Ancora Special Opportunity Fund


The Ancora Special Opportunity Fund’s primary objective is to obtain a high total return.


Richard Barone

Portfolio Manager

Key Stats

Share Class Institutional
Gross Expense Ratio 1.73%
Net Expense Ratio 1.73%
Minimum1 $5,000
Max. Sales Charge -
Inception Date January 5, 2004


Under normal circumstances, at least 80% of the assets in the Ancora Special Opportunity Fund will be invested in publicly traded equity securities of such companies (such as common stock, preferred stock and securities convertible into common or preferred stock). Examples of companies in which the Fund may invest include (i) companies which have lost significant market value, if the Advisor believes the fortunes of these companies may be more favorable in the future, (ii) companies which are undergoing financial restructuring or which may be repositioning themselves in the marketplace for their products or services, and (iii) companies having products or services which are new and untested or which may gain wider acceptance in the future.


Securities in the Fund will tend to be of companies with “micro” and small capitalizations (that is, with market capitalizations of less than $2 billion), but this will not be a requirement.


Total Returns at NAV (%)

As of 3/31/2020

Ancora Special Opportunity Fund (ANSIX) -29.67% -29.67% -22.93% -3.58% 1.2% 5.52% 4.86%
Wilshire 5000 Index -20.7% -20.7% -8.94% 4.09% 5.99% 10.19% 7.55%

Hypothetical Growth of $10,000

As of 3/31/2020

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 1/5/04.


Top 10 Holdings

As of 3/31/2020

Description Symbol Weight
Special Opportunities Fund, Inc. SPE 5.19
iShares Russell 2000 Value ETF IWN 4.48
Bristol-Myers Squibb Co. BMY 4.35
Square, Inc. SQ 4.09
The Gabelli Global Small and Mid Cap Value Trust GGZ 3.97
Boulder Growth & Income Fund, Inc. BIF 3.59
Dividend and Income Fund DNI 3.43
Manning & Napier, Inc. MN 3.41
Diebold Nixdorf Inc. DBD 3.30
Iteris, Inc ITI 3.17
Total 38.99
Cash 10.81

Sector Weights

As of 3/31/2020

General Risk Disclosures

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

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.

This Presentation is for informational purposes only. No part of this Presentation may be reproduced in any manner without the written permission of Ancora. Each person who has received or viewed this Presentation is deemed to have agreed: (i) not to reproduce or distribute this Presentation, in whole or part; (ii) not to disclose any information contained in this document except to the extent that such information was (a) previously known by such person through a source (other than the Fund, its partners or advisors) not bound by any obligation to keep confidential such information, (b) in the public domain through no fault of the person, or (c) later lawfully obtained by such person from sources (other than the Fund, its partners or advisors) not bound by any obligation to keep such information confidential; and (iii) to be responsible for any disclosure of this document by such person or any of its employees, agents or representatives.

Ancora Holdings Inc. is the parent company of three registered investment advisers with the United States Securities and Exchange Commission; Ancora Advisors, LLC, Ancora Family Wealth Advisors, LLC and Ancora Retirement Plan Advisors, Inc. In addition it owns Inverness Securities LLC, a FINRA & SIPC member broker dealer. A more detailed description of Ancora, its RIAs, management team and practices are contained in the firm brochure, Form ADV Part 2a. Qualified prospective investors may obtain the ADV Part 2a by contacting the company at: 6060 Parkland Boulevard, Suite 200, Cleveland, Ohio 44124, Phone: 216-825-4000, or by going to

Ancora Funds are distributed by Arbor Court, 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 Special Opportunity 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 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 small and 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 small and micro cap companies may expose shareholders of the Fund to above average risk.

Closed-End Funds. The shares of many closed-end funds frequently trade at a price per share which is less than the net asset value per share, the difference representing the “market discount” of such shares. The Fund purchases shares of closed-end funds which trade at a market discount. However, there can be no assurance that the market discount on shares of any closed-end fund will ever decrease. In fact, it is possible that this market discount may increase and the Fund may suffer capital losses due to further decline in the market price of the securities of such closed-end funds, thereby adversely affecting the net asset value of the Fund’s shares.

The closed-end funds in which the Fund invests typically pay an advisory fee for the management of their portfolios, as well as other expenses. Therefore, the investment by the Fund in closed-end funds often results in a duplication of advisory fees and other expenses, thereby resulting in a lower return for the Fund than would be the case in the absence of such duplication.

Benchmark. The Ancora Special Opportunity Fund utilizes the Wilshire 5000 Index. The Wilshire 5000 Index is widely accepted as the definitive benchmark for the U.S. equity market, and measures performance of all U.S. equity securities with readily available price data. Indexes are unmanaged and one cannot invest directly in an index.

1See the prospectus for minimum purchase eligibility requirements.

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