Anchors Cloud indicates distribution of anchors (both Phrases and Terms) in percents.
Anchor Phrases are phrases with exact match with which external pages refer to the site.
Anchor phrases could be broken into smaller category - Anchor Terms. This means, that we are looking at one-word keyword with a broad match, that is, we are exploring how frequently a certain word occurs in anchor texts.
It is to be noted that Anchors Cloud will display those anchors that matter most to you (constitute >1% usage).