Anchor Muni Single State Long

Anchor Accounts: Municipal Bond

Summary

The Anchor Muni Single State Long 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 more than 7.0 years (or, if duration is unavailable, average maturities of more than 12 years).

Benchmark: S&P Municipal Bond Long Intermediate Index

Core Facts

Asset Class Municipal Bond
Category Muni Single State Long
Expense Ratio [1] 0.0%
Commissions [2] 0.0%
Fee [3] 0.10%
Minimum investment [4] $1000 US
Account number A024
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
Franklin Missouri Tax Free Income Fund Class A12.97%
Franklin Arizona Tax Free Income Fund Class A13.02%
T. Rowe Price Georgia Tax-Free Bond Fund2.59%
Franklin Louisiana Tax Free Income Fund Class A13.03%
Franklin Michigan Tax-Free Income Fund Class A12.80%
Fidelity Arizona Municipal Income Fund2.33%
Fidelity Connecticut Municipal Income Fund2.48%
T. Rowe Price Virginia Tax-Free Bond Fund2.79%
Fidelity Michigan Municipal Income Fund2.47%
T. Rowe Price Maryland Tax-Free Bond Fund2.82%

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 Date1/1/16
End Date12/31/19
Initial Balance$10,000.00
Periodic AdjustmentNone
RebalancingRebalance quarterly
Reinvest DividendsYes
BenchmarkVanguard Tax-Exempt Bond ETF
Portfolio Performance
MetricAnchor Muni Single State LongVanguard Tax-Exempt Bond ETF
Start Balance$10,000.00 $10,000.00
End Balance$11,313.00 $11,376.00
End Balance (inflation adjusted)$10,413.00 $10,471.00
CAGR3.13%3.28%
CAGR (inflation adjusted)1.02%1.16%
Stdev2.89%3.20%
Best Year7.04%7.34%
Worst Year0.53%0.18%
Max. Drawdown-4.51%-5.13%
Sharpe Ratio0.640.63
Sortino Ratio0.90.87
US Stock Market Correlation-0.18-0.18
Risk and Return Metrics
MetricAnchor Muni Single State LongVanguard Tax-Exempt Bond ETF
Arithmetic Mean (monthly)0.26%0.27%
Arithmetic Mean (annualized)3.18%3.33%
Geometric Mean (monthly)0.26%0.27%
Geometric Mean (annualized)3.13%3.28%
Volatility (monthly)0.83%0.92%
Volatility (annualized)2.89%3.20%
Downside Deviation (monthly)0.56%0.63%
Max. Drawdown-4.51%-5.13%
US Market Correlation-0.18-0.18
Beta (*)0.881
Alpha (annualized)0.23%0.00%
R Squared95.84%100.00%
Sharpe Ratio0.640.63
Sortino Ratio0.90.87
Treynor Ratio (%)2.081.99
Calmar Ratio2.712.48
Active Return-0.14%N/A
Tracking Error0.70%N/A
Information Ratio-0.2N/A
Skewness-1.54-1.73
Excess Kurtosis5.936.99
Historical Value-at-Risk (5%)-0.99%-0.97%
Analytical Value-at-Risk (5%)-1.10%-1.25%
Conditional Value-at-Risk (5%)-2.19%-2.46%
Upside Capture Ratio (%)92.94100
Downside Capture Ratio (%)90.05100
Safe Withdrawal Rate25.16%25.19%
Perpetual Withdrawal Rate1.00%1.14%
Positive Periods36 out of 48 (75.00%)36 out of 48 (75.00%)
Gain/Loss Ratio0.780.75
(*) Vanguard Tax-Exempt Bond ETF is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.
Annual Returns
YearInflationAnchor Muni Single State Long ReturnVanguard Tax-Exempt Bond ETF ReturnAnchor Muni Single State Long BalanceVanguard Tax-Exempt Bond ETF BalanceAnchor Muni Single State Long Income (%)Anchor Muni Single State Long Income ($)
20162.07%0.53%0.18%$10,053.00 $10,018.00 3.42%$342.00
20172.11%4.23%4.69%$10,478.00 $10,488.00 3.30%$331.00
20181.91%0.87%1.05%$10,569.00 $10,598.00 2.98%$313.00
20192.29%7.04%7.34%$11,313.00 $11,376.00 2.92%$309.00
Portfolio Returns Based Style Analysis
Style CategoryAnchor Muni Single State Long
Large-cap Value0.00%
Large-cap Growth0.92%
Mid-cap Value0.00%
Mid-cap Growth0.00%
Small-cap Value0.00%
Small-cap Growth0.00%
Global ex-US Developed Markets4.49%
Emerging Markets0.00%
REITs0.00%
Corporate Bonds6.16%
Long-Term Treasuries3.54%
Intermediate-Term Treasuries30.12%
Short-Term Treasuries54.78%
R Squared76.40%
Style analysis is based on monthly returns from Jan 2016 to Dec 2019 and uses total portfolio return with monthly rebalancing. Returns based style analysis aims to explain the portfolio returns based on asset class exposures, it does not identify the actual portfolio holdings.
Asset Allocation for Anchor Muni Single State Long
CategoryWeight
US Stocks0.00%
Intl Stocks0.00%
US Bonds99.28%
Intl Bonds1.18%
Other0.00%
Cash-0.46%
Fixed Income Credit Quality for Anchor Muni Single State Long
CategoryWeight
AAA10.56%
AA52.02%
A26.91%
BBB7.16%
Non-Investment Grade1.14%
Not Rated2.20%
Fixed Income Maturity for Anchor Muni Single State Long
CategoryWeight
Under 1 Year0.38%
1 - 3 Years1.76%
3 - 5 Years2.43%
5 - 7 Years3.77%
7 - 10 Years9.32%
10 - 15 Years19.89%
15 - 20 Years21.09%
20 - 30 Years38.99%
Over 30 Years2.38%
Drawdowns for Anchor Muni Single State Long
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Sep-16Nov-163 monthsDec-171 year 1 month1 year 4 months-4.51%
2Jan-18Feb-182 monthsAug-186 months8 months-1.48%
3Sep-18Oct-182 monthsDec-182 months4 months-1.20%
4Sep-19Sep-191 month-0.69%