BALTIMORE, MARYLAND, January 19, 2023 — 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%|
NET ASSET VALUE ANNOUNCED
The Fund’s net asset value at the end of 2022, compared with the year earlier, was:
|Net asset value per share||$17.38||$22.50|
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/22)
|% of Net Assets|
|Alphabet Inc. Class A||3.1%|
|UnitedHealth Group Incorporated||2.5%|
|Adams Natural Resources Fund, Inc.*||2.3%|
|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%|
|* Non-controlled affiliated closed-end fund.|
SECTOR WEIGHTINGS (12/31/22)
|% of Net Assets|
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.
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