Overview
The Adams Express Company (NYSE:ADX) is a publicly-traded diversified equity fund. The Company uses a conservative investment philosophy and the portfolio is managed with the expectation that it will generate solid returns with lower-than-market risk for long-term investors. Investments are made with a focus on 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 Company.
One of the oldest companies listed on the New York Stock Exchange, Adams Express has been structured as a closed-end fund since 1929. The Company has paid dividends continuously since 1935.
The Company
- A closed-end equity investment company
- Objectives: preservation of capital, attainment of reasonable income, opportunity for capital gain
- Internally-managed
- Low turnover
Stock Data (12/31/09)
|
NYSE Symbol |
ADX |
|---|---|
| Market Price |
$10.10 |
| 52-Week Range |
$6.06-$10.28 |
| Discount |
15.5% |
| Shares Outstanding |
87,415,193 |
Summary Financial Information - Year Ended December 31
|
2009 |
2008 |
|
| Net asset value per share |
$11.95 |
$9.61 |
| Total net assets |
$1,045,027,339 |
$840,012,143 |
| Unrealized appreciation (depreciation) |
$94,707,984 |
$(111,981,824) |
| Net investment income |
$11,599,277 |
$21,085,039 |
| Net realized gain |
$19,008,941 |
$32,965,241 |
| Shares repurchased |
1,369,749 |
2,457,547 |
| Total return (based on market price) |
32.1% |
(38.9)% |
| Total return (based on net asset value) |
30.6% |
(34.4)% |
| Key ratios: | ||
| Net investment income to average net assets * |
1.30% |
1.82% |
| Expense ratio (to average net assets) * |
0.90% |
0.48% |
| Portfolio turnover |
15.05% |
18.09% |
| Net cash & short-term investments to net assets |
4.6% |
10.5% |
* For 2009, net investment income and expenses to average net assets were 1.44% and 0.76%, respectively, after adjusting for non-recurring pension expenses.
Ten Largest Equity Portfolio Holdings (12/31/09)
|
Market Value |
% of Net Assets |
|
|---|---|---|
| Petroleum & Resources Corporation* |
$51,914,015 |
5.0 |
| Microsoft Corp. |
35,978,200 |
3.4 |
| Oracle Corp. |
26,994,000 |
2.6 |
| Unilever plc ADR |
23,009,470 |
2.2 |
| General Electric Co. |
22,513,440 |
2.2 |
| PepsiCo, Inc. |
21,888,000 |
2.1 |
| United Technologies Corp. |
20,823,000 |
2.0 |
| Cisco Systems, Inc. |
20,349,000 |
1.9 |
| Procter & Gamble Co. |
19,098,450 |
1.8 |
| JPMorgan Chase & Co. |
18,751,500 |
1.8 |
| Total |
$261,319,075 |
25.0% |
* Non-controlled affiliate |
Five Year Distribution History
| Income Dividends per Share |
Short-Term Capital Gains per Share |
Long-Term Capital Gains per Share |
Total Distributions per Share |
Dividend Yield* | Annual Rate of Distribution** | |
|---|---|---|---|---|---|---|
| 2005 |
$0.22 |
$0.09 |
$0.55 |
$0.86 |
1.7% |
6.7% |
|
2006 |
0.23 |
0.04 |
0.63 |
0.90 |
1.7% |
6.8% |
|
2007 |
0.32 |
0.08 |
0.63 |
1.03 |
2.2% |
7.2% |
|
2008 |
0.26 |
0.01 |
0.37 |
0.64 |
2.3% |
5.6% |
|
2009 |
0.15 |
0.05 |
0.25 |
0.45 |
1.7% |
5.2% |
| Average: |
1.9% |
6.3% |
* The dividend yield is the total income dividends during the year divided by the average daily market price of the Company's Common Stock.
** The annual rate of distribution is the total dividends and capital gain distributions during the year divided by the average daily market price of the Company's Common Stock.
