Adams Express Company : Adams Express Fund Announces Strong 2013 Performance: Market Price Up 31.8%; NAV Return of 29.7%
January 10, 2014 at 03:01 am IST
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BALTIMORE, MARYLAND - JANUARY 9, 2014 - The Adams Express Company (NYSE:ADX) announces the Fund's investment returns for 2013.
2013 INVESTMENT RETURNS
The total return on the Fund's market price for the twelve months ended December 31, 2013 was 31.8%, with dividends and capital gains reinvested. Comparable figures for the Lipper Large-Cap Core Mutual Funds Average ("Lipper Peer Group") and the S&P 500 Composite Stock Index ("S&P 500") were 31.4% and 32.4%, respectively. The total return on the Fund's net asset value for the same period was 29.7%, with dividends and capital gains reinvested.
The Fund paid $0.84 per share in income dividends and realized capital gains to shareholders in 2013, producing an annual distribution rate of 7.1%, exceeding the Fund's annual 6% minimum distribution rate commitment. Details regarding the annual 6% minimum distribution rate commitment can be found at www.adamsexpress.com.
NET ASSET VALUE ANNOUNCED
The Fund's net asset value at the end of 2013, compared with the year earlier, was:
12/31/13
12/31/12
Net assets
$1,421,550,920
$1,155,997,037
Shares outstanding
94,223,617
93,029,724
Net asset value per share
$15.09
$12.43
The Fund repurchased 948,339 shares of its common stock during the twelve-month period at an average price per share of $12.29 and a weighted average discount to net asset value of 13.6%.
OTHER SUMMARY FINANCIAL INFORMATION
12/31/13
12/31/12
Unrealized appreciation
$393,843,628
$143,061,370
Net investment income
$18,656,769
$17,547,510
Net realized gain
$57,371,366
$47,997,411
KEY RATIOS:
Net investment income to average net assets
1.44%
1.54%
Expense ratio (to average net assets)
0.69%
0.65%
Portfolio turnover
55.9%
27.4%
Net cash & short-term investments to net assets
0.6%
0.2%
TEN LARGEST PORTFOLIO HOLDINGS (12/31/13)
% of Net Assets
% of Net Assets
Petroleum & Resources Corporation*
$59,873,872
3.9%
Apple Inc.
55,157,113
3.9%
JPMorgan Chase & Co.
35,088,000
2.5%
Pfizer Inc.
32,274,831
2.5%
Gilead Sciences, Inc.
31,112,100
2.2%
Citigroup Inc.
30,744,900
2.1%
Wells Fargo & Co.
30,418,000
2.1%
Chevron Corp.
29,353,850
2.1%
Walt Disney Co.
28,848,640
2.0%
Google Inc. (Class A)
28,578,105
2.0%
Total
$361,449,411
25.4%
*Non-controlled affiliate
SECTOR WEIGHTINGS (12/31/13)
% of Net Assets
Information Technology
18.7%
Financials
16.1%
Health Care
14.1%
Industrials
11.4%
Consumer Discretionary
11.2%
Energy
9.8%
Consumer Staples
9.5%
Materials
3.1%
Telecommunication Services
2.4%
Utilities
2.4%
ANNUALIZED ONE, THREE AND FIVE YEAR COMPARATIVE RETURNS (12/31/13)
1 Year
3 Year
5 Year
Adams Express (market)
31.8%
13.9%
16.8%
Adams Express (NAV)
29.7%
13.1%
16.0%
Lipper Peer Group
31.4%
14.8%
16.9%
S&P 500
32.4%
16.2%
17.9%
The 2013 Annual Report is expected to be released on or about February 25, 2014.
The Adams Express Company is a Baltimore-based closed-end fund that has been operating as an investment company since 1929. Its stock trades on the New York Stock Exchange under the symbol ADX.
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For further information, please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at (410) 752-5900 or (800) 638-2479
Adams Diversified Equity Fund, Inc. (the Fund) is a diversified, closed-end investment company. The Fund is an internally managed fund whose investment objectives are preservation of capital, the attainment of reasonable income from investments, and an opportunity for capital appreciation. The Fund is an internally managed large-cap United States equity fund. The Fund invests at least 80% of its assets in highly liquid Standard and Poor's 500 (S&P 500) stocks. The Fund may invest up to 20% of assets in commodities (other than physical commodities), including swaps. The Fund invests in various sectors, such as communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, real estate, utilities, and information technology (IT).