Bancroft Fund : Second quarter earnings and financial update reported
May 29, 2015 at 09:10 pm EDT
Share
MORRISTOWN, NJ--(Marketwired - May 29, 2015) - Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the six months ended April 30, 2015:
EARNINGS REPORT
Three Months Ended
April 30
2015
2014
Net Income
$398,150
$545,000
Per Share
$0.08
$0.10
Shares Outstanding
5,131,256
5,242,291
Total Net Assets
$124,620,000
$121,895,000
Net Asset Value Per Share
$24.29
$23.25
FUND STATISTICS
Market price
$21.26
Net asset value (NAV)
$24.29
Premium/(Discount)
(12.47)%
Total Net Assets
$124,620,000
12-Month income distribution
$0.58
Yield on market price
2.7%
Ratio of expenses (annualized)
1.1%
Ratio of net income (annualized)
0.7%
Portfolio turnover
19%
Shares outstanding
5,131,256
TEN LARGEST HOLDINGS
by underlying common stock
% of Net Assets
Gilead Sciences, Inc.
2.8
Mylan Inc.
2.2
Micron Technology, Inc.
2.0
Wells Fargo & Co.
2.0
Equinix, Inc.
1.9
Hawaiian Holdings, Inc.
1.8
NextEra Energy, Inc.
1.8
Crown Castle International Corp.
1.7
Jarden Corp.
1.7
The Priceline Group Inc.
1.7
SECTOR WEIGHTINGS
% of Net Assets
Consumer Discretionary
8.6
Consumer Staples
3.2
Energy
3.5
Financials
19.1
Health Care
20.9
Industrials
5.4
Information Technology
30.9
Materials
1.3
Telecommunication Services
2.8
Utilities
3.0
ASSET ALLOCATION
% of Net Assets
Convertible Bonds & Notes
69.9
Convertible Preferred Stock
13.0
Mandatory Convertible Securities
14.8
Common Stock
1.0
Cash & Equivalents
1.3
Data is unaudited and as of April 30, 2015. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Shareholders for the twelve months ended October 31, 2014.
Detailed portfolio information is available on our website (www.bancroftfund.com). Contact us by email at info@bancroftfund.comor call us at (973) 631-1177.
Bancroft Fund Ltd. operates as a closed-end, diversified management investment company and invests primarily in convertible securities, with the objectives of providing income and the potential for capital appreciation; which objectives the Fund considers to be relatively equal, over the long-term, due to the nature of the securities in which it invests. Its shares are traded on the NYSE MKT LLC exchange under the ticker symbol BCV.
Cusip 059695106
Contact Information
For further information please contact:
Gary I. Levine
Chief Financial Officer
Ph. (973) 631-1177
Fax (973) 631-9893
info@bancroftfund.com
www.bancroftfund.com
Bancroft Fund Ltd. (the Fund) is a diversified closed-end management investment company. The Fundâs primary investment objective is to provide income and the potential for capital appreciation, which objectives the Fund considers to be relatively equal over the long term due to the nature of the securities in which it invests. The Fund invests primarily in convertible and equity securities. The Fund's investment portfolio includes convertible corporate bonds, convertible preferred stocks, mandatory convertible securities and common stocks. The Fund invests in various industries, such as computer software and services, health care, business services, financial services, security software, consumer services, communications equipment, energy and utilities, semiconductors, telecommunications, real estate investment trusts, diversified industrial, entertainment, airlines, equipment and supplies, transportation and agriculture. Gabelli Funds, LLC serves as the investment advisor of the Fund.
BANCROFT FUND LTD. 
