Overview
The Adams Express Company (NYSE:ADX) is a publicly-traded diversified equity fund. The Company uses a conservative investment philosophy and the portfolio is managed with the expectation that it will generate solid returns with lower-than-market risk for long-term investors. Investments are made with a focus on protecting your original investment and generating dividends and capital gains that can be used as a source of income or reinvested to increase your holdings in the Company.
In September 2011, the Board of Directors committed that the Company will annually distribute to stockholders at least 6% of the Company’s trailing 12-month average month end market price. This means Adams Express stockholders can count on receiving a 6% annual distribution, or more, for the foreseeable future in both up and down markets. The Board of Directors and the Fund's management team have taken this action to demonstrate our commitment to providing our stockholders with consistent, predictable distributions for years to come. Adams Express has made distributions every year for over 75 years. For more information, please click on 6% distribution.
One of the oldest companies listed on the New York Stock Exchange, Adams Express has been structured as a closed-end fund since 1929. The Company has paid dividends continuously since 1935.
The Company
- A closed-end equity investment company
- Internally-managed
- Low turnover
Stock Data (12/31/11)
|
NYSE Symbol |
ADX |
|---|---|
| Market Price |
$9.64 |
| 52-Week Range |
$8.63-$11.70 |
| Discount |
16.5% |
| Shares Outstanding |
91,073,899 |
Summary Financial Information (unaudited)
|
2011 |
2010 |
|
| At December 31: | ||
| Net asset value per share |
$11.54 |
$12.65 |
| Total net assets |
$1,050,733,678 |
$1,124,671,966 |
| Unrealized appreciation (depreciation) |
$62,511,196 |
$159,221,690 |
| For the year ended December 31: | ||
| Net investment income |
$13,858,578 |
$13,366,543 |
| Net realized gain |
$45,998,641 |
$30,884,988 |
| Total return (based on market price) |
(4.2)% |
11.5% |
| Total return (based on net asset value) |
(2.8)% |
11.2% |
| Key ratios: | ||
| Net investment income to average net assets |
1.25% |
1.29% |
| Expense to average net assets |
0.55% |
0.58% |
| Portfolio turnover |
21.5% |
16.2% |
| Net cash & short-term investments to net assets |
4.5% |
4.0% |
| Annual distribution rate |
6.1% |
5.1% |
Ten Largest Equity Portfolio Holdings (12/31/11)
|
Market Value |
% of Net Assets |
|
|---|---|---|
| Petroleum & Resources Corporation* |
$53,532,228 |
5.1 |
| Apple Inc. |
38,475,000 |
3.7 |
| Oracle Corp. |
24,624,000 |
2.3 |
| McDonald's Corp. |
24,079,200 |
2.3 |
| Chevron Corp. |
21,280,000
|
2.0 |
| JPMorgan Chase & Co. |
19,950,000 |
1.9 |
| PepsiCo, Inc. |
19,905,000 |
1.9 |
| Intel Corp. |
19,157,500 |
1.8 |
| Caterpillar Inc. |
19,026,000 |
1.8 |
| Procter & Gamble Co. |
18,678,800 |
1.8 |
| Total |
$258,707,728 |
24.6% |
|
* Non-controlled affiliate |
Five Year Distribution History
| Year | Income Dividends per Share |
Short-Term Capital Gains per Share |
Long-Term Capital Gains per Share |
Total Distributions per Share |
Dividend Yield * |
Annual Distribution Rate ** |
| 2007 |
$0.32 |
$0.08 |
$0.63 |
$1.03 |
2.2% |
7.1% |
| 2008 |
0.26 |
0.01 |
0.37 |
0.64 |
2.3% |
5.7% |
| 2009 |
0.15 |
0.05 |
0.25 |
0.45 |
1.7% |
5.2% |
| 2010 |
0.14 |
0.09 |
0.28 |
0.51 |
1.4% |
5.1% |
|
2011 |
0.15 |
0.07 |
0.43 |
0.65 |
1.4% |
6.1% |
|
Average: |
1.8% |
5.8% |
* The dividend yield is the total income dividends during the year divided by the average month-end market price of the Company's Common Stock for the calendar year in years priors to 2011 and for the 12 months ended October 31 in 2011.
** The annual distribution rate is the total income dividends and capital gain distributions during the year divided by the average month-end market price of the Company's Common Stock for the calendar year in years prior to 2011 and for the 12 months ended October 31 in 2011, which is consistent with the calculation to determine the 6% distribution commitment announced in September, 2011.
