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Stamper Capital & Investments, Inc.
Separately Managed Accounts (National Tax-Free) vs. Tax-Free Municipal Bond Indices
Annual Total Returns, Period Ended 9-30-2019
| PERIOD | Morningstar Muni Short Category | SCI Separately Managed Tax-Fee Municipal Accounts Composite Net of Fees | SCI Separately Managed Accounts Net Pre-Tax Equivalent* | Bloomberg Barclay's 3 Year Tax-Free Muni Bond Index |
|---|---|---|---|---|
| 1 Year | 3.37% | 2.88% | 4.42% | 3.93% |
| 3 Years | 1.39% | 2.41% | 3.71% | 1.62% |
| 5 Years | 1.22% | 2.14% | 3.29% | 1.44% |
| 10 Years | 1.49% | 2.16% | 3.32% | 1.78% |
| 15 Years | 2.06% | 2.74% | 4.22% | 2.46% |
| Since Inception (1/1/1995) | N/A | 3.93% | 6.05% | N/A |
Note: Indices do not have fees (trading costs, custody fees, management fees, etc.) deducted from their returns. We now have a much more reasonable index to compare to - the Bloomberg Barclay's 3 Year Tax-Free Municipal Index. We still aim for similar or better returns with less risk - The key with this table is that our pre-tax municipal bond returns are noticeably higher the bond market index but with What We Think is less risk - we will see when rates start to rise and/or credit quality yield spreads widen.
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* at 35% Federal tax rate