Ancora/Thelen Small Mid Cap Fund
Objective
The Ancora/Thelen Small Mid Cap Fund’s primary objective is capital appreciation.
People
Dan Thelen, CFA
Portfolio Manager
Key Stats
| Share Class | I Share |
| Gross Expense Ratio | 1.21% |
| Net Expense Ratio1 | 1.21% |
| Minimum2 | $5,000 |
| Max. Sales Charge | - |
| Inception Date | January 2, 2013 |
| Share Class | S Share |
| Gross Expense Ratio | 1.20% |
| Net Expense Ratio1 | 1.00% |
| Minimum2 | $1,500,000 |
| Max. Sales Charge | - |
| Inception Date | June 19, 2015 |
Documents
Philosophy
The Ancora/Thelen Small Mid Cap Fund emphasizes equity investments in companies with market capitalizations between $100 million and $10 billion. The Fund focuses 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.
Process
Portfolio management starts with approximately 3,000 listed stocks. These are screened and refined to a portfolio of approximately 50-75 holdings.
Performance
Total Returns at NAV (%)
As of 9/30/2024
| QTD | YTD | 1Y | 3Y | 5Y | 10Y | ITD | |
|---|---|---|---|---|---|---|---|
| Ancora/Thelen Small-Mid Cap (AATIX) | 10.56% | 16.32% | 31.06% | 7.45% | 12.18% | 9.18% | 10.35% |
| Russell 2500 Index | 8.75% | 11.3% | 26.17% | 3.47% | 10.43% | 9.5% | 10.98% |
Hypothetical Growth of $10,000
As of 9/30/2024
The inception date for the I share class of the fund is 01/02/2013. Periods less than one year are not annualized.
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.
Composition
Top 10 Holdings
As of 9/30/2024
| Description | Symbol | Weight |
|---|---|---|
| MDU Resources Group, Inc. | MDU | 3.67 |
| Fortune Brands Innovations, Inc. | FBIN | 3.35 |
| Crane NXT Co. | CXT.N | 3.02 |
| Howard Hughes Holdings, Inc. | HHH | 2.76 |
| Masterbrand, Inc. | MBC | 2.71 |
| Aramark | ARMK | 2.45 |
| Atmus Filtration Technologies, Inc. | ATMU | 2.33 |
| APi Group Corp. | APG | 2.29 |
| National CineMedia, Inc. | NCMI | 2.27 |
| Kyndryl Holding, Inc. | KD.N | 2.24 |
| Total | 27.09 | |
| Cash | 3.28 |
Sector Weights
As of 9/30/2024
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 www.ancorafunds.com. Read the prospectus carefully before investing. Investing involves risk, including possible loss of capital.
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 www.ancora.net.
NOT FDIC INSURED – MAY LOSE VALUE – NO BANK GUARANTEE
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.
Benchmark. The Ancora/Thelen Small Mid Cap Fund utilizes the Russell 2500 Index as the benchmark. The Russell 2500 Index is a market cap weighted index that includes the smallest 2,500 companies covered in the Russell 3000 universe of United States-based listed equities. 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 1.39% for Class I shares and 1.00% for Class S shares. This fee waiver will remain in effect until at least October 1, 2025 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.