Ellsworth Growth and Income Fund Ltd. (XECFX)
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ECF: This Outperforming Fund Could Help To Diversify A Portfolio
The Ellsworth Growth and Income Fund offers a 7.43% yield and has outperformed both convertible bonds and the S&P 500 over the past few years. ECF primarily invests in convertible bonds, providing better real wealth preservation than traditional bonds, especially in inflationary environments. The fund's portfolio is notably diversified and overweight in energy, utilities, and healthcare, differing from typical equity and convertible bond indices.
ECF: Discount Remains Deep With Activists Holding Significant Stakes
Ellsworth Growth and Income Fund trades at an -11% discount with a solid long-term track record and recent outperformance versus the S&P 500. Activist investors, notably Saba Capital Management (~12.3% stake), offer a potential catalyst for discount narrowing or structural changes. ECF's 5.8% yield is lower than peers, but a 19% distribution hike and differentiated portfolio exposure enhance its appeal for income and appreciation.
ECF: Protective Income From Its Preferred Stock
Ellsworth Growth and Income Fund offers a balanced mix of convertible securities and common stocks, targeting both capital growth and current income. ECF trades at a 12.4% discount to NAV, with a 5.73% dividend yield, outperforming peers and benchmarks on a NAV basis over 3 and 10 years. The fund's moderate 13% leverage and sector diversification support its defensive profile, while active management enables tactical upside capture.
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Ellsworth Growth and Income Fund Ltd. Profile
| NASDAQ Exchange | US Country |
Overview
Ellsworth Growth and Income Fund Ltd. operates as a closed-ended equity mutual fund, which was launched by GAMCO Investors, Inc. and is professionally managed by Gabelli Funds, LLC. Established on June 27, 1986, and domiciled in the United States, the fund has undergone a name change from its original Ellsworth Fund Ltd. to better reflect its investment focus. The fund’s primary investment strategy centers around convertible securities, leveraging various public equity markets to generate income and growth for its investors. It benchmarks its portfolio performance against notable indexes like the Bank of America Merrill Lynch All U.S. Convertibles Index, Barclays Balanced U.S. Convertibles Index, and the S&P 500 Index, providing a comprehensive gauge of its success and market position relative to these established standards.
Products and Services
Ellsworth Growth and Income Fund Ltd. offers a specialized investment product focusing on convertible securities. This unique focus encompasses a range of market capitalizations, ensuring a diversified portfolio for investors. The main products and services include:
- Convertible Securities Investments: The fund's primary focus is on investing in convertible securities, which are a type of investment that can be converted into a predetermined amount of the company’s equity, usually in the form of common stock. This approach combines the income potential of bonds with the growth potential of stocks, making it an attractive option for investors looking for a balanced investment.
- Benchmark Performance Tracking: To measure its success and growth, Ellsworth Growth and Income Fund Ltd. uses three major indexes - the Bank of America Merrill Lynch All U.S. Convertibles Index, Barclays Balanced U.S. Convertibles Index, and the S&P 500 Index. This multi-faceted benchmarking allows for a well-rounded assessment of the fund’s performance in relation to well-established market indicators.
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