RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) -- The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) (the “Fund”) declared a $0.13 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.
We recommend selling equity and buying fixed income due to lower earnings yields in common stock compared to Treasury bonds. Ellsworth Growth and Income Fund offers a 5.60% dividend yield, trades at an 11.97% discount, and holds high-quality, diversified assets. ECF-A preferred shares have an A1 credit rating, a 5.96% yield, and are among the safest on the exchange but lack liquidity.
RYE, N.Y., Nov. 13, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American:ECF) (the “Fund”) declared a $0.14 per share cash distribution payable on December 30, 2024, to common shareholders of record on November 22, 2024.
RYE, N.Y., Aug. 23, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) (the “Fund”) declared a $0.13 per share cash distribution September 23, 2024 to common shareholders of record on September 16, 2024.
ECF has seen its discount narrow since our prior update, but it remains a rather attractive play in the convertible closed-end fund space. The fund has also garnered interest from Saba Capital Management, which has been seen growing its position more recently. The quarterly distribution and 5% minimum annual distribution policy are areas that could use 'some improvement' to potentially narrow the discount.
On May 16, 2024, the Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) announced a cash distribution of $0.13 per share for common shareholders. The distribution will be paid on June 21, 2024 to shareholders of record as of June 13, 2024.
The Ellsworth Growth and Income Fund has shown significant improvement since our last update. Despite this, the fund is still trading at a favorable discount. ECF's portfolio offers a mix of convertible securities and some equity exposure, providing diversification.
The Ellsworth Growth and Income Fund Ltd offers a high level of income without sacrificing potential upside from common stocks. The ECF closed-end fund's recent performance has been disappointing, with a 41.67% share price decline over the past three years. The fund has been consistently underperforming both common stocks and convertible bonds over both short-term and longer terms.
Ellsworth Growth and Income Fund's net investment income has significantly increased, which could provide better coverage of its distribution. ECF continues to trade at an attractive discount, making it a strong investment choice in the convertible space with some equity exposure as well. The fund has also not had to contend with higher interest rates in terms of seeing their borrowing costs rise as they have fixed-rate preferred for their leverage.