BALTIMORE , Oct. 15, 2020 /PRNewswire/ -- Adams Natural Resources Fund, Inc. (NYSE: PEO) today announced the Fund's results for the nine months ended September 30 th . The total return on Adams Natural Resources' net asset value, with dividends and capital gains reinvested, was -36.8%. This compares to a total return of -37.4% for the Fund's benchmark, which is comprised of the S&P 500 Energy Sector (80% weight) and the S&P 500 Materials Sector (20% weight), over the same period. The total return on the market price of the Fund's shares for the period was -39.1%.
For the twelve months ended September 30 th , the total return on Adams Natural Resources' net asset value, with dividends and capital gains reinvested, was -33.5%. Comparable return for the Fund's benchmark was -33.8%. The total return on the market price of the Fund's shares for the period was -33.4%.
"It has been a difficult year for Energy stocks and the third quarter was, unfortunately, no different. The fallout from the pandemic impacted the Energy sector significantly," said Mark Stoeckle , CEO of Adams Funds. "Our investments in the Materials sector helped offset the weakness in Energy."
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NET ASSET VALUE
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9/30/2020
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9/30/2019
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Net assets
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$275,792,627
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$554,887,477
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Shares outstanding
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23,822,808
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29,534,397
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Net asset value per share
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$11.58
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$18.79
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The Fund repurchased 97,342 shares of its common stock during the past nine months at an average price per share of $7.56 and a weighted average discount to NAV of 17.3%, resulting in a $.01 increase to NAV per share. Additionally, the Fund purchased 5,955,676 shares (20% of outstanding) through a tender offer at a 5% discount to NAV, resulting in a $.16 increase to NAV per share.
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