SOURCE: Bancroft Fund Ltd.

December 23, 2014 08:30 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwired - Dec 23, 2014) - Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the twelve months ended October 31, 2014:

       
EARNINGS REPORT Twelve Months Ended
  October 31
       
  2014   2013
       
Net Income $1,072,000   $1,363,000
  Per Share $0.20   $0.25
Shares Outstanding 5,242,291   5,368,455
Total Net Assets $123,667,000   $118,821,000
Net Asset Value Per Share $23.59   $22.13
       
       
FUND STATISTICS      
       
Market price $20.09    
Net asset value (NAV) $23.59    
Premium/(Discount) (14.84)%    
Total Net Assets $123,667,000    
12-Month income distribution $0.56    
Yield on market price 2.8%    
Ratio of expenses (annualized) 1.1%    
Ratio of net income (annualized) 1.0%    
Portfolio turnover 43%    
Shares outstanding 5,242,291    
       
     
       
TEN LARGEST HOLDINGS      
by underlying common stock      
  % of Net Assets    
Gilead Sciences, Inc. 3.2    
Micron Technology, Inc. 2.3    
NextEra Energy, Inc. 1.9    
United Technologies Corp. 1.9    
Wells Fargo & Co. 1.9    
American Tower Corp. 1.7    
Bank of America Corp. 1.7    
The Priceline Group Inc. 1.7    
Crown Castle International Corp. 1.6    
Iconix Brand Group, Inc. 1.6    
       
     
       
SECTOR WEIGHTINGS      
  % of Net Assets    
Consumer Discretionary 8.1    
Consumer Staples 3.1    
Energy 4.3    
Financials 22.1    
Health Care 17.2    
Industrials 7.8    
Information Technology 30.2    
Materials 2.3    
Telecommunication Services 0.7    
Utilities 3.2    
       
     
       
ASSET ALLOCATION      
  % of Net Assets    
Convertible Bonds & Notes 72.6    
Convertible Preferred Stock 11.7    
Mandatory Convertible Securities 13.9    
Common Stock 0.6    
Cash & Equivalents 1.2    
       

Data is unaudited and as of October 31, 2014. This select 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 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