Chief Executive Officer
October 17, 2024
| | |
2024
|
| |
2023
|
| ||||||
At September 30: | | | | | | | | | | | | | |
Net asset value per share | | | | $ | 24.31 | | | | | $ | 19.43 | | |
Market price per share | | | | $ | 21.56 | | | | | $ | 16.64 | | |
Shares outstanding | | | | | 112,690,081 | | | | | | 120,809,873 | | |
Total net assets | | | | $ | 2,739,312,275 | | | | | $ | 2,347,175,163 | | |
Average net assets | | | | $ | 2,760,559,116 | | | | | $ | 2,300,787,863 | | |
Unrealized appreciation on investments | | | | $ | 1,327,790,426 | | | | | $ | 821,084,338 | | |
| | ||||||||||||
For the nine months ended September 30: | | ||||||||||||
Net investment income | | | | $ | 12,189,226 | | | | | $ | 14,162,231 | | |
Net realized gain (loss) | | | | $ | 217,531,118 | | | | | $ | 88,016,912 | | |
Cost of shares repurchased* | | | | $ | 278,744,260 | | | | | $ | 1,412,997 | | |
Shares repurchased* | | | | | 12,405,174 | | | | | | 92,434 | | |
Total return (based on market price) | | | | | 24.9% | | | | | | 15.5% | | |
Total return (based on net asset value) | | | | | 21.3% | | | | | | 12.8% | | |
| | ||||||||||||
Key ratios: | | ||||||||||||
Expenses to average net assets** | | | | | 0.61% | | | | | | 0.62% | | |
Net investment income to average net assets** | | | | | 0.59% | | | | | | 0.83% | | |
Portfolio turnover** | | | | | 64.2% | | | | | | 74.2% | | |
Net cash & short-term investments to net assets | | | | | 0.6% | | | | | | 0.3% | | |
| | |
Market Value
|
| |
Percent
of Net Assets
|
| ||||||
Apple Inc. | | | | $ | 210,678,600 | | | | | | 7.7% | | |
Microsoft Corporation | | | | | 202,197,970 | | | | | | 7.4 | | |
NVIDIA Corporation | | | | | 173,052,000 | | | | | | 6.3 | | |
Amazon.com, Inc. | | | | | 112,692,384 | | | | | | 4.1 | | |
Alphabet Inc. Class A | | | | | 95,960,810 | | | | | | 3.5 | | |
Meta Platforms, Inc. Class A | | | | | 76,821,448 | | | | | | 2.8 | | |
JPMorgan Chase & Co. | | | | | 55,448,378 | | | | | | 2.0 | | |
Adams Natural Resources Fund, Inc.* | | | | | 51,982,126 | | | | | | 1.9 | | |
Broadcom Inc. | | | | | 50,577,000 | | | | | | 1.8 | | |
Eli Lilly and Company | | | | | 50,027,260 | | | | | | 1.8 | | |
| | | $ | 1,079,437,976 | | | | | | 39.3% | | |
(unaudited)
| | |
Shares
|
| |
Value (a)
|
| ||||||
Common Stocks — 99.4% | | ||||||||||||
Communication Services — 9.0%
|
| ||||||||||||
Alphabet Inc. Class A
|
| | | | 578,600 | | | | | $ | 95,960,810 | | |
Meta Platforms, Inc. Class A
|
| | | | 134,200 | | | | | | 76,821,448 | | |
Netflix, Inc. (b)
|
| | | | 38,322 | | | | | | 27,180,645 | | |
Omnicom Group Inc.
|
| | | | 106,600 | | | | | | 11,021,374 | | |
T-Mobile US, Inc.
|
| | | | 84,500 | | | | | | 17,437,420 | | |
Verizon Communications Inc.
|
| | | | 411,400 | | | | | | 18,475,974 | | |
| | | | | 246,897,671 | | | ||||||
Consumer Discretionary — 10.3%
|
| ||||||||||||
Amazon.com, Inc. (b)
|
| | | | 604,800 | | | | | | 112,692,384 | | |
Booking Holdings Inc.
|
| | | | 6,200 | | | | | | 26,115,144 | | |
Home Depot, Inc.
|
| | | | 37,900 | | | | | | 15,357,080 | | |
McDonald’s Corporation
|
| | | | 82,100 | | | | | | 25,000,271 | | |
O’Reilly Automotive, Inc. (b)
|
| | | | 18,500 | | | | | | 21,304,600 | | |
Skechers U.S.A., Inc. Class A (b)
|
| | | | 250,900 | | | | | | 16,790,228 | | |
Tesla, Inc. (b)
|
| | | | 121,800 | | | | | | 31,866,534 | | |
Uber Technologies, Inc. (b)
|
| | | | 309,300 | | | | | | 23,246,988 | | |
Ulta Beauty, Inc. (b)
|
| | | | 27,400 | | | | | | 10,661,888 | | |
| | | | | 283,035,117 | | | ||||||
Consumer Staples — 6.1%
|
| ||||||||||||
Coca-Cola Company
|
| | | | 144,000 | | | | | | 10,347,840 | | |
Colgate-Palmolive Company
|
| | | | 195,000 | | | | | | 20,242,950 | | |
Costco Wholesale Corporation
|
| | | | 9,800 | | | | | | 8,687,896 | | |
PepsiCo, Inc.
