BALTIMORE, Jan. 18, 2024 (GLOBE NEWSWIRE) — Adams Diversified Equity Fund, Inc. (NYSE: ADX) announces the Fund’s investment returns for 2023.
The total return on the Fund’s net asset value for 2023 was 27.5%, with dividends and capital gains reinvested. The comparable figures for the S&P 500 Index and Morningstar U.S. Large Blend Category were 26.3% and 24.1%, respectively. The total return on the Fund’s market price for the period was 31.2%. “We were pleased to generate a 27.5% return in 2023, outperforming our benchmark and 3.4% ahead of our peer group,” said Jim Haynie, CEO of Adams Funds.
The Fund paid $1.30 per share in income dividends and realized capital gain distributions to shareholders in 2023, producing an annual distribution rate of 8.1%, exceeding the Fund’s annual 6% minimum distribution rate commitment. Details regarding the annual 6% minimum distribution rate commitment can be found at adamsfunds.com.
The 2023 Annual Report is expected to be released on or about February 15, 2024.
| ANNUALIZED ONE, THREE, AND FIVE-YEAR COMPARATIVE RETURNS (12/31/23) |
| 1 Year | 3 Year | 5 Year | |
| Adams Diversified Equity Fund (NAV) | 27.5% | 11.0% | 16.4% |
| Adams Diversified Equity Fund (market price) | 31.2% | 11.0% | 16.8% |
| Morningstar U.S. Large Blend Category | 24.1% | 8.9% | 14.5% |
| S&P 500 | 26.3% | 10.0% | 15.7% |
| NET ASSET VALUE ANNOUNCED |
The Fund’s net asset value at the end of 2023, compared with the year earlier, was:
| 12/31/23 | 12/31/22 | ||
| Net assets | $2,550,393,350 | $2,100,737,733 | |
| Shares outstanding | 124,051,639 | 120,900,484 | |
| Net asset value per share | $20.56 | $17.38 | |
| TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/23) |
| % of Net Assets | |
| Microsoft Corporation | 7.8% |
| Apple Inc. | 6.6% |
| Amazon.com, Inc. | 4.1% |
| Alphabet Inc. Class A | 3.6% |
| NVIDIA Corporation | 3.1% |
| JPMorgan Chase & Co. | 2.0% |
| Visa Inc. Class A | 2.0% |
| Meta Platforms, Inc. Class A | 2.0% |
| UnitedHealth Group Incorporated | 1.9% |
| Adams Natural Resources Fund, Inc.* | 1.8% |
| Total | 34.9% |
| * Non-controlled affiliated closed-end fund. | |
| SECTOR WEIGHTINGS (12/31/23) |
| % of Net Assets | |
| Information Technology | 28.8% |
| Financials | 12.9% |
| Health Care | 12.6% |
| Consumer Discretionary | 11.2% |
| Communication Services | 8.6% |
| Industrials | 8.6% |
| Consumer Staples | 5.9% |
| Energy | 4.0% |
| Real Estate | 2.5% |
| Materials | 2.3% |
| Utilities | 2.0% |
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 │ 800.638.2479
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