The Adams Express Fund Announces Strong 2013 Performance: Market Price Up 31.8%; NAV Return Of 29.7%
BALTIMORE, Jan. 9, 2014 /PRNewswire/ -- The Adams Express Company (NYSE:ADX) announces the Fund's investment returns for 2013.
2013 INVESTMENT RETURNS
The total return on the Fund's market price for the twelve months ended December 31, 2013 was 31.8%, with dividends and capital gains reinvested. Comparable figures for the Lipper Large-Cap Core Mutual Funds Average ("Lipper Peer Group") and the S&P 500 Composite Stock Index ("S&P 500") were 31.4% and 32.4%, respectively. The total return on the Fund's net asset value for the same period was 29.7%, with dividends and capital gains reinvested.
The Fund paid $0.84 per share in income dividends and realized capital gains to shareholders in 2013, producing an annual distribution rate of 7.1%, exceeding the Fund's annual 6% minimum distribution rate commitment. Details regarding the annual 6% minimum distribution rate commitment can be found at www.adamsexpress.com.
| NET ASSET VALUE ANNOUNCED |
||
| The Fund's net asset value at the end of 2013, compared with the year earlier, was: |
||
| 12/31/13 |
12/31/12 |
|
| Net assets |
$1,421,550,920 |
$1,155,997,037 |
| Shares outstanding |
94,223,617 |
93,029,724 |
| Net assets per share |
$15.09 |
$12.43 |
The Fund repurchased 948,339 shares of its common stock during the twelve-month period at an average price per share of $12.29 and a weighted average discount to net asset value of 13.6%.
| OTHER SUMMARY FINANCIAL INFORMATION |
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| 12/31/13 |
12/31/12 |
|
| Unrealized appreciation |
$393,843,628 |
$143,061,370 |
| Net investment income |
$18,656,769 |
$17,547,510 |
| Net realized gain |
$57,371,366 |
$47,997,411 |
| Key Ratios |
||
| Net investment income to |
1.44% |
1.54% |
| Expense ratio (to average net assets) |
0.69% |
0.65% |
| Portfolio turnover |
55.9% |
27.4% |
| Net cash & short-term investments |
0.6% |
0.2% |
| TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/13) |
||
| Market Value |
% of Net Assets |
|
| Petroleum & Resources Corp. * |
$59,873,872 |
4.2% |
| Apple Inc. |
55,157,113 |
3.9% |
| JPMorgan Chase & Co. |
35,088,000 |
2.5% |
| Pfizer Inc. |
32,274,831 |
2.3% |
| Gilead Sciences, Inc. |
31,112,100 |
2.2% |
| Citigroup Inc. |
30,744,900 |
2.1% |
| Wells Fargo & Co. |
30,418,000 |
2.1% |
| Chevron Corp. |
29,353,850 |
2.1% |
| Walt Disney Co. |
28,848,640 |
2.0% |
| Google Inc. (Class A) |
28,578,105 |
2.0% |
| Total |
$361,449,411 |
25.4% |
| *Non-controlled affiliate |
||
| SECTOR WEIGHTINGS (12/31/13) |
|
| % of Net Assets |
|
| Information Technology |
18.7% |
| Financials |
16.1% |
| Health Care |
14.1% |
| Industrials |
11.4% |
| Consumer Discretionary |
11.2% |
| Energy |
9.8% |
| Consumer Staples |
9.5% |
| Materials |
3.1% |
| Telecommunication Services |
2.4% |
| Utilities |
2.4% |
| ANNUALIZED ONE, THREE AND FIVE-YEAR COMPARATIVE RETURNS (12/31/13) |
|||
| 1 Year |
3 Year |
5 Year |
|
| Adams Express (market) |
31.8% |
13.9% |
16.8% |
| Adams Express (NAV) |
29.7% |
13.1% |
16.0% |
| Lipper Peer Group |
31.4% |
14.8% |
16.9% |
| S&P 500 |
32.4% |
16.2% |
17.9% |
The 2013 Annual Report is expected to be released on or about February 25, 2014.
The Adams Express Company is a Baltimore-based closed-end fund that has been operating as an investment company since 1929. Its stock trades on the New York Stock Exchange under the symbol ADX.
For further information please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479
E-mail: [email protected]
Website: www.adamsexpress.com
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SOURCE Adams Express Company
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