Adams Natural Resources Fund Declares Distribution and Announces First Quarter Performance
BALTIMORE, April 18, 2024 (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 May 31, 2024, to shareholders of record May 17, 2024. 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 31^st, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 13.1%. This compares to a total return of 12.7% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (80% weight) and the S&P 500 Materials Sector (20% weight), over the same period. The total return on the market price of the Fund’s shares for the period was 12.3%.
For the twelve months ended March 31^st, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 19.3%. Comparable return for the Fund’s benchmark was 17.6%. The total return on the market price of the Fund’s shares for the period was 19.7%.
The First Quarter Report to Shareholders is expected to be available on or about April 24, 2024.
*ANNUALIZED COMPARATIVE RETURNS (3/31/2024)*
*1 Year* *3 Year* *5 Year*
Adams Natural Resources Fund (NAV) 19.3% 26.0% 13.9%
Adams Natural Resources Fund (market price) 19.7% 23.9% 13.7%
S&P 500 Energy Sector 17.7% 30.0% 12.9%
S&P 500 Materials Sector 17.6% 7.9% 13.3%
*
NET ASSET VALUE ANNOUNCED*
The Fund’s net asset value at March 31, 2024, compared with the year earlier, was:
*3/31/2024* *3/31/2023*
Net assets $712,708,809 $627,152,193
Shares outstanding 25,506,011 25,082,799
Net asset value per share $27.94 $25.00
*
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (3/31/2024)*
* * *% of Net Assets*
Exxon Mobil Corporation 19.1%
Chevron Corporation 12.0%
ConocoPhillips 6.1%
Marathon Petroleum Corporation 4.7%
Linde plc 4.6%
EOG Resources, Inc. 4.0%
Pioneer Natural Resources Company 3.7%
Phillips 66 3.5%
Hess Corporation 3.0%
Schlumberger N.V. 2.9%
Total 63.6%
*
INDUSTRY WEIGHTINGS (3/31/2024)*
*% of Net Assets*
*Energy* 80.3%
Integrated Oil & Gas 32.0%
Exploration & Production 24.9%
Refining & Marketing 10.3%
Storage & Transportation 7.2%
Equipment & Services 5.9%
*Materials* 19.2%
Chemicals 13.5%
Metals & Mining 3.1%
Construction Materials 1.7%
Containers & Packaging 0.9%
*
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*