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Adams Diversified Equity Fund Announces 2022 Performance
Globe Newswire 19-Jan-2023 5:34 PM
BALTIMORE, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Adams Diversified Equity Fund, Inc. (NYSE:ADX) announces the Fund's investment returns for 2022.
The total return on the Fund's net asset value for 2022 was -17.3%, with dividends and capital gains reinvested. The comparable figures for the S&P 500 Index and Morningstar U.S. Large Blend Category were -18.1% and -18.2%, respectively. The total return on the Fund's market price for the period was -19.8%. "In a difficult year for the market, our Fund modestly outperformed our benchmark and our peer group," said Mark Stoeckle, CEO of Adams Funds.
The Fund paid $1.07 per share in income dividends and realized capital gain distributions to shareholders in 2022, producing an annual distribution rate of 6.3%, 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 2022 Annual Report is expected to be released on or about February 15, 2023.
ANNUALIZED ONE, THREE, AND FIVE-YEAR COMPARATIVE RETURNS (12/31/22)
1 Year
3 Year
5 Year
Adams Diversified Equity Fund (NAV)
-17.3%
8.4%
10.3%
Adams Diversified Equity Fund (market price)
-19.8%
6.6%
9.8%
Morningstar U.S. Large Blend Category
-18.2%
7.2%
8.8%
S&P 500
-18.1%
7.7%
9.4%
NET ASSET VALUE ANNOUNCED
The Fund's net asset value at the end of 2022, compared with the year earlier, was:
12/31/22
12/31/21
Net assets
$2,100,737,733
$2,652,527,878
Shares outstanding
120,900,484
117,872,178
Net asset value per share
$17.38
$22.50
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/22)
% of Net Assets
Microsoft Corporation
6.8
%
Apple Inc.
5.9
%
Alphabet Inc. Class A
3.1
%
UnitedHealth Group Incorporated
2.5
%
Adams Natural Resources Fund, Inc.*
2.3
%
Amazon.com, Inc.
2.2
%
Mastercard Incorporated Class A
2.0
%
Thermo Fisher Scientific Inc.
2.0
%
Visa Inc. Class A
1.8
%
Berkshire Hathaway Inc. Class B
1.7
%
Total
30.3
%
* Non-controlled affiliated closed-end fund.
SECTOR WEIGHTINGS (12/31/22)
% of Net Assets
Information Technology
25.4
%
Health Care
15.7
%
Financials
11.9
%
Consumer Discretionary
10.4
%
Industrials
8.5
%
Communication Services
7.3
%
Consumer Staples
6.8
%
Energy
5.2
%
Utilities
3.0
%
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.
For further information please contact: adamsfunds.com/about/contact 800.638.2479
