The Impact of Holding a Concentrated Stock Position

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class="description"><p>Discover our approach, digital tools and community initiatives </p> </div> </div>  <ul class="content-links-container-solutions"> <li class="content-links"> <a class="content-link" href="/wealth-management/wealth-partners/join-our-team" target="_self" data-cmp-data-layer="{"event":"cmp:click","webInteraction":{"ctaType":"link","ctaText":"Join our team","ctaUrl":"/wealth-management/wealth-partners/join-our-team","ctaTitle":"Learn about us","ctaComponentName":"Expanded Grid Links"}}" data-cmp-clickable>Join our team</a> <div class="description"><p>See how we support our elite advisors </p> </div> </li> </ul> </section> </section> </div> </div> </div> </div> </div> </div> </div></div> </div> </div> </div> </div></div> </div> <div class="section"><div class="new"></div> </div><div class="iparys_inherited"><div class="iparsys parsys"></div> </div> </div> </div> </div> <div class="responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 aem-Grid--phone--12 "> <div class="article-side-panel aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--offset--phone--0 aem-GridColumn--offset--default--0 aem-GridColumn--default--4"> <aside class="cmp-article-side-panel "> <article class="cmp-article-side-panel-container"> <section class="cmp-article-side-panel-content"> <p class="eyebrow"><a href="/insights/markets" class="link">Markets</a></p> <h1 class="title">The impact of holding a concentrated stock position</h1> <p class="date">November 21, 2024</p> <p class="description"> Concentrated stock positions are large holdings that create unwanted risk to your portfolio or may be difficult to sell. This article highlights questions to ask your advisor and yourself if you are considering diversifying your portfolio. </p> </section> <nav class="cmp-article-side-panel-chapter-nav"> <ul class="chapter-nav-container" id="chapter-nav-container">  </ul> <div class="select-wrapper"> <select class="mobile-chapter-nav" name="mobile-chapter-nav" id="mobile-ada-chapter-nav" aria-labelledby="Chapter Navigation">  </select> <button type="button" tabindex="-1" class="mobile-chapter-nav custom-select" id="custom-select" data-icon="&#xf078" aria-hidden="true"><p tabindex="-1" class="custom-select-link"> Overview</p></button> <ul class="mobile-chapter-nav custom-select-links" id="custom-select-links" aria-hidden="true">  </ul> </div> </nav> <section class="cmp-article-side-panel-social-links"> <ul class="social-links-container"> <li> <a href="https://www.linkedin.com/shareArticle?mini=true&url=https://www.jpmorgan.com/insights/markets/equities/the-impact-of-holding-a-concentrated-stock-position&title=&summary=" target="_blank" aria-label="Share article to LinkedIn" class="fab fa-linkedin" id="social-link-linkedin"></a></li> <li><a href="https://twitter.com/intent/tweet?url=https://www.jpmorgan.com/insights/markets/equities/the-impact-of-holding-a-concentrated-stock-position" target="_blank" aria-label="Share article to Twitter" class="fab fa-twitter" id="social-link-twitter"></a></li> <li> <button title="Copy page URL" aria-label="Click to copy page URL" id="copy-url-button" class="far fa-link" role="button"></button> </li> <li> <button title="Print article page" aria-label="Click to print article page" id="print-button" class="far fa-print" role="button"></button> </li> <li></li> </ul> </section> </article> </aside> </div> <div class="responsivegrid aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--phone--0 aem-GridColumn--offset--default--0"> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 aem-Grid--phone--12 "> <div class="article-page-header aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div class="article-page-header"> <div class="cmp-article-page-header "> <div class="cmp-article-page-header__image-container has-media"> <img loading="lazy" alt="The impact of holding a concentrated stock position" class="cmp-article-page-header_image" src="/content/dam/jpmorgan/images/jpma/the-impact-of-holding-a-concentrated-stock-position/the-impact-of-holding-a-concentrated-stock-position.jpg"/> </div> <div class="cmp-article-page-header__lower-container"> </div> </div> </div> </div> <div class="contributors aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"><div class="contributors"> <div class="cmp-contributors "> <div class="cmp-contributors__inner-container"> <h2>Contributors</h2> <div class="cmp-contributors__lower-container"> <div class="contributor"> <img src="/content/dam/jpm/wealth-management/headshots/adam-frank-1000x1000.jpg" loading="lazy" alt/> <div class="contributor__info-container"> <p>Adam Frank</p> <p>Managing Director, Head of Wealth Planning and Advice, J.P. Morgan Wealth Management</p> </div> </div> </div> </div> </div> </div> </div> <div class="text cmp-text--pt aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--11 aem-GridColumn aem-GridColumn--offset--phone--1 aem-GridColumn--default--8 aem-GridColumn--offset--default--0"> <div class="cmp-text "> <p>If you have a large portion of your investment portfolio in a single stock, you have a concentrated stock position. Company founders, board members, senior management and other employees and individuals who might work for a public company and be compensated in part in its stock often end up with concentrated positions. Even some investors can amass shares over time or inherit a large position in a single stock.