’s tax situation and asset flow patterns.

This report summarizes certain state and local tax relief efforts relating to coronavirus. The taxes that were impacted include corporate income tax, individual income tax, and sales and use tax.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriated $150 billion toward COVID-19 relief for fiscal year 2020. The vast majority of the amount will go to the states, although $3 billion is reserved for distribution to the District of Columbia and U.S. territories, and $8 billion will go to Tribal governments. We give an overview of the timing and amounts of distribution, restrictions on fund use, and oversight and potential recoupment.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains multiple tax-related provisions intended to offer relief to both businesses and individuals. We outline key provisions of which businesses and individuals should be aware, including those governing retention credits, payroll tax deferrals, recovery rebates, and modifications to charitable contributions limitations.

The stimulus package provided from the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes the Keeping American Workers Paid and Employed Act, which offers financial relief to help prevent workers from losing their jobs and aid businesses affected by the economic downturn. Here is a summary of the Act’s key sections that provide substantive support, reforms, or appropriations aimed at small businesses and small business owners.