|
| | | | 47,800 | | | | | | 8,128,390 | | |
Philip Morris International Inc.
|
| | | | 213,335 | | | | | | 25,898,869 | | |
Post Holdings, Inc. (b)
|
| | | | 125,100 | | | | | | 14,480,325 | | |
Procter & Gamble Company
|
| | | | 70,249 | | | | | | 12,167,127 | | |
Sysco Corporation
|
| | | | 222,100 | | | | | | 17,337,126 | | |
Target Corporation
|
| | | | 110,600 | | | | | | 17,238,116 | | |
Walmart Inc.
|
| | | | 412,543 | | | | | | 33,312,847 | | |
| | | | | 167,841,486 | | | ||||||
Energy — 3.6%
|
| ||||||||||||
Adams Natural Resources Fund, Inc. (c)(g)
|
| | | | 2,238,679 | | | | | | 51,982,126 | | |
Baker Hughes Company
|
| | | | 229,900 | | | | | | 8,310,885 | | |
Chevron Corporation
|
| | | | 79,900 | | | | | | 11,766,873 | | |
Diamondback Energy, Inc.
|
| | | | 90,600 | | | | | | 15,619,440 | | |
Energy Select Sector SPDR Fund
|
| | | | 59,300 | | | | | | 5,206,540 | | |
Hess Corporation
|
| | | | 30,800 | | | | | | 4,182,640 | | |
| | | | 97,068,504 | | |
(unaudited)
| | |
Shares
|
| |
Value (a)
|
| ||||||
Financials — 12.5%
|
| ||||||||||||
Allstate Corporation
|
| | | | 104,500 | | | | | $ | 19,818,425 | | |
American International Group, Inc.
|
| | | | 264,600 | | | | | | 19,376,658 | | |
Bank of America Corp.
|
| | | | 750,768 | | | | | | 29,790,474 | | |
Berkshire Hathaway Inc. Class B (b)
|
| | | | 82,643 | | | | | | 38,037,267 | | |
JPMorgan Chase & Co.
|
| | | | 262,963 | | | | | | 55,448,378 | | |
M&T Bank Corporation
|
| | | | 79,400 | | | | | | 14,142,728 | | |
Marsh & McLennan Companies, Inc.
|
| | | | 89,200 | | | | | | 19,899,628 | | |
Mastercard Incorporated Class A
|
| | | | 30,562 | | | | | | 15,091,516 | | |
Morgan Stanley
|
| | | | 231,069 | | | | | | 24,086,632 | | |
MSCI Inc. Class A
|
| | | | 18,600 | | | | | | 10,842,498 | | |
PayPal Holdings, Inc. (b)
|
| | | | 204,100 | | | | | | 15,925,923 | | |
PNC Financial Services Group, Inc.
|
| | | | 127,700 | | | | | | 23,605,345 | | |
S&P Global, Inc.
|
| | | | 34,700 | | | | | | 17,926,714 | | |
Visa Inc. Class A
|
| | | | 139,761 | | | | | | 38,427,287 | | |
| | | | | 342,419,473 | | | ||||||
Health Care — 11.6%
|
| ||||||||||||
AbbVie, Inc.
|
| | | | 199,000 | | | | | | 39,298,520 | | |
Boston Scientific Corporation (b)
|
| | | | 213,700 | | | | | | 17,908,060 | | |
Cencora, Inc.
|
| | | | 69,200 | | | | | | 15,575,536 | | |
Cigna Group
|
| | | | 78,600 | | | | | | 27,230,184 | | |
Danaher Corporation
|
| | | | 72,900 | | | | | | 20,267,658 | | |
Eli Lilly and Company
|
| | | | 56,468 | | | | | | 50,027,260 | | |
HCA Healthcare, Inc.
|
| | | | 30,500 | | | | | | 12,396,115 | | |
Health Care Select Sector SPDR Fund
|
| | | | 45,800 | | | | | | 7,054,116 | | |
Johnson & Johnson
|
| | | | 92,100 | | | | | | 14,925,726 | | |
Merck & Co., Inc.
|
| | | | 86,400 | | | | | | 9,811,584 | | |
Regeneron Pharmaceuticals, Inc. (b)
|
| | | | 21,700 | | | | | | 22,811,908 | | |
Thermo Fisher Scientific Inc.
|
| | | | 48,100 | | | | | | 29,753,217 | | |
UnitedHealth Group Incorporated
|
| | | | 32,400 | | | | | | 18,943,632 | | |
Vertex Pharmaceuticals Incorporated (b)
|
| | | | 35,100 | | | | | | 16,324,308 | | |
Zoetis, Inc. Class A
|
| | | | 79,400 | | | | | | 15,513,172 | | |
| | | | | 317,840,996 | | |
(unaudited)
| | |
Shares
|
| |
Value (a)
|
| ||||||
Industrials — 8.5%
|
| ||||||||||||
3M Company
|
| | | | 120,600 | | | | | $ | 16,486,020 | | |
Carrier Global Corporation
|
| | | | 174,500 | | | | | | 14,045,505 | | |
General Dynamics Corporation
|
| | | | 77,200 | | | | | | 23,329,840 | | |
Hubbell Incorporated
|
| | | | 47,400 | | | | | | 20,303,790 | | |
Leidos Holdings, Inc.
