Columbia Threadneedle’s Seth Buks examines how tax friction can quietly erode compounding and why asset location deserves a more strategic role in portfolio construction.
- A 1.5% annual tax drag can reduce a $1 million portfolio growing at 8% by more than $250,000 over 10 years.
- The report argues that traditional location rules are often too simplistic, and that investors should weigh tax efficiency alongside expected returns.
- Higher-upside assets with similar tax treatment may be better placed in tax-free accounts to preserve more after-tax alpha.
How much return is being lost not from asset selection—but from where assets are held? The full note explores the compounding implications.
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