Anchor Muni Single State Short

Anchor Accounts: Municipal Bond

Summary

The Anchor Muni Single State Short 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 less than 4.5 years (or, if duration is unavailable, average maturities of less than five years).

Benchmark: S&P Municipal Bond Short Index

Core Facts

Asset Class Municipal Bond
Category Muni Single State Short
Expense Ratio [1] 0.0%
Commissions [2] 0.0%
Fee [3] 0.10%
Minimum investment [4] $1000 US
Account number A025
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
PIMCO California Short Duration Municipal Income Fund Class A1.27%
AB Intermediate California Municipal Portfolio Class A1.90%
DFA California Short Term Municipal Bond Portfolio Institutional Class1.17%
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund1.33%
Dupree Mutual Fund Kentucky Tax-Free Short-To-Medium Fund1.74%
Dupree Mutual Fund Tennessee Tax-Free Short-To-Medium Fund1.59%
Dupree Mutual Fund North Carolina Tax-Free Short-To-Medium Fund1.54%
Fidelity California Limited Term Tax-Free Bond Fund1.71%
Invesco Oppenheimer Rochester Limited Term New York Municipal Fund Class A3.35%
Invesco Oppenheimer Rochester Limited Term California Municipal Fund Class A2.46%

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 ShortVanguard Tax-Exempt Bond ETF
Start Balance$10,000.00 $10,000.00
End Balance$10,819.00 $11,376.00
End Balance (inflation adjusted)$9,958.00 $10,471.00
CAGR1.99%3.28%
CAGR (inflation adjusted)-0.10%1.16%
Stdev1.80%3.20%
Best Year4.44%7.34%
Worst Year-0.01%0.18%
Max. Drawdown-2.52%-5.13%
Sharpe Ratio0.40.63
Sortino Ratio0.520.87
US Stock Market Correlation-0.19-0.18
Risk and Return Metrics
MetricAnchor Muni Single State ShortVanguard Tax-Exempt Bond ETF
Arithmetic Mean (monthly)0.17%0.27%
Arithmetic Mean (annualized)2.00%3.33%
Geometric Mean (monthly)0.16%0.27%
Geometric Mean (annualized)1.99%3.28%
Volatility (monthly)0.52%0.92%
Volatility (annualized)1.80%3.20%
Downside Deviation (monthly)0.36%0.63%
Max. Drawdown-2.52%-5.13%
US Market Correlation-0.19-0.18
Beta (*)0.511
Alpha (annualized)0.32%0.00%
R Squared81.36%100.00%
Sharpe Ratio0.40.63
Sortino Ratio0.520.87
Treynor Ratio (%)1.371.99
Calmar Ratio1.542.48
Active Return-1.29%N/A
Tracking Error1.76%N/A
Information Ratio-0.73N/A
Skewness-1.79-1.73
Excess Kurtosis5.836.99
Historical Value-at-Risk (5%)-0.70%-0.97%
Analytical Value-at-Risk (5%)-0.68%-1.25%
Conditional Value-at-Risk (5%)-1.44%-2.46%
Upside Capture Ratio (%)56.97100
Downside Capture Ratio (%)53.84100
Safe Withdrawal Rate24.50%25.19%
Perpetual Withdrawal Rate0.00%1.14%
Positive Periods33 out of 48 (68.75%)36 out of 48 (75.00%)
Gain/Loss Ratio1.020.75
(*) Vanguard Tax-Exempt Bond ETF is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.
Annual Returns
YearInflationAnchor Muni Single State Short ReturnVanguard Tax-Exempt Bond ETF ReturnAnchor Muni Single State Short BalanceVanguard Tax-Exempt Bond ETF BalanceAnchor Muni Single State Short Income (%)Anchor Muni Single State Short Income ($)
20162.07%-0.01%0.18%$9,999.00 $10,018.00 1.79%$179.00
20172.11%1.06%4.69%$10,105.00 $10,488.00 1.78%$178.00
20181.91%2.51%1.05%$10,359.00 $10,598.00 1.78%$180.00
20192.29%4.44%7.34%$10,819.00 $11,376.00 1.87%$193.00
Asset Allocation for Anchor Muni Single State Short
CategoryWeight
US Stocks0.00%
Intl Stocks0.00%
US Bonds95.11%
Intl Bonds2.64%
Other0.00%
Cash2.25%
Fixed Income Credit Quality for Anchor Muni Single State Short
CategoryWeight
AAA7.78%
AA50.63%
A26.20%
BBB8.75%
Non-Investment Grade2.87%
Not Rated3.77%
Fixed Income Maturity for Anchor Muni Single State Short
CategoryWeight
Under 1 Year9.24%
1 - 3 Years17.69%
3 - 5 Years20.82%
5 - 7 Years13.65%
7 - 10 Years15.09%
10 - 15 Years9.75%
15 - 20 Years5.79%
20 - 30 Years6.81%
Over 30 Years1.16%
Drawdowns for Anchor Muni Single State Short
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Sep-16Nov-163 monthsAug-179 months1 year-2.52%
2Sep-17Nov-173 monthsJul-188 months11 months-1.72%
3Sep-18Oct-182 monthsDec-182 months4 months-0.61%
4Sep-19Sep-191 monthDec-193 months4 months-0.49%
5Mar-16Mar-161 monthApr-161 month2 months-0.13%
6May-16May-161 monthJun-161 month2 months-0.11%

Disclosures

1. The expense ratio is the annual fee that all mutual funds or exchange-traded funds charge their shareholders. It expresses the percentage of assets deducted each fiscal year for fund expenses, including 12b-1 fees, management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund. The expense ratio for all Galleon and iCore accounts equals zero. Accounts may hold funds that charge such fees.

2. Commissions are charged by our custodian for handling transactions. Neither Global Advisers nor any of its affiliates charge commissions.

3. Fees for Galleon and iCore accounts, which range from 0.00 to 0.04, may differ from other management fees.

4. The minimum investment is the amount required initially to open the account. It does not refer to balances that may drop below the minimum after the account has been opened and funded. Custodian may charge a monthly fee for investors with household assets less than $100,000.