2008 INVESTMENT RETURNS
For the twelve months ended
The annual rate of distribution to stockholders (the total dividends and capital gains distributed during the year divided by the average daily market price of the Company's stock) was 5.61%.
NET ASSET VALUE ANNOUNCED
The net asset value of Adams Express at the end of 2008 is compared with the prior year in the following table:
12/31/08 12/31/07 Net assets $840,012,143 $1,378,479,527 Shares outstanding 87,406,443 87,668,847 Net asset value per share $9.61 $15.72
During the year, the Company repurchased 2,457,547 shares of its common stock.
SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the fourth quarter, Adams Express added two new name to its investment list with the purchases of Hospira Inc. and WGL Holdings (the WGL Holdings shares were subsequently sold during the quarter). The Company increased its holdings in Avon Products, Bank of America, Bunge, Coca-Cola, CVS/Caremark, Harsco, McDonald's, Oshkosh, Spirit AeroSystems Holdings, Transocean, Visa, Wells Fargo, and Zimmer Holdings. Two holdings were eliminated from the investment list with the sales of Harley-Davidson and WGL Holdings (as discussed above). The Company reduced its holdings in ConocoPhillips, Prosperity Bancshares, and Schlumberger.
OTHER SUMMARY FINANCIAL INFORMATION
12/31/08 12/31/07 Unrealized depreciation/ appreciation $(111,981,824) $410,454,970 Net investment income $21,085,039 $25,884,799 Net realized gain $32,965,241 $60,426,376 Key Ratios Net investment income to average assets 1.82% 1.82% Expense ratio 0.48% 0.44% Portfolio turnover 18.09% 10.46% Cash to net assets 10.6% 6.6%
TEN LARGEST PORTFOLIO HOLDINGS (12/31/08)
% of Net Assets Petroleum & Resources Corporation* 5.0 Microsoft 2.7 General Electric 2.7 Pfizer 2.4 PepsiCo 2.4 Oracle 2.3 Procter & Gamble 2.3 Unilever 2.2 Genentech 2.2 Exxon Mobil 2.0 ---- 26.2% *Non-controlled affiliate
SECTOR WEIGHTINGS (12/31/08)
% of Net Assets Consumer 20.7% Health Care 15.8% Industrials 13.4% Energy 12.3% Information Technology 11.7% Short-term Investments 10.6% Financial 10.0% Utilities 3.0% Telecom Services 1.4% Materials 1.1%
ANNUALIZED ONE, FIVE AND TEN YEAR COMPARATIVE RETURNS
Returns on net asset value (12/31/08) 1 Year 5 Year 10 Year Adams Express -34.4% -1.2% -0.8% S&P 500 -37.0% -2.2% -1.4% Large-Cap Core Mutual Funds -37.2% -2.9% -1.7% Large-Cap Growth Mutual Funds -40.7% -3.7% -2.9%
The Adams Express Company is a
For further information please contact: Joseph M. Truta, President Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary 410-752-5900 or 800-638-2479 E-mail: firstname.lastname@example.org Website: www.adamsexpress.com
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SOURCE The Adams Express Company