Tax-Efficient Investment Choices for High-Net-Worth Individuals

Robert is a 50-year-old high-net-worth individual who has amassed significant wealth through both investments and a successful business. He is currently reviewing his investment strategy and considering the tax implications associated with various assets. Robert is particularly interested in how different types of income are taxed and the impact of his investment choices on his overall tax burden. With his primary goal being wealth preservation and minimal tax liability, Robert is deliberating between maintaining his current portfolio, which includes both taxable and tax-advantaged accounts, or reallocating toward more tax-efficient investment alternatives. Which of the following investment choices would most likely provide him with the best after-tax return, given his considerations?