The Adams Express Fund Announces Strong 2013 Performance: Market Price Up 31.8%; NAV Return Of 29.7%

PR Newswire

BALTIMORE, Jan. 9, 2014 /PRNewswire/ -- The Adams Express Company (ADX) announces the Fund's investment returns for 2013.

2013 INVESTMENT RETURNS

The total return on the Fund's market price for the twelve months ended December 31, 2013 was 31.8%, with dividends and capital gains reinvested. Comparable figures for the Lipper Large-Cap Core Mutual Funds Average ("Lipper Peer Group") and the S&P 500 Composite Stock Index ("S&P 500") were 31.4% and 32.4%, respectively. The total return on the Fund's net asset value for the same period was 29.7%, with dividends and capital gains reinvested.

The Fund paid $0.84 per share in income dividends and realized capital gains to shareholders in 2013, producing an annual distribution rate of 7.1%, exceeding the Fund's annual 6% minimum distribution rate commitment. Details regarding the annual 6% minimum distribution rate commitment can be found at www.adamsexpress.com.

NET ASSET VALUE ANNOUNCED


The Fund's net asset value at the end of 2013, compared with the year earlier, was:



12/31/13

12/31/12

Net assets

$1,421,550,920

$1,155,997,037

Shares outstanding

94,223,617

93,029,724

Net assets per share

$15.09

$12.43

The Fund repurchased 948,339 shares of its common stock during the twelve-month period at an average price per share of $12.29 and a weighted average discount to net asset value of 13.6%.

 

OTHER SUMMARY FINANCIAL INFORMATION



12/31/13

12/31/12

Unrealized appreciation

$393,843,628

$143,061,370

Net investment income

$18,656,769

$17,547,510

Net realized gain

$57,371,366

$47,997,411




Key Ratios






Net investment income to
  average net assets

1.44%

1.54%

Expense ratio (to average net assets)

0.69%

0.65%

Portfolio turnover

55.9%

27.4%

Net cash & short-term investments
  to net assets

0.6%

0.2%

 

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/13)



Market Value

% of Net Assets

Petroleum & Resources Corp. *

$59,873,872

4.2%

Apple Inc.

55,157,113

3.9%

JPMorgan Chase & Co.

35,088,000

2.5%

Pfizer Inc.

32,274,831

2.3%

Gilead Sciences, Inc.

31,112,100

2.2%

Citigroup Inc.

30,744,900

2.1%

Wells Fargo & Co.

30,418,000

2.1%

Chevron Corp.

29,353,850

2.1%

Walt Disney Co.

28,848,640

2.0%

Google Inc. (Class A)

28,578,105

2.0%

                Total

$361,449,411

25.4%


*Non-controlled affiliate

 

SECTOR WEIGHTINGS (12/31/13)



% of Net Assets

Information Technology

18.7%

Financials

16.1%

Health Care

14.1%

Industrials

11.4%

Consumer Discretionary

11.2%

Energy

9.8%

Consumer Staples

9.5%

Materials

3.1%

Telecommunication Services

2.4%

Utilities

2.4%

 

ANNUALIZED ONE, THREE AND FIVE-YEAR COMPARATIVE RETURNS (12/31/13)



1 Year

3 Year

5 Year

Adams Express (market)

31.8%

13.9%

16.8%

Adams Express (NAV)

29.7%

13.1%

16.0%

Lipper Peer Group

31.4%

14.8%

16.9%

S&P 500

32.4%

16.2%

17.9%

The 2013 Annual Report is expected to be released on or about February 25, 2014.

The Adams Express Company is a Baltimore-based closed-end fund that has been operating as an investment company since 1929. Its stock trades on the New York Stock Exchange under the symbol ADX.

For further information please contact:

Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com

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