Adams Natural Resources Fund Announces First Half 2026 Performance

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.

Rhea-AI Summary

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.

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%.

Argus Jul 17 session

+0.61% close to close Open Argus

Details

News Market Reaction – PEO

On Jul 17, the first trading day after this news, PEO closed 0.61% above the previous close.

Data tracked by StockTitan Argus for the Jul 17 session.

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

H1 2026 NAV total return

18.4%

First half 2026, dividends and capital gains reinvested

H1 2026 benchmark return

18.1%

80% S&P 500 Energy, 20% S&P 500 Materials

H1 2026 market price total return

18.2%

First half 2026, fund market price

Net assets 6/30/2026

$769,147,614

Compared with $634,743,865 at 6/30/2025

NAV per share 6/30/2026

$27.44

Compared with $23.61 at 6/30/2025

1-year NAV total return

26.5%

Annualized return as of 6/30/2026

Top 10 holdings share

66.3%

Ten largest equity holdings as % of net assets, 6/30/2026

Exxon Mobil portfolio weight

23.9%

Largest equity holding as % of net assets, 6/30/2026

Historical Context

4 past events · Latest: Apr 17

4 events

1. Apr 17

   distribution declaration

   24h Move

   -2.9%

   Declared $0.52 per share distribution with detailed income and gains breakdown.

2. Apr 16

   performance update

   24h Move

   -2.9%

   Reported strong Q1 2026 NAV and market price total returns versus benchmark.

3. Feb 12

   board change

   24h Move

   -0.1%

   Appointed Steven G. Chambers as independent director to both Adams funds.

4. Jan 16

   distribution declaration

   24h Move

   +0.6%

   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.

Key Terms

net asset value, total return, shares outstanding, industry weightings

4 terms

net asset value financial

"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.

View in glossary

total return financial

"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.

View in glossary

shares outstanding financial

"Shares outstanding | 28,034,839 | 26,888,697"

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 weightings financial

"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.

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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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.