BALTIMORE, July 16, 2020 /PRNewswire/ -- The Board of Directors of Adams Diversified Equity Fund, Inc. (NYSE: ADX) today declared a distribution of $.05 per share from net investment income payable September 1, 2020, to shareholders of record August 18, 2020. This represents the third payment this year toward the Fund's annual 6% minimum distribution rate commitment. Details regarding the Fund's annual 6% minimum distribution rate commitment can be found at adamsfunds.com.
For the six months ended June 30th, the total return on Adams Diversified Equity's net asset value, with dividends and capital gains reinvested, was -2.0%. This compares to a -3.1% total return for the S&P 500 and a -4.4% total return for the Lipper Large-Cap Core Funds Average. The total return on the market price of the Fund's shares for the period was -4.8%.
For the twelve months ended June 30th, the total return on Adams Diversified Equity's net asset value, with dividends and capital gains reinvested, was 7.6%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Funds Average were 7.5% and 5.3%, respectively. The total return on the market price of the Fund's shares for the period was 5.5%.
NET ASSET VALUE
Net asset value per share
"In this volatile environment, we are pleased our Fund outperformed our benchmark for the first half of 2020, driven by our investments in Consumer Discretionary, Financials, and Real Estate," said Mark Stoeckle, CEO of Adams Funds.
The Fund repurchased 135,192 shares of its common stock during the six-month period for $1.6 million, at an average price per share of $11.64 and a weighted average discount to NAV of 15.1%.
The Semi-Annual Report to Shareholders is expected to be released on or about July 23, 2020.
Since 1929, Adams Funds has consistently helped generations of investors reach their investment goals. Adams Funds is comprised of two closed-end funds, Adams Diversified Equity Fund, Inc. (NYSE: ADX) and Adams Natural Resources Fund, Inc. (NYSE: PEO). The Funds are actively managed by an experienced team with a disciplined approach and have paid dividends for more than 80 years across many market cycles. The Funds are committed to paying an annual distribution rate of 6% or more, providing reliable income to long-term investors. Shares can be purchased through our transfer agent or through a broker. For more information about Adams Funds, please visit: adamsfunds.com.
Director of Shareholder Communications
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SOURCE Adams Funds