Ancora
seeks to invest in companies participating in industries with
attractive prospects and business fundamentals. Ancora’s portfolio
managers and analysts seek to understand the competitive positioning of
the company with a view toward long-term franchise value and management
reputation.
We are looking for those companies
participating in large, growing markets, and in industries that
engender the building of sustainable franchise value, barriers to
entry, and high margins are favored.
These
may result from consumer brand value, a differentiated product,
oligopolistic market dynamics or a superior cost structure, among other
factors. Many of these companies will have sizable recurring revenues
attached to long-term customer relationships. Ancora’s investment staff
formulates viewpoints in part by conducting interviews with industry
insiders, including customers and competitors. We seek feedback on key
qualitative data points from these interviews, including the strength
and sustainability of the company's customer relationships, the company
and management team's reputation in the business community and the
quality of the company's products or services.