|
Home | Contact Us |
NAV
& Stock Price |
Monthly
Portfolio Summary Bancroft
Convertible Fund Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
May 15, 2003
Cusip 059695106 |
For Information:
Gary Levine
(973) 631-1177 |
Bancroft Convertible Fund, Inc. (AMEX - BCV)
today reported financial highlights and certain portfolio information for the six months
ended April 30, 2003.
The Fund declared its one hundred thirtieth quarterly dividend
today:
|
|
Payable date |
|
Record date |
$0.16 per share
from ordinary income
|
 |
June 27, 2003 |
|
June 13, 2003 |
| |
Three
Months Ended
April 30 |
Six
Months Ended
April 30 |
| Earnings Report |
2003 |
2002 |
2003 |
2002 |
| Net Income |
$592,000 |
$739,000 |
$1,286,000 |
$1,624,000 |
| Per Share |
$0.12 |
$0.16 |
$0.27 |
$0.35 |
| Shares Outstanding |
4,725,858 |
4,684,470 |
4,725,858 |
4,684,470 |
| Total Net Assets |
$92,395,000 |
$96,885,000 |
$92,395,000 |
$96,885,000 |
| Net Asset Value Per Share |
$19.55 |
$20.68 |
$19.55 |
$20.68 |
| Fund
Statistics as of April 30, 2003 |
|
Top Ten Holdings by underlying common stock as of April 30, 2003 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$18.95 |
|
|
|
Net Assets |
| Net asset value (NAV) |
|
$19.55 |
|
Washington
Mutual, Inc. |
2.8 |
| Premium/(Discount) |
|
(3.07)% |
|
New York Community Bancorp, Inc. |
|
2.5 |
| Total Net Assets |
|
$92,395,000 |
|
Offshore Logistics, Inc. |
|
2.5 |
| 12-Month income distribution |
$0.77 |
|
Commerce
Bancorp, Inc. |
2.4 |
| Yield on market value |
|
4.06% |
|
Reinsurance
Group of America, Inc. |
2.2 |
| Ratio of expenses, annualized |
|
1.19% |
|
Travelers Property Casualty Corp. |
|
2.1 |
| Ratio of net income, annualized |
|
2.90% |
|
Anixter International, Inc. |
|
2.0 |
| Portfolio turnover |
|
38.54% |
|
Capital One Financial Corp. |
|
2.0 |
| Shares outstanding |
|
4,725,858 |
|
Affiliated Computer Services, Inc. |
|
1.7 |
|
|
|
|
|
Johnson & Johnson |
|
1.7 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio
Ratings from Moody's |
|
| as of April 30, 2003 |
|
|
Net Assets |
|
as of
April 30, 2003 |
|
| Financial & Insurance |
|
11.0 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Banking/Savings & Loan |
|
10.3 |
|
Aaa |
|
1 |
| Retail |
|
|
8.4 |
|
Aa |
|
5 |
| Energy |
|
|
8.2 |
|
A |
|
7 |
| Technology |
|
|
8.0 |
|
Baa |
|
35 |
| Pharmaceuticals |
|
7.6 |
|
Ba |
|
13 |
| Aerospace
& Defense |
|
|
5.9 |
|
B |
|
15 |
| Health
Care |
|
|
5.2 |
|
<B |
|
4 |
| Entertainment |
|
4.2 |
|
NR |
|
20 |
| Telecommunications |
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset
Allocation |
|
|
% of |
|
|
|
|
| as of
April 30, 2003 |
|
|
Net Assets |
|
|
|
|
| Convertible
Bonds & Notes |
|
|
53.3 |
|
|
|
|
| Convertible
Preferred Stock |
|
|
19.0 |
|
|
|
|
| Mandatory
Conv. Securities |
|
|
17.0 |
|
|
|
|
| Short-term
Instruments |
|
|
10.0 |
|
|
|
|
| Other
Assets |
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Data is unaudited and as of April 30, 2003. This selected
information should be read in conjunction with the financial statements and notes included
in the Company's Annual Report to
Stockholders (PDF 462 Kb) for the twelve months ended October 31, 2002.
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 123Kb) |
Press Releases |
Dividend History |
Home |