BALTIMORE, MARYLAND -- MARCH 27, 2007 - The Adams Express Company held its Annual Meeting of stockholders in Baltimore today and provided this update. The information was updated through March 23, 2007:
PERFORMANCE AND REALIZED CAPITAL GAINS
The year-to-date total return for the Company, after adjusting for income dividends as well as capital gains distributions paid, was 3.0% on net asset value and was 1.9% on market value. Net realized capital gains were $0.16 per share.
TOP TEN HOLDINGS
The ten largest portfolio holdings were:
Company |
% of Net Assets |
| Petroleum & Resources Corp.* |
5.4% |
| General Electric Co. |
3.8% |
| American International Group, Inc. |
2.4% |
| Microsoft Corp. |
2.4% |
| Bank of America Corp. |
2.2% |
| Pfizer Inc. |
2.1% |
| Wachovia Corp. |
1.9% |
| Schlumberger Ltd. |
1.9% |
| PepsiCo Inc. |
1.8% |
| ConocoPhillips |
1.7% |
25.60% |
* Non-controlled affiliate
SECTOR WEIGHTINGS
The portfolio weightings for the major sectors that the Fund invests in were:
| Financials |
18.8% |
| Industrials |
13.10% |
| Materials |
5.30% |
| Technology |
11.00% |
| Consumer Staples |
10.50% |
| Consumer Discretionary |
7.10% |
| Health Care |
12.40% |
| Telecom |
2.80% |
| Utilities |
3.50% |
| Energy |
12.00% |
| Cash & Equivalent |
3.50% |
SECURITIES TRANSACTIONS
Since December 31, 2006, four new names have been added to the Company's portfolio with the purchases of shares of Oshkosh Truck Corp. and PNC Financial, the receipt of shares of CVS/Caremark via merger, and the receipt of shares of Spectra Energy via spin-off from Duke Energy. The Company added to its existing holding in Ryland Group. Two holdings were eliminated with the sale of shares of Donnelley (R.R.) & Sons and the merger of Essex Corp. with Northrop Grumman, and the holdings in Bunge, Ltd., Clear Channel Communications, Comcast Corp., Harley Davidson, Martin Marietta Materials, Morgan Stanley, and Target Corp. were reduced.
The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol ADX.
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For further information, please contact:
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
(410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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