• Adams Diversified Equity Fund Declares Distribution and Announces First Quarter Performance

    Source: Nasdaq GlobeNewswire / 20 Apr 2023 17:10:33   America/New_York

    BALTIMORE, April 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 June 1, 2023, to shareholders of record May 18, 2023. This distribution represents the second payment this year toward the Fund’s annual 6% minimum distribution rate commitment, which can be found at adamsfunds.com.

    FIRST QUARTER PERFORMANCE

    For the three months ended March 31st, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 6.9%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 7.5% and 6.5%, respectively. The total return on the market price of the Fund’s shares for the period was 7.3%.

    For the twelve months ended March 31st, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was -7.7%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were -7.7% and -7.7%, respectively. The total return on the market price of the Fund’s shares for the period was -9.7%.

    The First Quarter Report to Shareholders is expected to be available on or about April 26, 2023.


    ANNUALIZED COMPARATIVE RETURNS (3/31/2023)

     1 Year3 Year5 Year
    Adams Diversified Equity Fund (NAV)-7.7%18.5%12.0%
    Adams Diversified Equity Fund (market price)-9.7%17.6%11.7%
    Morningstar U.S. Large Blend Category-7.7%18.1%10.2%
    S&P 500-7.7%18.6%11.2%


    NET ASSET VALUE ANNOUNCED

    The Fund’s net asset value at March 31, 2023, compared with the year earlier, was:

     3/31/20233/31/2022
    Net assets$2,238,417,080$2,533,172,745
    Shares outstanding120,844,712117,872,270
    Net asset value per share$18.52$21.49


    TEN LARGEST EQUITY PORTFOLIO HOLDINGS (3/31/2023)

     % of Net Assets    
    Apple Inc.7.0%
    Microsoft Corporation6.7%
    Alphabet Inc. Class A2.8%
    Amazon.com, Inc.2.5%
    UnitedHealth Group Incorporated2.1%
    NVIDIA Corporation2.1%
    Adams Natural Resources Fund, Inc.*2.0%
    Thermo Fisher Scientific Inc.2.0%
    Visa Inc. Class A1.8%
    JPMorgan Chase & Co.1.8%
    Total30.8%
      

    * Non-controlled affiliated closed-end fund.


    SECTOR WEIGHTINGS (3/31/2023)

     % of Net Assets    
    Information Technology26.2%
    Health Care13.9%
    Financials12.8%
    Consumer Discretionary10.4%
    Industrials8.9%
    Communication Services7.9%
    Consumer Staples7.0%
    Energy4.7%
    Utilities2.7%
    Materials2.6%
    Real Estate2.5%


    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

    Primary Logo

Share on,