I know that I've successfully used something like Esc-m-p to shrink-wrap the anchored frame to the graphic inside. The frame shrank, but everything else stayed the same.
However, when I do it now, yes, it gets shrink-wrapped, but it also changes the anchoring position of the anchored frame from "Below Current Line" to "At Insertion Point." Totally wrecks my page formatting. Is there a similar command that just shrinks the anchored frame without messing with the anchoring position?