A completed pilot produces a structured report covering the transition analysis, trade recommendations, metric comparison, hard-constraint audit, and a short readout memo. This page describes what that looks like and includes a downloadable sample.
The lead example is a large single appreciated position under a $500K realized-gains budget transitioning into a benchmark-aware custom indexed portfolio.
Representative example deliverable — structure and depth of a completed pilot engagement.
Each pilot is scoped to one concentrated-position transition problem. The deliverable is a self-contained report covering five components.
Documents the portfolio problem, assumptions, and constraint setup — holdings, tax lots, gains budget, benchmark target, and implementation rules — so the evaluation basis is explicit.
Side-by-side comparison under the same realized-gains budget and constraint set: TE proxy, sell ticket count, sell turnover, and realized gains for both the baseline heuristic and the constraint-aware workflow.
Illustrative sell instruction with tax-lot selection and realized-gain estimate, plus top buy instructions by notional from the optimized workflow. Anonymized and representative for pilot purposes.
Confirms whether the proposed transition preserved each hard constraint: gains budget maintained, holdings-count target met, no hard violations, restricted names honored.
A brief narrative translating the quantitative result into an implementation decision for the specific transition case evaluated. Written for a portfolio team, not a technical audience.
The gains budget, tracking quality, and implementation simplicity all appear in the same comparison. That is the point.
The Single Mega Winner case is the lead example. The Tight Gains Budget and Concentrated With Losses cases are included as supporting examples confirming the direction under different constraint structures.
See concentrated appreciated position transitions for a fuller description of the problem structure, or the transition analysis page for what the analytical process evaluates.
The sample report is an illustrative and anonymized example deliverable. A live pilot uses the firm's own representative or anonymized account data under a private NDA-based engagement.
Initial conversations are narrow and practical: one concentrated-position transition problem, discussed in enough detail to evaluate mutual fit.