Ancora/Thelen Small Mid Cap Fund


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


Dan Thelen, CFA

Portfolio Manager

Nicholas Koenigsknecht


Connor Cloetingh


Key Stats

Share Class I Share
Gross Expense Ratio 1.27%
Net Expense Ratio1 1.27%
Minimum2 $5,000
Max. Sales Charge -
Inception Date January 2, 2013
Share Class S Share
Gross Expense Ratio 1.25%
Net Expense Ratio1 1.00%
Minimum2 $1,500,000
Max. Sales Charge -
Inception Date June 19, 2015


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.


Portfolio management starts with approximately 3,000 listed stocks. These are screened and refined to a portfolio of approximately 50-75 holdings.


Total Returns at NAV (%)

As of 3/31/2020

Ancora/Thelen Small-Mid Cap (AATSX) -31.82% -31.82% -26.65% -5.09% N/A -1.71%
Ancora/Thelen Small-Mid Cap (AATIX) -31.85% -31.85% -26.74% -5.33% -1.8% 4.04%
Russell 2500 -29.72% -29.72% -22.47% -3.1% 0.49% 6.51%

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 1/2/13, the inception date for the S share class of the fund is 6/19/15.


Top 10 Holdings

As of 3/31/2020

Description Symbol Weight
Arcosa, Inc. ACA 3.46
Voya Financial, Inc. VOYA 3.18
TreeHouse Foods, Inc. THS 3.09
Leidos Holdings, Inc. LDOS 3.03
Columbia Financial, Inc. CLBK 2.74
Nomad Foods Ltd. NOMD.N 2.72
PotlatchDeltic Corporation PCH 2.65
Masco Corporation MAS 2.62
MDU Resources Group, Inc. MDU 2.59
Vistra Energy Corp. VST 2.48
Total 82.56
Cash 2.82

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/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 May 1, 2020 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.

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