BALTIMORE, MARYLAND – MARCH 23, 2010 – The Adams Express Company (NYSE: ADX) held its Annual Meeting of Stockholders in Baltimore today in its 156th year as a company and provided this update on year-to-date activity through March 19, 2010:
PERFORMANCE AND REALIZED CAPITAL GAINS
The year-to-date total return for the Company, including the reinvestment of income dividends as well as capital gains distributions paid, was 4.5% on net asset value and 4.7% on market value. Comparable figures for the Standard & Poor's 500 Index and the Lipper Large-Cap Core Mutual Fund Average were 4.5% and 4.0%, respectively. Net realized capital gains for the Company were $0.08 per share.
SECURITIES TRANSACTIONS
Since January 1, 2010, the Company has added three new names to its portfolio with the purchases of shares of Hewlett-Packard Co., Praxair, Inc., and T. Rowe Price Group, Inc. The Company has added to its existing holdings in Bank of America (via conversion to common stock of its Bank of America Common Equivalent Shares), Cliffs Natural Resources, Freeport-McMoRan Copper & Gold, Google, and Qualcomm. The Company deleted two names from its portfolio with the sale of shares of ConocoPhillips and the conversion of its Bank of America Common Equivalent Shares previously described. Holdings have been reduced in Capital One, Northwest Natural Gas, Visa, and WGL Holdings. The Company holds 3.5% of net assets in net cash and short-term investments.
The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol ADX.
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For further information, please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at (410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com