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NAV & Stock Price | Monthly Portfolio Summary Bancroft
Convertible Fund Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
August 14, 2003
Cusip 059695106 |
For Information:
Gary I. Levine
(973) 631-1177 |
Bancroft Convertible Fund, Inc. (AMEX
- BCV) today reported financial highlights and certain portfolio information for the nine
months ended July 31, 2003.
The Fund declared its one hundred thirty-first quarterly
dividend today:
|
|
Payable date |
|
Record date |
$0.16 per share
from ordinary income
|
 |
September 29, 2003 |
|
September 18, 2003 |
|
Three
Months Ended
July 31 |
Nine
Months Ended
July 31 |
| Earnings Report |
2003 |
2002 |
2003 |
2002 |
| Net Income |
$1,039,000 |
$1,100,000 |
$2,325,000 |
$2,724,000 |
| Per Share |
$0.22 |
$0.23 |
$0.49 |
$0.58 |
| Shares
Outstanding |
4,725,858 |
4,684,470 |
4,725,858 |
4,684,470 |
| Total Net Assets |
$94,599,000 |
$87,646,000 |
$94,599,000 |
$87,646,000 |
| Net Asset Value
Per Share |
$20.02 |
$18.71 |
$20.02 |
$18.71 |
| Fund
Statistics as of July 31, 2003 |
|
Top Ten Holdings by underlying common stock as of July 31, 2003 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$19.80 |
|
|
|
Net Assets |
| Net asset value (NAV) |
|
$20.02 |
|
New
York Community Bancorp, Inc. |
2.6 |
| Premium/(Discount) |
|
(1.10)% |
|
Washington Mutual, Inc. |
|
2.5 |
| Total Net Assets |
|
$94,599,000 |
|
Reinsurance Group of America, Inc. |
|
2.3 |
| 12-Month income distribution |
$0.75 |
|
Capital
One Financial Corp. |
2.1 |
| Yield on market value |
|
3.79% |
|
Ivax Corp. |
2.1 |
| Ratio of expenses, annualized |
|
1.17% |
|
Anixter International, Inc. |
|
2.0 |
| Ratio of net income, annualized |
|
3.42% |
|
Travelers Property Casualty Corp. |
|
2.0 |
| Portfolio turnover |
|
71.68% |
|
School Specialty, Inc. |
|
1.9 |
| Shares outstanding |
|
4,725,858 |
|
Charming Shoppes, Inc. |
|
1.7 |
|
|
|
|
|
Lucent Technologies, Inc. |
|
1.7 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio
Ratings from Moody's |
|
| as of July 31, 2003 |
|
|
Net Assets |
|
as of
July 31, 2003 |
|
| Financial & Insurance |
|
11.0 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Pharmaceuticals |
|
10.7 |
|
Aaa |
|
1 |
| Retail |
|
|
9.4 |
|
Aa |
|
5 |
| Banking/Savings
& Loan |
|
|
9.0 |
|
A |
|
8 |
| Telecommunications |
|
|
7.1 |
|
Baa |
|
28 |
| Energy |
|
6.6 |
|
Ba |
|
15 |
| Health
Care |
|
|
6.5 |
|
B |
|
16 |
| Technology |
|
|
6.5 |
|
<B |
|
5 |
| Aerospace & Defense |
|
5.9 |
|
NR |
|
22 |
| Entertainment |
|
|
4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset
Allocation |
|
|
% of |
|
|
|
|
| as of July
31, 2003 |
|
|
Net Assets |
|
|
|
|
| Convertible
Bonds & Notes |
|
|
56.3 |
|
|
|
|
| Convertible
Preferred Stock |
|
|
18.9 |
|
|
|
|
| Mandatory
Conv. Securities |
|
|
18.5 |
|
|
|
|
| Short-term
Instruments |
|
|
5.4 |
|
|
|
|
| Other
Assets |
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
Data is unaudited and as of July 31, 2003. This selected
information should be read in conjunction with the financial statements and notes included
in the Company's Semi-Annual Report
to Stockholders (PDF 232 Kb) for the six months
ended April 30, 2003.
Detailed portfolio information is available on our website (http://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.
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