The Adams Express Fund Announces 2014 Outperformance: NAV Return Of 14.3%; Market Price Return Of 13.7%
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: [email protected]
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.
SOURCE Adams Express Company
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