Bancroft Fund Ltd. Declares Distribution of $0.32 Per Share
Bancroft Fund Ltd. (NYSE American: BCV) has announced a cash distribution of $0.32 per share, payable on June 23, 2025, to shareholders of record on June 13, 2025. The Fund maintains a policy of distributing either 5% of its trailing 12-month average month-end market price annually or meeting minimum IRS requirements for regulated investment companies.
The distribution's composition includes approximately 32% from net investment income and 68% return of capital for the fiscal year ending September 30, 2025. The Board of Trustees reviews potential distributions quarterly, considering the Fund's net asset value and market conditions. The distribution policy may be modified or terminated at any time.
Bancroft Fund Ltd. (NYSE American: BCV) ha annunciato una distribuzione in contanti di 0,32 $ per azione, pagabile il 23 giugno 2025 agli azionisti registrati al 13 giugno 2025. Il Fondo mantiene una politica di distribuzione pari al 5% del prezzo medio di mercato mensile degli ultimi 12 mesi o al soddisfacimento dei requisiti minimi dell'IRS per le società di investimento regolamentate.
La composizione della distribuzione comprende circa il 32% da reddito netto da investimenti e il 68% come restituzione del capitale per l'esercizio fiscale che termina il 30 settembre 2025. Il Consiglio di Amministrazione esamina le potenziali distribuzioni trimestralmente, valutando il valore patrimoniale netto del Fondo e le condizioni di mercato. La politica di distribuzione può essere modificata o terminata in qualsiasi momento.
Bancroft Fund Ltd. (NYSE American: BCV) ha anunciado una distribución en efectivo de 0,32 $ por acción, pagadera el 23 de junio de 2025 a los accionistas registrados al 13 de junio de 2025. El Fondo mantiene una política de distribuir ya sea el 5% del precio promedio mensual de mercado de los últimos 12 meses o cumplir con los requisitos mínimos del IRS para compañías de inversión reguladas.
La composición de la distribución incluye aproximadamente un 32% proveniente de ingresos netos por inversiones y un 68% como devolución de capital para el año fiscal que finaliza el 30 de septiembre de 2025. La Junta de Síndicos revisa las posibles distribuciones trimestralmente, considerando el valor neto de los activos del Fondo y las condiciones del mercado. La política de distribución puede modificarse o terminarse en cualquier momento.
Bancroft Fund Ltd. (NYSE American: BCV)는 2025년 6월 23일에 지급될 주당 0.32달러의 현금 배당을 2025년 6월 13일 기준 주주들에게 발표했습니다. 펀드는 최근 12개월 월말 평균 시장 가격의 5%를 연간 배당하거나 규제 투자 회사에 대한 IRS 최소 요건을 충족하는 정책을 유지하고 있습니다.
이번 배당 구성은 2025년 9월 30일 종료되는 회계연도 기준으로 순투자소득의 약 32%와 자본 환원의 68%를 포함합니다. 이사회는 분기별로 펀드의 순자산 가치와 시장 상황을 고려하여 배당 가능성을 검토합니다. 배당 정책은 언제든지 변경되거나 종료될 수 있습니다.
Bancroft Fund Ltd. (NYSE American : BCV) a annoncé une distribution en espèces de 0,32 $ par action, payable le 23 juin 2025 aux actionnaires inscrits au 13 juin 2025. Le Fonds maintient une politique de distribution correspondant soit à 5 % du prix moyen mensuel de marché des 12 derniers mois, soit à la satisfaction des exigences minimales de l'IRS pour les sociétés d'investissement réglementées.
La composition de la distribution comprend environ 32 % provenant du revenu net des investissements et 68 % de retour de capital pour l'exercice fiscal se terminant le 30 septembre 2025. Le conseil d'administration examine trimestriellement les distributions potentielles en tenant compte de la valeur nette d'inventaire du Fonds et des conditions du marché. La politique de distribution peut être modifiée ou interrompue à tout moment.
Bancroft Fund Ltd. (NYSE American: BCV) hat eine Bardividende von 0,32 $ pro Aktie angekündigt, zahlbar am 23. Juni 2025 an Aktionäre, die am 13. Juni 2025 im Register stehen. Der Fonds verfolgt eine Politik, jährlich entweder 5 % des durchschnittlichen Monatsend-Marktkurses der letzten 12 Monate auszuschütten oder die Mindestanforderungen des IRS für regulierte Investmentgesellschaften zu erfüllen.
Die Zusammensetzung der Ausschüttung umfasst für das am 30. September 2025 endende Geschäftsjahr etwa 32 % aus Nettoanlageerträgen und 68 % Kapitalrückzahlung. Der Vorstand prüft potenzielle Ausschüttungen vierteljährlich unter Berücksichtigung des Nettoinventarwerts des Fonds und der Marktbedingungen. Die Ausschüttungspolitik kann jederzeit geändert oder eingestellt werden.
- Regular quarterly distribution maintained at $0.32 per share
- Clear distribution policy targeting 5% annual distribution rate
- 32% of distribution comes from net investment income
- 68% of distribution classified as return of capital, which may indicate insufficient earnings to cover distributions
- Distribution policy subject to modification or termination by Board of Trustees
Insights
Bancroft Fund declares $0.32/share distribution, with 32% from income and 68% return of capital, maintaining its 5% distribution policy.
Bancroft Fund Ltd. (BCV) has declared a
The composition of this distribution is particularly noteworthy - only
This distribution structure reveals important insights about BCV's underlying earnings capacity. With over two-thirds of the distribution representing return of capital rather than earned income or realized gains, the fund appears to be distributing more than it's generating through its investment activities. While this maintains the promised
For income-focused investors, understanding this distinction is crucial. Return of capital distributions may create an illusion of high yield, but they represent a fundamentally different economic reality than distributions funded from actual investment income or capital gains. Investors should closely examine whether this pattern continues in future distributions and how it impacts the fund's long-term net asset value sustainability.
RYE, N.Y., May 14, 2025 (GLOBE NEWSWIRE) -- The Board of Trustees of Bancroft Fund Ltd. (NYSE American: BCV) (the “Fund”) declared a
The Fund intends to pay the greater of either an annual distribution of
Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. If necessary, the Fund pays an adjusting distribution in December, which includes any additional income and net realized capital gains in excess of the quarterly distributions. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently
If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.
Long-term capital gains, qualified dividend income, investment company taxable income and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid in 2025 to common shareholders with respect to the Fund’s fiscal year ending September 30, 2025 would include approximately
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:
Laurissa Martire
(914) 921-5399
About Bancroft Fund Ltd.
Bancroft Fund Ltd. is a diversified, closed-end management investment company with
NYSE American – BCV
CUSIP – 059695106
Investor Relations Contact:
Laurissa Martire
(914) 921-5399
lmartire@gabelli.com
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