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.
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Effective September 30, 2017 the benchmark for the Sierra California Municipal Bond Program has changed to the Bloomberg Barclays Municipal Bond Index, which is an unmanaged index that is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity of at least one year.
It is not our goal to equal or exceed the stock market averages.