SOURCE: Bancroft Fund Ltd.
MORRISTOWN, NJ--(Marketwire - Sep 12, 2012) - Bancroft Fund Ltd. (NYSE MKT: BCV) today reported earnings, financial highlights and certain portfolio information for the nine months ended July 31, 2012:
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| EARNINGS REPORT |
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Nine Months Ended |
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July 31 |
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2012 |
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2011 |
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| Net Income |
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$1,690,000 |
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$2,046,000 |
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Per Share |
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$0.32 |
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$0.38 |
| Shares Outstanding |
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5,341,852 |
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5,315,510 |
| Total Net Assets |
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$99,846,000 |
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$104,026,000 |
| Net Asset Value Per Share |
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$18.69 |
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$19.57 |
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| FUND STATISTICS |
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| Market price |
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$16.36 |
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| Net asset value (NAV) |
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$18.69 |
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| Premium/(Discount) |
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(12.47 |
)% |
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| Total Net Assets |
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$99,846,000 |
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| 12-Month income distribution |
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$0.5475 |
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| Yield on market price |
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3.35 |
% |
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| Ratio of expenses (annualized) |
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1.15 |
% |
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| Ratio of net income (annualized) |
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2.30 |
% |
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| Portfolio turnover |
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26.32 | % |
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| Shares outstanding |
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5,341,852 |
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| TOP TEN HOLDINGS |
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by underlying common stock |
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% of Net |
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Assets |
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| EMC |
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3.2 |
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| Intel |
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2.8 |
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| Equinix |
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2.6 |
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| Gilead Sciences |
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2.3 |
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| Wells Fargo |
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2.3 |
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| Nuance Communications |
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1.9 |
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| Chesapeake Energy |
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1.8 |
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| SBA Communications |
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1.7 |
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| Bank of America |
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1.6 |
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| SunPower |
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1.6 |
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| MAJOR INDUSTRY |
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% of Net |
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EXPOSURE |
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Assets |
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| Pharmaceuticals |
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8.9 | |
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| Semiconductors |
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8.9 |
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| Telecommunications |
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8.5 |
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| Energy |
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8.2 |
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| Financial Services |
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8.1 |
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| Computer Software |
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7.8 |
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| Banking/Savings and Loan |
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6.5 |
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| Metals and Mining |
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5.4 |
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| Computer Hardware |
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4.0 |
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| Healthcare |
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3.3 |
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| ASSET ALLOCATION |
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% of Net |
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Assets |
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| Convertible Bonds & Notes |
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69.2 |
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| Convertible Preferred Stocks |
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12.8 |
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| Mandatory Convertible Securities |
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9.9 |
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| Preferred Stocks |
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0.3 |
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| Common stocks |
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0.7 |
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| Cash & Equivalents |
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7.1 |
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Data is unaudited and as of July 31, 2012. 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, 2012.
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 MKT LLC exchange under the ticker symbol BCV.
Cusip 059695106