Ellsworth Growth and Income Fund

What Ellsworth Growth and Income Fund does

Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) is a diversified, closed-end management investment company founded in 1986 and based in Brooklyn, New York. The fund invests primarily in a portfolio of convertible securities and common stocks, with a tilt toward lower-rated convertibles, targeting both capital appreciation and current income for shareholders. With approximately $230 million in total net assets as of mid-2026, ECF is a sub-scale public fund that has delivered a 29.7% NAV total return over the trailing twelve months, outperforming the ICE BofA All Convertibles Index (25.0%), and has maintained uninterrupted dividend distributions for over four decades.

ECF is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc., which provides portfolio management, compliance, and distribution infrastructure under a long-standing arrangement. The fund's product is a single pooled vehicle combining a convertible securities sleeve (bond-like protection with equity-linked upside) and a common stock sleeve (capital appreciation), together targeting a balanced growth-and-income mandate. The fund trades on NYSE American at a market price that historically sits at a discount to NAV; the most recent data point shows an 11% discount to NAV, with a distribution yield of 5.8%–6.7%.

The shareholder register includes notable activist investors — Saba Capital Management (~12.3%) and SIT Investment Associates (~5.6%) — whose combined ~17.9% stake creates governance pressure for discount narrowing or structural changes, including a potential merger with sister Gabelli fund GCV. ECF is a pass-through investment vehicle; its economics are management fees paid to Gabelli Funds (estimated at ~0.50–0.75% of AUM) and portfolio income distributed to shareholders, not conventional operating revenue.

Name

Ellsworth Growth and Income Fund

Legal name

Ellsworth Growth and Income Fund Ltd.

Website

https://ellsworthfund.com

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

1–10 employees

Short description

Ellsworth Growth and Income Fund (NYSE American: ECF) is a closed-end, diversified investment company founded in 1986 that invests in convertible securities and common stocks for income-focused and total-return investors. It is managed by Gabelli Funds, a GAMCO Investors subsidiary, with approximately $230 million in net assets.

Ownership category

akta.pro rank

Product category

Closed-end investment fund

NAICS

Other Investment Pools and Funds (5259)

SIC

Finance Services (6199)

akta.pro primary industry

Equity-Linked Notes (ELNs) (FSACAMAC)

Keywords

• Closed-end fund
• Convertible securities
• Diversified investment fund
• Equity income fund
• Public investment vehicle

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. Management fees: The fund generates revenue through management fees charged for overseeing the $230 million portfolio of convertible securities and common stocks. Managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.

Distribution channels1 record

Marketing channels1 record

Core offering

Ellsworth Growth and Income Fund Ltd. is a publicly traded closed-end diversified management investment company that invests primarily in convertible securities and common stocks to deliver both capital appreciation and current income to shareholders. Managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc., the fund holds approximately $230 million in net assets and has maintained uninterrupted dividend payments for over four decades. Investors access the fund by purchasing shares on NYSE American (ticker ECF) through standard brokerage accounts.

Product overview

Ellsworth Growth and Income Fund Ltd. (ECF) is a diversified closed-end management investment company traded on NASDAQ. The fund operates as a single unified offering, combining two complementary sub-products: a convertible securities portfolio providing bond-like protection with equity upside potential, and a common stock portfolio targeting capital appreciation. Together, these components work to generate both capital growth and current income for shareholders. The fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc., with approximately $230 million in total net assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Ellsworth Growth and Income Fund (ECF) A closed-end fund managed by Gabelli Funds that offers investors a balanced mix of convertible securities and common stocks, targeting both capital growth and current income. The fund has over four decades of uninterrupted dividend payments and trades on NYSE American under ticker ECF.
• Convertible Securities Portfolio A portfolio component investing in convertible bonds and securities, providing exposure to equity markets with bond-like downside protection. The fund's tilt toward lower-rated convertible bonds has contributed to outperformance, with NAV of $12.51 per share, 72 delta, and 2.5% yield-to-maturity as of Q1 2026.
• Common Stock Portfolio A diversified common stock investment component within the fund, targeting capital appreciation alongside current income generation through the convertible securities allocation.

Quantifiable outcome

• Delivered total returns exceeding S&P 500 with 21.2% share price increase and ~30.2% total return over past twelve months
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Gabelli Funds, LLCcoreStrategic or Co-development PartnerInvestment manager of ECF, a subsidiary of GAMCO Investors, Inc. Manages the fund's portfolio of convertible securities and common stocks targeting capital growth and current income.
• Gabelli Convertible & Income Securities Fund (GCV)minorStrategic or Co-development PartnerSister closed-end fund managed by Gabelli Funds. ECF has outperformed GCV on both price and NAV basis over the past decade. Potential merger with GCV could unlock value by narrowing ECF's discount.

Scale indicators6 records

Recent moves4 records

Expansion highlights3 records

Direct peers

• Calamos Global Total Return Fund: Calamos closed-end fund with a convertible-heavy, income-plus-growth mandate; a closer strategic analogue to ECF than pure equity CEFs given the convertible weighting.
• Advent Convertible & Income Fund: Closed-end fund focused on convertible securities and high-yield credit, mirroring ECF's hybrid equity/fixed-income convertible strategy with a similar income-and-growth objective.
• Virtus AllianzGI Convertible & Income Fund: Closed-end fund managed by AllianzGI within Virtus focused on convertible securities for income and growth; competes for the same income-oriented convertible-investor dollars as ECF.
• Calamos Convertible Opportunities and Income Fund: Calamos-managed closed-end fund investing in convertible securities to deliver current income and capital appreciation; overlaps directly with ECF on strategy, structure, and target investor.
• Calamos Convertible & High Income Fund: Closed-end Calamos fund emphasizing convertibles and high-yield bonds, structurally and strategically comparable to ECF as a yield-oriented convertible CEF.
• Gabelli Convertible & Income Securities Fund: Sister closed-end fund also managed by Gabelli Funds with a convertible-and-equity mandate. Identical investment universe and management organization, with ECF having outperformed GCV on price and NAV over the past decade.
• SPDR Bloomberg Convertible Securities ETF: Passive ETF tracking the convertibles market; structurally different (open-end ETF vs. CEF) but represents the same investable asset class and competes for convertible-exposure capital.
• Virtus AllianzGI Convertible & Income Fund II: Companion AllianzGI/Virtus closed-end convertible fund with identical mandate to NCV, providing a directly comparable pricing and discount benchmark for ECF.
• iShares Convertible Bond ETF: iShares passive ETF offering broad convertible bond exposure; relevant peer for ECF on the underlying asset class and as an open-end substitute investors may choose instead of ECF.

Broad incumbents

• GAMCO Investors: ECF's publicly-listed parent and a broader diversified asset manager offering mutual funds, closed-end funds, and institutional accounts; comparable as a wider Gabelli-platform entity rather than as a convertible-specific vehicle.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Ellsworth Growth and Income Fund