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Adams Diversified Equity Fund, Inc.NYSE:ADX Rapporto sulle azioni

Cap. di mercato US$3.3b
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n/a
1Y20.2%
7D0.04%
1D-0.2%
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Adams Diversified Equity Fund, Inc.

Report azionario NYSE:ADX

Capitalizzazione di mercato: US$3.3b

Adams Diversified Equity Fund (ADX) Panoramica del titolo

Adams Diversified Equity Fund, Inc. è un gestore di investimenti di proprietà pubblica. Maggiori dettagli

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Prestazioni passate4/6
Salute finanziaria5/6
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Gli utili sono cresciuti del 72.2% nell'ultimo anno

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Concorrenti di Adams Diversified Equity Fund, Inc.

Storia dei prezzi e prestazioni

Riepilogo dei massimi, dei minimi e delle variazioni dei prezzi delle azioni per Adams Diversified Equity Fund
Prezzi storici delle azioni
Prezzo attuale dell'azioneUS$26.23
Massimo di 52 settimaneUS$26.56
Minimo di 52 settimaneUS$20.91
Beta0.92
Variazione di 1 mese1.00%
Variazione a 3 mesi6.93%
Variazione di 1 anno20.16%
Variazione a 3 anni53.57%
Variazione a 5 anni28.01%
Variazione dall'IPO169.03%

Notizie e aggiornamenti recenti

Seeking Alpha • Aug 14

ADX: My Preferred Income Play In An Overpriced Market

Summary Income investors tend to be underweight large-cap growth factor, including the lucrative AI world. One way this gets addressed is via covered call funds, which come with certain risks and negatives. ADX can offer a more complete solution. In this article, I elaborate on the strategic rationale why dividend investors could include ADX in their portfolios. I also share my ADX stand-alone investment views. Read the full article on Seeking Alpha
Articolo di analisi • Jun 19

Adams Diversified Equity Fund (ADX) Stock Could Be 54% Below Fair Value After Recent Run Up

Adams Diversified Equity Fund (ADX) attracted fresh attention after recent trading activity left its shares at a reported intrinsic discount of about 54%, prompting investors to reassess how the closed end fund is currently priced. See our latest analysis for Adams Diversified Equity Fund. At a latest share price of $25.29, Adams Diversified Equity Fund has seen firm positive momentum, with a 14.54% 90 day share price return and a 32.05% 1 year total shareholder return suggesting investors...

Recent updates

Seeking Alpha • Aug 14

ADX: My Preferred Income Play In An Overpriced Market

Summary Income investors tend to be underweight large-cap growth factor, including the lucrative AI world. One way this gets addressed is via covered call funds, which come with certain risks and negatives. ADX can offer a more complete solution. In this article, I elaborate on the strategic rationale why dividend investors could include ADX in their portfolios. I also share my ADX stand-alone investment views. Read the full article on Seeking Alpha
Articolo di analisi • Jun 19

Adams Diversified Equity Fund (ADX) Stock Could Be 54% Below Fair Value After Recent Run Up

Adams Diversified Equity Fund (ADX) attracted fresh attention after recent trading activity left its shares at a reported intrinsic discount of about 54%, prompting investors to reassess how the closed end fund is currently priced. See our latest analysis for Adams Diversified Equity Fund. At a latest share price of $25.29, Adams Diversified Equity Fund has seen firm positive momentum, with a 14.54% 90 day share price return and a 32.05% 1 year total shareholder return suggesting investors...
Seeking Alpha • Mar 27

ADX: Tech Tilt Exposure With Telling Income And Limited Price Volatility

Summary Adams Diversified Equity Fund offers large cap and tech stock exposure with an 8% of NAV annual distribution yield, combining capital appreciation with consistent income for investors. The fund's diversified, yet tech tilted portfolio includes notable holdings, including Apple, Microsoft, and NVIDIA, while also covering financial, consumer, health care, and communication sectors. ADX displayed a superior 10-year Sharpe Ratio and less volatility compared to SPY, though it may be more sensitive in tail risk events. Despite consistently trading at a discount-to-NAV, ADX's distribution policy, which includes return of capital, supports its long-term value, making it a solid option for tech and income-focused investors. Read the full article on Seeking Alpha
Seeking Alpha • Feb 11

ADX: A Story Of High Yields And Outperformance

Summary Adams Diversified Equity Fund boasts a high yield of 9% and has outperformed the S&P 500 over multiple timeframes, making it a strong income-focused investment. ADX's managed distribution policy ensures at least 8% annual distribution, with recent years seeing double-digit yields, primarily funded through long-term capital gains. The fund's concentrated holdings in large-cap stocks, including the Magnificent Seven, pose both significant upside potential and concentration risk. Trading at a 10% discount to NAV, ADX is recommended as a satellite holding for aggressive investors (up to 5%) and moderate income investors (up to 3%). Read the full article on Seeking Alpha
Seeking Alpha • Jan 09

