Adams Diversified Equity Fund Announces 2023 Performance
Adams Diversified Equity Fund, Inc. (ADX) announced a 27.5% total return on the Fund’s net asset value for 2023, outperforming the S&P 500 Index and Morningstar U.S. Large Blend Category. The Fund's market price total return was 31.2%. The CEO, Jim Haynie, expressed satisfaction with the 27.5% return and the 8.1% annual distribution rate, surpassing the 6% minimum distribution rate commitment.
Positive
27.5% total return on the Fund’s net asset value for 2023
Market price total return of 31.2%
Annual distribution rate of 8.1% exceeding the 6% minimum distribution rate commitment
01/18/2024 - 06:14 PM
BALTIMORE, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Adams Diversified Equity Fund, Inc. (NYSE: ADX) announces the Fund’s investment returns for 2023.
The total return on the Fund’s net asset value for 2023 was 27.5% , with dividends and capital gains reinvested. The comparable figures for the S&P 500 Index and Morningstar U.S. Large Blend Category were 26.3% and 24.1% , respectively. The total return on the Fund’s market price for the period was 31.2% . “We were pleased to generate a 27.5% return in 2023, outperforming our benchmark and 3.4% ahead of our peer group,” said Jim Haynie, CEO of Adams Funds.
The Fund paid $1.30 per share in income dividends and realized capital gain distributions to shareholders in 2023, producing an annual distribution rate of 8.1% , exceeding the Fund’s annual 6% minimum distribution rate commitment. Details regarding the annual 6% minimum distribution rate commitment can be found at adamsfunds.com.
The 2023 Annual Report is expected to be released on or about February 15, 2024.
ANNUALIZED ONE, THREE, AND FIVE-YEAR COMPARATIVE RETURNS (12/31/23)
1 Year 3 Year 5 Year Adams Diversified Equity Fund (NAV) 27.5% 11.0% 16.4% Adams Diversified Equity Fund (market price) 31.2% 11.0% 16.8% Morningstar U.S. Large Blend Category 24.1% 8.9% 14.5% S&P 500 26.3% 10.0% 15.7%
NET ASSET VALUE ANNOUNCED
The Fund’s net asset value at the end of 2023, compared with the year earlier, was:
12/31/23 12/31/22 Net assets $2,550,393,350 $2,100,737,733 Shares outstanding 124,051,639 120,900,484 Net asset value per share $20.56 $17.38
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/23)
% of Net Assets Microsoft Corporation 7.8% Apple Inc. 6.6% Amazon.com, Inc. 4.1% Alphabet Inc. Class A 3.6% NVIDIA Corporation 3.1% JPMorgan Chase & Co. 2.0% Visa Inc. Class A 2.0% Meta Platforms, Inc. Class A 2.0% UnitedHealth Group Incorporated 1.9% Adams Natural Resources Fund, Inc.* 1.8% Total 34.9% * Non-controlled affiliated closed-end fund.
SECTOR WEIGHTINGS (12/31/23)
% of Net Assets Information Technology 28.8% Financials 12.9% Health Care 12.6% Consumer Discretionary 11.2% Communication Services 8.6% Industrials 8.6% Consumer Staples 5.9% Energy 4.0% Real Estate 2.5% Materials 2.3% Utilities 2.0%
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.
For further information please contact: adamsfunds.com/about/contact │ 800.638.2479
What was the total return on the Fund’s net asset value for 2023?
The total return on the Fund’s net asset value for 2023 was 27.5%.
What was the market price total return for the period?
The market price total return for the period was 31.2%.
Who expressed satisfaction with the 27.5% return and the 8.1% annual distribution rate?
Jim Haynie, the CEO of Adams Funds, expressed satisfaction with the 27.5% return and the 8.1% annual distribution rate.
What was the annual distribution rate for 2023?
The Fund paid $1.30 per share in income dividends and realized capital gain distributions to shareholders in 2023, producing an annual distribution rate of 8.1%, exceeding the Fund’s annual 6% minimum distribution rate commitment.
Adams Diversified Equity Fund
ADX Rankings
#1919 Ranked by Stock Gains
ADX Stock Data
Industry
Offices of Other Holding Companies
Sector
Management of Companies and Enterprises
Tags
Miscellaneous, Investment Trusts/Mutual Funds
Country
US
City
Baltimore
About ADX
adams funds is composed of two of the country’s oldest closed-end equity funds - adams diversified equity fund, inc. (nyse:adx) and adams natural resources fund, inc. (nyse:peo). as closed-end funds, shares of each fund’s common stock are listed and trade on the new york stock exchange. for over 85 years, both funds have been internally managed and have generated capital growth and income through portfolio performance, dividends, and distributions. the funds are managed by an experienced team employing a disciplined approach to identify investment opportunities and carefully manage risk. our funds have paid dividends for over 80 years and are committed to an annual distribution rate of at least 6%.
