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NAV & Stock Price | Monthly Portfolio Summary Bancroft
Convertible Fund Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
May 17, 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 six
months ended April 30, 2004.
The Fund declared its one hundred thirty-fourth quarterly
dividend today:
|
|
Payable date |
|
Record date |
$0.17 per share
from ordinary income |
 |
June 29, 2004 |
|
June 15, 2004 |
|
Three
Months Ended
April 30 |
Six
Months Ended
April 30 |
| Earnings Report |
2004 |
2003 |
2004 |
2002 |
| Net Income |
$767,000 |
$592,000 |
$1,847,000 |
$1,286,000 |
| Per Share |
$0.14 |
$0.12 |
$0.33 |
$0.27 |
| Shares
Outstanding |
5,557,138 |
4,725,858 |
5,557,138 |
4,725,858 |
| Total Net Assets |
$115,553,000 |
$92,395,000 |
$115,553,000 |
$92,395,000 |
| Net Asset Value
Per Share |
$20.79 |
$19.55 |
$20.79 |
$19.55 |
| Fund
Statistics as of April 30, 2004 |
|
Top Ten Holdings by underlying common stock as of April 30, 2004 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$18.35 |
|
|
|
Net Assets |
| Net asset value (NAV) |
|
$20.79 |
|
Teva
Pharmaceuticals Industries Ltd. |
2.7 |
| Premium/(Discount) |
|
(11.74)% |
|
Amerada Hess Corp. |
|
2.3 |
| Total Net Assets |
|
$115,553,000 |
|
Washington Mutual, Inc. |
|
2.2 |
| 12-Month income distribution |
$0.70 |
|
Church
& Dwight Co., Inc. |
2.1 |
| Yield on market value |
|
3.81% |
|
The St. Paul
Travelers Companies, Inc. |
2.1 |
| Ratio of expenses, annualized |
|
1.09% |
|
Sovereign Bancorp, Inc. |
|
2.0 |
| Ratio of net income, annualized |
|
3.28% |
|
Capital One Financial Corp. |
|
1.9 |
| Portfolio turnover |
|
44.81% |
|
Conexant Systems, Inc. |
|
1.9 |
| Shares outstanding |
|
5,557,138 |
|
Fifth Third Bancorp |
|
1.8 |
|
|
|
|
|
The TJX Companies, Inc. |
|
1.8 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio
Ratings from Moody's |
|
| as of April 30, 2004 |
|
|
Net Assets |
|
as of
April 30, 2004 |
|
| Pharmaceuticals |
|
11.7 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Technology |
|
11.2 |
|
Aaa |
|
0 |
| Banking/Savings
& Loan |
|
|
11.0 |
|
Aa |
|
5 |
| Financial
& Insurance |
|
|
10.7 |
|
A |
|
12 |
| Energy |
|
|
10.0 |
|
Baa |
|
25 |
| Retail |
|
7.9 |
|
Ba |
|
15 |
| Telecommunications |
|
|
7.1 |
|
B |
|
17 |
| Health
Care |
|
|
5.0 |
|
<B |
|
4 |
| Automotive |
|
3.8 |
|
NR |
|
22 |
| Consumer
Goods |
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset
Allocation |
|
|
% of |
|
|
|
|
| as of
April 30, 2004 |
|
|
Net Assets |
|
|
|
|
| Convertible
Bonds & Notes |
|
|
55.1 |
|
|
|
|
| Convertible
Preferred Stocks |
|
|
20.2 |
|
|
|
|
| Mandatory
Conv. Securities |
|
|
20.1 |
|
|
|
|
| Short-term
Securities |
|
|
4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Data is unaudited and as of April 30, 2004. This selected
information should be read in conjunction with the financial statements and notes included
in the Company's Annual Report to
Stockholders (PDF 330 Kb) for the twelve months
ended October 31, 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.
Financial Update (PDF 130Kb)
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