Sierra California Municipal Bond Program

The Sierra California Municipal Bond Program seeks to produce satisfying long-term returns while limiting downside risk. The interest income from California municipal bonds is tax-free at the state and federal level, providing a particularly valuable benefit for clients in relatively high tax brackets. The strategy diversifies a client’s account among at least four, often up to ten, California municipal bond mutual funds. Each holding is monitored daily, and during significant declines, the team implements a defensive stop-loss discipline with the goal of limiting drawdowns. The strategy will be fully invested when there are many buy signals and will, at times, be fully in cash when the universe of California municipal bond mutual funds are showing sell signals.

Top Holdings

Top Holdings

As of September 30, 2017. Top holdings are subject to change.

Allocations

Allocations

As of September 30, 2017. Allocations are subject to change.

Performance

Growth of $1,000,000 – After Fees

As of September 30, 2017. The performance quoted herein represents past performance. Past performance does not guarantee future results.

The benchmark for the Sierra California Municipal Bond Program is the Bloomberg Barclays U.S. Aggregate Bond Index, which is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

It is not our goal to equal or exceed the stock market averages.