ADX: Updated Distribution Policy Makes This A Better Choice For Retirees

Summary Adams Diversified Equity Fund focuses on long-term capital appreciation and consistent income through a diversified portfolio of high-quality stocks. The fund is essentially comprised of constituents of the S&P 500, so the portfolio naturally leans heavily towards technology companies. The distribution policy has been updated and investors should be able to experience more consistent quarterly payouts. This increases the appeal for retired investors seeking consistent income. The fund relies on net realized gains to fund NAV growth and the majority of the distribution. This can present challenges and be a source of vulnerability during bear markets. Read the full article on Seeking Alpha
Seeking Alpha • Dec 22

ADX: The Last Big One

Summary Adams Diversified Equity Fund (ADX) offers S&P 500-like exposure with a higher distribution yield, currently at a minimum of 8% annual policy implemented earlier this year. The fund's discount remains appealing at a double-digit level but is probably trading at what could be considered the new average given the distribution policy change. Along with the broader equity market continuing to hit new all-time highs as measured by the S&P 500 Index, it would suggest that ADX isn't a particular bargain. Shareholders of this fund are getting what is likely the "last big one," that is, the outsized year-end distribution, but relatively smaller year-end specials are still possible. Read the full article on Seeking Alpha
Seeking Alpha • Oct 22

ADX: 8% Distribution Rate Policy And Discount Widening Back Out

Summary The Adams Diversified Equity Fund provides an investor with a pretty plain S&P 500 Index-like exposure in a CEF wrapper. The fund completed a tender offer earlier this year that we were able to take advantage of; they further announced a change in their distribution policy. ADX's new distribution policy provides for a minimum 8% annual payout, smoothing distributions throughout the year, but we could still see a large year-end. Read the full article on Seeking Alpha
Seeking Alpha • Jul 16

ADX: Big 8% Yield, Big Discount To NAV (Tender Offer)

Summary The Adams Diversified Equity Fund just increased its annual distribution yield to 8%, plus it trades at a large discount to NAV (attractive). It also just initiated a tender offer (at 98% of NAV) designed to increase shareholder value (and it's been working--and we expect the fund to continue to outperform through year-end). We review the fund (i.e. price discount, initiatives to enhance shareholder value, interest from activist investor Saba Capital and more), and then conclude with our strong opinion on investing. Read the full article on Seeking Alpha
Seeking Alpha • Jun 20

ADX: Opportunity Exists

Summary Adams Diversified Equity Fund has seen its discount narrow after announcing an increase in its managed distribution policy and tender offer. ADX's new distribution policy should offer investors a more smoothed-out distribution throughout the year each quarter. The fund's correlation with the S&P 500 Index presents an opportunity for alpha through the tender offer, but as always, there are risks to consider. Read the full article on Seeking Alpha
Seeking Alpha • May 27

ADX: 6-8% Income, Good Discount, And Solid Past Performance

Summary Adams Diversified Equity Fund is a closed-end fund that invests in a diversified pool of equities of large-cap U.S. listed stocks. ADX uses near-zero leverage, which can be beneficial in a down market and high-interest environment. ADX's past performance is solid, especially in the last 15 years. In some ways, this is a proxy for the S&P 500 in terms of capital appreciation, with the benefit of 6% plus income. Read the full article on Seeking Alpha
Seeking Alpha • Mar 24

ADX: Take Some Chips Off The Table

Summary Adams Diversified Equity Fund (ADX) has performed well, returning over 27% since October. ADX paid a $1.15/share year-end special distribution, exceeding expectations. The analogy to 1999/2000 appears to be playing out in real time, suggesting we are in the midst of a blow-off top in equities. Due to its investment process, the ADX fund is heavily concentrated in high momentum growth stocks that could see a large drawdown should the bubble burst. I recommend investors start to trim their high growth stock holdings like the ADX fund. Read the full article on Seeking Alpha
Seeking Alpha • Jan 02

ADX: 4 Reasons To Be Cautious Despite Recent Outperformance

Summary Adams Diversified Equity Fund seeks long-term capital appreciation and dividend income by investing in large-cap US companies. ADX has a very long history and has outperformed the S&P 500 over the past 10 years. The fund charges a high management fee and has a fixed distribution policy, which creates a potential tax drag. I am initiating ADX with a hold, but would turn more bullish if the discount to NAV were to widen moderately from current levels. Read the full article on Seeking Alpha
Seeking Alpha • Oct 25

