BALTIMORE, July 18, 2019 /PRNewswire/ -- The Board of Directors of Adams Diversified Equity Fund, Inc. (ADX) today declared a distribution of $.05 per share from net investment income payable August 30, 2019, to shareholders of record August 16, 2019. This represents the third payment this year toward the Fund's annual 6% minimum distribution rate commitment. Details regarding the Fund's annual 6% minimum distribution rate commitment can be found at adamsfunds.com.
For the six months ended June 30th, the total return on Adams Diversified Equity's net asset value, with dividends and capital gains reinvested, was 19.9%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Funds Average were 18.5% and 17.7%, respectively. The total return on the market price of the Fund's shares for the period was 23.3%.
For the twelve months ended June 30th, the total return on Adams Diversified Equity's net asset value, with dividends and capital gains reinvested, was 13.7%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Funds Average were 10.4% and 9.3%, respectively. The total return on the market price of the Fund's shares for the period was 15.0%.
NET ASSET VALUE
Net asset value per share
"We are pleased with our performance over the past six and 12 months on both a NAV and market basis. ADX surpassed its benchmark by 1.4% for the first half of 2019 driven by our investments in Technology, Health Care, and Consumer Staples," said Mark Stoeckle, CEO of Adams Funds.
The Fund repurchased 494,365 shares of its common stock during the six-month period for $7.2 million, at an average price per share of $14.64 and a weighted average discount to NAV of 13.7%.
The Semi-Annual Report to Shareholders is expected to be released on or about July 29, 2019.
The Fund will hold a conference call on July 24, 2019 at 2:00 PM EDT to discuss first half 2019 performance. We invite shareholders to submit questions to firstname.lastname@example.org. The dial in number is 1-877-270-2148. Please ask to be joined to the Adams Funds call.
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. (ADX) and Adams Natural Resources Fund, Inc. (PEO). The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 80 years across many market cycles. The Funds are committed to paying an annual distribution rate of 6% or more, providing reliable income to long-term investors. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com.
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