For holders of concentrated stock: a plan for the position that made you wealthy.
A large position in a single company carries two problems at once: concentration risk and the tax cost of unwinding it. Yale Capital manages both for ultra-high-net-worth families, with a plan built around your restrictions and your timeline.
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$5.5 billion
AUM
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2004
Independent since
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100%
Client assets from high-net-worth families
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5:1
Family-to-employee ratio
AUM as of September 2026.
Our approach to concentrated positions
We start with three questions. How much of your net worth does the position represent? What are your restrictions, as an insider, a founder, or an early holder? And what do you want the money to do over the next twenty years? Some families diversify over quarters, some over a decade, and we build the schedule around the tax calendar.
Four key opportunities
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Diversify
Staged sales, exchange funds that swap a single stock for a diversified basket without an immediate sale, and 10b5-1 plans for insiders who need a disciplined, compliant schedule.
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Hedge
Collars and prepaid variable forwards can set a floor under the position while you decide what comes next.¹
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Borrow
Lending against the position can fund a purchase or a diversification step without triggering a sale.²
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Give
Appreciated stock is often the best asset to give: charitable vehicles and direct gifts can serve the family’s intent and the tax picture at the same time.
Investing involves risk, including the possible loss of principal, and past performance is not a guarantee of future results.
¹ Options involve risk and are not suitable for all investors, and a hedging strategy using options may not fully protect against losses, may limit potential gains, and involves additional costs.
² Borrowing against your portfolio involves risks, including that a decline in the value of your securities may require you to deposit additional collateral or may result in the sale of your securities without notice, and variable interest rates may increase.
Questions a concentrated stock holder should ask
Choosing an advisor for a concentrated position deserves the same care as the position itself. Ask how the firm is compensated on each strategy it recommends. Ask who will execute the plan and how they will coordinate with your estate and tax advisors. And ask how the plan adapts if your circumstances change. We welcome these questions, and we encourage you to ask them of any firm you consider.
Share the position and your restrictions with us. We will
walk you through each choice and its tax consequences.