BALTIMORE, Dec. 18, 2018 /PRNewswire/ -- The Board of Directors of Adams Diversified Equity Fund, Inc. (ADX) reauthorized the Fund's share repurchase program, permitting the Fund to repurchase up to an additional 5% (5,314,566 shares) of its current outstanding shares of common stock. The Fund has repurchased over 4,000,000 shares of the approximately 4,667,000 shares authorized under the existing program. Share repurchases may be made in the open market from time to time, as determined by the portfolio management team, when market conditions and portfolio management considerations warrant and the shares are trading at market prices of at least 10% below net asset value.
Mark Stoeckle, the Fund's Chief Executive Officer, said, "Our current repurchase program is expected to exceed authorized limits in the coming year, and the Board's action allows the program to continue on an uninterrupted basis. We appreciate the Board's confidence in the program, reflecting their ongoing commitment to our shareholders."
The Fund's repurchase program is implemented on a discretionary basis under the direction of its portfolio management team. There can be no assurance that shares will be repurchased in any given amount going forward and repurchases may be discontinued at any time.
About Adams Funds
Since 1929, Adams Funds have 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 that has 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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Director of Shareholder Communications