Ancora MicroCap Fund


The Ancora MicroCap Fund’s primary objective is capital appreciation.


Michael Santelli, CFA

Lead Portfolio Manager

Matt Scullen, CFA

Portfolio Manager

Key Stats

Share Class I Share
Gross Expense Ratio 1.77%
Net Expense Ratio1 1.60%
Minimum2 $5,000
Max. Sales Charge -
Inception Date September 2, 2008


The Ancora MicroCap Fund is a value oriented, bottom up, microcap stock-picking fund. Under normal circumstances, at least 80% of the assets of the Ancora MicroCap Fund will be invested in equity securities of domestic companies whose market capitalizations are in the bottom two deciles of the overall market. We focus on out-of-favor companies with strong balance sheets and look for a catalyst to effect change. We believe that a patient, disciplined investment process with a focus on value and quality will generate attractive performance over the long term. Frequently the hidden strength of the company manifests itself in the following ways:

  • Attractive Valuation: The strategy emphasizes a “value” style of investing. In deciding which securities to buy and which to sell, the manager will give primary consideration to fundamental factors. For example, securities having relatively low ratios of share price to book value, net asset value, earnings and cash flow will generally be considered attractive investments.
  • Outstanding Balance Sheets: We believe it is essential for the out-of-favor microcap stocks we buy to have outstanding balance sheets. Little or no debt and a strong net cash position creates the opportunity for the company to weather its current situation until the next catalyst or turn in the business cycle appears.
  • New Products or Services: The introduction of a new product or service can have a meaningful and rapid impact on microcap companies due to the small size of the existing business. Therefore we watch for product announcements and track initial customer response to new products or services very closely as early results and market acceptance can be the beginning of a strong business trend.
  • Insider Purchases: In smaller companies, insider purchases can be a more meaningful business signal than in large companies. Therefore we look for microcap companies with insider buying.

In addition, we believe that management interviews and company visits are an important aspect of our strategy as microcap companies frequently have very little Wall Street coverage or attention which can be an advantage in discovering mispriced opportunities.


The Fund emphasizes a “value” style of investing with a focus on companies with strong balance sheets, catalysts to drive change, and insider purchases. In deciding which securities to buy and which to sell, the advisor will give primary consideration to fundamental factors. For example, securities having relatively low ratios of share price to book value, net asset value, earnings and cash flow will generally be considered attractive investments.

  • Fund Construction: Typically targets 50-70 holdings.
  • Buy Discipline: We constantly identify/screen for out-of-favor stocks and then determine if there are identifiable catalysts. When there are, we typically buy when the selling appears to have “washed out” and the stock price has established a meaningful base in its price.
  • Sell Discipline: We scale out of stocks that have surpassed our mean reversion estimate of fair value.
  • Risk Management: Buying out-of-favor stocks, with limited downside based on tangible book values or net cash positions, is a significant aspect of our risk management discipline. The Fund is diversified from a sector standpoint with a large number of holdings to add further diversification to the portfolio.


Total Returns at NAV (%)

As of 3/31/2024

Ancora Microcap Fund (ANCIX) 5.51% 5.51% 19.97% 7.5% 11.06% 7.6% 9.29%
Russell Microcap Index 4.68% 4.68% 17.78% -4.89% 6.9% 5.96% 7.68%

Hypothetical Growth of $10,000

As of 3/31/2024

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. The inception date for the I share class of the fund is 9/2/2008.


Top 10 Holdings

As of 3/31/2024

Description Symbol Weight
Crawford & Co. CRD.A.N 4.56
Vaalco Energy, Inc. EGY 4.25
International Money Express, Inc. IMXI 4.13
Silvercrest Asset Management Group, Inc. SAMG 3.55
Lakeland Industries, Inc. LAKE 3.04
Aviat Networks, Inc. AVNW 3.04
BG Staffing, Inc. BGSF 2.91
Smith & Wesson Brands, Inc. SWBI 2.86
Perma-Fix Environmental Services, Inc. PESI 2.78
First Internet Bancorp INBK 2.77
Total 33.89
Cash 8.46

Sector Weights

As of 3/31/2024

Portfolio weights are subject to change without notice and may not add up to 100% due to rounding.

General Risk Disclosures

Carefully consider the Fund’s investment objectives, risks and expenses carefully before investing. This and other information can be found in the Fund’s prospectus, and if available, summary prospectus, which may be obtained by calling 1-866-6-ANCORA or by visiting Read the prospectus carefully before investing. Investing involves risk, including possible loss of capital.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling 1-866-6-ANCORA.

Ancora Funds are distributed by Arbor Court Capital, LLC. Member FINRA and SIPC. Find out more about the background of this firm on FINRA’s BrokerCheck. Ancora Advisors LLC is the investment advisor to the Funds and receives a fee from the Funds for its services. Ancora Holdings Group LLC is the parent company. You may contact the company at: 6060 Parkland Boulevard, Suite 200, Cleveland, Ohio 44124, Phone: 216-825-4000, or by going to

Ancora MicroCap 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.

Micro 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 micro 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 micro cap companies may expose shareholders of the Fund to above average risk.

Benchmark. The Ancora MicroCap Fund utilizes the Russell Microcap Index as the benchmark. The Russell Microcap Index is a capitalization weighted index of 2000 small and micro cap stocks that captures the smallest 1000 companies in the Russell 2000, plus 1000 smaller U.S based listed stocks. Indexes are unmanaged and one cannot invest directly in an index.

1The 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 Acquired Fund Fees and Expenses and dividend expenses relating to short sales, interest, taxes, and brokerage commissions) to 1.60% for Class I. This fee waiver will remain in effect until at least October 1, 2024 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.

2See the prospectus for minimum purchase eligibility requirements.

To learn more, contact an Ancora advisor today >