ADX: Look Out For A Large Year-End Distribution

Summary The Adams Diversified Equity Fund has a long operating history and uses a time-tested process to identify secular growth stocks. ADX has performed well, returning 12.7% YTD and keeping pace with the S&P 500. The fund should be announcing a sizeable year-end distribution in the coming weeks, with a minimum 6% payout rate. Read the full article on Seeking Alpha
Seeking Alpha • Aug 17

ADX: A Good Fund For Income Seeking Investors

Summary Adams Diversified Equity Fund aims to match or beat the performance of the S&P 500 index while delivering a dividend yield of 6-7% annually. The fund has a long history of paying dividends for 85 years straight and has seen strong results, especially since 2010. The fund often trades at a discount to its NAV, providing potential for slightly higher gains compared to the S&P 500 index under right conditions. Read the full article on Seeking Alpha
Articolo di analisi • Jul 24

Adams Diversified Equity Fund (NYSE:ADX) Is Paying Out A Dividend Of $0.05

The board of Adams Diversified Equity Fund, Inc. ( NYSE:ADX ) has announced that it will pay a dividend on the 1st of...
Seeking Alpha • May 31

ADX: Reinvesting Or Not Makes A Difference - Maybe

Summary The Adams Diversified Equity Fund employs a fundamental, technical, and quantitative analysis with a bottom-up stock-picking approach. They target outperforming the S&P 500 Index. The article takes a look at ADX and measures its performance against its proclaimed goal; outperforming ETFs like SPY. Whether ADX achieved its goal of outperformance depends on what investors did with their dividends and the time period. Understanding the calculations also matters. While not always the case, ADX investors should reinvest their payouts to achieve the best return from their investment in this CEF. This is commonly referred to as DRIPing. Read the full article on Seeking Alpha
Articolo di analisi • Apr 24

Adams Diversified Equity Fund (NYSE:ADX) Is Due To Pay A Dividend Of $0.05

Adams Diversified Equity Fund, Inc. ( NYSE:ADX ) will pay a dividend of $0.05 on the 1st of June. Based on this...
Seeking Alpha • Feb 25

