---
title: September 2026 - Size & Style Responsive Tax-Aware Strategy
description: Discover the September performance of the Size & Style Responsive Tax-Aware portfolio.
---
[Skip to content](https://burneyadvisorservices.com/bas-resources/september-2026-size-style-responsive-tax-aware-strategy#main-content)
[](https://burneyadvisorservices.com)
- Services
- [Outsourced CIO](https://burneyadvisorservices.com/outsourced-cio)
- [Separate Accounts](https://burneyadvisorservices.com/separately-managed-accounts)
- [130-30](https://burneyadvisorservices.com/130-30-long-short-strategy)
- [Our ETFs](https://burneyetfs.com/)
- [Join Burney](https://burneyadvisorservices.com/advisors-in-transition)
- Resources
- [Blog](https://burneyadvisorservices.com/bas-resources)
- [Our Team](https://burneyadvisorservices.com/our-team)
- [Connect With Us](https://burneyadvisorservices.com/contact)
Oct 6, 2026
[Hannah Sheldon](https://burneyadvisorservices.com/bas-resources/author/hannah-sheldon)
# September 2026 - Size & Style Responsive Tax-Aware Strategy
## September Performance Overview
In September the Size & Style Responsive (SSR) Tax-Aware portfolio was down 2.3%, lagging the S&P 1500's return of -0.7%. The size and style allocation, stock selection, and the interaction between the two explain the underperformance, though stock selection/interaction was a bigger drag than size and style.
Stock selection and the interaction between stock selection and size and style were both a drag on the strategy this month. Below is a breakdown of the performance attribution:
- **Market Return: -0.7%**
- Size & Style Return: -0.5%
- Stock Selection/Interaction -1.1%
- **Strategy Return: -2.3%**
Source: Morningstar and BAS Calculation. Note: Figures may not sum perfectly due to rounding.
---
## Portfolio Construction & Allocation Framework
Our portfolio follows the size and style allocation guidance that was updated in July of 2026. This guidance reflects our systematic factor signals and long-term diversification objectives. It was updated to reflect changing market conditions.
### Overall Portfolio
The table below shows the portfolio allocation by size and style.
Size and Style Allocation Guidance
This framework defines:
- Overall exposure to **Large vs. SMID** companies
- The split between **Value and Growth** within each size segment
These targets evolve as factor signals change but remain anchored to maintaining diversified exposure across market regimes.
---
## Size Factor Signal
In September, large, mid, and small all finished the month in the red. Small-caps took the largest nosedive, but their performance is still the strongest on a YTD basis. Large had the best performance in September, with the S&P 500 only down -0.3%. Overall, SMID is quickly loosing their edge relative to large-cap.
The Dow Jones Market Neutral Factor for Size is still supportive of large-cap over its smaller peers.
Source: Dow Jones.
## Style Factor Signals
Within large cap, growth continues to be the meaningful driver. This growth trend is less clear for SMID.
### Large Cap Style
### SMID Style
Across SMID, growth outperformed. Small-cap growth is up 13.5% YTD, while its value peer is up 12.1%. After a period of outperformance for growth in the summer, it has fallen back in line with value.
---
## Stock Selection
Stock selection explains the bulk of the underperformance of the strategy in September, as was the case in August. Selection in Industrials and Technology was additive to performance, while poor selection in Consumer Cyclical was the biggest detractor. All stocks in this sector finished the month in a loss, but two larger holdings explain the bulk of the drag for stock selection.
## Long-Term Performance (GIPS Composite)
The performance of the SSR Tax Aware strategy is presented below alongside its benchmark, SPTM (S&P 1500). In September, the strategy underperformed relative to its benchmark.
**Compliance Disclosure:**
***The Size and Style Responsive (SSR) Tax Aware strategy** includes all institutional and retail portfolios that invest in a portfolio of stocks in large-, mid-, and small-cap companies. The strategy seeks to manage after-tax returns by incorporating tax considerations into trade decisions. For example, when possible, the strategy may defer realizing short-term gains to achieve a more favorable long-term tax treatment, subject to client-specific constraints and objectives. Tax impact is a factor in implementation, but it does not override the strategy’s investment objectives.*
*Burney Advisor Services affirms compliance with the Global Investment Performance Standards (GIPS®) and has prepared this chart in accordance with these standards. As of February 2, 2026, the benchmark for the SSR Tax Aware shifted from the Russell 3000 Index to the S&P 1500 Index, and this change applies to all reporting periods. The characteristics of the equity holdings in the S&P 1500 Index better match those of the SSR Tax Aware than those of the Russell 3000. The S&P Composite 1500 Index combines stocks in the S&P 500, the S&P MidCap 400, and the S&P SmallCap 600. The inception date of the strategy is March 1, 2018.*
*Past performance, whether actual or hypothetical, does not guarantee future performance. Investment results and principal value will fluctuate, and clients' investments, when redeemed, may be worth more or less than their original cost. This communication is exclusively for investment advisors and financial professionals and is not intended for clients or the investing public.*
Empowering advisors since 1974 because performance matters.
- [Outsourced CIO](https://burneyadvisorservices.com/outsourced-cio)
- [Separate Accounts](https://burneyadvisorservices.com/separately-managed-accounts)
- [130-30](https://burneyadvisorservices.com/130-30-long-short-strategy)
- [Our ETFs](https://burneyetfs.com/)
- [Our Team](https://burneyadvisorservices.com/our-team)
- [Resources](https://burneyadvisorservices.com/bas-resources)
Advisory services are offered through the Burney Company, an investment advisor registered with the U.S. Securities & Exchange Commission. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the advisor has attained a particular level of skill or ability.
```json
{
"@context" : "https://schema.org",
"@type" : "BlogPosting",
"author" : {
"@type" : "Person",
"name" : "Hannah Sheldon",
"url" : "https://burneyadvisorservices.com/bas-resources/author/hannah-sheldon"
},
"dateModified" : "2026-10-06T13:04:28.226Z",
"datePublished" : "2026-10-06T13:04:28.000Z",
"headline" : "September 2026 - Size & Style Responsive Tax-Aware Strategy",
"mainEntityOfPage" : {
"@id" : "https://burneyadvisorservices.com/bas-resources/september-2026-size-style-responsive-tax-aware-strategy",
"@type" : "WebPage"
},
"publisher" : {
"@type" : "Organization",
"logo" : {
"@type" : "ImageObject",
"url" : "https://burneyadvisorservices.com/hubfs/Theme/bas_logo.svg"
},
"name" : "Burney Advisor Services"
}
}
```