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.

 

2019

Adams Funds celebrates its 90th Anniversary



2017

The Dow tops 20,000

2015

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.


2013

Mark E. Stoeckle is named CEO



2008

The Great Recession, the longest economic downturn since WWII, begins

2007

The mortgage meltdown and $8 trillion dollar housing crisis begins


2004

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.



2001

September 11 attacks occur in New York City

2000

Dot-com bubble bursts after years of extreme Internet growth

1999

The Dow tops 10,000

1991

First world wide web page is created

1987

Black Monday - stock markets around the world crash, including the largest one-day percentage decline in the Dow

1986

Adams Express Company pays its 50th consecutive annual dividend

1984

Petroleum & Resources Corporation pays its 50th consecutive annual dividend


1976

Adams moves its operations to Baltimore because of its centralized location for visiting portfolio companies



1972

The Dow tops 1,000

1969

Neil Armstrong becomes the first man on the moon

1940

The Investment Company Act of 1940 begins regulating the fund industry


1940

Adams explicitly embraces a long-term investing strategy



1939 - 1945

World War II

1939

TV is launched

1934

The Securities and Exchange Commission is created

1929 - 1938

The Great Depression years – the worst economic downturn in the history of the industrialized world


1929

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.