ADX: Solid Equity Fund Yielding 6%

Summary The ADX fund has been in operation since 1929. It provides long-term capital appreciation and high current distributions from a portfolio of diversified equities. The ADX fund pays a 6%+ distribution yield. The fund may appeal to long-term income-oriented investors who don't mind trading 70-100 bps of returns for 3-4x the yield of the S&P 500. The Adams Diversified Equity Fund (ADX) is a solid closed-end fund that has survived the great depression and a dozen recessions since its inception. The ADX fund generates high long-term average annual returns and pays a generous 6%+ distribution. I believe the ADX fund may appeal to income-oriented investors who don't mind trading 70-100 bps of returns relative to the S&P 500 Index for 4x the market's distribution yield. Fund Overview The Adams Diversified Equity Fund is one of the oldest closed-end funds ("CEF") in the market with an operating history of over 90 years. In fact, the predecessor of ADX, the Adams Express Company, was a leading express company (19th-century freight and cargo transport business) for 75 years prior to converting into a closed-end fund in 1929. The ADX fund seeks to deliver superior returns over time from a portfolio of broadly-diversified equities. The fund also aims to pay a consistent distribution to shareholders. ADX has $2.1 billion in assets as of December 31, 2022 and charges a 0.54% expense ratio (Figure 1). Figure 1 - ADX fund details (adamsfunds.com) Time-Tested Investment Process ADX's time-tested (ADX has survived the Great Depression and 12 recessions since its inception) investment approach identifies high-quality companies by looking at secular growth drivers and finding those with consistent earnings growth and returns on capital. These companies are placed into a portfolio that is constantly monitored and managed by a team of portfolio managers and research analysts (Figure 2). Figure 2 - ADX investment process (adamsfunds.com) Portfolio Holdings The ADX fund currently has 94 positions; sector weights shown in figure 3. Figure 3 - ADX sector weights (ADX factsheet) ADX's sector weights are very similar to that of the market, as represented by the SPDR S&P 500 ETF Trust's (SPY) sector weights (Figure 4). The notable differences are a slight underweight in Information Technology for ADX (25.4% vs. 27.1%) and a slight overweight in Health Care (15.7% vs. 14.6%). Figure 4 - SPY sector weights (ssga.com) Returns The ADX fund has delivered excellent long-term historical returns with 3/5/10/15Yr average annual returns of 9.1%/8.8%/11.7%/8.5% respectively to January 31, 2023 (Figure 5). Figure 5 - ADX historical returns (morningstar.com) However, investors should note that ADX's historical returns on NAV are approximately 70-100 bps below that of a passive market fund like the SPY ETF (Figure 6). Figure 6 - SPY historical returns (morningstar.com) Distribution & Yield To compensate for a lower total return, the ADX fund pays a generous quarterly distribution set at a minimum of 6% annually. In 2022, the fund paid $1.07, or a trailing yield of 7.0% on market price. This is more than 4x the yield of the SPY ETF, which is only paying a trailing yield of 1.6%. Historically, the ADX fund has paid distributions from a combination of net investment income ("NII") and realized gains (Figure 7). In good years, the ADX fund can pay large special distributions from realized gains, like the $2.78 / share distribution that was paid in 2021. Figure 7 - ADX financial summary (ADX 2022 annual report) Another Fine Example Of How High Distributions Should Be Paid Readers of my articles know that I am often critical of CEFs that pay high distribution yields that are unsupported by their income or returns; for example, the Eaton Vance Short Duration Diversified Income Fund (EVG) pays a 10% yield on NAV but only earns 2.6% average annual returns over 10 years. I call these funds 'return of principal' funds, because their high distribution rates are funded by liquidating their NAV. In contrast, while ADX also pays a very generous distribution, I believe ADX's distribution is long-term sustainable because the fund earns 3/5/10Yr average annual returns of 9.1%/8.8%/11.7% respectively. Furthermore, the ADX fund pays a 'minimum' distribution of 6%, but in good years, the yield can be as high as 23.0% in 2021 (Figure 8). Figure 8 - ADX historical distributions (Seeking Alpha) I believe ADX's model of paying a high, but reasonable quarterly distribution and rewarding stockholders with special distributions in good years is the way all high-yielding CEFs should manage their distributions. it does not lock the fund into paying a NAV destroying distribution rate during tough times. ADX vs. TY A few months ago, I reviewed another long-operating CEF, Tri-Continental (TY) with a long history of strong performance and generous distributions. How does the Adams Diversified Equity Fund compare to TY? Comparing the two funds using my proprietary scorecard, we can see that both funds are popular with investors, with $2.2 and $1.7 billion in net assets respectively. TY has a slightly lower expense ratio, and also a slightly lower turnover rate (Figure 9). Figure 9 - ADX vs. TY (Author created with fund and distribution details from Seeking Alpha and returns and risk metrics from Morningstar) With respect to returns, TY has better short term performance, while ADX has better long-term returns. On risk metrics, TY has lower volatility than ADX, and a smaller maximum drawdown. However, ADX has a better 5 Yr Sharpe Ratio due to its higher long-term returns.
Seeking Alpha • Jan 20

Adams Diversified Equity Fund declares $0.10 dividend

Adams Diversified Equity Fund (NYSE:ADX) declares $0.10/share dividend. The year-end distribution consists of $0.03 net investment income, $0.03 short-term capital gain, and $0.02 long-term capital gain, all realized in 2022, and $0.02 net investment income realized in 2023. Payable March 1; for shareholders of record Feb. 10; ex-div Feb. 9. See ADX Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Dec 06

