BALTIMORE, April 9, 2020 /PRNewswire/ -- 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, 2020, to shareholders of record May 18, 2020. 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. The Fund's distribution rate in 2019 was 9.6%.
FIRST QUARTER PERFORMANCE
"The steep, broad-based market decline in the first quarter impacted all sectors in the S&P 500. Our Fund outperformed the market, although it was still down -18.1%. Our investments in Consumer Discretionary, Industrials, and Utilities were the biggest contributors to our relative performance," said Mark Stoeckle, CEO of Adams Funds. For the three months ended March 31st, the total return on Adams Diversified Equity's net asset value, with dividends and capital gains reinvested, was -18.1%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Funds Average were -19.6% and -20.1%, respectively. The total return on the market price of the Fund's shares for the period was -19.9%.
For the twelve months ended March 31st, the total return on Adams Diversified Equity's net asset value, with dividends and capital gains reinvested, was -5.4%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Funds Average were -7.0% and -8.3%, respectively. The total return on the market price of the Fund's shares for the period was -4.7%.
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NET ASSET VALUE
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3/31/2020
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3/31/2019
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Net assets
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$1,591,765,312
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$1,794,035,673
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Shares outstanding
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108,750,795
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106,011,023
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Net asset value per share
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$14.64
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$16.92
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The Fund repurchased 114,792 shares of its common stock during the first quarter at an average price per share of $11.57 and a weighted average discount to NAV of 15.1%.
The First Quarter Report to Shareholders is expected to be released on or about April 16, 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 │ investorrelations@adamsfunds.com
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SOURCE Adams Diversified Equity Fund, Inc.