BALTIMORE, MARYLAND, October 20, 2022 - 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 19.1%. This compares to a total return of 19.7% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (74% weight) and the S&P 500 Materials Sector (26% weight), over the same period. The total return on the market price of the Fund’s shares for the period was 19.5%.
For the twelve months ended September 30th, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 31.4%. Comparable return for the Fund’s benchmark was 31.4%. The total return on the market price of the Fund’s shares for the period was 30.4%.
The Third Quarter Report to Shareholders is expected to be available on or about October 26, 2022.
ANNUALIZED COMPARATIVE RETURNS (09/30/2022)
| 1 Year | 3 Year | 5 Year | 10 Year | |
| Adams Natural Resources Fund (NAV) | 31.4% | 12.9% | 6.2% | 3.8% |
| Adams Natural Resources Fund (market price) | 30.4% | 13.8% | 6.3% | 3.6% |
| S&P 500 Energy Sector | 45.7% | 13.4% | 6.1% | 3.5% |
| S&P 500 Materials Sector | -12.2% | 7.6% | 5.9% | 8.6% |
NET ASSET VALUE ANNOUNCED
The Fund’s net asset value at September 30, 2022, compared with the year earlier, was:
| 09/30/2022 | 09/30/2021 | |
| Net assets | $552,664,703 | $434,783,848 |
| Shares outstanding | 24,485,314 | 24,084,964 |
| Net asset value per share | $22.57 | $18.05 |
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (09/30/2022)
| % of Net Assets | |
| Exxon Mobil Corporation | 20.9% |
| Chevron Corporation | 14.5% |
| ConocoPhillips | 9.1% |
| Marathon Petroleum Corporation | 4.2% |
| Pioneer Natural Resources Corporation | 3.8% |
| Occidental Petroleum Corporation | 3.6% |
| Linde plc | 3.2% |
| Valero Energy Corporation | 3.0% |
| EOG Resources, Inc. | 2.9% |
| Schlumberger N.V. | 2.8% |
| Total | 68.0% |
SECTOR WEIGHTINGS (09/30/2022)
| % of Net Assets | |
| Energy | |
| Integrated Oil & Gas | 36.2% |
| Exploration & Production | 29.2% |
| Refining & Marketing | 8.8% |
| Equipment & Services | 5.2% |
| Storage & Transportation | 3.6% |
| Materials | |
| Chemicals | 10.7% |
| Metals & Mining | 2.5% |
| Construction Materials | 1.9% |
| Containers & Packaging | 1.1% |
###
About Adams Funds
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 contact us:
800-638-2479 │ adamsfunds.com/about/contact