The closed-end equity funds that comprise Adams Funds – Adams Diversified Equity Fund, previously known as The Adams Express Company, and Adams Natural Resources Fund, previously known as Petroleum & Resources Corporation – are two of nation’s oldest and most respected closed-end funds.
In fact, operating under the Adams Express name, Adams Diversified Equity Fund has thrived for more than 165 years, its first 75 years as one of the nation’s leading independent express companies, and in subsequent years as one of the largest closed-end investment funds. The Adams Express story parallels much of America’s business history, from the early days of transportation and manufacturing through expansion across our continent and the oceans – contributing to the ease and speed of transporting documents, currency, and securities to today’s information-based financial services industry.
Adams Funds celebrates its 90th Anniversary
The Dow tops 20,000
To more accurately reflect the companies’ business as investment funds, the Adams Express Company changes its name to Adams Diversified Equity Fund and Petroleum & Resources Corporation changes its name to Adams Natural Resources Fund. Both closed-end funds become part of the Adams Funds platform.
Mark E. Stoeckle is named CEO
The Great Recession, the longest economic downturn since WWII, begins
The mortgage meltdown and $8 trillion dollar housing crisis begins
The Adams Express Company celebrates its 150th year anniversary. A ringing of the bell ceremony at the NYSE occurs July 1, 2004. Petroleum & Resources celebrates its 75th anniversary.
September 11 attacks occur in New York City
Dot-com bubble bursts after years of extreme Internet growth
The Dow tops 10,000
First world wide web page is created
Black Monday - stock markets around the world crash, including the largest one-day percentage decline in the Dow
Adams Express Company pays its 50th consecutive annual dividend
Petroleum & Resources Corporation pays its 50th consecutive annual dividend
Adams moves its operations to Baltimore because of its centralized location for visiting portfolio companies
The Dow tops 1,000
Neil Armstrong becomes the first man on the moon
The Investment Company Act of 1940 begins regulating the fund industry
Adams explicitly embraces a long-term investing strategy
1939 - 1945World War II
TV is launched
The Securities and Exchange Commission is created
1929 - 1938The Great Depression years – the worst economic downturn in the history of the industrialized world
During World War I, the U.S. Government federalized the nation’s railroads, giving the express delivery companies that owned them stock in a new holding company. A decade after the war’s end, the railroads reprivatized themselves in early 1929 by purchasing the stock. With the cash from that purchase Adams Express amassed a significant investment portfolio and emerged as a closed-end investment company by the end of 1929. Total assets at the end of 1929 were $73 million. Also in 1929, Petroleum & Resources Corporation (initially named Petroleum Corporation of America) began as a closed-end investment company listed on the NYSE, and is a non-controlled affiliate of Adams Funds today.