BALTIMORE, MARYLAND, October 19, 2023 — 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 6.3%. This compares to a total return of 5.5% for the Fund’s benchmark, which is comprised of the S&P 500 Energy Sector (83% weight) and the S&P 500 Materials Sector (17% weight), over the same period. The total return on the market price of the Fund’s shares for the period was 7.5%.
For the twelve months ended September 30th, the total return on Adams Natural Resources’ net asset value, with dividends and capital gains reinvested, was 29.3%. Comparable return for the Fund’s benchmark was 28.2%. The total return on the market price of the Fund’s shares for the period was 28.0%.
The Third Quarter Report to Shareholders is expected to be available on or about October 25, 2023.
ANNUALIZED COMPARATIVE RETURNS (9/30/2023)
| 1 Year | 3 Year | 5 Year | 10 Year | |
| Adams Natural Resources Fund (NAV) | 29.3% | 41.0% | 9.6% | 5.1% |
| Adams Natural Resources Fund (market price) | 28.0% | 41.4% | 10.0% | 5.2% |
| S&P 500 Energy Sector | 30.2% | 51.4% | 9.0% | 5.1% |
| S&P 500 Materials Sector | 18.1% | 9.5% | 8.6% | 8.7% |
NET ASSET VALUE ANNOUNCED
The Fund’s net asset value at September 30, 2023, compared with the year earlier, was:
| 9/30/2023 | 9/30/2022 | |
| Net assets | $678,249,981 | $552,664,703 |
| Shares outstanding | 25,024,860 | 24,485,314 |
| Net asset value per share | $27.10 | $22.57 |
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (9/30/2023)
| % of Net Assets | |
| Exxon Mobil Corporation | 23.3% |
| Chevron Corporation | 13.5% |
| ConocoPhillips | 7.4% |
| Schlumberger N.V. | 4.1% |
| Marathon Petroleum Corporation | 3.9% |
| Linde plc | 3.7% |
| Pioneer Natural Resources Company | 3.3% |
| Phillips 66 | 3.2% |
| Hess Corporation | 2.8% |
| EOG Resources, Inc. | 2.5% |
| Total | 67.7% |
INDUSTRY WEIGHTINGS (9/30/2023)
| % of Net Assets | |
| Energy | |
| Integrated Oil & Gas | 37.6% |
| Exploration & Production | 23.8% |
| Refining & Marketing | 8.9% |
| Equipment & Services | 7.6% |
| Storage & Transportation | 5.1% |
| Materials | |
| Chemicals | 12.0% |
| Metals & Mining | 2.1% |
| Construction Materials | 1.2% |
| Containers & Packaging | 0.9% |
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 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