At a Glance and Top Ten Holdings

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. 

At a Glance and Top Ten Holdings

Stock and Distribution

Nav & Stock Price Per Share
Net Asset Value: $ 12.33
Closing Price:

$ 10.44

Discount: -15.33%

This is the closing price from the NYSE on 3/11/2010.

annual Rate of Distribution
2009 5.2%
5-Year Average 6.3%

*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.