BALTIMORE, Jan. 15 /PRNewswire-FirstCall/ -- The Adams Express Company (NYSE:ADX) announces the Company's investment returns for 2008.
2008 INVESTMENT RETURNS For the twelve months ended December 31, 2008, the total return on Adams Express' net asset value, with dividends and capital gains reinvested, was (34.4)%. Comparable figures for the S&P 500 Index and the Lipper Large-Cap Core Mutual Fund Average were (37.0)% and (37.2)%, respectively. The total return on Adams Express' market value was (38.9)%.
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 Baltimore-based closed-end investment company. Its stock trades on the New York Stock Exchange under the ticker symbol ADX.
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:
Website: http://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. DATASOURCE: The Adams Express Company CONTACT: Joseph M. Truta, President, or Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary, both of The Adams Express Company, +1-410-752-5900 or +1-800-638-2479, Web Site: http://www.adamsexpress.com/
|