Anchor Muni Pennsylvania

Anchor Accounts: Municipal Bond

Summary

The Anchor Muni Pennsylvania Account invests at least 80% of assets in Pennsylvania 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 Pennsylvania state taxes; thus, the account is most appealing to residents of Pennsylvania. The primary goal is to provide current, tax-free income vs. capital appreciation.

Benchmark: S&P Municipal Bond Pennsylvania Index

Core Facts

Asset Class Municipal Bond
Category Muni Pennsylvania
Expense Ratio [1] 0.0%
Commissions [2] 0.0%
Fee [3] 0.10%
Minimum investment [4] $30,00 US
Account number A022
Account manager Galleon Wealth Management
Region North America/US/PA
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 Pennsylvania Municipal Bond Fund Class F1.77%
Federated Pennsylvania Municipal Income Fund Class A Shares2.67%
Western Asset Pennsylvania Municipals Fund Class A2.92%
Nuveen Pennsylvania Municipal Bond Fund Class A2.76%
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund Class M2.25%
BlackRock Pennsylvania Municipal Bond Fund Institutional Shares3.62%
Invesco Oppenheimer Rochester Pennsylvania Municipal Fund Class A3.27%
Fidelity Pennsylvania Municipal Income Fund2.69%
Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares3.15%
BlackRock MuniYield Pennsylvania Quality Fund3.85%

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$10,000.00
Periodic AdjustmentNone
RebalancingRebalance quarterly
Reinvest DividendsYes
BenchmarkVanguard PA Long-Term Tax-Exempt Inv
Portfolio Performance
MetricAnchor Muni PennsylvaniaVanguard PA Long-Term Tax-Exempt Inv
Start Balance$10,000.00 $10,000.00
End Balance$18,695.00 $17,731.00
End Balance (inflation adjusted)$15,295.00 $14,506.00
CAGR5.85%5.34%
CAGR (inflation adjusted)3.94%3.44%
Stdev4.52%3.92%
Best Year20.05%11.84%
Worst Year-5.45%-2.74%
Max. Drawdown-8.73%-7.06%
Sharpe Ratio1.171.22
Sortino Ratio2.112.09
US Stock Market Correlation-0.08-0.12
Risk and Return Metrics
MetricAnchor Muni PennsylvaniaVanguard PA Long-Term Tax-Exempt Inv
Arithmetic Mean (monthly)0.48%0.44%
Arithmetic Mean (annualized)5.96%5.42%
Geometric Mean (monthly)0.48%0.43%
Geometric Mean (annualized)5.85%5.34%
Volatility (monthly)1.30%1.13%
Volatility (annualized)4.52%3.92%
Downside Deviation (monthly)0.71%0.65%
Max. Drawdown-8.73%-7.06%
US Market Correlation-0.08-0.12
Beta (*)1.111
Alpha (annualized)-0.07%0.00%
R Squared92.65%100.00%
Sharpe Ratio1.171.22
Sortino Ratio2.112.09
Treynor Ratio (%)4.764.77
Calmar Ratio2.642.91
Active Return0.51%N/A
Tracking Error1.30%N/A
Information Ratio0.39N/A
Skewness0.18-0.5
Excess Kurtosis3.332.18
Historical Value-at-Risk (5%)-1.86%-1.45%
Analytical Value-at-Risk (5%)-1.65%-1.42%
Conditional Value-at-Risk (5%)-2.68%-2.43%
Upside Capture Ratio (%)109.8100
Downside Capture Ratio (%)109.45100
Safe Withdrawal Rate12.24%11.39%
Perpetual Withdrawal Rate3.79%3.32%
Positive Periods94 out of 132 (71.21%)93 out of 132 (70.45%)
Gain/Loss Ratio1.121.17
(*) Vanguard PA Long-Term 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 Bonds86.93%
Intl Bonds2.64%
Other0.03%
Cash0.40%
Unknown10.00%
Fixed Income Credit Quality
CategoryWeight
AAA4.22%
AA39.37%
A41.56%
BBB8.21%
Non-Investment Grade3.26%
Not Rated3.38%
Fixed Income Maturity
CategoryWeight
Under 1 Year0.31%
1 - 3 Years1.57%
3 - 5 Years4.04%
5 - 7 Years8.59%
7 - 10 Years11.14%
10 - 15 Years17.83%
15 - 20 Years19.04%
20 - 30 Years34.22%
Over 30 Years3.27%
Drawdowns
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Dec-12Aug-139 monthsAug-141 year1 year 9 months-8.73%
2Sep-10Jan-115 monthsJul-116 months11 months-6.23%
3Sep-16Nov-163 monthsJul-181 year 8 months1 year 11 months-5.72%
4Feb-15Jun-155 monthsNov-155 months10 months-2.33%
5Oct-09Oct-091 monthFeb-104 months5 months-2.27%
6Sep-18Oct-182 monthsDec-182 months4 months-1.60%
7Mar-12Mar-121 monthMay-122 months3 months-1.35%
8Sep-19Sep-191 month-0.78%
9Jun-09Jun-091 monthJul-091 month2 months-0.42%
10Jun-12Jun-121 monthJul-121 month2 months-0.08%
Rolling Returns
YearAnchor Muni Pennsylvania 3-year annualized returnAnchor Muni Pennsylvania 5-year annualized returnAnchor Muni Pennsylvania 7-year annualized returnAnchor Muni Pennsylvania 10-year annualized returnVanguard PA Long-Term Tax-Exempt Inv 3-year annualized returnVanguard PA Long-Term Tax-Exempt Inv 5-year annualized returnVanguard PA Long-Term Tax-Exempt Inv 7-year annualized return
201111.31%N/AN/AN/A7.84%N/AN/A
20127.32%N/AN/AN/A6.24%N/AN/A
20134.39%7.00%N/AN/A4.61%5.46%N/A
20144.03%5.28%N/AN/A4.84%5.26%N/A
20152.78%5.49%7.05%N/A3.87%5.69%5.99%
20164.97%3.30%4.40%N/A5.07%3.82%4.41%
20173.09%2.77%4.70%N/A3.72%3.75%5.08%
20182.18%4.14%3.19%5.56%2.74%4.56%3.82%
20194.83%3.78%3.36%4.53%5.43%4.18%4.07%