It is often said that investors, when evaluating the purchase or sale of an asset from a tax perspective, should not allow the “tail to wag the dog”. In other words, investors should not purchase a security simply because it is tax efficient. After all, if the investment doesn’t provide a distribution or increase in value, the fact that it was tax-efficient is totally irrelevant. Still, tax efficiency is a very important consideration to make when comparing offerings that are otherwise very similar in risks and returns. At Westcourt, we seek investments that fit squarely within our investment profile that may also provide tax-efficient distributions or growth.