BALTIMORE, April 21, 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 June 1, 2017, to shareholders of record
May 12, 2017. This distribution
represents the second 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 QUARTER PERFORMANCE
For the three months ended March
31st, the total return on Adams Diversified
Equity's net asset value, with dividends and capital gains
reinvested, was 7.8%. Comparable figures for the S&P 500 and
the Lipper Large-Cap Core Funds Average were 6.1% and 5.5%,
respectively. The total return on the market price of the Fund's
shares for the period was 8.6%.
"The Fund's superior results were largely driven by our team's
strong stock selection in the Technology and Consumer Staples
sectors. Several holdings advanced by more than 20% during the
quarter," said Mark Stoeckle, CEO of
Adams Funds. "We remain committed to our disciplined approach to
investing which centers on solid fundamental research to identify
high-quality companies that trade at compelling valuations with
attractive risk profiles."
For the twelve months ended March
31st, the total return on Adams Diversified
Equity's net asset value, with dividends and capital gains
reinvested, was 17.8%. Comparable figures for the S&P 500 and
the Lipper Large-Cap Core Funds Average were 17.2% and 15.9%,
respectively. The total return on the market price of the Fund's
shares for the period was 17.2%.
NET ASSET VALUE
|
3/31/2017
|
3/31/2016
|
|
Net assets
|
$1,620,471,621
|
$1,461,910,079
|
|
Shares
outstanding
|
99,192,253
|
97,693,497
|
|
Net asset value per
share
|
$16.34
|
$14.96
|
The Fund repurchased 237,861 shares of its common stock during
the first quarter at an average price per share of $13.50 and a weighted average discount to NAV of
16.0%.
The First Quarter Report to Shareholders is expected to be
released on or about April 28,
2017.
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:
Nancy
J. Floyd Prue
Executive Vice President
Director of Shareholder Communications
410.752.5900 │ prue@adamsfunds.com
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SOURCE Adams Diversified Equity Fund, Inc.