Anchor Muni Single State Intermediate

Anchor Accounts: Municipal Bond

Summary

The Anchor Muni Single State Intermediate Account invests in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and from state taxes in the issuing state. In order to obtain the state-tax benefit, the portfolio manager purchases bonds from only one state. The account exhibits durations of 4.5 years to 7.0 years (or, if duration is unavailable, average maturities of less than five to 12 years).

Benchmark: S&P Intermediate Term National AMT-Free Municipal Bond Index

Core Facts

Asset Class Municipal Bond
Category Muni Single State Intermediate
Expense Ratio [1] 0.0%
Commissions [2] 0.0%
Fee [3] 0.10%
Minimum investment [4] $1000 US
Account number A023
Account manager Galleon Wealth Management
Region North America/US
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
Commerce Kansas Tax Free Intermediate Bond Fund2.15%
Dupree Mutual Fund Kentucky Tax-Free Income Fund2.72%
Dupree Mutual Fund North Carolina Tax-Free Income Fund2.38%
Idaho Tax-Exempt Fund2.00%
Brown Advisory Maryland Bond Fund Investor Shares2.72%
Colorado Bond Shares A Tax Exempt Fund4.05%
Commerce Missouri Tax Free Intermediate Bond Fund2.16%
Dupree Mutual Fund Alabama Tax-Free Income Fund2.65%
Segall Bryant & Hamill Colorado Tax Free Fund Retail Class3.00%
Northern Arizona Tax-Exempt Fund2.67%

