Adams Diversified Equity Fund Announces 2022 Performance

Rhea-AI Summary

Adams Diversified Equity Fund (NYSE: ADX) reported a total net asset value return of -17.3% for 2022, slightly outperforming the S&P 500 Index (-18.1%) and the Morningstar U.S. Large Blend Category (-18.2%). The fund's market price return was -19.8%. The fund distributed $1.07 per share in dividends and capital gains, resulting in a 6.3% annual distribution rate, above the minimum commitment of 6.0%. Net assets declined to $2.1 billion from $2.65 billion year-over-year, with shares outstanding increasing to 120.9 million. The annual report is set for release on February 15, 2023.

Positive

• Fund's total return exceeded S&P 500 and Morningstar categories.
• Annual distribution rate of 6.3% surpassed the 6.0% commitment.

Negative

• Total net asset value decreased from $2.65 billion to $2.1 billion.
• Market price return of -19.8% indicates a significant loss for investors.

BALTIMORE, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Adams Diversified Equity Fund, Inc. (NYSE: ADX) announces the Fund’s investment returns for 2022.

The total return on the Fund’s net asset value for 2022 was -17.3%, with dividends and capital gains reinvested. The comparable figures for the S&P 500 Index and Morningstar U.S. Large Blend Category were -18.1% and -18.2%, respectively. The total return on the Fund’s market price for the period was -19.8%. “In a difficult year for the market, our Fund modestly outperformed our benchmark and our peer group,” said Mark Stoeckle, CEO of Adams Funds.

The Fund paid $1.07 per share in income dividends and realized capital gain distributions to shareholders in 2022, producing an annual distribution rate of 6.3%, exceeding the Fund’s annual 6.0% minimum distribution rate commitment. Details regarding the annual 6.0% minimum distribution rate commitment can be found at adamsfunds.com.

The 2022 Annual Report is expected to be released on or about February 15, 2023.

ANNUALIZED ONE, THREE, AND FIVE-YEAR COMPARATIVE RETURNS (12/31/22)

	1 Year		3 Year	5 Year
Adams Diversified Equity Fund (NAV)	-17.3%		8.4%	10.3%
Adams Diversified Equity Fund (market price)	-19.8%		6.6%	9.8%
Morningstar U.S. Large Blend Category	-18.2%		7.2%	8.8%
S&P 500	-18.1%		7.7%	9.4%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at the end of 2022, compared with the year earlier, was:

	12/31/22	12/31/21
Net assets	$2,100,737,733	$2,652,527,878
Shares outstanding	120,900,484	117,872,178
Net asset value per share	$17.38	$22.50

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/22)

	% of Net Assets
Microsoft Corporation	6.8	%
Apple Inc.	5.9	%
Alphabet Inc. Class A	3.1	%
UnitedHealth Group Incorporated	2.5	%
Adams Natural Resources Fund, Inc.*	2.3	%
Amazon.com, Inc.	2.2	%
Mastercard Incorporated Class A	2.0	%
Thermo Fisher Scientific Inc.	2.0	%
Visa Inc. Class A	1.8	%
Berkshire Hathaway Inc. Class B	1.7	%
Total	30.3	%
* Non-controlled affiliated closed-end fund.

SECTOR WEIGHTINGS (12/31/22)

	% of Net Assets
Information Technology	25.4	%
Health Care	15.7	%
Financials	11.9	%
Consumer Discretionary	10.4	%
Industrials	8.5	%
Communication Services	7.3	%
Consumer Staples	6.8	%
Energy	5.2	%
Utilities	3.0	%
Materials	2.6	%
Real Estate	2.5	%

About Adams Funds
Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO).The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 85 years across many market cycles. The Funds are committed to paying an annual distribution rate of 6% or more, providing reliable income to long-term investors. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com.

FAQ

What was Adams Diversified Equity Fund's total return for 2022?

The total return for 2022 was -17.3%.

How did the fund perform compared to the S&P 500 Index?

The fund outperformed the S&P 500 Index, which had a return of -18.1%.

What was the annual distribution per share for ADX in 2022?

Adams Diversified Equity Fund paid $1.07 per share in dividends and capital gains.

What is the annual distribution rate achieved by the fund?

The fund achieved an annual distribution rate of 6.3%, exceeding its 6.0% minimum commitment.

When will the 2022 Annual Report for ADX be released?

The 2022 Annual Report is expected to be released on or about February 15, 2023.