PEO - Adams Natural Resources Fund Declares Distribution and Announces First Quarter Performance
BALTIMORE, April 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 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 31 st , the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was -2.8%. This compares to a total return of -3.2% 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 -5.3%.
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 10.2%. This compares to a total return of 9.8% 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 -5.8%.
For further information please contact: adamsfunds.com/about/contact or 800.638.2479
The First Quarter Report to Shareholders is expected to be available on or about April 26, 2023.
ANNUALIZED COMPARATIVE RETURNS (3/31/2023)
| 1 Year |
| 3 Year |
| 5 Year |
| Adams Natural Resources Fund (NAV) |
| 10.2% |
| 43.7% |
| 9.9% |
| Adams Natural Resources Fund (market price) |
| 5.8% |
| 44.1% |
| 9.4% |
| S&P 500 Energy Sector |
| 13.6% |
| 48.4% |
| 9.5% |
| S&P 500 Materials Sector |
| -6.3% |
| 23.9% |
| 9.6% |
NET ASSET VALUE ANNOUNCED
The Fund’s net asset value at March 31, 2023, compared with the year earlier, was:
| 3/31/2023 |
| 3/31/2022 |
| Net assets |
| $627,152,193 |
| $597,963,876 |
| Shares outstanding |
| 25,082,799 |
| 24,484,655 |
| Net asset value per share |
| $25.00 |
| $24.42 |
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (3/31/2023)
| % of Net Assets |
| Exxon Mobil Corporation |
| 23.4 % |
| Chevron Corporation |
| 14.0% |
| ConocoPhillips |
| 7.2% |
| Schlumberger N.V. |
| 4.6% |
| Marathon Petroleum Corporation |
| 4.3% |
| Linde plc |
| 3.7% |
| Pioneer Natural Resources Corporation |
| 3.5% |
| Phillips 66 |
| 3.0% |
| EOG Resources |
| 2.4% |
| Hess Corporation |
| 2.4% |
| Total |
| 68.5% |
SECTOR WEIGHTINGS (3/31/2023)
| % of Net Assets |
| Energy |
| 81.5% |
| Integrated Oil & Gas |
| 37.4% |
| Exploration & Production |
| 23.0% |
| Refining & Marketing |
| 9.2% |
| Equipment & Services |
| 6.5% |
| Storage & Transportation |
| 5.4% |
| Materials |
| 17.7% |
| Chemicals |
| 12.2% |
| Metals & Mining |
| 3.8% |
| Containers & Packaging |
| 1.1% |
| Construction Materials |
| 0.6% |
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