SOURCE: Bancroft Fund Ltd.

December 02, 2013 16:19 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwired - Dec 2, 2013) - Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the twelve months ended October 31, 2013:

     
EARNINGS REPORT   Twelve Months Ended
    October 31
         
    2013   2012
         
Net income   $1,363,000   $2,587,000
  Per share   $0.25   $0.48
Shares outstanding   5,368,455   5,341,852
Total net assets   $118,821,000   $102,316,000
Net asset value per share   $22.13   $19.15
         
         
FUND STATISTICS        
         
Market price   $18.42    
Net asset value (NAV)   $22.13    
Premium/(Discount)   (16.76)%    
Total net assets   $118,821,000    
12-Month income distribution   $0.555    
Yield on market price   3.01%    
Ratio of expenses (annualized)   1.1%    
Ratio of net income (annualized)   1.4%    
Portfolio turnover   51%    
Shares outstanding   5,368,455    
         
         
TOP TEN HOLDINGS        
  by underlying common stock        
    % of Net Assets    
Gilead Sciences, Inc.   4.6    
Iconix Brand Group, Inc.   2.2    
United Technologies Corp.   2.1    
MetLife, Inc.   1.9    
Priceline.com Inc.   1.9    
Wells Fargo & Co.   1.9    
Jarden Corp.   1.7    
NextEra Energy, Inc.   1.7    
Bank of America Corp.   1.6    
Encore Capital Group, Inc.   1.6    
         
         
Sector Weightings        
    % of Net Assets    
Financials   22.7    
Information Technology   20.2    
Health Care   14.8    
Consumer Discretionary   9.5    
Industrials   7.9    
Energy   7.0    
Materials   5.4    
Utilities   4.0    
Telecommunication Services   3.5    
Consumer Staples   2.0    
         
         
ASSET ALLOCATION        
    % of Net Assets    
Convertible Bonds & Notes   71.7    
Convertible Preferred Stock   13.9    
Mandatory Convertible Securities   10.4    
Common Stock   0.9    
Cash & Equivalents   3.1    
         
         

Data is unaudited and as of October 31, 2013. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi Annual Report to Shareholders for the six months ended April 30, 2013.

Detailed portfolio information is available on our website (www.bancroftfund.com).

Contact us by email at info@bancroftfund.com or 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 under the ticker symbol BCV.

Cusip 059695106

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