Overview
The Adams Express Company (NYSE:ADX) is a publicly-traded diversified equity fund. The Company uses a conservative investment philosophy and the portfolio is managed with the expectation that it will generate solid returns with lower-than-market risk for long-term investors. Investments are made with a focus on protecting your original investment and generating dividends and capital gains that can be used as a source of income or reinvested to increase your holdings in the Company.
One of the oldest companies listed on the New York Stock Exchange, Adams Express has been structured as a closed-end fund since 1929. The Company has paid dividends continuously since 1935.
The Company
- A closed-end equity investment company
- Internally-managed
- Low turnover
Stock Data (6/30/10)
|
NYSE Symbol |
ADX |
|---|---|
| Market Price |
$9.03 |
| 52-Week Range |
$8.05-$11.06 |
| Discount |
16.0% |
| Shares Outstanding |
87,428,182 |
Summary Financial Information - Six Months Ended June 30
|
2010 |
2009 |
|
| Net asset value per share |
$10.75 |
$10.10 |
| Total net assets |
$939,671,204 |
$870,825,075 |
| Unrealized appreciation (depreciation) |
$(25,409,831) |
$(91,918,915) |
| Net investment income |
$6,008,733 |
$6,372,633 |
| Net realized gain |
$17,527,431 |
$22,116,960 |
| Shares repurchased |
28,300 |
1,257,649 |
| Total return (based on market price) |
(9.7)% |
6.0% |
| Total return (based on net asset value) |
(9.1)% |
6.5% |
| Key ratios: | ||
| Net investment income to average net assets (annualized) |
1.16% |
1.58% |
| Expense to average net assets (annualized) |
0.58% |
0.86% |
| Portfolio turnover |
8.06% |
7.90% |
| Net cash & short-term investments to net assets |
1.8% |
4.9% |
Ten Largest Equity Portfolio Holdings (6/30/10)
|
Market Value |
% of Net Assets |
|
|---|---|---|
| Petroleum & Resources Corporation* |
$43,669,877 |
4.7 |
| Microsoft Corp. |
27,151,800 |
2.9 |
| Oracle Corp. |
23,606,000 |
2.5 |
| PepsiCo, Inc. |
21,942,000 |
2.3 |
| General Electric Co. |
21,456,960 |
2.3 |
| JPMorgan Chase & Co. |
20,501,600 |
2.2 |
| Bank of America Corp. |
19,902,450 |
2.1 |
| United Technologies Corp. |
19,473,000 |
2.1 |
| Procter & Gamble Co. |
18,893,700 |
2.0 |
| Apple Inc. |
18,864,750 |
2.0 |
| Total |
$235,462,137 |
25.1% |
* Non-controlled affiliate |
Five Year Distribution History
| Income Dividends per Share |
Short-Term Capital Gains per Share |
Long-Term Capital Gains per Share |
Total Distributions per Share |
Dividend Yield* | Annual Rate of Distribution** | |
|---|---|---|---|---|---|---|
| 2005 |
$0.22 |
$0.09 |
$0.55 |
$0.86 |
1.7% |
6.7% |
|
2006 |
0.23 |
0.04 |
0.63 |
0.90 |
1.7% |
6.8% |
|
2007 |
0.32 |
0.08 |
0.63 |
1.03 |
2.2% |
7.2% |
|
2008 |
0.26 |
0.01 |
0.37 |
0.64 |
2.3% |
5.6% |
|
2009 |
0.15 |
0.05 |
0.25 |
0.45 |
1.7% |
5.2% |
| Average: |
1.9% |
6.3% |
* The dividend yield is the total income dividends during the year divided by the average daily market price of the Company's Common Stock.
** The annual rate of distribution is the total dividends and capital gain distributions during the year divided by the average daily market price of the Company's Common Stock.
