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Dinsmore Capital Management


   65 Madison Avenue
Suite 550
Morristown, NJ 07960

973-631-1177


Davis-Dinsmore Management, founded in 1971 and renamed Dinsmore Capital Management in 2008, is a privately held registered investment advisor specializing in convertible securities. Assets under management include two publicly held closed-end mutual funds, the Bancroft Fund (BCV) and the Ellsworth Fund (ECF). Dinsmore was included in Nelson's World's Best Money Managers listing for three years ended December 31, 2003. Ellsworth's Net Asset Value (with dividends reinvested) earned a Performance Achievement Certificate from Lipper, Inc., for the one and three years ended December 31, 2007, outperforming the other closed-end convertible funds followed by Lipper. Ellsworth also earned a Performance Achievement Certificate for the ten year periods ended December 31, 2004 and December 31, 2003.*

The experienced management team has extensive expertise in convertible securities as well as equities and trading.

Investment Philosophy

  • Our objectives include appreciation of capital, a superior rate of current income and reduced volatility by using securities with an equity orientation.
  • Long-term growth and lower risk are the primary focus of our decision making.
  • Our decisions are driven by a bottom-up approach.

Decision Making and Process

  • Rigorous investment analysis on each company with an attractive convertible security is done internally.
  • The investment universe is divided by industry among our four investment professionals.
  • Investment seminars and field trips for primary research are extensively employed.
  • Publications, broker research, on-line information, telephone interviews and conferences enhance our research capabilities.
  • We review our holdings in a weekly meeting so that all professionals are current on each holding and its objectives.

Personal Service

  • Over 30 years of operating history.
  • Four investment management professionals with more than 70 years of investment experience.
  • A highly skilled operating and support staff.
  • Effectiveness is based on the efficiency, professionalism and diversity of our staff.

 

* Lipper, Inc. is a globally recognized organization that ranks the performance of mutual funds. The fund is ranked based on total return, as calculated by Lipper, Inc. Each fund is ranked within a universe of funds similar in investment objective. Ellsworth's 2007 performance was listed in Lipper Closed-End Fund Performance Analysis Certificate Edition dated December 31, 2007 with dividends reinvested, for the twelve closed-end convertible funds followed by Lipper, Inc. (ten for 1 and 10 years). Ellsworth's 2004 performance was listed in Lipper Closed-End Fund Performance Analysis Certificate Edition dated December 31, 2004 with dividends reinvested, for the ten closed-end convertible funds followed by Lipper, Inc. at that time (seven for 10 years). Ellsworth's 2003 performance was listed in Lipper Closed-End Fund Performance Analysis Certificate Edition dated December 31, 2003 with dividends reinvested, for the ten closed-end convertible funds followed by Lipper, Inc. at that time (seven for 10 years).


 


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