ADX: Large-Cap Diversified Equity Fund With A Committed 6% Distribution

Summary ADX has a committed distribution of 6 percent, whereas the actual yield is even higher. It has generated a long-term return of almost 18 percent, beating the S&P 500. Due to the poor performance of the broader market, and especially the technology stocks, price performance has been poor this year. ADX thus is available at a deep discount. Although performance of technology stocks in ADX’s portfolio pulled down this Fund in the current year, its investments in financial and healthcare sectors delivered better returns. Adams Diversified Equity Fund, Inc. (ADX) invests in equities of large-cap companies across diversified sectors in the U.S. market. It is an internally managed closed-end equity fund ("CEF") that has a committed annual dividend distribution rate of at least 6 percent. While selecting stocks for its portfolio, ADX emphasizes seven major factors - growth in its earnings, strength of balance sheet, capital allocation, ability of generating steady cash flow, macroeconomic condition, market competition, and profitability of the entity. As the fund invests in highly traded large-cap stocks, it is expected that performance of this fund will be in sync with that of the broader market. Adams Diversified Equity Fund Outperformed S&P 500 in the Long Run Adams Diversified Equity Fund, Inc. was founded in 1840, and was formerly known as Adams Express Company. ADX benchmarks its performance against the S&P 500 Index (SP500), which in other words is the representative index for the broader market. Historically, this fund generated strong returns. Between 2012 and 2021, the fund generated positive total return in 9 out of 10 years. Average annual return stood close to 18 percent during that period. ADX is one rare fund that has been able to outperform the S&P 500 over the long term. S&P generated around 17 percent average return over the same period. As ADX has a committed annual dividend distribution rate of at least 6 percent, a double-digit average annual total return is not something very surprising. The annual average yield for the past 10 years has been 8.5 percent, and it has been able to successfully declare quarterly dividends for more than 30 years. ADX currently trades at a 16 percent discount to its net asset value ("NAV") and has an annual expense ratio of 0.56 percent. It's a relatively large fund with an asset under management ("AUM") of $2.18 billion, and market capitalization of $1.83 billion. All these makes Adams Diversified Equity Fund quite attractive. Performance of Technology Stocks in ADX's Portfolio Pulled Down this Fund Almost 2/3rd of its assets are invested in three sectors: Information and communication technology (ICT), financial, and healthcare. Not surprisingly, the most renowned technology stocks like Microsoft Corporation (MSFT), Apple Inc. (AAPL), Alphabet Inc. ([[GOOG]], GOOGL), Amazon.com, Inc. (AMZN), Meta Platforms, Inc. (META) and Tesla, Inc. (TSLA) also constitute among the top holdings of Adams Diversified Equity Fund, Inc. Although AMZN and TSLA are not ICT companies, I consider these as technology stocks, as technology has become the major driver behind the growth of these companies. ADX has invested a quarter of its entire assets in these six stocks. As technology stocks had a poor year in the equity market, ADX also made huge losses. GOOGL fell by 31 percent, AMZN fell by 45 percent, TSLA lost almost 51 percent, and META lost 63.5 percent. Prices of AAPL and MSFT also fell between 19 to 24 percent. As a result, ADX suffered a year-to-date ((YTD)) price loss of 21 percent and total return of negative 15 percent. Significant investments in the healthcare sector, however, generated much better price return. During the past six months, UnitedHealth Group Incorporated (UNH), CVS Health Corporation (CVS) and Health Care Select Sector SPDR (XLV) grew between 7 to 10 percent. However, these 3 stocks accounted for only 6 percent of its entire portfolio. Thermo Fisher Scientific Inc. (TMO), another significant investment in healthcare grew by 0.4 percent during the same period.
Seeking Alpha • Nov 14

Adams Diversified Equity Fund declares $0.92 dividend

Adams Diversified Equity Fund (NYSE:ADX) declares $0.92/share special dividend. The year-end distribution consists of $0.06 per share from 2022 net investment income; and $0.86 per share from net capital gains realized during 2022, of which $0.00 was short-term gain and $0.86 was long-term gain.
Seeking Alpha • Sep 18

