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| Summary Financial Information - Period Ended June 30 |
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2008 |
2007 |
| Net asset value per share |
$13.74 |
$17.06 |
| Total net assets |
$1,190,420,881 |
$1,465,249,907 |
| Unrealized appreciation |
$213,368,028 |
$476,280,756 |
| Net investment income |
$11,509,546 |
$16,387,719 |
| Total realized gain |
$18,996,616 |
$56,553,881 |
Total return (based on market price) |
(15.4)% |
8.1% |
Total return (based on net asset value) |
(11.9)% |
8.3% |
| Key ratios: |
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| Net investment income to average assets* |
1.79% |
2.31% |
| Expense ratio* |
0.46% |
0.46% |
| Portfolio turnover* |
17.15% |
13.11% |
| Cash to net assets |
6.4% |
3.8% |
* Annualized |
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Overview
The Adams Express Company is a diversified equity investment company with a conservative investment philosophy that we believe is suitable as a core holding for long-term investors.
The investment objectives of Adams Express are preservation of capital, the attainment of reasonable income from investments and an opportunity for capital appreciation. The Company has paid dividends every year for the last 73 years.
The portfolio is managed with the expectation that it will generate market returns with lower-than-market risk for shareholders. Investments are made with an eye towards protecting your original investment and generating dividends and capital gains that can be used as a source of income, or reinvested to increase your holdings in the fund.
The Company’s portfolio managers, Douglas Ober, Chairman, and Joseph Truta, President, have been managing the fund together for over 22 years, and both brought several years of prior industry experience to the fund. They are supported by a team of research analysts that looks for investments that offer long-term earnings growth at a reasonable price. The analysts’ recommendations are presented to the portfolio managers and are reviewed by the Board of Directors.
Adams Express is internally managed, which means that additional expenses are not incurred to pay an outside investment adviser. This helps to keep our expenses low. Over time, such low expenses have served to increase investment returns for our shareholders. The Company also features a low portfolio turnover.
As a closed-end fund, the portfolio is managed independently of the supply and demand for its shares. This permits management to make decisions with a long-term investment horizon, working with a stable pool of capital, and allows the fund to stay fully invested. Adams Express is listed on the New York Stock Exchange.
You can buy shares of Adams Express the same way you purchase any other stock. You may purchase shares through your broker or through the Investors Choice Stock Purchase & Sale Plan sponsored by our transfer agent, American Stock Transfer & Trust Co. (AST). For information about the AST Plan, you may telephone them toll free at (877) 260-8188.
If you would like additional information, please call us at (800) 638-2479 or send e-mail to: contact@adamsexpress.com. You can also find more information by visiting our website, www.adamsexpress.com.
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| STOCK DATA (6/30/08) |
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| NYSE Symbol |
ADX |
| Market Price |
$11.85 |
| 52-Week Range |
$11.84-$15.38 |
| Discount |
13.8% |
| Shares Outstanding |
86,647,623 |
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Ten Largest Portfolio Holdings (6/30/08) |
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Market Value |
% of Net Assets |
| Petroleum & Resources Corporation* |
$95,321,479 |
8.0 |
| Schlumberger Ltd. |
40,823,400 |
3.4 |
| General Electric Co. |
37,045,720 |
3.1 |
| Microsoft Corp. |
32,461,800 |
2.7 |
| ConocoPhillips |
27,845,050 |
2.4 |
| Oracle Corp. |
23,100,000 |
2.0 |
| PepsiCo, Inc. |
22,892,400 |
1.9 |
| Air Products & Chemicals, Inc. |
22,737,800 |
1.9 |
| Unilever plc ADR |
22,728,000 |
1.9 |
| Procter & Gamble Co. |
20,675,400 |
1.7 |
Total |
$345,631,049 |
29.0% |
* Non-controlled affiliate |
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FOR FURTHER INFORMATION, CONTACT:
The Adams Express Company
Investor Relations
7 St. Paul Street, Suite 1140
Baltimore, MD 21202
(410) 752-5900 or (800) 638-2479
www.adamsexpress.com
E-Mail: contact@adamsexpress.com |
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