Direct Indexing: The Tax Edge
Core global equity exposure held directly, not through a pooled fund — combining benchmark replication with systematic, security-level tax-loss harvesting.
Indexing Unbundled
Direct indexing replicates an index by owning the underlying securities in a separately managed account, rather than buying units in an ETF or fund. Ownership moves from the wrapper to the investor — and with it, control over tax and customisation.
- Direct ownership of individual securities, not fund units
- Security-level tax-loss harvesting throughout the year
- Personalised screens: sectors, single stocks, values-based exclusions
- Real-time, security-level transparency and reporting
- International exposure via US-listed ADRs to reduce FX friction
Why Indextra
Shifting the benchmark from pre-tax performance to maximum after-tax wealth.
Losses are harvested at the individual security level and gains deferred, targeting maximum after-tax wealth.
Tight tracking to the target index with uncompensated active risk deliberately removed.
Built for sterling regimes and the UK capital gains framework, for professional clients and their advisers.
Rule-based execution, robust custody, and security-level reporting throughout the mandate.
Index Strategies
High-conviction, tax-efficient core equity mandates with institutional risk control.
Tax-Edge U.S. Large Cap
- Benchmark
- S&P 500 Index
- Holdings
- 150 – 250
- Target Tracking Error
- ~1%
Tax-Edge Global Developed
- Benchmark
- MSCI World ADR Index
- Holdings
- 150 – 250
- Target Tracking Error
- 1 – 2%
Tax-Edge Global
- Benchmark
- MSCI ACWI ADR Index
- Holdings
- 150 – 250
- Target Tracking Error
- 1 – 2%
Tax-Edge Intl Developed
- Benchmark
- MSCI EAFE ADR Index
- Holdings
- 150 – 250
- Target Tracking Error
- 1 – 2%
Our Process
A structured, technology-led path from mandate design to ongoing management.
Design
Current holdings are compared to index benchmarks to establish a best-fit baseline and identify upfront harvesting opportunities.
Customise
Industry screens, stock restrictions, and values-based exclusions are applied to reflect the mandate.
Transition
Capital is migrated into index-tracking positions on a tax-neutral basis wherever possible, using losses to offset gains.
Manage
Ongoing harvesting, replacement selection, and benchmark risk management with security-level reporting.
The Founders Share Class
Access to the founders share class is available to professional clients and eligible counterparties only. Interested professional investors are invited to contact us to request further information, including strategy documentation and terms.
Not available to retail investors. This is not an offer or invitation to invest.
Request More Information
For professional clients, wealth managers, and family offices considering direct indexing or the founders share class. We will respond with the relevant documentation.
Tim Neale — CEO
London, W1S 4JL