Manager(s): 

Ancora/Thelen Small Mid Cap Fund

 



Objective & Share Information

The Ancora/Thelen Small Mid Cap Fund’s primary objective is capital appreciation.

Symbol Share Class Expense Ratio* Minimum * Maximum Sales Charge
AATIX I Share 1.39% $5,000 -
AATCX C Share 2.26% $5,000 -

* The Advisor and the Trust have entered into a fee waiver agreement whereby the Advisor has contractually agreed to waive a portion of its fees in order to limit total annual fund operating expenses (excluding Fees and Expenses of Acquired Funds and certain other items) to 1.39% for Class I shares. These fee waivers will remain in effect until at least December 31, 2013 but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund shareholders. The Advisor is entitled to recover such waived amounts within the same fiscal year in which the Advisor reduced its fee. No recoupment will occur except to the extent that the Fund’s expenses, together with the amount recovered, do not exceed the applicable expense limitation. The gross expense ratio of the Class I shares would have been 1.54% without the Advisor’s waiver. See prospectus for additional expense ratio detail and minimum purchase eligibility requirements.


Philosophy & Process

The Ancora/Thelen Small Mid Cap Fund emphasizes equity investments in companies with market capitalizations between $100 million and $10 billion. This translates to approximately 3,000 listed stocks. The manager refines this universe to a portfolio of approximately 40-60 holdings focusing on companies that have strong franchise value but that may currently be out of favor, underfollowed companies that receive little Wall Street research attention and special situation investments that are frequently misunderstood by the market such as spinoffs and corporate restructurings.


Performance as of 6/30/14

  Q2 YTD 1 Yr. 3 Yrs. 5 Yrs. Since Incep. (1/2/13)
Ancora/Thelen Small Mid Cap Fund (AATIX) 2.97% 5.00% 25.22% N/A N/A 25.59%
Ancora/Thelen Small Mid Cap Fund (AATCX) 2.78% 4.59% 24.16% N/A N/A 24.51%
Russell 2500 Index 3.56% 5.94% 25.57% N/A N/A 25.92%

Performance quoted represents past performance and is not a guarantee or a reliable indicator of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than average annual returns shown. A Redemption Fee of 2% may be assessed on shares held less than 90 days. The performance data presented does not reflect the deduction of this fee and if reflected would reduce the performance returns.


Top Ten Holdings as of 6/30/14

  Description Symbol % Weight  
1 Tribune Co. TRBAA 5.13%  
2 Mallinckrodt PLC MNK 4.19%  
3 Allegion PLC ALLE 3.53%  
4 New Media Investment Group, Inc. NEWM 3.05%  
5 Autobytel, Inc. ABTL 2.97%  
6 SpartanNash Co. SPTN 2.88%  
7 TFS Financial Corp. TFSL 2.83%  
8 Liberty Ventures LVNTA 2.82%  
9 Sizmek, Inc. SZMK 2.60%  
10 Post Holdings, Inc. POST 2.56%  
  Cash   3.06%  

Purchase Availability 

  • Direct Application (click here)
  • Pershing LLC
  • Charles Schwab
  • TD Ameritrade
  • Fidelity
  • National Financial Services

Additional Purchase Information: Dan Hyland, Managing Director, Marketing & Client Services, dan@ancora.net, 216-825-4000

GENERAL RISK DISCLOSURES

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus and summary prospectus, if available, which may be obtained by contacting your Ancora representative, financial advisor or by clicking here.

ANCORA/ THELEN SMALL-MID CAP FUND RISK DISCLOSURES

Speculative Nature. The Fund intends to invest in securities that are more speculative than other securities and, therefore, subject to a substantial decline or total loss in value. Because of the speculative nature of these securities, shareholders of the Fund are exposed to a high degree of risk.

Small and Mid-Cap Companies. The principal risks of investing in the Fund include the risks of investing in equity securities. The prices of equity securities fluctuate based on changes in a company’s activities and financial condition and in overall market and financial conditions. The small and mid cap companies in which the Fund invests are especially sensitive to these factors and therefore may be subject to greater share price fluctuations than other companies. Also, securities of these companies are often less liquid, thus possibly limiting the ability of the Fund to dispose of such securities when the Advisor deems it advisable to do so. As a result of these factors, securities of these small and mid cap companies may expose shareholders of the Fund to above average risk.