Adams Diversified Equity Fund Declares Distribution and Announces First Quarter Performance

Rhea-AI Summary

The Board of Directors of Adams Diversified Equity Fund (NYSE: ADX) declared a distribution of $0.05 per share from net investment income, payable on June 1, 2023, to shareholders of record by May 18, 2023. This marks the second payment in 2023 toward the Fund's commitment to a 6% minimum annual distribution rate. For the first quarter of 2023, the total return on the Fund's net asset value, with dividends reinvested, was 6.9%, slightly below the S&P 500's 7.5%. However, the 12-month return was -7.7%, matching the S&P 500, while the market price return was worse at -9.7%. The Fund's net assets decreased to approximately $2.24 billion from $2.53 billion a year prior, with shares outstanding increasing. The net asset value per share stands at $18.52, down from $21.49.

Positive

• Declared a distribution of $0.05 per share, supporting a 6% minimum distribution commitment.
• First quarter total return of 6.9% on net asset value, outperforming the Morningstar U.S. Large Blend category.

Negative

• 12-month total return at -7.7% matches S&P 500 but reflects negative performance.
• Market price return of -9.7% indicates a decline greater than the net asset value.
• Net assets decreased from $2.53 billion to $2.24 billion year-over-year.

BALTIMORE, April 20, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of Adams Diversified Equity Fund, Inc. (NYSE: ADX) today declared a distribution of $.05 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 Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 6.9%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 7.5% and 6.5%, respectively. The total return on the market price of the Fund’s shares for the period was 7.3%.

For the twelve months ended March 31^st, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was -7.7%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were -7.7% and -7.7%, respectively. The total return on the market price of the Fund’s shares for the period was -9.7%.

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 Diversified Equity Fund (NAV)	-7.7%		18.5%		12.0%
Adams Diversified Equity Fund (market price)	-9.7%		17.6%		11.7%
Morningstar U.S. Large Blend Category	-7.7%		18.1%		10.2%
S&P 500	-7.7%		18.6%		11.2%

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	$2,238,417,080	$2,533,172,745
Shares outstanding	120,844,712	117,872,270
Net asset value per share	$18.52	$21.49

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (3/31/2023)

	% of Net Assets
Apple Inc.	7.0	%
Microsoft Corporation	6.7	%
Alphabet Inc. Class A	2.8	%
Amazon.com, Inc.	2.5	%
UnitedHealth Group Incorporated	2.1	%
NVIDIA Corporation	2.1	%
Adams Natural Resources Fund, Inc.*	2.0	%
Thermo Fisher Scientific Inc.	2.0	%
Visa Inc. Class A	1.8	%
JPMorgan Chase & Co.	1.8	%
Total	30.8	%

* Non-controlled affiliated closed-end fund.

SECTOR WEIGHTINGS (3/31/2023)

	% of Net Assets
Information Technology	26.2	%
Health Care	13.9	%
Financials	12.8	%
Consumer Discretionary	10.4	%
Industrials	8.9	%
Communication Services	7.9	%
Consumer Staples	7.0	%
Energy	4.7	%
Utilities	2.7	%
Materials	2.6	%
Real Estate	2.5	%

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.

FAQ

What is the recent distribution announcement for Adams Diversified Equity Fund (ADX)?

Adams Diversified Equity Fund (NYSE: ADX) announced a distribution of $0.05 per share from net investment income, payable on June 1, 2023.

What was the total return for Adams Diversified Equity Fund in Q1 2023?

In Q1 2023, Adams Diversified Equity Fund reported a total return of 6.9% on its net asset value.

How did Adams Diversified Equity Fund perform over the last 12 months?

Over the last 12 months, the Adams Diversified Equity Fund posted a total return of -7.7%.

What is the current net asset value per share for ADX?

The net asset value per share for Adams Diversified Equity Fund (NYSE: ADX) is $18.52.

How do the returns of Adams Diversified Equity Fund compare to the S&P 500?

For the 12 months ending March 31, 2023, both the Adams Diversified Equity Fund and the S&P 500 had a total return of -7.7%.