BALTIMORE, April 18, 2024 (GLOBE NEWSWIRE) -- 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 May 31, 2024, to shareholders of record May 17, 2024. 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.
FIRST QUARTER PERFORMANCE
For the three months ended March 31 st , the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 11.2%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 10.6% and 10.4%, respectively. The total return on the market price of the Fund’s shares for the period was 10.5%.
For the twelve months ended March 31 st , the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 32.6%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 29.9% and 29.1%, respectively. The total return on the market price of the Fund’s shares for the period was 35.2%.
The First Quarter Report to Shareholders is expected to be available on or about April 24, 2024.
ANNUALIZED COMPARATIVE RETURNS (3/31/2024)
| 1 Year | 3 Year | 5 Year | |
| Adams Diversified Equity Fund (NAV) | 32.6% | 12.9% | 15.8% |
| Adams Diversified Equity Fund (market price) | 35.2% | 12.6% | 15.9% |
| Morningstar U.S. Large Blend Category | 29.1% | 10.3% | 14.0% |
| S&P 500 | 29.9% | 11.5% | 15.1% |
NET ASSET VALUE ANNOUNCED
The Fund’s net asset value at March 31, 2024, compared with the year earlier, was:
| 3/31/2024 | 3/31/2023 | |
| Net assets | $2,829,484,494 | $2,238,417,080 |
| Shares outstanding | 124,051,688 | 120,844,712 |
| Net asset value per share | $22.81 | $18.52 |
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (3/31/2024)
| % of Net Assets | |
| Microsoft Corporation | 7.9% |
| Apple Inc. | 5.3% |
| NVIDIA Corporation | 5.1% |
| Amazon.com, Inc. | 4.4% |
| Alphabet Inc. Class A | 3.8% |
| Meta Platforms, Inc. Class A | 2.7% |
| JPMorgan Chase & Co. | 2.2% |
| Visa Inc. Class A | 1.9% |
| UnitedHealth Group Incorporated | 1.9% |
| Adams Natural Resources Fund, Inc.* | 1.8% |
| Total | 37.0% |
* Non-controlled affiliated closed-end fund.
SECTOR WEIGHTINGS (3/31/2024)
| % of Net Assets | |
| Information Technology | 29.8% |
| Financials | 12.8% |
| Health Care | 12.3% |
| Consumer Discretionary | 10.8% |
| Communication Services | 9.0% |
| Industrials | 8.3% |
| Consumer Staples | 5.8% |
| Energy | 4.1% |
| Materials | 2.2% |
| Real Estate | 2.2% |
| Utilities | 1.9% |
A bout 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 or 800.638.2479
