Adams Diversified Equity Fund Declares Distribution and Announces First Quarter Performance
BALTIMORE, April 18, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Adams Diversified Equity Fund, Inc. (NYSE: ADX) today declared a distribution of $.05 per share from net investment income, payable May 31, 2024, to shareholders of record May 17, 2024. 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.*FIRST QUARTER PERFORMANCE*
For the three months ended March 31^st, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 11.2%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 10.6% and 10.4%, respectively. The total return on the market price of the Fund’s shares for the period was 10.5%.
For the twelve months ended March 31^st, the total return on Adams Diversified Equity’s net asset value, with dividends and capital gains reinvested, was 32.6%. Comparable figures for the S&P 500 and the Morningstar U.S. Large Blend category were 29.9% and 29.1%, respectively. The total return on the market price of the Fund’s shares for the period was 35.2%.
The First Quarter Report to Shareholders is expected to be available on or about April 24, 2024.
*ANNUALIZED COMPARATIVE RETURNS (3/31/2024)*
*1 Year* *3 Year* *5 Year*
Adams Diversified Equity Fund (NAV) 32.6% 12.9% 15.8%
Adams Diversified Equity Fund (market price) 35.2% 12.6% 15.9%
Morningstar U.S. Large Blend Category 29.1% 10.3% 14.0%
S&P 500 29.9% 11.5% 15.1%
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*NET ASSET VALUE ANNOUNCED*
The Fund’s net asset value at March 31, 2024, compared with the year earlier, was:
*3/31/2024* *3/31/2023*
Net assets $2,829,484,494 $2,238,417,080
Shares outstanding 124,051,688 120,844,712
Net asset value per share $22.81 $18.52
*TEN LARGEST EQUITY PORTFOLIO HOLDINGS (3/31/2024)*
* * *% of Net Assets*
Microsoft Corporation 7.9%
Apple Inc. 5.3%
NVIDIA Corporation 5.1%
Amazon.com, Inc. 4.4%
Alphabet Inc. Class A 3.8%
Meta Platforms, Inc. Class A 2.7%
JPMorgan Chase & Co. 2.2%
Visa Inc. Class A 1.9%
UnitedHealth Group Incorporated 1.9%
Adams Natural Resources Fund, Inc.* 1.8%
Total 37.0%
* Non-controlled affiliated closed-end fund.
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SECTOR WEIGHTINGS (3/31/2024)*
*% of Net Assets*
Information Technology 29.8%
Financials 12.8%
Health Care 12.3%
Consumer Discretionary 10.8%
Communication Services 9.0%
Industrials 8.3%
Consumer Staples 5.8%
Energy 4.1%
Materials 2.2%
Real Estate 2.2%
Utilities 1.9%
* *A*bout 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 or 800.638.2479*