At A Glance and Top Ten Holdings

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Overview

Adams Diversified Equity Fund (NYSE:ADX) is a publicly-traded diversified equity fund. The Fund uses a conservative investment philosophy and the portfolio is managed with careful attention to risk management.  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 Fund.

The Fund has committed to distribute annually to shareholders at least 6% of the Fund's trailing 12-month average month-end market price.  This means Adams Diversified Equity Fund shareholders can count on receiving distributions at a 6% annual distribution rate, or more, for the foreseeable future in both up and down markets.  Adams Diversified Equity Fund has made distributions every year for over 75 years.  For more information, please click on annual minimum 6% distribution rate.

One of the oldest companies continuously  listed on the New York Stock Exchange, Adams Diversified Equity Fund has been structured as a closed-end fund since 1929.

The Fund

  • A closed-end equity fund
  • Internally-managed
  • Annual distribution rate of at least 6%

Stock Data (6/30/15)

NYSE Symbol

ADX 

Market Price

$13.97

52-Week Range

$12.77-$14.90

NAV Per Share

$16.19

Discount

13.7%

Shares Outstanding

95,542,255

Summary Financial Information

2015

2014

At June 30:    
Net asset value per share

$16.19

$16.07

Total net assets

$1,546,489,828

$1,507,502,245

Unrealized appreciation

$452,495,610

$425,968,454

     
For the six months ended June 30:    
Net investment income

$3,867,647

$9,283,941

Net realized gain

$49,839,573

$59,859,033

Cost of shares repurchased

$10,749,303

$6,138,017

Shares repurchased

765,000

466,200

Total return on market price

2.8%

6.0%

Total return on net asset value

2.7%

7.3%

     
Key ratios:    
Net investment income to average net assets (annualized)

0.79%*

1.29%

Expenses to average net assets (annualized)

0.94%*

0.60%

Portfolio turnover (annualized)

17.7%

43.5%

Net cash & short-term investments to net assets

2.1%

0.7%

* Ratio of expenses to average net assets was 0.65%, excluding the one-time charge of $4,471,424 related to the termination of the defined benefit plans and the ratio of net investment income to average net assets was 1.08%.

Ten Largest Equity Portfolio Holdings (6/30/15)

 

Market Value

Percent of Net Assets

Apple Inc.

$81,915,068

5.3% 

Adams Natural Resources Fund, Inc. *

48,830,663

3.2 

Wells Fargo & Co.

40,436,560

2.6 

Gilead Sciences, Inc.

39,409,128

2.5 

Google Inc. (Class A & Class C)
37,700,014

2.4 

Walt Disney Co.

36,524,800

2.4 

Citigroup Inc.

34,083,080

2.2 

Comcast Corp. (Class A)

33,666,372

2.2 

CVS Health Corp.

32,932,320

2.1 

PepsiCo, Inc.

32,062,290

2.1 

Total

$417,560,295

27.0%

* Non-controlled affiliated closed-end fund.  

Five Year Distribution History

Income
Dividends
per Share
 
 Short-Term
Capital Gains
per Share
Long-Term
Capital Gains
per Share
Total
Distributions
per Share
 
 Annual
Distribution
Rate
*
2010 $0.14 $0.09 $0.28 $0.51

5.1%

2011 0.15 0.07 0.43 0.65

6.1%

2012 0.18 0.10 0.39 0.67

6.3%

2013

0.22

0.17

0.45

0.84

7.1%

2014

0.20

0.06

0.92

1.18

8.8%

* The annual distribution rate is the total dividends and capital gain distributions per share divided by the average month-end market price of the Fund's Common Stock.  For the years prior to 2011, the average month-end market price is determined for the calendar year.  For 2011 and later, the average month-end market price is determined for the twelve months ended October 31, which is consistent with the calculation used for the annual 6% minimum distribution rate commitment adopted in September 2011.

At A Glance and Top Ten Holdings

Stock and Distribution

Nav & Stock Price Per Share
Net Asset Value: $16.58
Closing Price: $14.19
Discount: -14.4%

This is the closing price from the NYSE on 07/29/2015

annual DISTRIBUTION Rate
2014 8.8%

*The annual distribution rate is the total dividends and capital gain distributions divided by the average month-end market price of the Fund's Common Stock for the twelve months ended October 31.

As of September 8, 2011, the Fund committed to an annual distribution rate of at least 6%.