Bancroft Fund Ltd.
BCV-PA
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- Jane Dinsmore O'Keeffe
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- One Corporate Center Rye NY United States of America 10580-1422
- IPO Date
- Aug 5, 2016
- CIK
- 0000009521
- Website
- gabelli.com
- Similar Companies
- Business
- Bancroft Fund Ltd. (NYSE American: BCV; BCV-PA) operates as a diversified, closed-end management investment company that primarily invests in convertible securities, including convertible corporate bonds, convertible preferred stocks, and mandatory convertible securities, with secondary holdings in common stocks and U.S. government obligations; its primary objectives are to provide income and potential capital appreciation, which it considers relatively equal over the long term due to the nature of these securities. Under normal market conditions, the Fund allocates at least 65% of its assets to convertible securities across diverse sectors such as energy and utilities (22.1%), health care (19.3%), computer software and services (13.9%), semiconductors (6.9%), and financial services (5.1%), with top holdings including Array Technologies Inc. 1% 12/01/28 convertible bonds, Alibaba Group Holding Ltd. 0.5% 06/01/31 convertible bonds, and Bloom Energy Corp. 3% 06/01/28 convertible bonds. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc., with portfolio manager James A. Dinsmore, CFA; it was formed on April 20, 1971, and is headquartered at Suite 550, 65 Madison Avenue, Morristown, New Jersey 07960, United States, with its common shares and 5.375% Series A Cumulative Preferred Shares (BCV-PA) listed on the NYSE American. The Fund's portfolio emphasizes total return convertible securities for asymmetrical risk profiles, offering a yield to maturity of approximately 5.0% at a 43% conversion premium and a delta of 52 as of September 30, 2024, compared to the broader convertible market's 4.0% YTM, 47% premium, and 49 delta. It serves income-oriented investors seeking exposure to U.S.-focused convertible markets without direct equity volatility, employing leverage through preferred shares (1,177,263 Series A outstanding at $25 liquidation preference, totaling $29.4 million) and maintaining net assets attributable to common shareholders of $111.9 million (NAV per common share: $19.20). Geographic operations are concentrated in the United States, with investments in dollar-denominated securities exchangeable into U.S. equities. In recent developments, for the fiscal year ended September 30, 2024 (shortened fiscal year following a change from October 31), the Fund repurchased 56,316 common shares at an average 15.7% discount to NAV and 18,850 Series A preferred shares, totaling nearly $1.3 million in buybacks to enhance shareholder value. Convertible issuance remained strong amid refinancing activity and new issuers, enabling the Fund to selectively add attractive issues with higher coupons and lower premiums in the total return segment; NAV total return was 12.1% versus 14.7% for the ICE BofA U.S. Convertibles Index, while market total return reached 15.1%. No major acquisitions, funding rounds, or strategic alliances were reported in 2024-2025, with focus on portfolio optimization amid Federal Reserve rate cuts and small/mid-cap rotation.