ADX: When The Market Falls, Keep Buying More Of This 6% Yielder

Summary This impressive closed-end fund offers big distribution yield of at least 6% each year, and usually more. It also trades at a very large and attractive discount (-14.1%) as compared to its net asset value. It's been paying big distributions for over 80 years straight, and there is a lot to like about this strategy. We review all the details and then conclude with our strong opinion on investing. Adams Diversified Equity Fund When the market falls, just keep buying more. That’s one of the best strategies a long-term investor can follow, and one of the best ways to implement it is through the Adams Diversified Equity Fund (ADX). This attractive closed-end fund (“CEF”) trades at a compelling 14% discount to its net asset value (“NAV”), and it guarantees at least a 6% distribution yield each year. What’s more, it has been paying big distributions to investors for over 80 years straight, and it has an impressive long-term track record of outperforming the S&P 500 (net of fees). We review all the details in this report, and then conclude with our strong opinion on investing. Adams Diversified Equity Fund Overview: Per the company’s website, ADX seeks to deliver superior returns over time by investing in a broadly-diversified equity portfolio. More specifically, the fund invests in a blend of high-quality, large-cap companies (see top 10 holdings below), and seeks to generate returns that exceed its benchmark, as well as consistently distribute dividend income and capital gains to shareholders. Adams Diversified Equity Fund And for more perspective, here is a look at the fund’s recent sector diversification, which is somewhat similar to these sectors weights in the S&P 500 index. Adams Diversified Equity Fund Further, the ADX investment process is disciplined and consists of three core tenets: Identifying high-quality companies through a proprietary research process; employing rigorous analysis to assess company fundamentals and executing a portfolio management strategy that focuses on generating long-term capital appreciation with careful attention to risk management. Adams Diversified Equity Fund Attractively Discounted CEF Price: Unlike most mutual funds and exchange traded funds, closed-end funds (such as ADX) generally cannot create new shares (i.e. they are closed-end) and therefore can trade at significant premiums and discounts to their NAVs (based on market supply and demand) thereby creating significant risks and opportunities. Generally, we greatly prefer to purchase CEFs at discounted prices versus their NAV because it means we are getting to own the underlying holdings at a discounted price. And in the case of ADX, it currently trades at a large 14.1% discount to NAV. This is not unusual for ADX, but it is still very attractive (because we get access to the earnings and dividend power of the underlying holdings at a significantly discounted price). For example, here is a look at the size of ADX’s price discount versus NAV over the last 5 years. CEF Connect Minimum 6% Distribution Yield ADX guarantees a minimum annual distribution yield of at least 6%, and it is often more. For example, as you can see in our earlier graphic, the 2021 distribution yield was a whopping 15.7%. And as mentioned, ADX has been paying big distributions for over 80 years straight. However, there are a few things you need to understand about the distribution. First, ADX pays quarterly distributions, and the distribution in the first three calendar quarters of each year are smaller, followed by a larger distribution in the fourth quarter that brings the annual distribution up to at least 6%. Because of this nuance, many websites often incorrectly report the ADX yield as smaller because they are incorrectly basing it on only one of the most recent quarterly distributions instead of the aggregate annual distribution (for example, CNBC reports the yield as only 1.2%). The next thing you need to know is that the distribution is not based only on the dividends of the underlying holdings, but also can be based on capital gains (short-term and/or long-term) and a return of capital. You can see the recent breakdown in the following table. Adams Diversified Equity Fund This breakdown is important because it can impact the annual taxes you pay on distributions. For example, a lot of the dividends are taxed at the lower qualified rate and long-term gains can be taxed at a lower rate than short-term gains. Further, a return of capital can act to reduce your taxable cost basis thereby increasing your capital gains tax if/when you do sell shares. All this information is conveniently provided to you in the annual tax form, and it is good to know the ADX management team is prudently managing the distribution sources. Reinvest the Distributions Some investors choose to receive the distributions in cash (which can be very nice), while others choose to reinvest the distributions to help their total ADX investment grow over time. And one of the great things about reinvesting the distribution is that you get to reinvest it to buy more shares at a significantly discounted price (remember, ADX currently trades at an attractive 14.1% discounted market price versus its NAV). Outstanding Long-Term Performance Most actively managed funds are not able to outperform the S&P 500 over the long-term, but as you can see in the following chart, ADX has an outstanding long-term track record of outperforming the S&P 500. Seeking Alpha The outperformance holds true over many different time periods, and significant contributors are the attractive price discount (which exists almost always) and the strong management team. Attractive Low Expense Ratio:
Seeking Alpha • Sep 07

Adams Funds CEO to retire, successor appointed

Adams Funds, comprised of Adams Diversified Equity Fund (NYSE:ADX) and Adams Natural Resources Fund (NYSE:PEO) said Mark Stoeckle will retire as CEO, effective April 2023. The boards have appointed executive vice president of Adams Diversified Equity Fund and president of Adams Natural Resources Fund, James Haynie, as successor. Stoeckle is set to continue on the board even after his retirement as CEO, and will stand for election at the next annual meetings of stockholders. Source: Press Release
Seeking Alpha • Aug 08

ADX: Is This 17% CEF Yield Real?

