BALTIMORE, MARYLAND, January 11, 2001 -- The Board of Directors of The Adams Express Company declared a dividend and announced the fund's performance in 2000.
DIVIDEND DECLARED
Adams Express declared a dividend of $.08 per share, payable March 1, 2001, to stockholders of record, February 19, 2001. The $.08 consists of $.03 investment income and $.04 of long-term capital gain both realized in 2000, and $.01 of investment income from 2001.
The fund significantly outperformed the Standard & Poor's 500 Index and narrowly outperformed the returns of the Dow Jones Industrial Average. For the twelve months ended December 31, the total return on Adams Express' net asset value, after adjusting for income dividends as well as capital gains distributions paid, was -4.3 percent. Comparable figures for the S & P 500 and the Dow Jones were -9.1 percent and -4.9 percent, respectively.
"The investment terrain was challenging for investors last year, particularly in the second half," said Douglas G. Ober, chairman and chief executive officer. "Adams Express investors were well served by a well-diversified portfolio, active management, and the offset of dividend income from the portfolio." The fund has outperformed the S & P 500 for the last two years.
NET ASSET VALUE ANNOUNCED
The net asset value of Adams Express at the end of 2000 is compared with the prior year in the following table:
12/30/00 |
12/30/99 |
|
Net assets |
$1,951,562,978 |
$2,170,801,875 |
Shares outstanding |
82,292,262 |
53,894,827 |
Net assets per share |
$23.72* |
$40.28 |
*After capital gain distribution of $1.39 per share paid in 2001.
PRINCIPAL CHANGES IN PORTFOLIO DURING FOURTH QUARTER
During the three months ended December 31, 2000, Adams Express added four new names to its investment list with Diamondcluster International, Inc. (formerly Diamond Technology Partners Inc.), Procter & Gamble Co., United Parcel Service, Inc. and United Technologies Corp. The Company increased its holdings in Petroleum & Resources Corporation. Six holdings were eliminated from the investment list with the sales of Bank One Corp., ENDESA, S.A. ADR, Fort James Corp., Honeywell Int'l Co., Interstate Bakeries Corp., and Ryder System, Inc. The Company reduced its holdings in Delphi Automotive, Inc., General Electric Co., and Investors Financial Services Corp.
The Annual Report will be released on or about January 22, 2001.
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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