</p> <p>These large holdings can create unwanted risk to your portfolio and may be difficult to sell, even when the stock is publicly traded. If you are looking to diversify – that is, to sell some or all of your concentrated position to buy other investments – it’s important to speak with an advisor and ask yourself the following questions:</p> <h2><span class="section-header"><span class="accented-text"><span class="title-large">Is the average daily volume high enough for me to diversify?</span></span></span></h2> <p>If the stock you hold has large daily trading volume, the simplest option is an outright sale. You can sell your entire position at once if there is enough demand. Or you can sell gradually and pick attractive price points.<b></b></p> <p>Sometimes your position – especially if you are a founder or other large holder – is far larger than the average daily trading volume. Most diversification techniques require a large amount of trading. So if the stock doesn’t trade enough, a secondary offering or block sale might be an option to discuss with your advisor. </p> <p>Company executives, board members and large shareholders should always consider insider rules, which may place conditions on when and how you can sell, before any sale. Discuss goals for your portfolio and alternatives with your advisor to help you comply with these rules.<b></b></p> <h2><span class="section-header"><span class="accented-text"><span class="title-large">If the volume is there, what are my alternatives if I just want to sell stock?</span></span></span></h2> <p>The simplest alternative is an outright sale. There are several ways to do this. You can sell your entire position at once (assuming the volume will support the trade); you can sell over time, picking attractive price points; or – especially if you are an “insider” of the company or otherwise worried about insider trading liability – you can sell under a so-called “10b5-1” sales plan.</p> <h2><span class="section-header"><span class="accented-text"><span class="title-large">What is a 10b5-1 plan?</span></span></span></h2> <p>A 10b5-1 plan is a plan by which a corporate insider, such as an executive or board member, instructs a counterparty, such as J.P. Morgan, to sell company shares under specific parameters like price, timing or other targets, as set forth in the pre-determined plan.</p> <p>The plan must be signed at a time when you have no material non-public information. When the counterparty later executes sales under the plan, you have a defense to any charge of insider trading, since the plan was put in place when you had no material non-public information. A 10b5-1 plan also forces you to follow a disciplined sales approach, taking the emotion out of your decisions. </p> <p>If you think you might be interested in a 10b5-1 plan for your company stock you can coordinate with a J.P. Morgan professional and your independent legal advisors.</p> <h2><span class="section-header"><span class="accented-text"><span class="title-large">What are my other options?</span></span></span></h2> <p>If you don’t want to pursue an outright sale, or market demand won’t allow it, your advisor can discuss other options such as exchange funds, charitable remainder trusts, employee stock ownership plans, charitable contributions, block trades, or secondary offerings. You can also consider a number of derivative-based strategies, depending on your goals and if they make sense in light of the rest of your portfolio. Finally, regardless of how you sell your stock, if it has certain characteristics, you might qualify for a “qualified small business stock” exclusion from capital gain. </p> <p>If you have any questions about any of these techniques or more broadly about your concentrated position, please contact a J.P. Morgan professional. </p> </div> </div> <div class="text cmp-text--light cmp-text--pt aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div class="cmp-text "> <h2><span class="accented-text"><span class="title-large">Connect with a Wealth Advisor</span></span></h2> <p>Reach out to your Wealth Advisor to discuss any considerations for your current portfolio. If you don’t have a Wealth Advisor, click here to tell us about your needs and we’ll reach out to you.</p> <p><a title="Contact us" href="/wealth-management/wealth-partners/contact-us" data-pt-name="requestConnectWithAWealthAdvisor">Connect now</a></p> </div> </div> <div class="text cmp-text--pt aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div class="cmp-text "> <p><b style="letter-spacing: 0.32px;">IMPORTANT INFORMATION</b><br /> </p> <p>This material is for informational purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at <a href="mailto:accessibility.support@jpmorgan.com">accessibility.support@jpmorgan.com</a> for assistance. 