Some SERMs such as Tamoxifen and Toremifene act by reducing AR gene transcription. But only in certain cell types, such as prostate cells, as stated in
this study.
To quote from the study, "These results highlight the anti-androgenic aspect of anti-estrogens and estrogens in regard to the AR-mediated transcription of the relevant genes in prostate cancer."
But thats for prostate cells and cancer cells. Not the AR in muscle.
I think I know where your going with your question and taking SERMs wont boost AR gene-transcription when on cycle, I dont think. The only data I've seen is of the contrary. That they will reduce AR gene-transcription in specific tissues.
Estrogen is needed and aromotasation is responsible for the increase in GH and IGF we get when taking exo. testosterone. I think thats what matters more, not whether SERMs increase or decrease AR gene transcription.
I hope that sheds more light on your question.