BALTIMORE, MARYLAND, January 19, 2023 - Adams Natural Resources Fund, Inc. (NYSE: PEO) announces the Fund’s investment returns for 2022. “In a difficult year for the broader market, significant exposure to energy generated a 44.9% return for our Fund,” said Mark Stoeckle, CEO of Adams Funds.
The total return on the Fund’s net asset value for the year was 44.9%, with dividends and capital gains reinvested. The comparable figures for the S&P 500 Energy Sector and the S&P 500 Materials Sector were 65.7% and -12.3%, respectively. Our benchmark, which is comprised of the S&P 500 Energy Sector (74%) and the S&P 500 Materials Sector (26%), returned 45.4%. The total return on the Fund’s market price for the same period was 42.2%.
The Fund paid $1.63 per share in income dividends and realized capital gain distributions to shareholders in 2022, producing an annual distribution rate of 8.1%, 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 Natural Resources Fund (NAV) | 44.9% | 18.5% | 9.1% |
| Adams Natural Resources Fund (market price) | 42.2% | 17.1% | 8.8% |
| S&P 500 Energy Sector | 65.7% | 19.3% | 9.3% |
| S&P 500 Materials Sector | -12.3% | 10.5% | 7.5% |
NET ASSET VALUE ANNOUNCED
The Fund’s net asset value at the end of 2022, compared with the year earlier, was:
| 12/31/22 | 12/31/21 | |
| Net assets | $651,336,441 | $470,588,987 |
| Shares outstanding | 25,193,556 | 24,484,588 |
| Net asset value per share | $25.85 | $19.22 |
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/22)
| % of Net Assets | |
| Exxon Mobil Corporation | 22.8% |
| Chevron Corporation | 14.8% |
| ConocoPhillips | 8.4% |
| Marathon Petroleum Corporation | 3.9% |
| Schlumberger N.V. | 3.5% |
| Pioneer Natural Resources Company | 3.3% |
| Occidental Petroleum Corporation | 3.2% |
| Linde plc | 3.1% |
| Phillips 66 | 3.0% |
| EOG Resources, Inc. | 2.9% |
| Total | 68.9% |
SECTOR WEIGHTINGS (12/31/22)
| % of Net Assets | |
| Energy | |
| Integrated Oil & Gas | 37.6% |
| Exploration & Production | 26.8% |
| Refining & Marketing | 8.6% |
| Equipment & Services | 6.2% |
| Storage & Transportation | 3.7% |
| Materials | |
| Chemicals | 11.4% |
| Metals & Mining | 3.0% |
| Containers & Packaging | 1.1% |
| Construction Materials | 1.0% |
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
800.638.2479