SOURCE: Bancroft Fund Ltd.

February 26, 2014 11:31 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwired - Feb 26, 2014) - Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the three months ended January 31, 2014:

     
EARNINGS REPORT   Three Months Ended
    January 31
         
    2014   2013
         
Net Income   $317,000   $440,000
  Per Share   $0.06   $0.08
Shares Outstanding   5,318,682   5,374,755
Total Net Assets   $120,993,000   $107,570,000
Net Asset Value Per Share   $22.75   $20.01
 
         
FUND STATISTICS        
         
Market price   $18.97    
Net asset value (NAV)   $22.75    
Premium/(Discount)   (16.62)%    
Total Net Assets   $120,993,000    
12-Month income distribution   $0.56    
Yield on market price   3.0%    
Ratio of expenses (annualized)   0.9%    
Ratio of net income (annualized)   1.0%    
Portfolio turnover   10%    
Shares outstanding   5,318,682    
 
         
TOP TEN HOLDINGS        
  by underlying common stock        
    % of Net Assets    
Gilead Sciences, Inc.   5.1    
Iconix Brand Group, Inc.   2.2    
United Technologies Corp.   2.1    
Priceline.com Inc.   2.0    
MetLife, Inc.   1.9    
Wells Fargo & Co.   1.9    
NextEra Energy, Inc.   1.8    
Bank of America Corp.   1.7    
Jarden Corp.   1.7    
Nuance Communications, Inc.   1.6    
 
         
SECTOR WEIGHTINGS        
    % of Net Assets    
Consumer Discretionary   8.5    
Consumer Staples   2.5    
Energy   6.0    
Financials   21.6    
Health Care   17.3    
Industrials   8.0    
Information Technology   23.9    
Materials   3.2    
Telecommunication Services   3.0    
Utilities   3.0    
 
         
ASSET ALLOCATION        
    % of Net Assets    
Convertible Bonds & Notes   73.9    
Convertible Preferred Stock   13.2    
Mandatory Convertible Securities   8.9    
Common Stock   0.9    
Cash & Equivalents   3.1    
 
         

Data is unaudited and as of January 31, 2014. 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, 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 exchange under the ticker symbol BCV. 

Cusip 059695106 

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