Adams Diversified Equity Fund Declares Distribution and Announces First Half Performance
BALTIMORE, July 20, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of Adams Diversified Equity Fund, Inc. (NYSE: ADX) today declared a distribution of $.05 per share from net investment income, payable September 1, 2023, to shareholders of record August 18, 2023. This distribution represents the third payment this year toward the Fund’s annual 6% minimum distribution rate commitment, which can be found at adamsfunds.com.
FIRST HALF PERFORMANCE
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 15.8%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 16.9% and 15.1%, respectively. The total return on the market price of the Fund’s shares for the period was 16.4%.
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 19.2%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 19.6% and 18.4%, respectively. The total return on the market price of the Fund’s shares for the period was 17.4%.
The Semi-Annual Report to Shareholders is expected to be available on or about July 27, 2023.
ANNUALIZED COMPARATIVE RETURNS (6/30/2023)
| 1 Year | 3 Year | 5 Year | |||
Adams Diversified Equity Fund (NAV) | 19.2 | % | 14.6 | % | 13.0 | % |
Adams Diversified Equity Fund (market price) | 17.4 | % | 14.0 | % | 12.5 | % |
Morningstar U.S. Large Blend Category | 18.4 | % | 14.0 | % | 12.3 | % |
S&P 500 | 19.6 | % | 14.6 | % | 11.2 | % |
NET ASSET VALUE ANNOUNCED
The Fund’s net asset value at June 30, 2023, compared with the year earlier, was:
| 6/30/2023 | 6/30/2022 | ||
Net assets | $2,415,114,408 | $2,118,629,378 | ||
Shares outstanding |
| 120,813,797 |
| 117,873,571 |
Net asset value per share | $19.99 | $17.97 | ||
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (06/30/2023)
| % of Net Assets | |
Apple Inc. | 7.7 | % |
Microsoft Corporation | 7.3 | % |
Alphabet Inc. Class A | 3.6 | % |
NVIDIA Corporation | 2.9 | % |
Amazon.com, Inc. | 2.9 | % |
Visa Inc. Class A | 1.9 | % |
JPMorgan Chase & Co. | 1.9 | % |
Adams Natural Resources Fund, Inc.* | 1.9 | % |
UnitedHealth Group Incorporated | 1.8 | % |
Meta Platforms, Inc. Class A | 1.7 | % |
Total | 33.6 | % |
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* Non-controlled affiliated closed-end fund.
SECTOR WEIGHTINGS (6/30/2023)
| % of Net Assets | |
Information Technology | 28.2 | % |
Health Care | 13.1 | % |
Financials | 12.4 | % |
Consumer Discretionary | 10.9 | % |
Industrials | 8.6 | % |
Communication Services | 8.3 | % |
Consumer Staples | 6.6 | % |
Energy | 4.3 | % |
Materials | 2.4 | % |
Real Estate | 2.4 | % |
Utilities | 2.3 | % |
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 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.
For further information please contact: adamsfunds.com/about/contact or 800.638.2479
