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Adams Express Announces 2009 Performance
Petroleum & Resources Corporation
Baltimore, MD, January 14, 2010 -- The Adams Express Company (ADX) announces the Company's investment returns for 2009.
2009 INVESTMENT RETURNS
For the twelve months ended December 31, 2009, the total return on Adams Express' net asset value, with dividends and capital gains reinvested, was (30.6)%. Comparable figures for the S&P 500 Index and the Lipper Large-Cap Core Mutual Fund Average were (26.5)% and (27.1)%, respectively. The total return on Adams Express' market value was (32.1)%. As shown in the last chart provided below, the Company has also outperformed both the S&P 500 and the Lipper Peer Group on a total return on net asset value basis for the five year period ended December 31, 2009.
The annual rate of distribution rate of dividends and capital gains paid to stockholders by the Company in 2009 was 5.2%, 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
The net asset value of Adams Express at the end of 2009 is compared with the prior year in the following table:
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Net Asset Value
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12/31/09
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12/31/08
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Net assets
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$1,045,027,339
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$840,012,143
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Shares outstanding
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87,415,193
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87,406,443
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Net asset value per share
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$11.95
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$9.61
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SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the fourth quarter Adams Express added six new names to its investment list with the purchases of Bank of America Corp. Common Equivalent Securities, Cliffs Natural Resources Inc., Freeport-McMoRan Copper & Gold Inc., Morgan Stanley, and Potash Corporation of Saskatchewan Inc., and the receipt of shares of Mead Johnson Nutrition Co. in exchange for shares of Bristol-Myers Squibb Co. tendered. The Company increased its holdings in Bank of America common, Chevron, JPMorgan Chase, Oshkosh, Pfizer (through the merger with Wyeth Co.), QUALCOMM, Senomyx, Spectra Energy, and UnitedHealth Group. Three holdings were eliminated from the investment list with the sales of Corning Inc. and DuPont, and the merger of Wyeth Co. into Pfizer. The Company reduced its holdings in Avon, Bristol-Myers Squibb (by tender for shares of Mead Johnson), Capital One, Coca-Cola, ConocoPhillips, Dell, Hospira, and Unilever.
OTHER SUMMARY FINANCIAL INFORMATION
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12/31/09
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12/31/08
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Unrealized depreciation/ appreciation
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$94,707,984
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$111,981,824
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Net investment income
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$11,599,277
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$21,085,039
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Net realized gain
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$19,008,941
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$32,965,241
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Key Ratios
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12/31/09
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12/31/08
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Net investment income to average assets
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1.30%
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1.82%
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Expense ratio
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0.90%
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0.48%
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Portfolio Turnover
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15.05%
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18.09%
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| Cash to net assets |
4.6%
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10.5%
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TEN LARGEST PORTFOLIO HOLDINGS (12/31/09)
*Non-controlled affiliate
SECTOR WEIGHTINGS (12/31/09)
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% of Net Assets
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Petroleum & Resources Corporation*
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5.0
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Microsoft
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3.4
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Oracle
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2.6
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| Unilever |
2.2
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| General Electric Co. |
2.2
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| PepsiCo |
2.1
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| United Technologies Corp. |
2.0
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| Cisco Systems, Inc. |
1.9
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| Procter & Gamble Co. |
1.8
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| JP Morgan Chase & Co. |
1.8
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25.0%
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% of Net Assets
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Consumer
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21.4%
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Energy
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11.4%
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Financial
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12.7%
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| Health Care |
12.3%
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| Industrials |
14.2%
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| Information Technology |
16.2%
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| Materials |
1.5%
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| Telecom Services |
1.1%
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| Utilities |
4.6%
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| Short-Term Investments |
4.5%
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ANNUALIZED ONE, FIVE AND TEN YEAR COMPARATIVE RETURNS
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.
View more information on Adams Express Company or other Closed-End Funds
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Returns on net asset value (12/31/09)
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1 Year
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5 Year
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10 Year
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Adams Express
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30.6%
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1.9%
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-1.0%
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S&P 500
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26.5%
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0.4%
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-1.0%
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Large-Cap Core Mutual Funds
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27.1%
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0.5%
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-0.5%
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