Adams Diversified Equity Fund Reports Nine Month Results

Rhea-AI Summary

Adams Diversified Equity Fund (NYSE: ADX) announced its financial results for the nine months ending September 30, 2020. The fund achieved a 6.4% total return on net asset value, outperforming the S&P 500's 5.6% and Lipper's 4.0%. For the twelve months, the fund's total return was 15.2%, matching the S&P 500 but exceeding Lipper's 13.0%. The market price return was 3.8% and 11.8%, respectively. The fund’s net assets rose to $2.05 billion, and shares repurchased totaled 135,192 at an average price of $11.64.

Positive

• Total return on net asset value was 6.4%, outperforming S&P 500 and Lipper.
• Twelve-month return also at 15.2%, matching S&P 500.
• Net assets increased to $2.05 billion from $1.89 billion.
• Shares repurchased at a significant discount to NAV.

Negative

• Total return on market price was lower at 3.8% for nine months.
• Market price return of 11.8% underperformed compared to NAV.

BALTIMORE, Oct. 15, 2020 /PRNewswire/ -- Adams Diversified Equity Fund, Inc. (NYSE: ADX) today announced the Fund's results for the nine months ended September 30^th. The total return on Adams Diversified Equity's net asset value, with dividends and capital gains reinvested, was 6.4%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Funds Average were 5.6% and 4.0%, respectively.  The total return on the market price of the Fund's shares for the period was 3.8%.

For the twelve months ended September 30th, the total return on Adams Diversified Equity's net asset value, with dividends and capital gains reinvested, was 15.2%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Funds Average were 15.2% and 13.0%, respectively. The total return on the market price of the Fund's shares for the period was 11.8%.

"We are pleased that our returns exceeded both the S&P 500 and our Lipper peer group for the first nine months of 2020," said Mark Stoeckle, CEO of Adams Funds. "Our Consumer Discretionary investments were the primary driver of our relative performance."

NET ASSET VALUE
	9/30/2020	9/30/2019
Net assets	$2,053,552,203	$1,888,506,024
Shares outstanding	108,731,167	105,412,589
Net asset value per share	$18.89	$17.92

 

The Fund repurchased 135,192 shares of its common stock during the past nine months at an average price per share of $11.64 and a weighted average discount to NAV of 15.1%.

The Third Quarter Report to Shareholders is expected to be available on or about October 20, 2020.

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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 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
800.638.2479 │walther@adamsfunds.com 

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SOURCE Adams Funds

FAQ

What is the total return of Adams Diversified Equity Fund (ADX) for the nine months ended September 30, 2020?

The total return for the nine months ended September 30, 2020, was 6.4% on net asset value.

How does the performance of Adams Diversified Equity Fund compare to the S&P 500?

Adams Diversified Equity Fund outperformed the S&P 500, which had a return of 5.6% for the same period.

What were the net assets of Adams Diversified Equity Fund as of September 30, 2020?

The fund's net assets were $2.05 billion as of September 30, 2020.

How many shares did Adams Diversified Equity Fund repurchase during the nine months?

The fund repurchased 135,192 shares at an average price of $11.64.