Gross return is the number that gets reported. Net of fees, net of taxes and net of structure is the number a family actually compounds. This section is our research programme on the distance between the two — and on what can legitimately be done about it.
Explore the four areasA family with substantial capital is usually well served on selection and allocation, and almost never served on retention. The advice market is organised around picking investments. The arithmetic that decides multi-decade outcomes sits somewhere else.
Well covered. Managers, consultants, platforms and research providers all compete here, and a family of this size normally has access to institutional-grade selection. The marginal gain from more of it is small.
Partly covered. Headline fees are disclosed and negotiated. Layered costs — fund-of-fund charges, financing spreads, transaction friction inside a strategy — are often visible only in the difference between a manager's stated return and the investor's realised one.
Barely covered. Annual taxation of income and realised gains, the character of that income, the timing of recognition, and the legal structure the assets sit inside together determine the compounding rate. This is the layer that Wealth Intelligence is built to measure.
The difference is not skill. It is character of income, timing of recognition, and the structure the assets are held within. Those three variables are measurable, and they are the subject of everything in this section.
Each area is a standing body of research with its own analytical instruments. They are designed to be read independently and to reference one another where the analysis overlaps.
Construction, concentration and after-tax efficiency for capital between $10 million and $250 million. How allocation decisions change when the objective is net compounding rather than gross return.
Tax drag as a measurable, modellable cost. Character of income, turnover, recognition timing, and the arithmetic of deferral over a multi-decade horizon.
What hedge funds, private credit and private equity actually deliver to a taxable investor once fees, financing and the character of distributions are accounted for.
The container, not the contents. Trusts, holding structures, jurisdictions and insurance-based structures — including PPLI — assessed on cost, control and what each one actually changes.
Each is being built as a working analytical tool with a published methodology, worked examples and its sources stated. None is a lead-capture device. Nothing will be gated, and none will ask for an email address before returning a result.
Wealth Simulator$10M to $250M — allocation, drawdown and multi-decade net outcomesOpen the instrument → Portfolio Tax DragThe annual cost of taxation, by character of income and turnoverOpen the instrument → Hedge Fund X-RayGross to net: fees, financing and the tax character of the returnIn development → Private Credit Real YieldStated yield against realised, after-tax, after-default yieldIn development → PPLI Economics and Break-EvenWhere an insurance structure earns its cost — and where it does notIn development → Liquidity Event PlannerThe sequence and timing decisions around a sale or exitIn development →Every inquiry is read personally by a senior specialist and never routed into a sales funnel. You receive a written reply, usually within one business day.
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