BALTIMORE, April 18, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Adams Natural Resources Fund, Inc. (NYSE: PEO) today declared a distribution of $.10 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 Natural Resources’ net asset value, with dividends and capital gains reinvested, was 13.1%. This compares to a total return of 12.7% 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 12.3%.
For the twelve months ended March 31 st , the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 19.3%. Comparable return for the Fund’s benchmark was 17.6%. The total return on the market price of the Fund’s shares for the period was 19.7%.
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 Natural Resources Fund (NAV) | 19.3% | 26.0% | 13.9% |
| Adams Natural Resources Fund (market price) | 19.7% | 23.9% | 13.7% |
| S&P 500 Energy Sector | 17.7% | 30.0% | 12.9% |
| S&P 500 Materials Sector | 17.6% | 7.9% | 13.3% |
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 | $712,708,809 | $627,152,193 |
| Shares outstanding | 25,506,011 | 25,082,799 |
| Net asset value per share | $27.94 | $25.00 |
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (3/31/2024)
| % of Net Assets | |
| Exxon Mobil Corporation | 19.1% |
| Chevron Corporation | 12.0% |
| ConocoPhillips | 6.1% |
| Marathon Petroleum Corporation | 4.7% |
| Linde plc | 4.6% |
| EOG Resources, Inc. | 4.0% |
| Pioneer Natural Resources Company | 3.7% |
| Phillips 66 | 3.5% |
| Hess Corporation | 3.0% |
| Schlumberger N.V. | 2.9% |
| Total | 63.6% |
INDUSTRY WEIGHTINGS (3/31/2024)
| % of Net Assets | |
| Energy | 80.3% |
| Integrated Oil & Gas | 32.0% |
| Exploration & Production | 24.9% |
| Refining & Marketing | 10.3% |
| Storage & Transportation | 7.2% |
| Equipment & Services | 5.9% |
| Materials | 19.2% |
| Chemicals | 13.5% |
| Metals & Mining | 3.1% |
| Construction Materials | 1.7% |
| Containers & Packaging | 0.9% |
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 or 800.638.2479
