Personal Asset Strategies

The firm employs several structured approaches to reduce single-stock risk without triggering immediate capital gains. These include direct-indexing overlays that underweight the concentrated position relative to the client's benchmark, exchange funds that pool low-basis shares from multiple investors into a diversified portfolio, and options-based hedging strategies such as protective puts or collars. The specific approach depends on the client's cost basis, holding restrictions, and liquidity needs. The firm's SEC filings indicate it provides discretionary portfolio management for individuals, which includes ongoing monitoring and rebalancing of these concentrated positions.

Direct indexing is an investment strategy that builds a portfolio by purchasing the individual securities that make up an index, rather than buying an ETF or mutual fund that tracks the index. For a client, this creates many individual tax lots that can be managed for losses throughout the year. Personal Asset Strategies uses this approach to replicate or tilt broad market exposures such as the S&P 500 or a total U.S. market index, systematically harvesting losses at the individual holding level to offset capital gains elsewhere in the client's portfolio. The strategy is particularly valuable for clients in high tax brackets or those with significant realized gains from other investments or liquidity events.

The firm's fixed-income allocations span U.S. Treasuries, municipal bonds, and investment-grade corporate bonds, based on its public-market advisory mandate. For taxable clients in high brackets, tax-exempt municipal bonds can provide income free of federal — and in some cases state — income tax. Treasury holdings benefit from state-tax exemption, which is relevant for clients residing in high-tax states. The firm constructs fixed-income ladders and manages duration based on each client's income needs, tax situation, and interest-rate outlook, operating within the separately managed account framework that defines the firm's approach.