ADX is an equity-focused CEF that has been around since 1929. The fund invests in a blend of high-quality, large-cap companies and currently shows up with a trailing twelve months 17% dividend yield. When compared to the S&P 500 index, ADX has a similar Sharpe ratio and a lower standard deviation. The fund has only 92 holdings and employs no leverage. This article covers CEFs from our suite of products - we focus on CEFs, yield-generating options strategies, and macro portfolio allocation, targeting overall yearly portfolio returns of 9%+. Thesis Adams Diversified Equity Fund (ADX) is an equity CEF. The fund is a Large Cap - Blended Equity CEF, and as per the fund's literature: ADX seeks to deliver superior returns over time by investing in a broadly-diversified equity portfolio. The Fund invests in a blend of high-quality, large-cap companies. The Fund seeks to generate returns that exceed its benchmark and consistently distribute dividend income and capital gains to shareholders. ADX falls in the "old-school" CEF cohort, having been around since 1929. The vehicle has only 92 holdings and it utilizes the S&P 500 and the Morningstar U.S. Large Blend Category as a benchmark indices. ADX pays dividends quarterly and employs no leverage, which, in our book purely translates into the fund managers utilizing the CEF structure to distribute equity returns to investors in the form of dividends. And this is where the interesting part starts, and what attracted our attention to ADX. On the Seeking Alpha summary page ADX shows up with a 17% dividend yield: Dividend Yield (Seeking Alpha) If we drill down into the details and go to the Dividends - Dividend History page we will notice the following: Dividend Payout History (Seeking Alpha) The website utilizes a trailing-twelve-month methodology and the fund pays a regular quarterly distribution targeting 6% of market value (calculated as of the end of each October) plus a yearly distribution correlated with annual performance. When the portfolio and NAV are doing well the fund disburses that performance to investors. In lean years, the distribution is minute or non-existent (look at 2020 for example). This is normal and we like this organized way of tallying up the fund performance at year end and following up with a distribution as applicable ("Coffee's for closers" they say). This goes back to the entire existential reason for un-leveraged equity CEFs - at the end of the day as an investor you are paying the management team to generate alpha and to give you a high yearly dividend yield when the market performs. Otherwise, you could just buy a mutual fund. Long story short the answer to the question "Is the fund really paying a 17% yield?" is no. The current outsized dividend yield is the result of the trailing twelve months methodology that adds last year's outsized capital distribution and divides it by the current market price which has decreased substantially in 2022. We expect this year's capital gains distribution to be trifling. ADX is a very robust, profitable vehicle that has posted outstanding long-term results: Returns (Morningstar) We can notice that on a 3-, 5- and 10-year basis the fund has annual total returns exceeding 10%. We are going to look at some analytics next and compare the fund to the index and a premier CEF in the equity space, namely Liberty All-Star Equity Fund (USA): Analytics (Author) We can see that on a 5-year timeframe USA outperforms both the index and ADX. USA does that by utilizing a higher risk framework (i.e. it takes more risk) as observed in its higher standard deviation and lower Sharpe ratio. When compared purely to the index, ADX has a similar Sharpe ratio and a lower standard deviation, but a slightly lower total return. So should an investor buy ADX or USA? It is a difficult decision to make since USA is the "prettier" girl in the room with a higher total return, but at the same time, continuing our metaphor, it is also riskier and more volatile as shown by its standard deviation. Let us not mince our words - if an investor is comfortable with long-term capital gains, then just buy the S&P 500 outright, ADX will not do anything extra for you, in fact it trails the index. If you need quarterly dividends from the equity market and prefer lower risk then ADX is the better choice over USA given ADX's higher Sharpe ratio and lower standard deviation. The fund does not offer a lot of "buy-the-dip" potential via its discount to NAV since it is one of the most range bound discounts we have ever seen. We like ADX and its analytics, and the fund has an outstanding track record in almost 100 years of existence. We however believe we are currently witnessing a bear market rally and we would wait for the next leg down in the equity market to enter ADX. Holdings The fund has only 92 holdings that fall in the Large Cap category: Holdings (Fact Sheet) From a sectoral standpoint ADX mimics the S&P 500 but with a basis (i.e. the weightings are not exactly matching by any means): Sectors (Fund Fact Sheet) The top ten assets contain a mix of large technology stocks, financials, and internal funds: Top Ten (Fund Fact Sheet) What an investor should keep in mind is that ADX does not just buy-and-hold, in fact it has a very high annual portfolio turnover rate: Turnover (Morningstar) The management is fairly active in positioning the fund as they see fit in new market environments. Performance ADX is down -14% year to date, in line with the S&P 500 and the Liberty All-Star Equity Fund: YTD Total Return (Seeking Alpha) On a 5-year basis USA outperforms both the index and ADX: 5-Year Total Return (Seeking Alpha) We can see the same result on a 10-year time range with USA having smoked the competition and its benchmark: 10-Year Total Return (Seeking Alpha)
Seeking Alpha • May 17

ADX: A Lean Year For Equities, But Still Finding Capital Gains

ADX is a plain vanilla equity fund that mostly mirrors the S&P 500, with significantly less holdings. The bit of a twist is the annual year-end special distribution that the fund pays out. As an income investor, I view this as a way to give myself a bonus at the end of the year - without actually having to do any extra work.
Seeking Alpha • Jan 24

ADX: Solid Equity CEF With High Distribution Yield, Attractive 13.8% Discount

ADX was launched in 1929 and has paid distributions without interruptions since 1935. The large-cap fund has excellent long-term market performance on a risk-adjusted basis. ADX targets a minimum annual 6% distribution, but there is usually an additional year-end special paid. The 13.8% discount and low expense ratio are quite attractive now.
Seeking Alpha • Nov 01

ADX: Year-End "Bonus" Coming Up

ADX runs a rather plain portfolio, which is precisely what some investors might find appealing. The fund's discount is quite appealing at this time, although there aren't any catalysts to close it at this time. This year's year-end special distribution could be significantly higher than last year's based on the earnings over the previous nine months.
Seeking Alpha • Sep 06

