2021 CEO Letter

Dear Clients and Friends,

Anchor Remains Strong – Despite a difficult year for the global economy, Anchor’s 46 associates immediately adapted to working remotely and the company maintained robust profitability throughout 2020. Anchor’s assets under management and advisement at year end were approximately $8.8bn, slightly below the all-time high levels that were reached at the end of 2019. We believe that our resilience is built upon a meticulous and conservative investment process that dates back almost
40 years. Anchor is operating from a position of strength, and is hiring and investing for the future.

We Had Many Exciting Advancements – Anchor’s culture of supporting one another and striving to deliver high levels of investment performance and client service unites us. On average, associates have been with the company for over 11 years. Anchor is extremely supportive of educating and training employees, encouraging graduate studies and certifications such as CFA and CFP. Anchor provides career paths across departments, and promotes from within whenever possible. In 2020 Jen DeSisto became the sole CIO of Anchor and Diane DeBono Schafer became our COO. This year we also added three members to our investment team, Neeraj Mahajan, Church Waesche and Leighton Culici, as well as a Director of National Accounts, Colin Schleifer and a Compliance Officer, Michelle Demerle.

Continued Investment Evolution – Anchor is proud to announce that we are now fully integrating Environmental, Social and Governance (ESG) research as part of our investment process and have become signatories of the United Nations Principles for Responsible Investing (UN PRI) and the Carbon Disclosure Project (CDP). We have been focused on many ESG issues throughout Anchor’s history and have now formalized and fully integrated ESG research with our investment research. Anchor offers a broad array of strategies that are designed to meet various client objectives. This year marked the fourth anniversary of the Founders Value strategy, which is a highly concentrated portfolio of founder-led companies. The strategy returned 119% gross of fees (112% net of fees) in 2020, making it the 6th best performing equity strategy in the country, as captured by eVestment’s comprehensive All US Equity universe of 2,320 strategies.

Value Investing – In 2020, value strategies generally did not keep up with growth strategies. Anchor has been through periods of value underperformance in the past, including the late 1990s, and just as was the case then, we have maintained our disciplined process, which seeks out strong, well managed growing companies, available at reasonable prices. We are especially cautious about growth valuations at the present time, as by some measures growth has never been as expensive relative to value as it is today. In our view, owning great companies at reasonable valuations is a timeless concept that will
continue to serve investors well over the long-term.

Thank You – We are thankful to our clients for the trust that you place in us, and we aspire to exceed your expectations. As we enter 2021, we continue to strive to deliver our goal of helping clients to achieve financial security by protecting and growing their assets over the long-term.


William P. Rice Jr.
Chief Executive Officer