Onboarding a legacy book, shifting a client into a new strategy, or putting new cash to work all share one hard truth: the path from the old portfolio to the target runs through realized gains, transaction costs, and tracking error — and the naive path is expensive. PRISM finds the route that respects all three, for every account, at once.
In plain English. When a client moves from one investment strategy to another — or joins with a portfolio they already own — you can't just sell everything and start again. Selling triggers a tax bill, every trade costs money, and while you're mid-move the portfolio doesn't match either the old plan or the new one. There are many possible routes from here to there, and they differ by real amounts. This page is about finding a good one. Unfamiliar words? See the glossary.
Selling the old book and buying the target realizes every embedded gain at once and pays full freight on costs. The good path threads three trade-offs simultaneously — which is what makes it an optimization, not a checklist.
Defer gains where the tax saved beats the tracking it costs; harvest losses on the way. Stay inside a gain budget you set.
Spread, commissions, and market impact sit inside the objective — so the chosen plan is the one that actually nets out best.
Every dollar left un-transitioned is tracking risk against the target. PRISM moves exactly as far as the budget allows — no further.
Repeated-run p50 on real US-equity transition workloads, PRISM (GPU) vs an exact commercial baseline (CPU). Every quality gap held under 0.01%.
The transition is a single optimization balancing realized tax, cost, and tracking toward your target — run across the whole wave deterministically.
Finds the cost- and tax-aware path to the target for every account at once.
Set the universe and latency budget to see the decision value protected by re-solving the transition in time, before the moment to act has passed.
In a matched-workload pilot, run a representative transition on your data and see the realized-gain, cost, and tracking trade-offs PRISM finds versus your current process — with every number traceable.
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