SOURCE: Bancroft Fund Ltd.

May 29, 2015 17:00 ET

Bancroft Fund Ltd. Announces Earnings and Financial Update

MORRISTOWN, NJ--(Marketwired - May 29, 2015) -  Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the six months ended April 30, 2015:                     

     
EARNINGS REPORT Three Months Ended
  April 30
     
  2015 2014
     
Net Income $398,150 $545,000
  Per Share $0.08 $0.10
Shares Outstanding 5,131,256 5,242,291
Total Net Assets $124,620,000 $121,895,000
Net Asset Value Per Share $24.29 $23.25
     
 
     
FUND STATISTICS    
     
Market price $21.26  
Net asset value (NAV) $24.29  
Premium/(Discount) (12.47)%  
Total Net Assets $124,620,000  
12-Month income distribution $0.58  
Yield on market price 2.7%  
Ratio of expenses (annualized) 1.1%  
Ratio of net income (annualized) 0.7%  
Portfolio turnover 19%  
Shares outstanding 5,131,256  
     
   
     
TEN LARGEST HOLDINGS    
  by underlying common stock    
  % of Net Assets  
Gilead Sciences, Inc. 2.8  
Mylan Inc. 2.2  
Micron Technology, Inc. 2.0  
Wells Fargo & Co. 2.0  
Equinix, Inc. 1.9  
Hawaiian Holdings, Inc. 1.8  
NextEra Energy, Inc. 1.8  
Crown Castle International Corp. 1.7  
Jarden Corp. 1.7  
The Priceline Group Inc. 1.7  
     
     
     
SECTOR WEIGHTINGS    
  % of Net Assets  
Consumer Discretionary 8.6  
Consumer Staples 3.2  
Energy 3.5  
Financials 19.1  
Health Care 20.9  
Industrials 5.4  
Information Technology 30.9  
Materials 1.3  
Telecommunication Services 2.8  
Utilities 3.0  
     
     
     
ASSET ALLOCATION    
  % of Net Assets  
Convertible Bonds & Notes 69.9  
Convertible Preferred Stock 13.0  
Mandatory Convertible Securities 14.8  
Common Stock 1.0  
Cash & Equivalents 1.3  
     
   

Data is unaudited and as of April 30, 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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