Adams Natural Resources Fund (NYSE: PEO) reported a first-half 2026 total return on net asset value (NAV) of 18.4%, with dividends and capital gains reinvested. According to Adams Natural Resources Fund, its blended benchmark of 80% S&P 500 Energy and 20% S&P 500 Materials returned 18.1%, while the Fund’s market price total return was 18.2%.
As of June 30, 2026, net assets were $769.1 million versus $634.7 million a year earlier, with NAV per share rising to $27.44 from $23.61 and shares outstanding at 28.0 million. The ten largest holdings, led by Exxon Mobil at 23.9% of net assets, represented 66.3% of the portfolio, heavily weighted to integrated oil and gas. The Semi-Annual Report is expected on or about July 22, 2026.
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Positive
First-half 2026 NAV total return 18.4%, slightly ahead of 18.1% benchmark
Market price total return 18.2% for first half of 2026
Net assets rose to $769.1 million from $634.7 million year-over-year
NAV per share increased to $27.44 from $23.61 year-over-year
1-year NAV return 26.5% vs 12.8% 3-year annualized sector benchmark component (Energy)
10-year NAV return 9.4%, above 8.7% S&P 500 Energy Sector
Negative
First-half NAV return 18.4% trailed S&P 500 Energy Sector’s 19.7%
1-year NAV return 26.5% below S&P 500 Energy Sector’s 29.0%
5-year NAV return 17.0% vs higher 19.0% S&P 500 Energy Sector
10-year NAV return 9.4% behind S&P 500 Materials Sector’s 10.4%
Top 10 holdings 66.3% of net assets, indicating concentrated portfolio exposure
News Explained
At June 30, 2026, Adams Natural Resources Fund reported annualized NAV returns of 26.5%, 13.0%, 17.0% and 9.4% over one, three, five and 10 years, compared with the Energy sector’s 29.0%, 12.8%, 19.0% and 8.7%.
Market Context
Placed against its record, this first-half performance update follows prior positive announcements t...
Analysis
Placed against its record, this first-half performance update follows prior positive announcements that sometimes drew selling pressure, while short-interest data show only modest bearish positioning. Investors may focus on how sustained NAV gains translate into future distributions and any shifts in the concentrated energy-heavy portfolio mix.
Key Figures
H1 2026 NAV total return:18.4%H1 2026 benchmark return:18.1%H1 2026 market price total return:18.2%+5 more
8 metrics
H1 2026 NAV total return18.4%First half 2026, dividends and capital gains reinvested
Announced $0.49 per share distribution with specified income, gains, and ROC mix.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Recent positive fund announcements have often been followed by negative short-term price reactions.
Key Terms
net asset value, total return, shares outstanding, industry weightings
4 terms
net asset valuefinancial
"The total return on the Fund’s net asset value for the first half of 2026 was 18.4%"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
"The total return on the Fund’s net asset value for the first half of 2026 was 18.4%"
Total return measures how much an investment grows over a period by combining changes in its market price with any income it pays (like dividends or interest), usually shown as a percentage. It matters to investors because it gives a complete picture of performance—similar to looking at your paycheck plus any year-end bonus rather than just the hourly wage—so you can compare investments more fairly and judge real wealth change.
Shares outstanding are the total number of a company’s stock units held by all shareholders, including institutional investors and company insiders — think of them as the total number of slices of the company’s ownership pie. Investors use this number to calculate how much of the company each share represents, and it directly affects per-share measures like earnings per share, ownership percentage and valuation; when the slice count changes, an investor’s claim and the company’s per-share metrics change too.
industry weightingsfinancial
"INDUSTRY WEIGHTINGS (6/30/2026)"
Industry weightings are the proportions of a market index or investment portfolio that are allocated to each industry or sector, expressed as percentages of the total. They matter to investors because they show which industries have the biggest influence on returns and risk—like slices of a pie where a larger slice moves the whole pie more—and help explain why an index or fund behaves differently from others when certain industries rise or fall.
BALTIMORE, July 16, 2026 (GLOBE NEWSWIRE) -- Adams Natural Resources Fund, Inc. (NYSE: PEO) today announced the Fund’s investment returns for the first half of 2026. The total return on the Fund’s net asset value for the first half of 2026 was 18.4%, with dividends and capital gains reinvested.The comparable figures for the S&P 500 Energy Sector and the S&P 500 Materials Sector were 19.7% and 12.0%, respectively.Our benchmark, which is comprised of the S&P 500 Energy Sector (80%) and the S&P 500 Materials Sector (20%), returned 18.1%.The total return on the Fund’s market price for the same period was 18.2%.
