ADAMS EXPRESS PROVIDES YEAR-TO-DATE SHAREHOLDER UPDATE AT ANNUAL MEETING IN PHOENIX
BALTIMORE, MARYLAND -- MARCH 26, 2002 - The Adams Express Company held its Annual Meeting in Phoenix today and released this update to its shareholders. The information was updated through March 15, 2002:
TOP TEN HOLDINGS
The Company announced its ten largest portfolio holdings as of March 15 were:
Company |
% of Net Assets |
| AIG |
4.1% |
| General Electric |
3.9% |
| Petroleum & Resources Corp. |
3.5% |
| AMBAC Financial |
2.5% |
| Nokia |
2.2% |
| Minnesota Mining & Mfg. |
2.2% |
| United Technologies |
2.2% |
| Cisco Systems |
2.1% |
| Wells Fargo |
2.0% |
| SBC Communications |
2.0% |
| Total |
26.7% |
SECTOR WEIGHTINGS
The portfolio weightings for the major sectors the Fund invests in were as follows:
| Materials | 1.2% |
| Industrials | 13.8% |
| Consumer | 12.0% |
| Energy | 5.6% |
| Financial | 19.7% |
| Health Care | 16.1% |
| Technology | 12.9% |
| Telecom | 4.8% |
| Utilities | 7.1% |
| Cash & Equivalent | 6.2% |
PRINCIPAL CHANGES IN PORTFOLIO
During the first quarter through March 15, Adams Express added two new names to its investment list with purchases of Rohm & Haas and Target Corp. Five holdings were eliminated from the investment list with the sales of Ivex Packaging Corp., Mirant Corp., Qwest Communications International, Inc. 5.75% TRENDS Pfd. Due 2003, RCN Corp. and Time Warner Telecom Inc. The Company added to its holdings in BEA Systems Inc., BJ's Wholesale Club, Brinker International Inc., Bristol-Myers Squibb Co., CINergy Corp., Dean Foods Co., PepsiCo, Inc., Pfizer Inc., Safeway, Inc., and Siebel Systems Inc. The Company reduced its holdings in Black Hills Corp., Cisco Systems, Inc., Citigroup Inc., Engelhard Corp., Genentech, Inc., General Electric Co., Investors Financial Services Corp., ITT Industries, Minnesota Mining & Manufacturing Co., Oracle Corp., Symantec Corp., and Tiffany & Co.
SHARE REPURCHASE PROGRAM
The Company announced that, year-to-date in 2002, it has repurchased 296,800 shares of its common stock pursuant to its share repurchase program, for approximately $4.2 million.
The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange and Pacific Exchange, and its symbol is ADX.
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For further information please contact:
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
410-752-5900 or 800-638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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