• Systematically harvest capital losses • Offset realized gains • Reduce concentration risk • Improve after-tax outcomes

• Investors with large embedded gains • Business owners post-liquidity event • Executives with concentrated stock • Families realizing ongoing capital gains • Investors transitioning away from single-stock exposure

Traditional long-only portfolios: • Harvest losses opportunistically Tax-aware long/short portfolios: • Create additional loss harvesting opportunities • Actively manage tax exposure • Coordinate with broader financial planning decisions

1. Evaluate your full taxable exposure 2. Model capital gain realization scenarios 3. Determine appropriate allocation 4. Coordinate with your CPA 5. Monitor harvesting opportunities throughout the year This is not a “set it and forget it” allocation. It is part of an integrated tax strategy.