Taxable accounts present some of the greatest challenges for managers. In developing portfolio policy and strategy, managers must take into account tax, legal, and (sometimes unique) client considerations, must integrate tax and estate planning with investment strategy, and often, must work with third parties to accomplish client goals. The authors in this proceedings tackles the complex issues that are specific to managing taxable portfolios with expertise and thoroughness. Proceedings of the November 1998 AIMR seminar "Investment Counseling for Taxable Investor."

Investment Counseling for Private Clients

Meir Statman

Joanne M. Hill

Maureen Busby Oster

Philip Penaloza

Nancy L. Jacob

Jean L.P. Brunel

Christopher G. Luck

R.B. Davidson III

William R. Levy

James M. Poterba

AIMR (CFA Institute)

Given a recent environment of low interest rates, high default rates, periods of high volatility, and increasingly concentrated benchmarks, the presentations in this proceedings explore a variety of methods for maximizing excess return in fixed-income portfolios. Points of emphasis include strengthening the core portfolio by focusing on fundamental credit analysis, joining with other bond buyers to demand tight bond covenants and enforce creditor rights, and expanding the investment universe to include noncore sectors (such as leveraged bank loans, emerging market debt, and high-yield bonds) to enhance fixed-income performance. Proceedings of the seminar "Fixed-Income Management 2002—Innovation Continues" (September 2002).

Fixed-Income Management: Credit, Covenants, and Core-Plus

Stephen Kealhofer

Kenneth R. Meyer

Kathleen M. Shanley

Abigail L. McKenna

Christopher L. Gootkind

Scott E. Grannis

Mohamed A. El-Erian

Kevin J. Perry

James H. Gilkeson

Business & Money

CFA Institute

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Books by R.B. Davidson III