The Adams Express Fund Announces Strong 2013 Performance: Market Price Up 31.8%; NAV Return Of 29.7%

Jan 09, 2014, 16:00 ET from Adams Express Company

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

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   average net assets

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   to net assets

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: contact@adamsexpress.com Website: www.adamsexpress.com

For your convenience, all press releases are posted to our website.  If you would like to receive future press releases by fax or e-mail, please contact us.

SOURCE Adams Express Company



RELATED LINKS

http://www.adamsexpress.com