SOURCE: Bancroft Fund Ltd.

February 13, 2015 17:00 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwired - Feb 13, 2015) -  Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the three months ended January 31, 2015:         

         
         
EARNINGS REPORT   Three Months Ended
    January 31
         
    2015   2014
         
Net Income   $190,000   $317,000
  Per Share   $0.04   $0.06
Shares Outstanding   5,221,954   5,318,682
Total Net Assets   $122,414,000   $120,993,000
Net Asset Value Per Share   $23.44   $22.75
         
 
         
FUND STATISTICS        
         
Market price   $19.95    
Net asset value (NAV)   $23.44    
Premium/(Discount)   (14.89)%    
Total Net Assets   $122,414,000    
12-Month income distribution   $0.502    
Yield on market price   2.5%    
Ratio of expenses (annualized)   1.0%    
Ratio of net income (annualized)   0.6%    
Portfolio turnover   9%    
Shares outstanding   5,221,954    
         
     
         
TEN LARGEST HOLDINGS        
by underlying common stock        
    % of Net Assets    
Gilead Sciences, Inc.   3.0    
Micron Technology, Inc.   2.1    
Wells Fargo & Co.   2.0    
NextEra Energy, Inc.   1.9    
Crown Castle International Corp.   1.8    
American Tower Corp.   1.7    
Bank of America Corp.   1.7    
Equinix, Inc.   1.7    
Jarden Corp.   1.7    
Mylan Inc.   1.6    
         
     
         
SECTOR WEIGHTINGS        
    % of Net Assets    
Consumer Discretionary   8.1    
Consumer Staples   3.2    
Energy   3.1    
Financials   22.0    
Health Care   17.6    
Industrials   6.4    
Information Technology   30.7    
Materials   1.2    
Telecommunication Services   1.7    
Utilities   3.1    
         
     
         
ASSET ALLOCATION        
    % of Net Assets    
Convertible Bonds & Notes   69.4    
Convertible Preferred Stock   11.8    
Mandatory Convertible Securities   15.4    
Common Stock   0.5    
Cash & Equivalents   2.9    
         

Data is unaudited and as of January 31, 2015. This select 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.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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