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.
Portfolio Objectives
A structured, technology-led execution process designed for speed and precision.
Client Exposure
- Provide targeted index exposure tailored to precise core client mandates.
- Incorporate personalised customisation to reflect unique investment criteria and preferences.
Tracking Error
- Minimise tracking error relative to the target index to maintain benchmark replication.
- Capture broad market returns while eliminating uncompensated active risks.
Active Tax Alpha
- Systematically harvest tax losses throughout the year at the individual security level.
- Defer embedded gains to maximise long-term compounding efficiency of the core portfolio.
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 Eligibility Review
For professional clients and wealth managers evaluating our new tax managed portfolios, technical documentation and eligibility criteria for our founders' share class are available upon request.
Tim Neale — CEO
London, W1S 4JL
