Anchor Muni Massachusetts

Anchor Accounts: Municipal Bond

Summary

The Anchor Muni Massachusetts Account invests at least 80% of assets in Massachusetts municipal debt. The portfolio manager may include long,  intermediate, and short-duration bonds. The account is structured to provide income that is free from both federal taxes and Massachusetts state taxes; thus, the account is most appealing to residents of Massachusetts. The primary goal is to provide current, tax-free income vs. capital appreciation.

Benchmark: S&P Municipal Bond Massachusetts Index

Core Facts

Asset Class Municipal Bond
Category Muni Massachusetts
Expense Ratio [1] 0.0%
Commissions [2] 0.0%
Fee [3] 0.10%
Minimum investment [4] $100,000 US
Account number A013
Account manager Galleon Wealth Management
Region North America/US/MA
Market Developed

Credit Quality

Ltd

Mod

Ext
High


Med

Low

Interest Rate Sensitivity

Portfolio composition by security (top holdings)

Top Holdings

Company NameForward Annual Div Yield
SEI Tax Exempt Trust Massachusetts Municipal Bond Fund Class F-
BNY Mellon Massachusetts Fund Class A-
Nuveen Massachusetts Quality Municipal Income Fund3.45%
Vanguard Massachusetts Tax-Exempt Fund Investor Shares2.80%
Fidelity Massachusetts Municipal Income Fund2.55%
MFS Massachusetts Municipal Bond Fund Class A3.04%
BNY Mellon MA Intermediate Municipal Bond Fund Class Investor1.93%
Franklin Massachusetts Tax-Free Income Fund Class A12.95%
Eaton Vance Massachusetts Municipal Income Fund Class A2.75%
Putnam Massachusetts Tax Exempt Income Fund Class A2.52%

Overall Risk

The risk rating is based on the account’s past performance as compared to mutual funds and/or ETFs within the same category. It represents a starting point from which investors evaluate if the core makes sense for their own risk tolerance, suitability, goals and objectives. It is not a buy or sell recommendation. There are many types of risk, including interest rate, market, political, and currency. Each type of risk can affect the value of the securities in your account.

