Adams Express Announces 2010 Performance
BALTIMORE, Jan. 13, 2011 /PRNewswire/ -- The Adams Express Company (NYSE: ADX) announces the Company's investment returns for 2010.
2010 INVESTMENT RETURNS |
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For the twelve months ended December 31, 2010, the total return on Adams Express' net asset value, with dividends and capital gains reinvested, was 11.2%. Comparable figures for the S&P 500 Composite Stock Index ("S&P 500") and the Lipper Large-Cap Core Mutual Fund Average ("Lipper Peer Group") were 15.1% and 12.9%, respectively. The total return on Adams Express' market value was 11.5%. As shown in the last chart provided below, the Company has outperformed both the S&P 500 and the Lipper Peer Group on a total return on net asset value basis for the three and five year periods ended December 31, 2010.
The annual distribution rate of dividends and capital gains paid to stockholders by the Company in 2010 was 5.1%, calculated by dividing the total dividends and capital gains distributed during the year by the average daily market price of the Company's Common Stock.
NET ASSET VALUE ANNOUNCED |
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The net assets, shares outstanding, and net asset value per share of Adams Express at the end of 2010 compared with the prior year are:
12/31/10 |
12/31/09 |
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Net assets |
$1,124,671,966 |
$1,045,027,339 |
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Shares outstanding |
88,885,186 |
87,415,193 |
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Net asset value per share |
$12.65 |
$11.95 |
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During the year, the Company repurchased 28,300 shares of its common stock.
SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER |
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During the fourth quarter, Adams Express added five new names to its investment list with the purchases of ADTRAN, Inc., Caterpillar, Inc., CF Industries Holdings, Inc., FedEx Corp., and NetApp, Inc. The Company increased its holdings in Apple, Dow Chemical, Google, Morgan Stanley, and Potash Corporation. Five holdings were eliminated from the investment list with the sales of Dean Foods, Dell, Hansen Natural Corp., Harsco, and Visa. The Company reduced its holdings in Abbott Laboratories, Avon Products, Broadcom, Coca-Cola, CONSOL Energy, Del Monte Foods, Freeport-McMoRan, General Electric, Illinois Tool Works, Spirit AeroSystems, State Street, Unilever ADRs, United Technologies, and UnitedHealth Group.
OTHER SUMMARY FINANCIAL INFORMATION |
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12/31/10 |
12/31/09 |
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Unrealized appreciation |
$159,221,690 |
$94,707,984 |
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Net investment income |
$13,366,543 |
$11,599,277 |
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Net realized gain |
$30,884,988 |
$19,008,941 |
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Key Ratios |
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Net investment income to |
||||||||||||||
average net assets |
1.29% |
1.30% |
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Expense ratio (to average net assets) |
0.58% |
0.90% |
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Portfolio turnover |
16.15% |
15.05% |
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Net cash & short-term investments |
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to net assets |
4.0% |
4.6% |
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TEN LARGEST PORTFOLIO HOLDINGS (12/31/10) |
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% of Net Assets |
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Petroleum & Resources Corporation* |
5.3 |
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Oracle Corp. |
3.1 |
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Microsoft Corp. |
2.9 |
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Apple Inc. |
2.4 |
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JP Morgan Chase & Co. |
2.1 |
|||||
PepsiCo, Inc. |
2.1 |
|||||
Procter & Gamble Co. |
1.8 |
|||||
General Electric Co. |
1.7 |
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Target Corp. |
1.7 |
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McDonald's Corp. |
1.7 |
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Total |
24.8% |
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*Non-controlled affiliate |
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SECTOR WEIGHTINGS (12/31/10) |
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% of Net Assets |
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Consumer |
20.8 |
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Energy |
10.9 |
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Financials |
13.6 |
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Health Care |
12.5 |
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Industrials |
13.1 |
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Information Technology |
18.0 |
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Materials |
5.1 |
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Utilities |
2.0 |
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Short-Term Investments |
3.6 |
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ANNUALIZED ONE, THREE AND FIVE YEAR COMPARATIVE RETURNS |
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Returns on net asset value (12/31/10) |
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1 Year |
3 Year |
5 Year |
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Adams Express |
11.2% |
-1.6% |
3.1% |
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S&P 500 |
15.1% |
-2.9% |
2.3% |
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Large-Cap Core Mutual Funds |
12.9% |
-3.2% |
1.9% |
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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: |
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Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary |
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410-752-5900 or 800-638-2479 |
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E-mail: [email protected] |
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Website: www.adamsexpress.com |
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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.
SOURCE Adams Express Company
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