BALTIMORE, Jan. 14, 2013 /PRNewswire/ -- The Adams Express Company (NYSE: ADX) announces the Fund's investment returns for 2012.
2012 INVESTMENT RETURNS
On net asset value, the total return on Adams Express was 14.7%, with dividends and capital gains reinvested, for the twelve months ended December 31, 2012. 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 15.0% and 16.0%, respectively.
On market value, the total return on Adams Express was 16.9% for 2012, significantly outperforming both the Lipper Peer Group and the S&P 500.
The Fund paid $0.67 per share in income dividends and realized capital gains to shareholders in 2012, producing an annual distribution rate of 6.3%, exceeding the 6% minimum annual distribution rate commitment that the Fund made in 2011. Details regarding the 6% minimum annual distribution rate can be found at www.adamsexpress.com.
NET ASSET VALUE ANNOUNCED
The net assets, shares outstanding, and net asset value per share of Adams Express at the end of 2012 compared with the end of 2011 were:
12/31/12 | 12/31/11 | |
Net assets | $1,155,997,037 | $1,050,733,678 |
Shares outstanding | 93,029,724 | 91,073,899 |
Net asset value per share | $ 12.43 | $ 11.54 |
SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the fourth quarter, Adams Express added nine new names to its investment list with the purchases of Bed Bath & Beyond, Inc., Calpine Corp., Covidien plc, Hologic, Inc., LyondellBasell Industries N.V. (Class A), MasterCard, Inc., MEDNAX, Inc., and WellCare Health Plans, Inc., and the receipt of shares of Eaton Corp. plc via merger. The Fund added to its holdings in Apple, Catamaran, Coach, Digital Realty Trust, Fifth Third Bancorp, General Mills, Google, HCP, IDACORP, International Business Machines, Intuitive Surgical, Kansas City Southern, Kinder Morgan, MetLife, Philip Morris International, PNC Financial, QUALCOMM, and UnitedHealth Group.
Seven holdings were eliminated from the investment list with the sales of ADTRAN, Inc., Air Products & Chemicals, Inc., Amerigroup Corp., Life Technologies Corp., MDU Resources Group, Inc., and Prudential Financial, Inc., and the merger of Eaton Corp. The Fund reduced its holdings in Bunge, Cisco, Emerson Electric, FedEx, Gilead Sciences, McDonald's, Medtronic, NetApp, Norfolk Southern, Pfizer, Procter & Gamble, Spectra Energy, and Wells Fargo.
OTHER SUMMARY FINANCIAL INFORMATION
12/31/12 | 12/31/11 | |
Unrealized appreciation | $143,061,370 | $62,511,196 |
Net investment income | $ 17,547,510 | $13,858,578 |
Net realized gain | $ 47,997,411 | $45,998,641 |
Key Ratios | ||
Net investment income toaverage net assets | 1.54% | 1.25% |
Expense ratio (to average net assets) | 0.65% | 0.55% |
Portfolio turnover | 27.4% | 21.5% |
Net cash & short-term investmentsto net assets | 0.2% | 4.5% |
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/12)
% of Net Assets | |
Petroleum & Resources Corp.* | 4.5 |
Apple | 4.3 |
JPMorgan Chase | 2.3 |
QUALCOMM | 2.2 |
Lowe's | 1.8 |
International Business Machines | 1.7 |
Wells Fargo | 1.7 |
Microsoft | 1.6 |
AT&T | 1.6 |
1.6 | |
Total | 23.3% |
*Non-controlled affiliate |
SECTOR WEIGHTINGS (12/31/12)
% of Net Assets | |
Consumer Discretionary | 10.9 |
Consumer Staples | 10.0 |
Energy | 10.4 |
Financials | 14.9 |
Health Care | 13.0 |
Industrials | 10.8 |
Information Technology | 19.3 |
Materials | 3.9 |
Telecom Services | 4.0 |
Utilities | 2.6 |
Short-Term Investments | 0.0 |
ANNUALIZED ONE, THREE AND FIVE YEAR COMPARATIVE RETURNS (12/31/12)
1 Year | 3 Year | 5 Year | |
Adams Express (NAV) | 14.7% | 7.4% | 1.2% |
Lipper Peer Group | 15.0% | 8.9% | 0.7% |
S&P 500 | 16.0% | 10.9% | 1.7% |
The Adams Express Company is a diversified equity fund based in Baltimore. Its stock trades on the New York Stock Exchange under the ticker 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: contact@adamsexpress.com
Website: www.adamsexpress.com
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SOURCE The Adams Express Company
