Esc-m-p to shrink anchored frame

[Nancy Allison]

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?