Adams Diversified Equity Fund Announces 2023 Performance

Rhea-AI Summary

Adams Diversified Equity Fund, Inc. (ADX) announced a 27.5% total return on the Fund’s net asset value for 2023, outperforming the S&P 500 Index and Morningstar U.S. Large Blend Category. The Fund's market price total return was 31.2%. The CEO, Jim Haynie, expressed satisfaction with the 27.5% return and the 8.1% annual distribution rate, surpassing the 6% minimum distribution rate commitment.

Positive

• 27.5% total return on the Fund’s net asset value for 2023
• Market price total return of 31.2%
• Annual distribution rate of 8.1% exceeding the 6% minimum distribution rate commitment

Negative

• None.

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

FAQ

What was the total return on the Fund’s net asset value for 2023?

The total return on the Fund’s net asset value for 2023 was 27.5%.

What was the market price total return for the period?

The market price total return for the period was 31.2%.

Who expressed satisfaction with the 27.5% return and the 8.1% annual distribution rate?

Jim Haynie, the CEO of Adams Funds, expressed satisfaction with the 27.5% return and the 8.1% annual distribution rate.

What was the annual distribution rate for 2023?

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.