BALTIMORE, MARYLAND, October 15, 2020 - Adams Natural Resources Fund, Inc. (NYSE: PEO) today announced the Fund’s results for the nine months ended September 30th. The total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was -36.8%. This compares to a total return of -37.4% 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), over the same period. The total return on the market price of the Fund’s shares for the period was -39.1%.
For the twelve months ended September 30th, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was -33.5%. Comparable return for the Fund’s benchmark was -33.8%. The total return on the market price of the Fund’s shares for the period was -33.4%.
“It has been a difficult year for Energy stocks and the third quarter was, unfortunately, no different. The fallout from the pandemic impacted the Energy sector significantly,” said Mark Stoeckle, CEO of Adams Funds. “Our investments in the Materials sector helped offset the weakness in Energy.”
NET ASSET VALUE
|Net asset value per share||$11.58||$18.79|
The Fund repurchased 97,342 shares of its common stock during the past nine months 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. Additionally, the Fund purchased 5,955,676 shares (20% of outstanding) through a tender offer at a 5% discount to NAV, resulting in a $.16 increase to NAV per share.
The Third Quarter Report to Shareholders is expected to be available on or about October 20, 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