Overview       
Start Date1/1/09
End Date12/31/19
Initial Balance$10,000
Periodic AdjustmentNone
RebalancingRebalance quarterly
Reinvest DividendsYes
BenchmarkVanguard MA Tax-Exempt Inv
Portfolio Performance
MetricAnchor Muni MassachusettsVanguard MA Tax-Exempt Inv
Start Balance$10,000 $10,000
End Balance$17,406 $16,895
End Balance (inflation adjusted)$14,239 $13,822
CAGR5.17%4.88%
CAGR (inflation adjusted)3.27%2.99%
Stdev4.56%4.16%
Best Year17.98%10.90%
Worst Year-5.30%-3.32%
Max. Drawdown-8.71%-7.80%
Sharpe Ratio1.011.04
Sortino Ratio1.781.72
US Stock Market Correlation-0.13-0.11
Risk and Return Metrics
MetricAnchor Muni MassachusettsVanguard MA Tax-Exempt Inv
Arithmetic Mean (monthly)0.43%0.41%
Arithmetic Mean (annualized)5.28%4.97%
Geometric Mean (monthly)0.42%0.40%
Geometric Mean (annualized)5.17%4.88%
Volatility (monthly)1.32%1.20%
Volatility (annualized)4.56%4.16%
Downside Deviation (monthly)0.74%0.72%
Max. Drawdown-8.71%-7.80%
US Market Correlation-0.13-0.11
Beta (*)1.041
Alpha (annualized)0.08%0.00%
R Squared90.32%100.00%
Sharpe Ratio1.011.04
Sortino Ratio1.781.72
Treynor Ratio (%)4.444.34
Calmar Ratio1.372.31
Active Return0.28%N/A
Tracking Error1.43%N/A
Information Ratio0.2N/A
Skewness0.14-0.61
Excess Kurtosis2.962.11
Historical Value-at-Risk (5%)-2.04%-1.64%
Analytical Value-at-Risk (5%)-1.73%-1.57%
Conditional Value-at-Risk (5%)-2.74%-2.68%
Upside Capture Ratio (%)105.35100
Downside Capture Ratio (%)104.29100
Safe Withdrawal Rate11.71%11.09%
Perpetual Withdrawal Rate3.16%2.90%
Positive Periods91 out of 132 (68.94%)91 out of 132 (68.94%)
Gain/Loss Ratio1.11.1
(*) Vanguard MA Tax-Exempt Inv is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.
Asset Allocation
CategoryWeight
US Stocks0.00%
Intl Stocks0.00%
US Bonds87.69%
Intl Bonds1.19%
Other0.00%
Cash1.12%
Unknown10.00%
Fixed Income Credit Quality
CategoryWeight
AAA12.82%
AA51.91%
A18.82%
BBB11.94%
Non-Investment Grade1.58%
Not Rated2.94%
Fixed Income Maturity
CategoryWeight
Under 1 Year0.40%
1 - 3 Years2.94%
3 - 5 Years5.85%
5 - 7 Years9.05%
7 - 10 Years12.54%
10 - 15 Years21.69%
15 - 20 Years17.06%
20 - 30 Years29.39%
Over 30 Years1.09%
Drawdowns
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Dec-12Aug-139 monthsAug-141 year1 year 9 months-8.71%
2Oct-10Jan-114 monthsAug-117 months11 months-6.39%
3Aug-16Nov-164 monthsDec-171 year 1 month1 year 5 months-5.94%
4Jan-18Oct-1810 monthsJan-193 months1 year 1 month-3.14%
5Oct-09Oct-091 monthFeb-104 months5 months-2.08%
6Feb-15Jun-155 monthsOct-154 months9 months-1.95%
7Jun-09Jun-091 monthJul-091 month2 months-1.32%
8Mar-12Mar-121 monthApr-121 month2 months-1.01%
9Sep-19Oct-192 months-0.78%
10Oct-11Oct-111 monthDec-112 months3 months-0.61%
Rolling Returns
YearAnchor Muni MassachusettsAnchor Muni MassachusettsAnchor Muni MassachusettsAnchor Muni MassachusettsVanguard MA Tax-Exempt Inv 3-year annualized returnVanguard MA Tax-Exempt Inv 5-year annualized returnVanguard MA Tax-Exempt Inv 7-year annualized return
3-year annualized return5-year annualized return7-year annualized return10-year annualized return
201110.10%N/AN/AN/A7.40%N/AN/A
20126.51%N/AN/AN/A5.94%N/AN/A
20134.03%6.18%N/AN/A4.35%4.98%N/A
20143.57%4.68%N/AN/A4.32%4.86%N/A
20152.52%5.08%6.32%N/A3.49%5.43%5.57%
20164.36%2.83%3.83%N/A4.62%3.34%4.00%
20172.99%2.59%4.39%N/A3.25%3.26%4.70%
20181.39%3.47%2.63%4.82%2.08%4.05%3.30%
20194.29%3.26%2.89%3.97%4.99%3.74%3.60%
Annual Returns
Year Inflation Anchor Muni Massachusetts
Return
Vanguard MA Tax-Exempt Inv Return Anchor Muni Massachusetts
Balance
Vanguard MA Tax-Exempt Inv Balance Anchor Muni Massachusetts
Income (%)
Anchor Muni Massachusetts
Income ($)
2009 2.72% 17.98% 10.90% $11,798 $11,090 4.87% $487
2010 1.50% 1.62% 1.16% $11,989 $11,219 4.40% $519
2011 2.96% 11.31% 10.41% $13,346 $12,387 4.34% $520
2012 1.74% 6.82% 6.46% $14,255 $13,187 3.88% $517
2013 1.50% -5.30% -3.32% $13,499 $12,749 3.47% $495
2014 0.76% 9.85% 10.29% $14,829 $14,061 3.65% $493
2015 0.73% 3.58% 3.95% $15,360 $14,617 3.36% $499
2016 2.07% -0.10% -0.12% $15,344 $14,599 3.39% $521
2017 2.11% 5.58% 6.02% $16,200 $15,478 3.14% $483
2018 1.91% -1.19% 0.45% $16,008 $15,547 2.89% $468
2019 2.29% 8.73% 8.68% $17,406 $16,895 2.89% $463