BALTIMORE, July 13, 2017 /PRNewswire/ -- The Board of
Directors of Adams Diversified Equity Fund, Inc. (NYSE: ADX) today
declared a distribution of $.05 per
share from net investment income payable September 1, 2017, to shareholders of record
August 11, 2017. This
distribution represents the third payment this year toward the
Fund's annual 6% minimum distribution rate commitment. In
2016, the Fund paid out distributions at an annual distribution
rate of 7.8%. Details regarding the Fund's annual 6% minimum
distribution rate commitment can be found at
www.adamsfunds.com.
FIRST HALF PERFORMANCE
For the six months ended June
30th, the total return on Adams Diversified Equity's net
asset value, with dividends and capital gains reinvested, was
11.9%. Comparable figures for the S&P 500 and the Lipper
Large-Cap Core Funds Average were 9.3% and 8.7%,
respectively. The total return on the market price of the
Fund's shares for the period was 13.2%.
For the twelve months ended June
30th, the total return on Adams Diversified Equity's net
asset value, with dividends and capital gains reinvested, was
20.7%. Comparable figures for the S&P 500 and the Lipper
Large-Cap Core Funds Average were 17.9% and 17.0%, respectively.
The total return on the market price of the Fund's shares for the
period was 21.6%.
"We are pleased with our performance over the past six and 12
months on both an NAV and market basis. ADX surpassed its benchmark
by 2.6% for the first half of 2017 driven by solid gains in our
Technology, Consumer Discretionary, and Consumer Staples holdings,"
said Mark Stoeckle, CEO of Adams
Funds. "We remain committed to executing our disciplined investment
strategy and expect to build on these results going forward."
NET ASSET VALUE
|
6/30/2017
|
6/30/2016
|
Net assets
|
$1,671,661,063
|
$1,470,416,176
|
Shares
outstanding
|
98,833,094
|
97,362,723
|
Net asset value per
share
|
$16.91
|
$15.10
|
The Fund repurchased 596,561 shares of its common stock during
the six-month period for $8.3
million, at an average price per share of $13.87 and a weighted average discount to NAV of
15.6%.
The Semi-Annual Report to Shareholders is expected to be
released on or about July 21,
2017.
The Fund will be holding a conference call on August 17, 2017 at 2:00 PM
EDT to discuss first half 2017 performance. The dial
in number is 1-877-270-2148. Please ask to be joined to the Adams
Funds call.
Since 1929, Adams Funds has consistently helped generations of
investors reach their investment goals. Adams Funds is comprised of
two closed-end funds, Adams Diversified Equity Fund, Inc.
(NYSE:ADX) and Adams Natural Resources Fund, Inc. (NYSE:PEO). The
Funds are actively managed by an experienced team with a
disciplined approach and have paid dividends for more than 80 years
across many market cycles. The Funds are committed to paying an
annual distribution rate of 6% or more, providing reliable income
to long-term investors. Shares can be purchased through our
transfer agent or through a broker. For more information about
Adams Funds, please visit: www.adamsfunds.com.
Contact:
Lyn
Walther
Director of Shareholder Communications
410.752.5900
walther@adamsfunds.com
500 East Pratt Street, Suite 1300, Baltimore, MD 21202 │ 410.752.5900 │
800.638.2479 │ adamsfunds.com
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SOURCE Adams Diversified Equity Fund, Inc.