BALTIMORE, Jan. 16, 2020 /PRNewswire/ -- Adams Diversified Equity Fund, Inc. (NYSE: 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. (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 | investorrelations@adamsfunds.com
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SOURCE Adams Diversified Equity Fund, Inc.