BALTIMORE, MARYLAND, July 16, 2020 — 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 September 1, 2020, to shareholders of record August 18, 2020. This represents the third payment this year toward the Fund’s annual 6% minimum distribution rate commitment. Details regarding the Fund’s annual 6% minimum distribution rate commitment can be found at adamsfunds.com.
For the six months ended June 30, 2020, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was -29.7%. This compares to total returns of -29.7% 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) and -18.3% for the Lipper Global Natural Resources Funds Average over the same period. The Fund’s total return on the market price was -29.8%.
For the twelve months ended June 30, 2020, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was -29.8%. Comparable returns for the Fund’s benchmark and the Lipper Global Natural Resources Funds Average were -29.1% and -16.0%, respectively. The Fund’s total return on market price was -26.1%.
NET ASSET VALUE
|Net asset value per share||$12.99||$19.90|
“The global pandemic caused oil consumption to fall to its lowest level in 30 years. Supply reductions and a pickup in demand led to a rebound in the Energy sector during the second quarter, but the sector remained down for the first half of the year,” said Mark Stoeckle, CEO of Adams Funds.
The Fund repurchased 97,342 shares of its common stock during the six-month period for $736,000, at an average price per share of $7.56 and a weighted average discount to NAV of 17.3%, resulting in a $.01 increase to NAV per share.
The Semi-Annual Report to Shareholders is expected to be released on or about July 23, 2020.
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 80 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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Director of Shareholder Communications