Скачать или смотреть Why Tax Loss Harvesting Often Falls Short (and What Works Better)

Tax-loss harvesting (TLH) has evolved from a manual, year-end process into a sophisticated, automated technique — but even the most modern versions still have major limitations, especially in rising markets. In this video, Hilary Hendershott breaks down how Tax-Aware Long-Short (TALS), implemented through AQR Flex SMA, compares to both ETF-based TLH and direct indexing using real model-based data.

You’ll learn:
• How ETF-based TLH works and where it falls short
• Why direct indexing creates more loss-harvesting opportunities
• Why both of these approaches eventually lose efficiency
• How TALS generates losses in both up and down markets
• The real 12-month comparison: ETF TLH vs. Direct Indexing vs. TALS
• How TALS harvested over $356K in losses — and even over $1M in an aggressive model

For tax-sensitive investors, the data is clear: thoughtful loss-harvesting and tax-aware long-short tools can dramatically improve long-term tax outcomes — and keep more wealth working for you.
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Disclaimer
All investing involves risk, including the potential loss of principal, and there is no guarantee that any investment plan or strategy will be successful.

Advisory services are provided by Hendershott Wealth Management, LLC (“HWM”), an investment advisor registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training.

Content discussed is for information purposes only and does not constitute an offer, or solicitation of an offer, or any advice, or recommendation to purchase any securities or other financial instruments–and may not be construed as such.

All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation–and all examples are hypothetical, not reflective of actual executed transactions or client experiences.

The realized tax benefits associated with tax-aware strategies may be less than expected or may not materialize due to the economic performance of the strategy, an investor’s particular circumstances, prospective or retroactive change in applicable tax law, and/or a successful challenge by the IRS. In the case of an IRS challenge, penalties may apply. The discussed tax-aware strategies have additional costs that will increase investors’ expenses and as a result will reduce returns.

There is a risk of substantial loss associated with trading commodities, futures, options, derivatives and other financial instruments. Before trading, investors should carefully consider their financial position and risk tolerance to determine if the proposed trading style is appropriate.

When trading these instruments, one could lose the full balance of their account. It is also possible to lose more than the initial deposit when trading derivatives and using leverage. All funds committed to such a trading strategy should be purely risk capital.

Investment minimums apply. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation.

All content originates with the Hendershott Wealth Management team. AI software was used to support clarity and tone during editing. Final content was written and reviewed by the Hendershott Wealth Management team for accuracy.

Timestamps
00:05 – Why HWM created Ultra Tax Efficient Wealth Management® (UTEWM®).
00:31 – Why AQR Flex SMA was chosen after deep due diligence.
01:07 – History of tax-loss harvesting and wash-sale challenges.
01:33 – ETF-based TLH and how automation improved the process.
02:34 – Introducing TALS: tax-aware long-short investing.
02:45 – How long and short positions generate losses in all markets.
03:00 – Why TALS provides far more consistent tax losses over time.
03:09 – Trade-offs: costs, risks, and benefits of each method.
03:56 – Direct indexing harvested 2.5x more losses than ETF TLH.
04:30 – Aggressive TALS models generated over $1M in losses.
05:27 – Key takeaway: TLH + TALS can turn drops into tax benefits.
05:49 – CTA: Schedule a complimentary conversation.