BALTIMORE, Jan. 8, 2015 /PRNewswire/ -- The Adams
Express Company (NYSE: ADX) announces the Fund's investment returns
for 2014.
2014 INVESTMENT RETURNS
The total return on the Fund's net asset value for the twelve
months ended December 31, 2014 was
14.3%, 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 11.3% and 13.7%, respectively. The total return on the
Fund's market price for the same period was 13.7%. Commented
Mark Stoeckle, CEO of the Fund, "We
were very pleased that the Fund's NAV outperformed both its
benchmark, the S&P 500, and the Lipper Peer Group. 2014
was a difficult investment environment. Staying true to our
disciplined investment philosophy and process put us in position to
do quite well."
The Fund paid $1.18 per share in
income dividends and realized capital gains to shareholders in
2014, producing an annual distribution rate of 8.8%, 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 2014, compared with the
year earlier, was:
|
12/31/14
|
12/31/13
|
|
Net assets
|
$1,527,772,661
|
$1,421,550,920
|
|
Shares
outstanding
|
96,286,656
|
94,223,617
|
|
Net asset value per
share
|
$15.87
|
$15.09
|
The Fund repurchased 1,011,600 shares of its common stock, at a
cost of $13,744,866, during the
twelve-month period. The shares were repurchased at a weighted
average discount to net asset value of 14.0%.
|
OTHER SUMMARY
FINANCIAL INFORMATION
|
|
|
12/31/14
|
12/31/13
|
|
Unrealized
appreciation
|
$469,715,852
|
$393,843,628
|
|
Net investment
income
|
$19,120,191
|
$18,656,769
|
|
Net realized
gain
|
$93,558,308
|
$57,371,366
|
|
|
|
|
Key Ratios
|
|
|
|
|
|
|
Net investment income
to average net assets*
|
1.29%
|
1.44%
|
|
Expense ratio (to
average net assets)*
|
0.58%
|
0.69%
|
|
Portfolio
turnover*
|
26.6%
|
55.9%
|
|
Net cash &
short-term investments to net assets
|
0.9%
|
0.6%
|
|
|
|
|
*
Annualized
|
|
|
|
TEN LARGEST EQUITY
PORTFOLIO HOLDINGS (12/31/14)
|
|
|
Market
Value
|
% of Net
Assets
|
|
Apple Inc.
|
$72,089,178
|
4.7%
|
|
Petroleum &
Resources Corp.*
|
52,132,692
|
3.4%
|
|
Wells Fargo &
Co.
|
39,415,580
|
2.6%
|
|
Google Inc. (Class A
& Class C)
|
37,525,630
|
2.5%
|
|
Walt Disney
Co.
|
35,566,144
|
2.3%
|
|
Gilead Sciences,
Inc.
|
35,432,334
|
2.3%
|
|
Lowe's Companies,
Inc.
|
33,712,000
|
2.2%
|
|
Citigroup
Inc.
|
33,385,870
|
2.2%
|
|
Union Pacific
Corp.
|
33,118,140
|
2.2%
|
|
CVS/Caremark
Corp.
|
30,241,340
|
2.0%
|
|
Total
|
$402,618,908
|
26.4%
|
|
|
*Non-controlled
affiliated closed-end fund
|
|
SECTOR WEIGHTINGS
(12/31/14)
|
|
|
% of Net
Assets
|
|
Information
Technology
|
19.8%
|
|
Financials
|
17.2%
|
|
Health
Care
|
14.5%
|
|
Consumer
Discretionary
|
12.4%
|
|
Industrials
|
10.4%
|
|
Consumer
Staples
|
9.3%
|
|
Energy
|
8.5%
|
|
Materials
|
2.6%
|
|
Utilities
|
2.6%
|
|
Telecommunication
Services
|
1.8%
|
|
ANNUALIZED ONE,
THREE AND FIVE-YEAR COMPARATIVE RETURNS (12/31/14)
|
|
|
1
Year
|
3
Year
|
5
Year
|
|
Adams Express
(NAV)
|
14.3%
|
19.3%
|
12.9%
|
|
Adams Express
(market)
|
13.7%
|
20.6%
|
13.4%
|
|
Lipper Peer
Group
|
11.3%
|
19.1%
|
13.9%
|
|
S&P
500
|
13.7%
|
20.4%
|
15.5%
|
The 2014 Annual Report is expected to be released on or about
February 27, 2015.
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/the-adams-express-fund-announces-2014-outperformance-nav-return-of-143-market-price-return-of-137-300018043.html
SOURCE Adams Express Company