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Active investment management is best rewarded in less efficient asset classes. Dispersions of returns in relatively inefficient asset classes, such as private equity, opportunistic real estate and natural resources, are significantly wider than in traditional long-only asset classes, making the rewards for success far more meaningful.

When carried interest is transferred early in a fund’s life, it can have a very low value relative to its potential value at payout. It’s this payout potential that makes it an ideal asset to be used in estate tax-reduction planning, especially when used in combination with a grantor trust allowing for that appreciation to compound on an income tax-free basis.

Many, if not most, consumers of water are not aware of the inevitability of shortages, do not notice the impact of pollution on supplies and are oblivious to the fact that future prices will be dramatically influenced by these and other factors. Yet, there are realists who are well aware of their water footprint and are intent on making changes.

This paper examines how good active managers and hedge funds need to be to outperform passive index funds on an after-tax basis using over 40 years of data. The authors note that while many studies look at the impact of fees on active manager performance they are not aware of any studies that incorporate the impact of taxes over long periods of time.

The word concentrated is defined as “to direct toward one point” or “to intensify.” For wealth preservation, that’s not necessarily a good strategy. Here’s what individuals need to know about concentrated holdings and whether they should sell, hedge, exchange, donate or transfer.

The authors discuss the Risk Parity approach to investing - equalizing risk by allocating funds to a wider range of categories such as stocks, government bonds, credit-related securities and inflation hedges (including real assets, commodities, real estate and inflation-protected bonds) while maximizing gains through financial leveraging.

This article explores the questions and options that should be examined in designing an optimal investment program for a Generation Skipping Trust (GST).

The authors discuss Exchange Traded Funds (ETFs) - what purpose they serve, why demand for ETFs has grown, and the author's position on the use of these products. Also covered are how ETFs have evolved in recent years, examination of their risks and consideration of some unintended consequences that may result from their design that have implications for the market as a whole.

This article discusses the different roles an investment consultant plays in providing services to your foundation:Investment Partner Fidicuary Advisor Educator Administrator, andPhilanthropic SupporterA checklist of questions to ask a prospective investment consultant is provided.

As part of the "10 Things You Didn't Know You Could Do With Your Foundation" series, four approaches to impact investing are discussed:Community InvestingSocially Responsible InvestingProgram-Related InvestingSocial Venture Capital Investing