BCV - Bancroft Fund Ltd.
A closed-end fund run by Gabelli. Invests in convertible bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Not right now - Saba was in this fund until March 30, 2026 and has since sold down.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
Saba owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.
Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.
What happened, and when
-
March 30, 2026
Saba sold down below 5% and stopped reporting.
Original document → -
Oct 31, 2025
Saba raised its stake to 6.1% (from 5%). It has said it may push for changes.
Original document → -
Aug 20, 2025
Saba raised its stake to 5% (from 4.8%). It has said it may push for changes.
Original document → -
March 20, 2025
Saba sold down below 5% and stopped reporting.
Original document → -
Feb 13, 2025
Saba now owns 5.1%. It has said it may push for changes.
Original document →
About this fund
- Run by Gabelli Funds, LLC. Part of the Gabelli Fund Complex fund family. As of Sept 30, 2025, from the fund's yearly report. Original document →
- Size: about $164 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund borrows about 15% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 96% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 0.9% a year in management fees; 1.3% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
- Payouts: last fiscal year (ended Sept 30, 2025) the fund paid $1.28 a share. $0.58 of that was income; $0.70 came from gains. As of Sept 30, 2025, from the fund's annual report. Original document →
- Value of holdings per share at the last fiscal year end (Sept 30, 2025): $25.05. The shares traded at $21.88, about 12.7% below that.
As of Sept 30, 2025, from the fund's yearly report. Original document →
Over the last two years the gap ranged from 16.8% below to 10.8% below. As of Sept 30, 2025, from the fund's annual report. Original document → - How the holdings did: up 22.3% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +45.9%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- How the holdings did over the fiscal year (ended Sept 30, 2025): the value of the holdings returned +38.5%. How the share price did: the shares returned +39.4% over the same year, counting payouts and the change in the market price. As of Sept 30, 2025, from the fund's annual report. Original document →
- First reported to the regulator in 1995.
+94%-4%
July 2024June 2026
What the fund holds
Mostly bonds (91%), the rest preferred shares. About 85% issued in the U.S.
- Hewlett Packard Enterprise Company 7.625% Series C Mandatory Convertible Preferred Stock - 4%
- Cyberark Software, Cybr 0 06/15/30 - 3.1%
- Nebius Group NV, Nbis 2.75 09/15/32 - 2.9%
- Ligand Pharmaceuticals, Lgnd 0.75 10/01/30 - 2.7%
- Firstenergy, Fe 3.875 01/15/31 - 2.7%
- Fluor, Flr 1.125 08/15/29 - 2.7%
- Halozyme Therapeutics, Halo 0.875 11/15/32 - 2.7%
- Ionis Pharmaceuticals, Ions 0 12/01/30 - 2.6%
- Bitfarms, Keel 1.375 01/15/31 - 2.5%
- United States of America - Bureau of the Public Debt, B 0 09/24/26 - 2.5%
Show all 25
- Microchip Technology Inc 7.50 % Dep Shs Repstg 1/20TH Pfd Conv preferred shares - 2.4%
- Bridgebio Pharma, Bbio 1.75 03/01/31 - 2.3%
- Ppl Capital Funding, Ppl 2.875 03/15/28 - 2.1%
- Sarepta Therapeutics, Srpt 4.875 09/01/30 144A - 2%
- Brightspring Health Services, Btsg 6.75 02/01/27 - 2%
- Solaris Energy Infrastructure, Sei 0.25 10/01/31 - 2%
- Digital Realty Trust LP, Dlr 1.875 11/15/29 - 2%
- Applied Digital, Apld 2.75 06/01/30 - 2%
- Pagaya US Holding Company LLC, Pgy 6.125 10/01/29 - 1.9%
- Alphabet Inc Series A Depositary Shares Each Representing A 1/20TH Interest in A Share of 6.25% Series B Mandatory Convertible Preferred Stock - 1.9%
- Cleanspark, Clsk 0 02/15/32 - 1.9%
- Wec Energy Group - 1.9%
- Cytokinetics, Cytk 1.75 10/01/31 - 1.8%
- Mp Materials, Mpus 3 03/01/30 - 1.8%
- Crescent Energy Company, Crgy 2.75 03/15/31 - 1.8%
As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| March 30, 2026 | Saba | 4.9% | Sold down below 5% |
| Oct 31, 2025 | Saba | 6.1% | Updated notice |
| Aug 20, 2025 | Saba | 5% | Updated notice |
| March 20, 2025 | Saba | 4.8% | Sold down below 5% |
| Feb 13, 2025 | Saba | 5.1% | May push for changes |
No announcements from the fund on file.
- Run by
- Gabelli Funds, LLC
- Fund family
- Gabelli Fund Complex
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-02151
- Auditor
- Tait, Weller & Baker LLP
- Fiscal year end
- Sept 30, 2025
- Number of holdings
- 88
- Preferred share classes
- 1
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