PrintPDF
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 investment company
- Internally-managed
- Annual distribution rate of at least 6%
- Low turnover
Stock Data (3/31/13)
|
NYSE Symbol |
ADX |
|---|---|
| Market Price |
$11.74 |
| 52-Week Range |
$9.97-$11.78 |
| Discount |
13.6% |
| Shares Outstanding |
93,098,844 |
Summary Financial Information (unaudited)
|
2013 |
2012 |
|
| At March 31: | ||
| Net asset value per share |
$13.58 |
$12.92 |
| Total net assets |
$1,264,090,765 |
$1,176,974,864 |
| Unrealized appreciation on investments |
$261,436,736 |
$183,348,558 |
| For the three months ended March 31: | ||
| Net investment income |
$3,914,552 |
$3,606,304 |
| Net realized loss / gain |
$(9,723,598) |
$6,513,940 |
| Total return (based on market price) |
11.3% |
14.4% |
| Total return (based on net asset value) |
9.7% |
12.5% |
| Key ratios: | ||
| Net investment income to average net assets (annualized) |
1.29% |
1.29% |
| Expenses to average net assets (annualized) |
0.75% |
0.62% |
| Portfolio turnover (annualized) |
42.4% |
28.8% |
| Net cash & short-term investments to net assets |
0.9% |
6.1% |
Ten Largest Equity Portfolio Holdings (3/31/13)
|
Market Value |
% of Net Assets |
|
|---|---|---|
| Petroleum & Resources Corporation* |
$56,812,389 |
4.5 |
| Apple Inc. |
41,164,590 |
3.3 |
| JPMorgan Chase & Co. |
28,476,000 |
2.3 |
| QUALCOMM Inc. |
26,780,000 |
2.1 |
| International Business Machines Corp. |
22,396,500
|
1.8 |
| Honeywell International Inc. |
22,228,250 |
1.8 |
| Merck & Co., Inc. |
22,115,000 |
1.7 |
| Lowe's Companies, Inc. |
20,856,000 |
1.6 |
| Wells Fargo & Co. |
20,714,400 |
1.6 |
| Walt Disney Co. |
20,448,000 |
1.6 |
| Total |
$281,991,129 |
22.3% |
|
* 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* |
|
| 2008 | $0.26 | $0.01 |
$0.37 |
$0.64 |
5.7% |
| 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% |
|
Average: |
5.7% |
* The annual distribution rate is the total dividends and capital gain distributions during the year divided by the average month-end market price of the Fund's Common Stock for the calendar year in years prior to 2011 and for the 12 months ended October 31 beginning in 2011, which is consistent with the calculation to determine the minimum distribution rate commitment announced in September 2011.
