Bancroft Fund Ltd. Announces Earnings and Financial Update

Marketwired

MORRISTOWN, NJ--(Marketwired - May 23, 2013) -  Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the six months ended April 30, 2013:

           
           
EARNINGS REPORT
 
 
 
 
 
Six Months Ended
April 30, 2013
(unaudited)
   
Year Ended
October 31, 2012
           
Net Income   $830,580     $2,587,068
  Per Share   $0.15     $0.48
Shares Outstanding   5,374,755     5,341,852
Total Net Assets   $110,688,404     $102,316,232
Net Asset Value Per Share   $20.59     $19.15
           
           
FUND STATISTICS          
           
Market price   $17.5236      
Net asset value (NAV)   $20.59      
Premium/(Discount)   (14.89 )%    
Total Net Assets   $110,688,404      
12-Month income distribution   $0.57      
Yield on market price   3.25 %    
Ratio of expenses (annualized)   1.21 %    
Ratio of net income (annualized)   1.57 %    
Portfolio turnover   24.03 %    
Shares outstanding   5,374,755      
           
           
TOP TEN HOLDINGS          
  by underlying common stock          
    % of Net Assets      
Gilead Sciences, Inc.   3.6      
Wells Fargo & Co.   2.4      
United Technologies Corp.   2.1      
Bank of America Corp.   2.0      
EMC Corp.   1.8      
Equinix, Inc.   1.8      
MetLife, Inc.   1.8      
General Motors Co.   1.7      
Nuance Communications, Inc.   1.6      
SunPower Corp.   1.6      
           
           
MAJOR INDUSTRY EXPOSURE          
    % of Net Assets      
Semiconductors & Semiconductor Equipment   7.1      
Software   6.5      
Real Estate Investment Trusts   6.2      
Insurance   5.5      
Biotechnology   5.4      
Metals & Mining   5.0      
Commercial Banks   4.9      
Oil, Gas & Consumable Fuels   4.1      
Computers & Peripherals   2.9      
Diversified Financial Services   2.8      
           
           
ASSET ALLOCATION          
    % of Net Assets      
Convertible Bonds & Notes   69.7      
Convertible Preferred Stock   14.0      
Mandatory Convertible Securities   11.4      
Common Stock   0.8      
Cash & Equivalents   4.1      
           

Data is unaudited and as of April 30, 2013, with the exception of the Year Ended October 31, 2012 earnings report. The selected information above 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, 2012. 

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 under the ticker symbol BCV. 

Cusip 059695106   

Contact:
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

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