| Home | Contact Us |
NAV
& Stock Price | Top Ten
Holdings Bancroft Convertible Fund, Inc.
Announces Dividend, Earnings and Financial Update
For Information:
Gary Levine or Josh Lake
(973) 631-1177
FOR IMMEDIATE RELEASE
Morristown, NJ
August 21, 2002
Bancroft Convertible Fund, Inc. (AMEX - BCV)
today reported financial highlights and certain portfolio information for the nine months
ended July 31, 2002.
The Fund declared its one hundred twenty-seventh quarterly
dividend today:
|
|
Payable date |
|
Record date |
18 cents ($0.18) per share
from ordinary income |
 |
September 27, 2002 |
|
September 13, 2002 |
| Earnings Report |
Three Months Ended
July 31 |
Nine Months Ended
July 31 |
|
2002 |
2001 |
2002 |
2001 |
| Net Income |
$1,100,000 |
$1,290,000 |
$2,724,000 |
$4,437,000 |
| Per Share |
$0.23 |
$0.28 |
$0.58 |
$0.96 |
| Fund
Statistics as of July 31, 2002 |
|
Top Ten
Holdings by underlying common stock as of July 31, 2002 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$17.04 |
|
|
|
Net Assets |
| Net asset value (NAV) |
|
$18.71 |
|
National Data Corp. |
2.4 |
| Premium/(Discount) |
|
(8.93)% |
|
Telecom Corp. of New Zealand |
|
2.4 |
| Total Net Assets |
|
$87,645,535 |
|
Washington Mutual Inc. |
|
2.3 |
| 12-Month income distribution |
$1.00 |
|
Capital One
Financial Corp. |
2.0 |
| Yield on market value |
|
5.87% |
|
Reinsurance Group of
America |
2.0 |
| Shares outstanding |
|
4,684,470 |
|
School Specialty, Inc. |
|
2.0 |
|
|
|
|
|
Northrop Grumman Corp. |
|
1.9 |
| Major Industry Exposure |
|
% of |
|
Anixter
International, Inc. |
1.8 |
| as of July 31, 2002 |
|
|
Net Assets |
|
Telecom Italia
S.p.A. |
1.8 |
| Financial & Insurance |
|
9.9 |
|
United Parcel
Service, Inc. |
1.8 |
| Aerospace & Defense |
|
8.8 |
|
|
|
|
| Retail |
|
|
8.0 |
|
|
|
|
| Health
Care |
|
|
7.7 |
|
Portfolio Ratings from Moody's |
|
% of |
| Pharmaceuticals |
|
|
6.1 |
|
as of July 31, 2002 |
|
Portfolio |
| Telecommunications |
|
5.8 |
|
(From S&P when Moody's
is unavailable) |
|
| Technology |
|
|
5.4 |
|
Aaa |
|
4 |
| Banking |
|
|
5.1 |
|
Aa |
|
6 |
| Data-Processing Services |
|
4.8 |
|
A |
|
17 |
| Energy |
|
|
4.6 |
|
Baa |
|
35 |
|
|
|
|
|
Ba |
|
12 |
| Asset
Allocation |
|
|
% of |
|
B |
|
12 |
| as of July
31, 2002 |
|
|
Net Assets |
|
<B |
|
1 |
| Convertible
Bonds & Notes |
|
|
67.1 |
|
NR |
|
13 |
| Mandatory
Conv. Securities |
|
|
11.9 |
|
|
|
|
| Convertible
Preferred Stock |
|
|
10.3 |
|
|
|
|
| Short-term
Instruments |
|
|
10.1 |
|
|
|
|
| Other
Assets |
|
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Data is unaudited and as of July 31, 2002. This selected
information should be read in conjunction with the financial statements and notes included
in the
Company's Semi-Annual Report to Stockholders for the six months ended April 30, 2002.
Detailed portfolio information is available on our website (www.bancroftfund.com). Visit
us there or contact us by e-mail at info@bancroftfund.com or call us at (973) 631-1177.
Bancroft is a diversified closed-end management investment company. Bancroft's investment
objective is to seek a high level of total return on its assets through a combination of
current income and capital appreciation. It seeks to achieve this objective by investing
primarily in convertible securities.
Financial
Update (PDF 212Kb) | Press Releases | Dividend History | Home |