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Bancroft Fund Ltd. Announces Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
February 26, 2008
Cusip 059695106 |
For Information:
Gary I. Levine
(973) 631-1177 |
Bancroft Fund Ltd. (AMEX - BCV) today
reported financial highlights and certain portfolio information for the three months ended
January 31, 2008.
|
Three
Months Ended
January 31 |
| Earnings Report |
2008 |
2007 |
| Net Income |
$1,277,000 |
$1,292,000 |
| Per Share |
$0.21 |
$0.23 |
| Shares
Outstanding |
6,070,029 |
5,733,016 |
| Total Net Assets |
$124,639,000 |
$130,130,000 |
| Net Asset Value
Per Share |
$20.53 |
$22.70 |
| Fund
Statistics as of January 31, 2008 |
|
Top Ten Holdings by underlying common stock as of January 31, 2008 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$18.85 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$20.53 |
|
Prudential Financial, Inc. |
3.1 |
| Premium/(Discount) |
|
(8.18)% |
|
LSB Industries, Inc. |
|
2.8 |
| Total Net Assets |
|
$124,639,000 |
|
Bristol-Myers Squibb Co. |
|
2.4 |
| 12-Month income distribution |
$0.796 |
|
New York Community Bancorp, Inc. |
2.4 |
| Yield on market price |
|
4.22% |
|
Chesapeake
Energy Corp. |
2.3 |
| Ratio of expenses |
|
1.42%* |
|
The Walt Disney Company |
|
2.2 |
| Ratio of net income |
|
3.98%* |
|
Freeport-McMoRan Copper & Gold
Inc. |
|
2.1 |
| Portfolio turnover |
|
12.85% |
|
LSI Corp. |
2.0 |
| Shares outstanding |
|
6,070,029 |
|
Companhia Vale do Rio Doce |
|
1.9 |
| * Annualized |
|
|
|
|
St. Jude Medical, Inc. |
|
1.9 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of
January 31, 2008 |
|
|
Net Assets |
|
as of January 31, 2008 |
|
| Energy |
|
13.8 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Pharmaceuticals |
|
9.9 |
|
Aa |
|
3 |
| Insurance |
|
|
8.0 |
|
A |
|
20 |
| Semiconductors |
|
|
6.2 |
|
Baa |
|
17 |
| Telecommunications |
|
|
5.7 |
|
Ba |
|
4 |
| Computer Hardware |
|
5.2 |
|
B |
|
21 |
| Minerals and Mining |
|
|
5.2 |
|
Caa |
|
5 |
| Consumer Goods |
|
|
4.5 |
|
NR |
|
30 |
| Banking/Savings and Loan |
|
4.1 |
|
|
|
|
| Health Care |
|
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of January 31, 2008 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds and Notes |
|
|
54.5 |
|
|
|
|
| Corporate Bonds and Notes |
|
|
1.2 |
|
|
|
|
| Convertible Preferred Stocks |
|
|
9.5 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
22.1 |
|
|
|
|
| Short-term Securities |
|
|
8.9 |
|
|
|
|
| Other Assets |
|
|
3.8 |
|
|
|
|
Data is unaudited and as of January 31, 2008. This selected
information should be read in conjunction with the financial statements and notes included
in the Company's Annual Report to
Shareholders (PDF 95 Kb) for the twelve months ended October 31, 2007.
Detailed portfolio information is available on our website (bancroftfund.com). Visit us there or contact us by
e-mail at info@bancroftfund.com or call us at
(973) 631-1177.
Bancroft operates as a closed-end, diversified management investment company and invests
primarily in convertible securities, with the objectives of providing income and the
potential for capital appreciation; which objectives the Fund considers to be relatively
equal, over the long-term, due to the nature of the securities in which it invests.
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