| Home
| Contact Us | NAV & Stock Price | Monthly Portfolio Summary Bancroft
Convertible Fund Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
August 12, 2004
Cusip 059695106 |
For Information:
Joshua P. Lake
(973) 631-1177 |
Bancroft Convertible Fund, Inc. (AMEX
- BCV) today reported financial highlights and certain portfolio information for the nine
months ended July 31, 2004.
The Fund declared its one hundred thirty-fifth quarterly
dividend today:
| $0.17 per share |
|
Payable date |
|
Record date |
from ordinary income |
 |
September 29, 2004 |
|
September 15, 2004 |
|
Three
Months Ended
July 31 |
Nine
Months Ended
July 31 |
| Earnings Report |
2004 |
2003 |
2004 |
2003 |
| Net Income |
$1,140,000 |
$1,039,000 |
$2,987,000 |
$2,325,000 |
| Per Share |
$0.21 |
$0.22 |
$0.54 |
$0.49 |
| Shares
Outstanding |
5,557,138 |
4,725,858 |
5,557,138 |
4,725,858 |
| Total Net Assets |
$112,412,000 |
$94,599,000 |
$112,412,000 |
$94,599,000 |
| Net Asset Value
Per Share |
$20.23 |
$20.02 |
$20.23 |
$20.02 |
| Fund
Statistics as of July 31, 2004 |
|
Top Ten Holdings by underlying common stock as of July 31, 2004 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$17.87 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$20.23 |
|
Amerada Hess Corp. |
2.7 |
| Premium/(Discount) |
|
(11.67)% |
|
Teva Pharmaceuticals Industries
Ltd. |
|
2.7 |
| Total Net Assets |
|
$112,412,000 |
|
Capital One Financial Corp. |
|
2.1 |
| 12-Month income distribution |
$0.71 |
|
Sovereign Bancorp, Inc. |
2.1 |
| Yield on market value |
|
3.97% |
|
Church
& Dwight Co., Inc. |
2.0 |
| Ratio of expenses |
|
1.09%* |
|
The St. Paul Travelers
Companies, Inc. |
2.0 |
| Ratio of net income |
|
3.52%* |
|
Chesapeake Energy Corp. |
|
1.9 |
| Portfolio turnover |
|
57.40% |
|
Conexant Systems, Inc. |
|
1.9 |
| Shares outstanding |
|
5,557,138 |
|
Leucadia National Corp. |
|
1.8 |
| *
Annualized |
|
|
|
|
The TJX Companies, Inc. |
|
1.8 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of July
31, 2004 |
|
|
Net Assets |
|
as of July 31, 2004 |
|
| Financial & Insurance |
|
11.4 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Energy |
|
11.0 |
|
Aaa |
|
0 |
| Pharmaceuticals |
|
|
10.8 |
|
Aa |
|
5 |
| Banking/Savings & Loan |
|
|
9.8 |
|
A |
|
8 |
| Technology |
|
|
9.1 |
|
Baa |
|
27 |
| Retail |
|
8.2 |
|
Ba |
|
19 |
| Telecommunications |
|
|
6.5 |
|
B |
|
16 |
| Health Care |
|
|
5.0 |
|
<B |
|
4 |
| Automotive |
|
4.7 |
|
NR |
|
21 |
| Entertainment |
|
|
4.4 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of July 31, 2004 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds & Notes |
|
|
56.7 |
|
|
|
|
| Convertible Preferred Stocks |
|
|
19.8 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
19.8 |
|
|
|
|
| Short-term Securities |
|
|
3.1 |
|
|
|
|
| Other Assets |
|
|
0.6 |
|
|
|
|
Data is unaudited and as of July 31, 2004. 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 462 Kb) for the six months
ended April 30, 2004.
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.
Financial Update (PDF 157Kb)
| Press Releases | Dividend
History | Home |