Abstract: An anchor caddy useful in raising an anchor by translating the force exerted on the anchor line by movement of the boat to a vertical force on the anchor is disclosed. The device can also function having the anchor on a few feet of line extending therefrom, as a sea anchor. The anchor caddy consists of a float adapted to support the anchor and caddy. A pulley and housing therefore are attached to the float and movable deflector plates are pivotally mounted at ends thereof on either side of the pulley housing. The anchor line extends from the anchor, over the pulley, through a releaseable, one way dogging mechanism, mounted within the housing, to the boat. The dogging mechanism, when engaged, will permit the line to pass over the pulley only in the direction of the boat. Force exerted on the line causes the deflector plates to pivot outwardly to about 45.degree. angles with the pulley.