ADX: Massive Q4 Dividend, On Sale, Despite Naysayers

If you like big steady income, this CEF has been paying dividends for over 80 years, and it guarantees at least a 6% distribution each year. The big Q4 dividend is coming up, and it's on sale - currently trading at a wide discount to NAV. Despite the naysayers, this fund has distinct total return advantages versus an S&P 500 index fund, including the big 6%+ annual yield.
Seeking Alpha • Aug 09

ADX: A FAAMG Heavy Portfolio At A 14% Discount

ADX, a domestic equity CEF, is among the oldest closed-end funds having been in existence since 1929. The fund's portfolio is heavily weighted to the tech giants that top the S&P 500: MSFT, AAPL, AMZN, GOOGL and FB. These comprise about a quarter of its portfolio. The fund's -14% discount, also its average discount over the last five years, makes it an alpha machine. With that consistent -14% discount on an NAV that has matched the domestic equity market (SPY), the fund has been outperforming the market over the last five years.

Rendimenti per gli azionisti

ADXUS Capital MarketsUS Mercato
7D0.04%1.6%0.1%
1Y20.2%4.5%18.9%

Ritorno vs Industria: ADX ha superato il US Capital Markets che ha restituito 4.5 % nell'ultimo anno.

Rendimento vs Mercato: ADX ha eguagliato il mercato US che ha restituito 18.9 % nell'ultimo anno.

Volatilità dei prezzi

Is ADX's price volatile compared to industry and market?
ADX volatility
ADX Average Weekly Movement2.2%
Capital Markets Industry Average Movement3.5%
Market Average Movement7.2%
10% most volatile stocks in US Market16.4%
10% least volatile stocks in US Market3.1%

Prezzo delle azioni stabile: ADX non ha avuto una volatilità dei prezzi significativa negli ultimi 3 mesi rispetto al mercato US.

Volatilità nel tempo: La volatilità settimanale ( 2% ) di ADX è rimasta stabile nell'ultimo anno.

Informazioni sull'azienda

FondatoI dipendentiAMMINISTRATORE DELEGATOSito web
1929n/aJim Hayniewww.adamsfunds.com/funds/diversified-equity

Adams Diversified Equity Fund, Inc. è un gestore di investimenti di proprietà pubblica. Fornisce principalmente servizi alle società di investimento. L'azienda è una grande società di consulenza L'azienda è attivamente impegnata in attività commerciali, tra cui l'operatore di pool di materie prime o il consulente di trading di materie prime.

Adams Diversified Equity Fund, Inc. Riepilogo dei fondamenti

Come si confrontano gli utili e i ricavi di Adams Diversified Equity Fund con la sua capitalizzazione di mercato?
ADX statistiche fondamentali
Capitalizzazione di mercatoUS$3.28b
Utili (TTM)US$601.36m
Ricavi(TTM)US$34.42m
5.4x
Rapporto P/E
95.2x
Rapporto P/S

ADX è sopravvalutato?

Vedi Fair Value e analisi di valutazione

Utili e ricavi

Statistiche chiave sulla redditività dall'ultima relazione sugli utili (TTM)
ADX Conto economico (TTM)
RicaviUS$34.42m
Costo del fatturatoUS$0
Profitto lordoUS$34.42m
Altre spese-US$566.94m
UtiliUS$601.36m

Ultimi utili riportati

Jun 30, 2026

Prossima data di guadagno

n/a

Utile per azione (EPS)4.81
Margine lordo100.00%
Margine di profitto netto1,747.04%
Rapporto debito/patrimonio netto0%

Come si è comportato ADX nel lungo periodo?

Vedi performance storica e confronto

Dividendi

7.1%
Rendimento attuale del dividendo
39%
Rapporto di remunerazione
Quando è necessario acquistare ADX per ricevere un dividendo imminente?
Adams Diversified Equity Fund date dei dividendi
Data di stacco del dividendoJul 27 2026
Data di pagamento dei dividendiAug 28 2026
Giorni fino al dividendo Ex22 days
Giorni prima della data di pagamento dei dividendi10 days

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2026/08/17 09:41
Prezzo dell'azione a fine giornata2026/08/17 00:00
Utili2026/06/30
Utili annuali2025/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina GitHub; abbiamo anche delle guide su come utilizzare i nostri report e dei tutorial su YouTube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

Adams Diversified Equity Fund, Inc. è coperta da 1 analisti. 0 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

AnalistaIstituzione
Alexander ReissStifel, Equities Research