Panic Selling Creates Opportunity In Ellsworth Fund [Seeking Alpha]
Bancroft Fund, Ltd. (BCV)
NASDAQ:AMEX Investor Relations:
gabelli.com/template/fundinfo.cfm?tid=mjbiotg=&bid=ywi5mq==&mid=mjnimde=&num=ndq5n2y=&fid=njlimjc=&rid=321-=edoc_dnuf
Company Research
Source: Seeking Alpha
Ellsworth Fund ( ECF ), a convertibles closed-end fund (CEF), closed yesterday at a discount of -14.26%. I have previously written about how this fund is an attractive CEF to own for convertibles exposure due to its very strong historical performance versus peers. However, ECF had recently become overvalued ( Illogical Pricing In Convertible CEFs, Redux ) on the basis of discount (-5.82%) and z-score metrics (+3.1) and I had suggested swapping it for its peer, Bancroft Fund ( BCV ). This recommendation was proved right as BCV subsequently outperformed ECF by over 500 basis points in under two months. With CEF prices falling right, left and center today, I spotted an opportunity in ECF that could allow us to take advantage of the market panic. ECF closed yesterday at a -14.26% discount (a 52-week low). It is down another about -7.4% today, while the benchmark SPDR Barclays Capital Convertible Bond ETF ( CWB ) is down only -1.5%.
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Sec Filings
- 4/18/24 - Form N-2
- 4/12/24 - Form 4
- 4/3/24 - Form DEFR14A
- BCV's page on the SEC website