At A Glance and Top Ten Holdings

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Overview

The Adams Express Company (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 Express 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 Express 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 Express 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 (6/30/14)

NYSE Symbol

ADX 

Market Price

$13.75

52-Week Range

$11.88-$13.81

NAV Per Share

$16.07

Discount

14.4%

Shares Outstanding

93,780,557

Summary Financial Information (unaudited)

2014

2013

At June 30:    
Net asset value per share

$16.07

$13.73

Total net assets

$1,507,502,245

$1,272,697,559

Unrealized appreciation on investments

$425,968,454

$238,305,355

     
For the six months ended June 30:    
Net investment income

$9,283,941

$7,432,226

Net realized gain / (loss)

$59,859,033

$26,817,557

Cost of shares repurchased

$6,138,017

$4,724,925

Shares repurchased

466,200 

389,822 

Total return on market price

6.0%

14.0%

Total return on net asset value

7.3%

11.4%

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

1.29%

1.19%*

Expenses to average net assets (annualized)

0.60%

0.80%**

Portfolio turnover (annualized)

43.5%

77.0%

Net cash & short-term investments to net assets

0.7%

1.1%

* Ratio was 1.34% when excluding non-recurring pension expenses.
** Ratio was 0.65% when excluding non-recurring pension expenses. 

Ten Largest Equity Portfolio Holdings (6/30/14)

 

Market Value

% of Net Assets

Petroleum & Resources Corp.*

$68,183,613

4.5 

Apple Inc.

60,692,583

4.0 

Wells Fargo & Co.

37,790,640

2.5 

Gilead Sciences, Inc.

34,324,740

2.3 

Walt Disney Co.
32,375,424

2.1 

Union Pacific Corp.

31,022,250

2.1 

Pfizer Inc.

30,264,696

2.0 

Citigroup Inc.

29,060,700

1.9 

Chevron Corp.

28,459,900

1.9 

Merck & Co., Inc.

27,768,000

1.8 

Total

$379,942,546

25.1%

* 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
*
2009 $0.15 $0.05 $0.25   $0.45  

5.2%

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%

* 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: $16.63
Closing Price: $14.23
Discount: -14.4%

This is the closing price from the NYSE on 09/19/2014

annual DISTRIBUTION Rate
2013 7.1%

*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%.