The Semi-Annual Report to Shareholders is expected to be released on or about July 22, 2026.
ANNUALIZED COMPARATIVE RETURNS (6/30/2026)
1 Year
3 Year
5 Year
10 Year
Adams Natural Resources Fund (NAV)
26.5%
13.0%
17.0%
9.4%
Adams Natural Resources Fund (market price)
25.9%
15.7%
17.7%
9.6%
S&P 500 Energy Sector
29.0%
12.8%
19.0%
8.7%
S&P 500 Materials Sector
16.7%
8.9%
6.3%
10.4%
NET ASSET VALUE ANNOUNCED
The Fund’s net asset value at June 30, 2026, compared with the year earlier, was:
6/30/2026
6/30/2025
Net assets
$769,147,614
$634,743,865
Shares outstanding
28,034,839
26,888,697
Net asset value per share
$27.44
$23.61
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (6/30/2026)
% of Net Assets
Exxon Mobil Corporation
23.9%
Chevron Corporation
12.6%
ConocoPhillips
6.0%
Williams Companies, Inc.
4.1%
Valero Energy Corporation
3.8%
Linde plc
3.6%
SLB Ltd.
3.3%
Targa Resources Corp.
3.2%
Phillips 66
3.1%
Marathon Petroleum Corporation
2.7%
Total
66.3%
INDUSTRY WEIGHTINGS (6/30/2026)
% of Net Assets
Energy
Integrated Oil & Gas
38.5%
Exploration & Production
14.8%
Storage & Transportation
10.7%
Refining & Marketing
9.6%
Equipment & Services
6.9%
Materials
Chemicals
10.2%
Metals & Mining
5.2%
Construction Materials
2.2%
Containers & Packaging
1.1%
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 90 years across many market cycles. The Funds are committed to paying a minimum annual distribution rate of 8% of NAV paid evenly each quarter throughout the year, providing reliability for long-term shareholders. A portion of any distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain, and return of capital. The final determination of the source of all distributions for tax reporting purposes in a calendar year, including the percentage of qualified dividend income, will be made after year-end. 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
FAQ
How did Adams Natural Resources Fund (NYSE: PEO) perform in the first half of 2026?
Adams Natural Resources Fund reported a first-half 2026 total return on NAV of 18.4%. According to Adams Natural Resources Fund, its market price total return was 18.2%, while its blended benchmark of energy and materials sectors returned 18.1% over the same period.
How did PEO’s 2026 first-half return compare with its energy and materials benchmarks?
PEO’s NAV total return of 18.4% slightly exceeded its blended benchmark’s 18.1% first-half 2026 return. According to Adams Natural Resources Fund, the S&P 500 Energy Sector returned 19.7% and the S&P 500 Materials Sector returned 12.0% in the same period.
What are the key net asset value and asset growth figures for PEO as of June 30, 2026?
As of June 30, 2026, PEO’s net assets were $769.1 million, up from $634.7 million a year earlier. According to Adams Natural Resources Fund, NAV per share increased to $27.44 from $23.61, with 28,034,839 shares outstanding.
What are the largest holdings in Adams Natural Resources Fund (PEO) as of June 30, 2026?
As of June 30, 2026, PEO’s largest holding was Exxon Mobil at 23.9% of net assets. According to Adams Natural Resources Fund, other major positions included Chevron, ConocoPhillips, Williams, Valero, Linde, SLB, Targa Resources, Phillips 66, and Marathon Petroleum, totaling 66.3% of net assets.
How has Adams Natural Resources Fund (PEO) performed over 1-, 3-, 5-, and 10-year periods?
PEO’s annualized NAV returns were 26.5% (1-year), 13.0% (3-year), 17.0% (5-year), and 9.4% (10-year) through June 30, 2026. According to Adams Natural Resources Fund, market price returns over the same horizons were 25.9%, 15.7%, 17.7%, and 9.6%.
What is the sector allocation of Adams Natural Resources Fund (NYSE: PEO) as of mid-2026?
As of June 30, 2026, PEO was primarily invested in energy, led by 38.5% in integrated oil and gas. According to Adams Natural Resources Fund, other weights included exploration and production 14.8%, storage and transportation 10.7%, refining and marketing 9.6%, and equipment and services 6.9%.
When will Adams Natural Resources Fund (PEO) release its first-half 2026 Semi-Annual Report?
The Semi-Annual Report for the first half of 2026 is expected on or about July 22, 2026. According to Adams Natural Resources Fund, this report will provide detailed financial and portfolio information for shareholders following the strong first-half performance and asset growth.
