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Bancroft Fund Ltd. Announces Earnings and Financial Update
MORRISTOWN, NJ--(Marketwire - December 9, 2009) - Bancroft Fund Ltd. (NYSE Amex: BCV) today reported earnings, financial highlights and certain portfolio information for the twelve months ended October 31, 2009:
EARNINGS REPORT Three Months Ended Twelve Months Ended
October 31 October 31
2009 2008 2009 2008
----------- ------------- ------------- -------------
Net Income $1,122,000 $950,000 $3,745,000 $4,077,000
Per Share $0.21 $0.18 $0.72 $0.79
Shares Outstanding 5,235,599 5,189,875 5,235,599 5,189,875
Total Net Assets $86,734,000 $94,497,000 $86,734,000 $94,497,000
Net Asset Value Per
Share $16.57 $18.21 $16.57 $18.21
----------- ------------- ------------- -------------
FUND STATISTICS
Market price $14.23
Net asset value
(NAV) $16.57
Premium/(Discount) (14.10)%
Total Net Assets $86,734,000
12-Month income
distribution $0.66
Yield on market
price 4.64 %
Ratio of expenses 1.26 %
Ratio of net income 5.10 %
Portfolio turnover 79.02 %
Shares outstanding 5,235,599
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TOP TEN HOLDINGS
by underlying
common stock % of Net
Assets
Equinix 2.6
LSB Industries 2.6
Euronet Worldwide 2.5
Companhia Vale do
Rio Doce 2.3
Freeport-McMoRan
Copper & Gold 2.3
Oil States
International 2.3
Blackboard 2.2
Intel 2.2
Mylan 2.2
Kinetic Concepts 2.1
-----------
MAJOR INDUSTRY % of Net
EXPOSURE Assets
Energy 17.2
Telecommunications 14.6
Pharmaceuticals 9.3
Healthcare 8.3
Computer Software 7.5
Minerals and Mining 7.2
Financial Services 5.0
Banking/Savings and
Loan 4.8
Foods 4.5
Computer Hardware 4.4
-----------
QUALITY ALLOCATION*
(From Moody's or
S&P when Moody's
is unavailable)
% of
Portfolio
AA 0
A 5
BBB 11
BB 13
B 20
CCC 2
CC 1
Not Rated 48
* Excludes equity
securities and
cash
-----------
ASSET ALLOCATION % of Net
Assets
Convertible Bonds &
Notes 74.3
Corporate Bonds &
Notes 0.9
Convertible
Preferred Stocks 11.6
Mandatory
Convertible
Securities 9.3
Common Stocks 0.6
Cash & Equivalents 3.3
-----------
Data is unaudited and as of October 31, 2009. This selected information should be read in conjunction with the financial statements and notes included in the Company's Semi-Annual Report to Shareholders for the six months ended April 30, 2009.
Detailed portfolio information is available on our website (www.bancroftfund.com). Contact us by email at info@bancroftfund.com or call us at (973) 631-1177.
Bancroft Fund Ltd. 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. Its shares are traded on the NYSE Amex under the ticker symbol BCV.
Cusip 059695106