Adams Natural Resources Fund Reports Nine Month Results

Rhea-AI Summary

Adams Natural Resources Fund (NYSE: PEO) reported its nine-month results ending September 30, 2024. The fund's net asset value total return was 10.2%, outperforming its benchmark's 9.5% return. The fund's market price total return was 16.3% for the same period. For the 12 months ended September 30, the fund's NAV total return was 6.2%, surpassing the benchmark's 4.9%, while the market price total return reached 9.2%.

The fund's net asset value as of September 30, 2024, was $681,420,546 with 25,728,942 shares outstanding, resulting in a NAV per share of $26.48. The top holdings include Exxon Mobil (25.6%) and Chevron (11.2%). The fund's portfolio is heavily weighted towards the Energy sector, with Integrated Oil & Gas (37.4%) and Exploration & Production (18.3%) being the largest industry weightings.

Positive

• Fund's 9-month NAV total return of 10.2% outperformed its benchmark's 9.5% return
• Market price total return of 16.3% for the 9-month period
• 12-month NAV total return of 6.2% surpassed the benchmark's 4.9%
• Net assets increased to $681,420,546 from $678,249,981 year-over-year
• Strong performance in Materials sector holdings with 25.2% 1-year return

Negative

• NAV per share decreased from $27.10 to $26.48 year-over-year
• Energy sector underperformed with only 0.9% 1-year return compared to Materials sector's 25.2%

BALTIMORE, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Adams Natural Resources Fund, Inc. (NYSE: PEO) today announced the Fund’s results for the nine months ended September 30^th. The total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 10.2%. This compares to a total return of 9.5% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (80% weight) and the S&P 500 Materials Sector (20% weight), over the same period. The total return on the market price of the Fund’s shares for the period was 16.3%.

For the twelve months ended September 30^th, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 6.2%. Comparable return for the Fund’s benchmark was 4.9%. The total return on the market price of the Fund’s shares for the period was 9.2%.

The Third Quarter Report to Shareholders is expected to be available on or about October 23, 2024.

ANNUALIZED COMPARATIVE RETURNS (9/30/2024)
	1 Year	3 Year	5 Year	10 Year
Adams Natural Resources Fund (NAV)	6.2%	21.8%	14.6%	4.4%
Adams Natural Resources Fund (market price)	9.2%	22.1%	15.5%	4.8%
S&P 500 Energy Sector	0.9%	24.1%	13.9%	4.0%
S&P 500 Materials Sector	25.2%	9.1%	13.0%	9.1%

NET ASSET VALUE ANNOUNCED
The Fund’s net asset value at September 30, 2024, compared with the year earlier, was:
	9/30/2024	9/30/2023
Net assets	$681,420,546	$678,249,981
Shares outstanding	25,728,942	25,024,860
Net asset value per share	$26.48	$27.10

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (9/30/2024)
	% of Net Assets
Exxon Mobil Corporation	25.6%
Chevron Corporation	11.2%
ConocoPhillips	5.4%
Linde plc	4.7%
EOG Resources, Inc.	3.9%
Marathon Petroleum Corporation	3.3%
Williams Companies, Inc.	3.0%
Hess Corporation	2.8%
ONEOK, Inc.	2.5%
Valero Energy Corporation	2.4%
Total	64.8%

INDUSTRY WEIGHTINGS (9/30/2024)
	% of Net Assets
Energy
Integrated Oil & Gas	37.4%
Exploration & Production	18.3%
Storage & Transportation	8.2%
Refining & Marketing	7.6%
Equipment & Services	5.9%
Energy Related	1.0%
Materials
Chemicals	14.2%
Metals & Mining	4.0%
Construction Materials	1.3%
Containers & Packaging	1.2%

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 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

What was Adams Natural Resources Fund's (PEO) 9-month total return on NAV as of September 30, 2024?

Adams Natural Resources Fund (PEO) reported a 10.2% total return on net asset value for the nine months ended September 30, 2024.

How did PEO's performance compare to its benchmark for the 9-month period ending September 30, 2024?

PEO outperformed its benchmark, achieving a 10.2% total return compared to the benchmark's 9.5% return for the nine-month period.

What was the market price total return for PEO shares in the 12 months ended September 30, 2024?

The total return on the market price of PEO shares for the 12 months ended September 30, 2024, was 9.2%.

What are the top two holdings in PEO's portfolio as of September 30, 2024?

As of September 30, 2024, PEO's top two holdings were Exxon Mobil at 25.6% and Chevron at 11.2% of net assets.