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Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan representative.</p> <p><b><u>NON-RELIANCE</u><i>. </i></b>Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and <b>this material should not be regarded as a research report.</b> Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.</p> <p>Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.</p> <p><b><u>Legal Entity and Regulatory Information.</u></b></p> <p>J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through <b>J.P. 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JPMorgan Chase & Co. or its affiliates may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an underwriter, placement agent, advisor or lender to such issuer.</p> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> </div> </div> </div> </div> <div class="responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="iparsys parsys aem-GridColumn aem-GridColumn--default--12"><div class="section"><div class="new"></div> </div><div class="iparys_inherited"><div class="iparsys parsys"><div class="experience-fragment experiencefragment section"> <div id="experience-fragment-a861f6a7b7" class="cmp-experiencefragment cmp-experiencefragment--markets-carousel"> <div class="xf-content-height"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="responsivegrid aem-GridColumn aem-GridColumn--default--12"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="related-insights-carousel related-insights-marble-bg aem-GridColumn aem-GridColumn--default--12"> <div class="related-insights "> <div class="carousel-container"> <div class="related-insights-headline" id="carouselHeader"> <h2>Related <span class="accented-text">insights</span></h2> </div> <div class="related-insights-carousel"> <div class="carousel-content related-insights-carousel-content" role="region" aria-live="off" aria-labelledby="carouselHeader" aria-roledescription="carousel" aria-atomic="false"> <div class="card-article-with-image related-insights__cards"> <img loading="lazy" alt="Buildings in Manhattan, New York" class="image-content" src="/content/dam/jpmorgan/images/jpma/tmt-past-present-future-heres-where-we-stand/tmt-past-present-future-heres-where-we-stand-hero.jpg"/></img> <div class="related-insights__cards-content"> <p class="eyebrow jpma-article"> <span>Markets</span></p> <p class="short-description"> <a class="card-link" data-cmp-data-layer="{"event":"cmp:click","webInteraction":{"ctaType":"link","ctaText":"Read more","ctaUrl":"/insights/markets/top-market-takeaways/tmt-past-present-future-heres-where-we-stand","ctaTitle":"Past, present, future: Here’s where we stand","ctaComponentName":"Related Insights Carousel"}}" data-cmp-clickable href="/insights/markets/top-market-takeaways/tmt-past-present-future-heres-where-we-stand"> Past, present, future: Here’s where we stand</a></p> <p class="date">Nov 22, 2024</p> <p class="long-description">We review where the markets have been and share key questions for 2025, following the launch of our 2025 Outlook.</p> </div> <div class="card-link-container"> <span class="card-divider"></span> <a class="card-link" data-cmp-data-layer="{"event":"cmp:click","webInteraction":{"ctaType":"link","ctaText":"Read more","ctaUrl":"/insights/markets/top-market-takeaways/tmt-past-present-future-heres-where-we-stand","ctaTitle":"Past, present, future: Here’s where we stand","ctaComponentName":"Related Insights Carousel"}}" data-cmp-clickable href="/insights/markets/top-market-takeaways/tmt-past-present-future-heres-where-we-stand" aria-label="Card 1 of 8, Past, present, future: Here’s where we stand, Read more">Read more</a> </div> </div> <div class="card-article-with-image related-insights__cards"> <img loading="lazy" alt="Blue clean glass wall of modern skyscraper" class="image-content" src="/content/dam/jpmorgan/images/jpma/tmt-how-did-our-2024-mid-year-outlook-views-play-out/tmt-how-did-our-2024-mid-year-outlook-views-play-out-1440x810.jpg"/></img> <div class="related-insights__cards-content"> <p class="eyebrow article"> <span>Markets</span></p> <p class="short-description"> <a class="card-link" data-cmp-data-layer="{"event":"cmp:click","webInteraction":{"ctaType":"link","ctaText":"Read more","ctaUrl":"/insights/markets/top-market-takeaways/tmt-how-did-our-2024-mid-year-outlook-views-play-out","ctaTitle":"How did our 2024 Mid-Year Outlook views play out?","ctaComponentName":"Related Insights Carousel"}}" data-cmp-clickable href="/insights/markets/top-market-takeaways/tmt-how-did-our-2024-mid-year-outlook-views-play-out"> How did our 2024 Mid-Year Outlook views play out?</a></p> <p class="date">Nov 15, 2024</p> <p class="long-description">Our 2025 Outlook launches next week. 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