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 Interm-Term Tx-Ex Inv
Portfolio Performance
MetricAnchor Muni Single State IntermediateVanguard Interm-Term Tx-Ex Inv
Start Balance$10,000.00 $10,000.00
End Balance$15,551.00 $16,021.00
End Balance (inflation adjusted)$12,722.00 $13,107.00
CAGR4.10%4.38%
CAGR (inflation adjusted)2.21%2.49%
Stdev3.03%3.48%
Best Year9.04%10.22%
Worst Year-2.14%-1.56%
Max. Drawdown-5.13%-5.17%
Sharpe Ratio1.171.1
Sortino Ratio2.031.92
US Stock Market Correlation-0.13-0.1
Risk and Return Metrics
MetricAnchor Muni Single State IntermediateVanguard Interm-Term Tx-Ex Inv
Arithmetic Mean (monthly)0.34%0.36%
Arithmetic Mean (annualized)4.14%4.44%
Geometric Mean (monthly)0.34%0.36%
Geometric Mean (annualized)4.10%4.38%
Volatility (monthly)0.87%1.00%
Volatility (annualized)3.03%3.48%
Downside Deviation (monthly)0.49%0.56%
Max. Drawdown-5.13%-5.17%
US Market Correlation-0.13-0.1
Beta (*)0.861
Alpha (annualized)0.32%0.00%
R Squared97.62%100.00%
Sharpe Ratio1.171.1
Sortino Ratio2.031.92
Treynor Ratio (%)4.123.83
Calmar Ratio3.422.62
Active Return-0.28%N/A
Tracking Error0.67%N/A
Information Ratio-0.42N/A
Skewness-0.47-0.28
Excess Kurtosis1.722.02
Historical Value-at-Risk (5%)-1.12%-1.22%
Analytical Value-at-Risk (5%)-1.09%-1.29%
Conditional Value-at-Risk (5%)-1.88%-2.12%
Upside Capture Ratio (%)89.2100
Downside Capture Ratio (%)83.22100
Safe Withdrawal Rate10.62%10.87%
Perpetual Withdrawal Rate2.16%2.43%
Positive Periods93 out of 132 (70.45%)90 out of 132 (68.18%)
Gain/Loss Ratio1.161.22
(*) Vanguard Interm-Term Tx-Ex Inv is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.
Annual Returns
YearInflationAnchor Muni Single State Intermediate ReturnVanguard Interm-Term Tx-Ex Inv ReturnAnchor Muni Single State Intermediate BalanceVanguard Interm-Term Tx-Ex Inv BalanceAnchor Muni Single State Intermediate Income (%)Anchor Muni Single State Intermediate Income ($)
20092.72%8.91%10.22%$10,891.00 $11,022.00 3.89%$389.00
20101.50%1.86%2.13%$11,094.00 $11,257.00 3.74%$407.00
20112.96%9.04%9.62%$12,097.00 $12,340.00 3.83%$425.00
20121.74%5.63%5.70%$12,778.00 $13,043.00 3.59%$435.00
20131.50%-2.14%-1.56%$12,504.00 $12,840.00 3.36%$429.00
20140.76%7.11%7.25%$13,394.00 $13,770.00 3.28%$410.00
20150.73%2.78%2.86%$13,767.00 $14,164.00 2.99%$401.00
20162.07%0.27%0.08%$13,804.00 $14,176.00 3.08%$424.00
20172.11%4.57%4.53%$14,435.00 $14,818.00 2.92%$403.00
20181.91%1.21%1.25%$14,610.00 $15,004.00 2.86%$413.00
20192.29%6.44%6.78%$15,551.00 $16,021.00 2.81%$410.00
Asset Allocation for Anchor Muni Single State Intermediate
CategoryWeight
US Stocks0.00%
Intl Stocks0.00%
US Bonds95.14%
Intl Bonds0.41%
Other2.65%
Cash1.80%
Fixed Income Credit Quality for Anchor Muni Single State Intermediate
CategoryWeight
AAA10.25%
AA59.69%
A23.28%
BBB2.62%
Non-Investment Grade1.60%
Not Rated2.56%
Fixed Income Maturity for Anchor Muni Single State Intermediate
CategoryWeight
Under 1 Year2.19%
1 - 3 Years4.02%
3 - 5 Years5.06%
5 - 7 Years7.19%
7 - 10 Years14.01%
10 - 15 Years30.24%
15 - 20 Years24.42%
20 - 30 Years12.17%
Over 30 Years0.72%
Drawdowns for Anchor Muni Single State Intermediate (worst 10)
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1May-13Aug-134 monthsApr-148 months1 year-5.13%
2Sep-10Jan-115 monthsJun-115 months10 months-4.11%
3Sep-16Nov-163 monthsJul-178 months11 months-4.01%
4Oct-09Oct-091 monthFeb-104 months5 months-1.81%
5Feb-15Jun-155 monthsSep-153 months8 months-1.20%
6Jan-18Feb-182 monthsAug-186 months8 months-1.18%
7Sep-18Oct-182 monthsDec-182 months4 months-1.05%
8Dec-12Dec-121 monthApr-134 months5 months-0.98%
9Feb-12Mar-122 monthsApr-121 month3 months-0.80%
10Sep-19Sep-191 month-0.65%
Rolling Returns
YearAnchor Muni Single State Intermediate 3-year annualized returnAnchor Muni Single State Intermediate 5-year annualized returnAnchor Muni Single State Intermediate 7-year annualized returnAnchor Muni Single State Intermediate 10-year annualized returnVanguard Interm-Term Tx-Ex Inv 3-year annualized returnVanguard Interm-Term Tx-Ex Inv 5-year annualized returnVanguard Interm-Term Tx-Ex Inv 7-year annualized return
20116.55%N/AN/AN/A7.26%N/AN/A
20125.47%N/AN/AN/A5.77%N/AN/A
20134.07%4.57%N/AN/A4.48%5.13%N/A
20143.45%4.22%N/AN/A3.72%4.55%N/A
20152.52%4.41%4.67%N/A2.79%4.70%5.10%
20163.35%2.68%3.44%N/A3.35%2.81%3.66%
20172.53%2.47%3.83%N/A2.48%2.59%4.01%
20182.00%3.16%2.73%3.86%1.94%3.16%2.83%
20194.05%3.03%2.85%3.63%4.16%3.07%2.98%