Bancroft Fund

What Bancroft Fund does

Bancroft Fund Ltd. is a diversified, closed-end management investment company that invests primarily in convertible securities — including convertible bonds and convertible preferred stocks — with the dual objectives of providing income and potential capital appreciation to shareholders. The fund is publicly traded on NYSE American under the ticker symbol BCV, with shares bought and sold on the open market at prices that may trade at a premium or discount to net asset value. Bancroft Fund operates under a long-standing investment management agreement with Gabelli Funds, LLC, an operating subsidiary within the GAMCO Investors/Gabelli umbrella that provides portfolio construction, research, and security selection services in exchange for management fees based on assets under management.

The fund's business model centers on managing a portfolio of approximately $187 million in total net assets (as of May 2026), generating returns through interest income on convertible bonds and dividends on convertible preferred shares, which fund quarterly cash distributions to shareholders. Under its managed distribution policy, Bancroft Fund targets an annual distribution of at least 5% of its trailing 12-month average month-end market price. In 2026, the fund raised its quarterly distribution to $0.35 per share ($1.40 annualized, a 6.3% yield), a 10% increase from the prior $0.32 rate. Marketing and investor communications are conducted through SEC filings, press releases, and financial news platforms such as Seeking Alpha and Stock Titan.

The fund's go-to-market is sales-led in the sense that Gabelli Funds' distribution platform facilitates secondary-market liquidity for BCV shares, but there is no continuous primary capital raise. Bancroft Fund serves income-focused investors — both retail and institutional — who seek regular distributions combined with equity-like upside potential. Performance has been strong: the fund's NAV rose 34.5% over the trailing twelve months as of Q1 2026, outperforming the ICE BofA All Convertibles Index (+25.0%) by 9.5 percentage points, while Q1 2026 NAV advanced 1.9% amid market volatility. The fund is headquartered in Brooklyn, NY, operates with 1-10 employees, and has no technology product platform beyond its core investment activities.

Name

Bancroft Fund

Legal name

Bancroft Fund Ltd.

Website

https://bancroftfund.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1–10 employees

Short description

Bancroft Fund Ltd. is a publicly traded closed-end investment company that invests primarily in convertible securities to generate income and capital appreciation for shareholders, managed by Gabelli Funds, LLC.

Ownership category

akta.pro rank

Headquarters

HQ city

Brooklyn

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Investment Management Fees: As a closed-end fund managed by Gabelli Funds LLC, Bancroft Fund generates revenue through investment management fees charged to fund shareholders. The fund's assets under management of approximately $187 million serve as the basis for calculating management compensation.
2. Convertible Securities Income: The fund invests primarily in convertible securities (convertible bonds and convertible preferred stocks), generating income through interest payments on convertible bonds and dividends on preferred shares. This income contributes to the fund's ability to pay distributions to shareholders.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Bancroft Fund is a diversified closed-end management investment company that invests primarily in convertible securities (convertible bonds and convertible preferred stocks). The fund, managed by Gabelli Funds, LLC, is designed to provide shareholders with regular income distributions and potential capital appreciation through professional management of a convertible securities portfolio. Shares trade on NYSE American under the ticker BCV.

Product overview

Bancroft Fund Ltd. is a diversified closed-end management investment company managed by Gabelli Funds, LLC. The fund invests primarily in convertible securities with the objectives of providing income and potential capital appreciation to shareholders. As a single-entity investment fund, it does not operate a technology product platform. The fund trades on NYSE American under the ticker BCV and manages approximately $177-187 million in total net assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Bancroft Fund (BCV) - Convertible Securities Closed-End Fund

Quantifiable outcome

• 34.5% trailing twelve-month NAV increase vs 25.0% for ICE BofA All Convertibles Index
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves3 records

Expansion highlights3 records

Direct peers

• Virtus AllianzGI Diversified Income & Convertible Fund: Closed-end fund combining convertible and other income-producing securities to deliver a managed distribution. Directly comparable in product structure and income-driven objective.
• Advent Convertible & Income Fund: NYSE-listed closed-end fund managed by Advent Capital Management that invests in convertible securities and income-producing instruments. Closely aligned with Bancroft Fund's strategy of combining convertible bond exposure with income distribution.
• Gabelli Convertible & Income Securities Fund: Sister fund also managed within the Gabelli/GAMCO platform that invests in convertible securities and income-producing equity. Highly comparable mandate, share-class structure, and management affiliation to Bancroft Fund.
• Nuveen Preferred & Convertible Income Fund: NYSE-listed closed-end fund investing in preferred and convertible securities with an emphasis on income. Comparable hybrid fixed-income/equity mandate and distribution-oriented structure.
• RiverNorth Capital and Income Fund: Closed-end fund pursuing income and capital appreciation through a multi-sector approach that includes convertible and other income securities. Comparable income-distribution CEF structure, though with broader sector flexibility than Bancroft.
• AllianzGI Convertible & Income Fund: NYSE-listed closed-end fund (now managed within Voya Investment Management) investing in convertible securities and income instruments. Directly comparable to Bancroft Fund in target asset class, distribution policy, and investor base.
• Calamos Convertible Opportunities and Income Fund: Listed closed-end fund focused primarily on convertible securities, generating income with capital appreciation potential. Directly comparable to Bancroft Fund in mandate, asset class focus, and distribution-oriented structure.

Broad incumbents

• Eaton Vance Tax-Managed Buy-Write Strategy Fund: Closed-end fund pursuing income and capital appreciation through an option-overwriting equity strategy. A larger, established CEF offering overlapping capabilities (managed distributions, listed structure) but oriented toward covered-call equity rather than convertibles.
• Cohen & Steers Closed-End Opportunity Fund: Closed-end fund of funds that invests primarily in other closed-end funds across multiple asset classes. While broader than Bancroft, both are exchange-listed closed-end vehicles targeting income-oriented investors with CEF-specific expertise.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat2 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bancroft Fund