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