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BXF tears a strip off competitors

By Justin Bender · February 24, 2016 - 4 comments

Last year, I calculated the after-tax performance of ten short-term bond ETFs in an attempt to find the most tax-efficient of the bunch. The results were not even close – the First Asset 1-5 Year Laddered Government Strip Bond Index ETF (BXF) beat all other funds by a landslide (for the 2014 comparison, please refer to my past blog post, BXF no longer a strip tease). This was no surp...

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Don’t discount ZDB just yet

By Justin Bender · February 22, 2016 - 2 comments

In February 2014, BMO released a more tax-efficient version of their flagship BMO Aggregate Bond Index ETF (ZAG). They called their new fund the BMO Discount Bond Index ETF (ZDB). The fund’s strategy was to buy Canadian government and corporate bonds that were trading at par or at a discount to their par value (for a more detailed discussion of ZAG vs. ZDB, please refer to Dan Bortolotti&...

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Should I Rebalance My Portfolio Now?

By Justin Bender · August 27, 2015 - 2 comments

Many investors consider the recent stock market pull-back to be a great buying opportunity, and are eager to rebalance (at least the ones that aren’t panicking and selling their stocks). But should they rebalance now, or wait a bit longer? To make this decision easier, I’ve created a downloadable rebalancing table that incorporates Larry Swedroe’s 5/25 rule, which is an e...

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How to Calculate Your Approximate Time-Weighted Rate of Return (ATWRR)

By Justin Bender · June 15, 2015 - 1 comment

In my recent blog post, I explained that the Modified Dietz rate of return gives a decent estimate of the money-weighted rate of return (MWRR). However, both types of returns are not ideal choices for investors who are interested in benchmarking their performance against appropriate indices.   Some investment firms mitigate this issue by approximating a time-weighted rate of return fo...

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How to Calculate your Modified Dietz Rate of Return

By Justin Bender · June 12, 2015 - 0 comments

The Modified Dietz rate of return attempts to estimate a money-weighted rate of return (MWRR) by weighting each cash flow by the proportion of the measurement period it is present or absent from the portfolio. Similar to the money-weighted rate of return, the calculation requires the investor to know the portfolio values at the start and end of the measurement period, as well as the cash f...

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