PEO

Adams Natural Resources Fund, Inc. (NYSE: PEO) announces the Fund’s investment returns for 2022. “In a difficult year for the broader market, significant exposure to energy generated a 44.9% return for our Fund,” said Mark Stoeckle, CEO of Adams Funds.

The total return on the Fund’s net asset value for the year was 44.9%, with dividends and capital gains reinvested. The comparable figures for the S&P 500 Energy Sector and the S&P 500 Materials Sector were 65.7% and -12.3%, respectively. Our benchmark, which is comprised of the S&P 500 Energy Sector (74%) and the S&P 500 Materials Sector (26%), returned 45.4%. The total return on the Fund’s market price for the same period was 42.2%.

The Fund paid $1.63 per share in income dividends and realized capital gain distributions to shareholders in 2022, producing an annual distribution rate of 8.1%, exceeding the Fund’s annual 6.0% minimum distribution rate commitment. Details regarding the annual 6.0% minimum distribution rate commitment can be found at adamsfunds.com.

The 2022 Annual Report is expected to be released on or about February 15, 2023.

ANNUALIZED ONE, THREE, AND FIVE-YEAR COMPARATIVE RETURNS (12/31/22)

	1 Year	3 Year	5 Year
Adams Natural Resources Fund (NAV)	44.9%	18.5%	9.1%
Adams Natural Resources Fund (market price)	42.2%	17.1%	8.8%
S&P 500 Energy Sector	65.7%	19.3%	9.3%
S&P 500 Materials Sector	-12.3%	10.5%	7.5%

NET ASSET VALUE ANNOUNCED

The Fund’s net asset value at the end of 2022, compared with the year earlier, was:

	12/31/22	12/31/21
Net assets	$651,336,441	$470,588,987
Shares outstanding	25,193,556	24,484,588
Net asset value per share	$25.85	$19.22

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/22)

	% of Net Assets
Exxon Mobil Corporation	22.8%
Chevron Corporation	14.8%
ConocoPhillips	8.4%
Marathon Petroleum Corporation	3.9%
Schlumberger N.V.	3.5%
Pioneer Natural Resources Company	3.3%
Occidental Petroleum Corporation	3.2%
Linde plc	3.1%
Phillips 66	3.0%
EOG Resources, Inc.	2.9%
Total	68.9%

SECTOR WEIGHTINGS (12/31/22)

	% of Net Assets
Energy
Integrated Oil & Gas	37.6%
Exploration & Production	26.8%
Refining & Marketing	8.6%
Equipment & Services	6.2%
Storage & Transportation	3.7%
Materials
Chemicals	10.0%
Metals & Mining	3.0%
Construction Materials	2.4%
Containers & Packaging	1.1%

About Adams FundsSince 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 85 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: adamsfunds.com.  

 

For further information please contact:
adamsfunds.com/about/contact
800.638.2479