Adams Natural Resources Fund Declares Distribution and Announces First Half Performance
BALTIMORE, July 20, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of Adams Natural Resources Fund, Inc. (NYSE: PEO) today declared a distribution of $.10 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 Natural Resources’ net asset value, with dividends and capital gains reinvested, was -3.1%. This compares to a total return of -3.3% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (83% weight) and the S&P 500 Materials Sector (17% weight), over the same period. The total return on the market price of the Fund’s shares for the period was -3.6%.
For the twelve months ended June 30th, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 19.1%. This compares to a total return of 18.3% for the Fund’s benchmark, over the same period. The total return on the market price of the Fund’s shares for the period was 15.2%.
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 Natural Resources Fund (NAV) | 19.1% | 31.9% | 7.7% |
Adams Natural Resources Fund (market price) | 15.2% | 30.1% | 7.5% |
S&P 500 Energy Sector | 18.8% | 35.4% | 6.6% |
S&P 500 Materials Sector | 15.1% | 16.0% | 9.8% |
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 | $620,953,602 | $549,582,157 | ||
Shares outstanding |
| 25,033,377 |
| 24,485,265 |
Net asset value per share | $24.81 | $22.45 | ||
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (06/30/2023)
| % of Net Assets |
Exxon Mobil Corporation | 23.1% |
Chevron Corporation | 13.6% |
ConocoPhilips | 7.1% |
Schlumberger N.V. | 4.4% |
Linde plc | 4.0% |
Marathon Petroleum Corporation | 3.5% |
Pioneer Natural Resources Company | 3.4% |
Phillips 66 | 2.9% |
Hess Corporation | 2.7% |
EOG Resources | 2.4% |
Total | 67.1% |
INDUSTRY WEIGHTINGS (6/30/2023)
| % of Net Assets |
Energy | 80.8% |
Integrated Oil & Gas | 36.7% |
Exploration & Production | 23.3% |
Refining & Marketing | 8.0% |
Equipment & Services | 7.1% |
Storage & Transportation | 5.7% |
Materials | 18.5% |
Chemicals | 13.5% |
Metals & Mining | 3.2% |
Containers & Packaging | 1.0% |
Construction Materials | 0.8% |
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 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
