Adams Natural Resources Fund Reports Nine Month Results

Rhea-AI Summary

Adams Natural Resources Fund (NYSE: PEO) reported investment returns for the first nine months of 2025. The NAV total return for Jan–Sep 2025 was 8.1% with dividends and capital gains reinvested; the Fund's market price total return was 6.4%. The Fund's blended benchmark (S&P 500 Energy 80% / Materials 20%) returned 7.5% for the same period. Net assets were $662.65M at 9/30/2025 vs $681.42M a year earlier; NAV per share was $24.36 vs $26.48 a year earlier. Shares outstanding increased to 27.21M. The Third Quarter Report is expected on or about October 22, 2025.

Positive

• NAV total return of 8.1% for first nine months 2025
• Fund outperformed benchmark (7.5%) by 0.6 percentage points
• Top 10 holdings represent 65.8% of net assets

Negative

• Shares outstanding increased by 5.7% year-over-year
• Net asset value per share declined 8.0% year-over-year
• Market price total return 6.4% lagged NAV return

Insights

Portfolio Analyst

Fund shows modest nine‑month NAV outperformance versus its benchmark, but NAV per share and total assets declined year‑over‑year.

The Fund reported a 8.1% total return on NAV for the first nine months of 2025, beating its blended benchmark return of 7.5%; the Fund's market‑price total return was 6.4%. Net assets fell to $662,649,222 from $681,420,546 a year earlier while shares outstanding rose to 27,205,847, producing a NAV per share decline to $24.36 from $26.48.

These facts imply the portfolio delivered positive relative performance but the per‑share economic outcome was weaker year‑over‑year because net assets dropped and share count increased. Key items to watch in the near term include the Third Quarter Report expected on or about October 22, 2025, quarterly NAV movements, and whether asset levels or share issuance trends reverse over the next quarter; recheck these metrics at the next published report within the following quarter.

BALTIMORE, Oct. 16, 2025 (GLOBE NEWSWIRE) -- Adams Natural Resources Fund, Inc. (NYSE: PEO) today announced the Fund’s investment returns for the first nine months of 2025. The total return on the Fund’s net asset value for the first nine months of 2025 was 8.1%, with dividends and capital gains reinvested. The comparable figures for the S&P Energy Sector and the S&P 500 Materials Sector were 7.0% and 9.3%, respectively. Our benchmark, which is comprised of the S&P 500 Energy Sector (80%) and the S&P 500 Materials Sector (20%), returned 7.5%. The total return on the Fund’s market price for the same period was 6.4%.

The Third Quarter Report to Shareholders is expected to be available on or about October 22, 2025.

ANNUALIZED COMPARATIVE RETURNS (9/30/2025)
	1 Year	3 Year	5 Year	10 Year
Adams Natural Resources Fund (NAV)	3.4%	12.4%	25.2%	8.8%
Adams Natural Resources Fund (market price)	4.2%	13.3%	26.3%	9.3%
S&P 500 Energy Sector	4.4%	11.1%	29.6%	8.2%
S&P 500 Materials Sector	-4.3%	12.3%	9.5%	10.8%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at September 30, 2025, compared with the year earlier, was:

	9/30/2025	9/30/2024
Net assets	$662,649,222	$681,420,546
Shares outstanding	27,205,847	25,728,942
Net asset value per share	$24.36	$26.48

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (9/30/2025)
	% of Net Assets
Exxon Mobil Corporation	22.1%
Chevron Corporation	14.8%
ConocoPhilips	6.4%
Linde plc	4.4%
Williams Companies, Inc.	3.3%
Phillips 66	3.3%
Marathon Petroleum Corporation	3.3%
Kinder Morgan, Inc.	3.0%
Baker Hughes Company	2.8%
EOG Resources, Inc.	2.4%
Total	65.8%

INDUSTRY WEIGHTINGS (9/30/2025)
	% of Net Assets
Energy
Integrated Oil & Gas	39.3%
Exploration & Production	16.0%
Storage & Transportation	9.9%
Refining & Marketing	8.8%
Equipment & Services	5.6%
Materials
Chemicals	12.1%
Metals & Mining	4.2%
Containers & Packaging	1.8%
Construction Materials	1.8%

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: adamsfunds.com/about/contact or 800.638.2479

FAQ

What was Adams Natural Resources Fund (PEO) NAV total return for Jan–Sep 2025?

The Fund reported a NAV total return of 8.1% for the first nine months of 2025.

How did PEO perform versus its benchmark for the first nine months of 2025?

PEO's NAV return was 8.1% versus the blended benchmark return of 7.5%.

What was Adams Natural Resources Fund's NAV per share at 9/30/2025 and how does that compare to 9/30/2024?

NAV per share was $24.36 at 9/30/2025 versus $26.48 at 9/30/2024 (about an 8.0% decline).

Did PEO's market price return match NAV return in the first nine months of 2025?

No; the Fund's market price total return was 6.4%, below the NAV return of 8.1%.

What were Adams Natural Resources Fund's largest holdings at 9/30/2025?

Top holdings included Exxon Mobil (22.1%), Chevron (14.8%), and ConocoPhillips (6.4%); top 10 totaled 65.8% of net assets.

When will Adams Natural Resources Fund release its Third Quarter Report for 2025?

The Third Quarter Report to shareholders is expected to be available on or about October 22, 2025.