BALTIMORE, MARYLAND, April 9, 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 June 1, 2020, to shareholders of record May 18, 2020. This distribution represents the second payment this year toward the Fund’s annual 6% minimum distribution rate commitment, which can be found at adamsfunds.com. The Fund’s distribution rate in 2019 was 6.9%.
FIRST QUARTER PERFORMANCE
“The steep, broad-based market decline in the first quarter impacted all sectors in the S&P 500. The Energy sector was particularly challenged due to the significant decline in oil prices during the period,” said Mark Stoeckle, CEO of Adams Funds. For the three months ended March 31st, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was -45.5%. Comparable figures for the quarter were -45.6% 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 -35.7% for the Lipper Global Natural Resources Funds Average. The total return on the market price of the Fund’s shares was -49.2%.
For the twelve months ended March 31st, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was -45.9%. Comparable figures for the period were -45.3% for the Fund’s benchmark and -33.3% for the Lipper Global Natural Resources Funds Average. The total return on the market price of the Fund’s shares was -46.9%.
NET ASSET VALUE
|Net asset value per share||$10.16||$20.15|
The Fund repurchased 97,342 shares of its common stock during the first quarter at an average price per share of $7.56 and a weighted average discount to NAV of 17.3%.
The First Quarter Report to Shareholders is expected to be released on or about April 16, 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.
For further information please contact:
Director of Shareholder Communications