BALTIMORE, Jan. 16, 2020 /PRNewswire/ -- Adams Diversified Equity Fund, Inc. ADX announces the Fund's investment returns for 2019. "We were pleased to generate a 31.6% return in 2019, in line with our benchmark and 2.0% above our peer group for the year," said Mark Stoeckle, CEO of Adams Funds.
The total return on the Fund's net asset value for 2019 was 31.6%, with dividends and capital gains reinvested. The comparable figures for the S&P 500 Index and the Lipper Large-Cap Core Funds Average were 31.5% and 29.6%, respectively. The total return on the Fund's market price for the period was 36.6%.
The Fund paid $1.42 per share in income dividends and realized capital gain distributions to shareholders in 2019, producing an annual distribution rate of 9.6%, exceeding the Fund's annual 6.0% minimum distribution rate commitment. Details regarding the annual 6.0% minimum distribution rate commitment can be found at adamsfunds.com.
The Fund will be holding a conference call on January 28, 2020 at 2:00 pm EST to discuss our 2019 performance. We invite shareholders to submit questions to investorrelations@adamsfunds.com. The call may be accessed at adamsfunds.com or by calling 1-844-707-6796 and requesting the Adams Funds conference call. A replay of the call will be available through February 28, 2020 by dialing 1-877-344-7529. The access code is 10137467.
The 2019 Annual Report is expected to be released on or about February 24, 2020.
ANNUALIZED ONE, THREE, AND FIVE-YEAR COMPARATIVE RETURNS (12/31/19)
1 Year | 3 Year | 5 Year | |
Adams Diversified Equity Fund (NAV) | 31.6% | 17.4% | 12.4% |
Adams Diversified Equity Fund (market price) | 36.6% | 19.4% | 12.9% |
Lipper Large-Cap Core Funds Average | 29.6% | 13.9% | 10.3% |
S&P 500 | 31.5% | 15.3% | 11.7% |
NET ASSET VALUE ANNOUNCED
The Fund's net asset value at the end of 2019, compared with the year earlier, was:
12/31/19 | 12/31/18 | |
Net assets | $1,951,591,643 | $1,580,889,241 |
Shares outstanding | 108,865,052 | 106,205,633 |
Net asset value per share | $17.93 | $14.89 |
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/19)
% of Net Assets | |
Microsoft Corporation | 5.9% |
Apple Inc. | 4.4% |
Alphabet Inc. Class A & Class C | 3.6% |
Amazon.com, Inc. | 3.5% |
Visa Inc. | 2.7% |
Bank of America Corporation | 2.6% |
JPMorgan Chase & Co. | 2.4% |
Merck & Co., Inc. | 1.9% |
Adams Natural Resources Fund, Inc.* | 1.8% |
Honeywell International Inc. | 1.8% |
Total | 30.6% |
* Non-controlled affiliated closed-end fund |
SECTOR WEIGHTINGS (12/31/19)
% of Net Assets | |
Information Technology | 23.4% |
Financials | 14.1% |
Health Care | 13.7% |
Communication Services | 9.8% |
Consumer Discretionary | 9.5% |
Industrials | 9.2% |
Consumer Staples | 7.3% |
Energy | 4.5% |
Utilities | 3.1% |
Real Estate | 2.7% |
Materials | 2.2% |
During the fourth quarter, we initiated new positions in AbbVie, Caterpillar, ConocoPhillips, CVS Health, Intel, L3Harris Technologies, Lincoln Electric Holdings, Linde plc, Magna International, S&P Global, and Starbucks.
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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. ADX and Adams Natural Resources Fund, Inc. PEO.The Funds are actively managed by an experienced team with a disciplined approach and have 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.
Contact: Lyn Walther │ Director of Shareholder Communications | investorrelations@adamsfunds.com
SOURCE Adams Diversified Equity Fund, Inc.
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