SOURCE: Bancroft Fund Ltd.

September 03, 2014 16:38 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwired - Sep 3, 2014) - Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the nine months ended July 31, 2014:

           
           
EARNINGS REPORT   Nine Months Ended
    July 31
    2014     2013
           
Net Income   $789,000     $1,140,000
  Per Share   $0.15     $0.21
Shares Outstanding   5,242,291     5,374,755
Total Net Assets   $123,093,000     $115,609,000
Net Asset Value Per Share   $23.48     $21.51
           
           
FUND STATISTICS          
           
Market price   $20.00      
Net asset value (NAV)   $23.48      
Premium/(Discount)   (14.82 )%    
Total Net Assets   $123,093,000      
12-Month income distribution   $0.56      
Yield on market price   2.8 %    
Ratio of expenses (annualized)   1.1 %    
Ratio of net income (annualized)   0.9 %    
Portfolio turnover   35 %    
Shares outstanding   5,242,291      
           
           
TEN LARGEST HOLDINGS          
by underlying common stock          
    % of Net Assets      
Gilead Sciences, Inc.   2.9      
Wells Fargo & Co.   2.0      
United Technologies Corp.   1.9      
Micron Technology, Inc.   1.8      
NextEra Energy, Inc.   1.8      
The Priceline Group Inc.   1.8      
Bank of America Corp.   1.7      
Iconix Brand Group, Inc.   1.7      
Illumina, Inc.   1.6      
Nuance Communications, Inc.   1.6      
           
           
SECTOR WEIGHTINGS          
    % of Net Assets      
Consumer Discretionary   8.6      
Consumer Staples   2.7      
Energy   5.9      
Financials   21.4      
Health Care   16.5      
Industrials   7.6      
Information Technology   28.4      
Materials   2.8      
Telecommunication Services   0.7      
Utilities   2.9      
           
           
ASSET ALLOCATION          
    % of Net Assets      
Convertible Bonds & Notes   72.7      
Convertible Preferred Stock   12.1      
Mandatory Convertible Securities   12.0      
Common Stock   0.6      
Cash & Equivalents   2.6      
           
           

Data is unaudited and as of July 31, 2014. 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, 2014.

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 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