Ancora Microcap Fund

 

Objective & Share Information

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

Symbol Share Class Expense Ratio* Minimum* Maximum Sales Charge
ANCIX I Share 1.60% $5,000 -
ANCCX C Share 2.56% $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 1.60% 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 1.79% without the Advisor’s waiver. See prospectus for additional expense ratio detail and minimum purchase eligibility requirements.

Philosophy & Process

Under normal circumstances, at least 80% of the assets of the Ancora Micro Cap Fund will be invested in equity securities of companies whose equity securities have a total market value of under $500 million. Equity securities consist of common stock, preferred stock and securities convertible into common or preferred stock. The Fund emphasizes a “value” style of investing. 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. Additionally, the Advisor will give secondary consideration to insider transactions and the growth of earnings. 

Performance as of 9/30/14

  Q3 YTD 1 Yr. 3 Yrs. 5 Yrs. Since Incep. (09/01/08)
Ancora Microcap Fund (ANCIX) 0.00% 5.58% 13.59% 20.90% 14.43% 11.25%
Ancora Microcap Fund (ANCCX) -0.14% 4.90% 12.66% 20.00% 10.57% 10.57%
Russell Microcap Index -8.21% -6.78% 2.79% 22.77% 13.60% 8.81%

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 9/30/14

  Description Symbol % Weight  
1 Albany Molecular Research, Inc. AMRI 3.55%  
2 Lakeland Industries, Inc. LAKE 3.20%  
3 Hawaiian Holdings Inc. Com. HA 2.97%  
4 Medical Action Inds. MDCI 2.91%  
5 Sanfilippo John B & Son Inc. JBSS 2.75%  
6 Digirad Corp. DRAD 2.40%  
7 Heska Corp. HSKA 2.38%  
8 Callaway Golf Co. ELY 2.18%  
9 MVC Capital, Inc. MVC 2.12%  
10 Jakks Pacific, Inc. JAKK 2.06%  
  Cash   6.68%  

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 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.

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