|
| | | | 146,400 | | | | | | 23,863,200 | | |
Parker-Hannifin Corporation
|
| | | | 35,300 | | | | | | 22,303,246 | | |
Republic Services, Inc.
|
| | | | 99,000 | | | | | | 19,883,160 | | |
RTX Corporation
|
| | | | 203,900 | | | | | | 24,704,524 | | |
Trane Technologies plc
|
| | | | 61,200 | | | | | | 23,790,276 | | |
TransDigm Group Incorporated
|
| | | | 16,900 | | | | | | 24,118,497 | | |
Union Pacific Corporation
|
| | | | 74,800 | | | | | | 18,436,704 | | |
| | | | | 231,264,762 | | | ||||||
Information Technology — 31.0%
|
| ||||||||||||
Accenture plc Class A
|
| | | | 26,819 | | | | | | 9,479,980 | | |
Adobe Inc. (b)
|
| | | | 26,600 | | | | | | 13,772,948 | | |
Analog Devices, Inc.
|
| | | | 98,100 | | | | | | 22,579,677 | | |
Apple Inc.
|
| | | | 904,200 | | | | | | 210,678,600 | | |
Arista Networks, Inc. (b)
|
| | | | 61,691 | | | | | | 23,678,240 | | |
Broadcom Inc.
|
| | | | 293,200 | | | | | | 50,577,000 | | |
Cisco Systems, Inc.
|
| | | | 232,800 | | | | | | 12,389,616 | | |
Intuit Inc.
|
| | | | 43,200 | | | | | | 26,827,200 | | |
Lam Research Corporation
|
| | | | 32,200 | | | | | | 26,277,776 | | |
Micron Technology, Inc.
|
| | | | 177,300 | | | | | | 18,387,783 | | |
Microsoft Corporation
|
| | | | 469,900 | | | | | | 202,197,970 | | |
NVIDIA Corporation
|
| | | | 1,425,000 | | | | | | 173,052,000 | | |
Oracle Corporation
|
| | | | 48,800 | | | | | | 8,315,520 | | |
Salesforce, Inc.
|
| | | | 57,400 | | | | | | 15,710,954 | | |
Technology Select Sector SPDR Fund
|
| | | | 109,000 | | | | | | 24,607,840 | | |
Texas Instruments Incorporated
|
| | | | 51,600 | | | | | | 10,659,012 | | |
| | | | | 849,192,116 | | | ||||||
Materials — 2.1%
|
| ||||||||||||
Freeport-McMoRan, Inc.
|
| | | | 339,400 | | | | | | 16,942,848 | | |
International Flavors & Fragrances Inc.
|
| | | | 67,700 | | | | | | 7,103,761 | | |
Linde plc
|
| | | | 55,100 | | | | | | 26,274,986 | | |
PPG Industries, Inc.
|
| | | | 53,500 | | | | | | 7,086,610 | | |
| | | | | 57,408,205 | | | ||||||
Real Estate — 2.3%
|
| ||||||||||||
American Tower Corporation
|
| | | | 71,000 | | | | | | 16,511,760 | | |
CBRE Group, Inc. Class A (b)
|
| | | | 104,700 | | | | | | 13,033,056 | | |
Prologis, Inc.
|
| | | | 129,600 | | | | | | 16,365,888 | | |
Public Storage
|
| | | | 48,400 | | | | | | 17,611,308 | | |
| | | | 63,522,012 | | |
(unaudited)
| | |
Shares
|
| |
Value (a)
|
| ||||||
Utilities — 2.4%
|
| ||||||||||||
Constellation Energy Corporation
|
| | | | 23,000 | | | | | $ | 5,980,460 | ||
DTE Energy Company
|
| | | | 124,700 | | | | | | 16,012,727 | ||
Entergy Corporation
|
| | | | 100,700 | | | | | | 13,253,127 | ||
NextEra Energy, Inc.
|
| | | | 314,800 | | | | | | 26,610,044 | ||
Vistra Corp.
|
| | | | 27,200 | | | | | | 3,224,288 | ||
| | | | | 65,080,646 | ||||||||
Total Common Stocks | | ||||||||||||
(Cost $1,394,116,937)
|
| | | | | | | | | | 2,721,570,988 | ||
Other Investments — 0.0% | | ||||||||||||
Financials — 0.0%
|
| ||||||||||||
Adams Funds Advisers, LLC (b)(d)(g)
|
| | | | | | | | | | | ||
(Cost $150,000)
|
| | | | | | | | | | 466,000 | ||
Short-Term Investments — 0.7% | | ||||||||||||
Money Market Funds — 0.7%
|
| ||||||||||||
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, Institutional Class, 4.94% (e)
|
| | | | 5,199,439 | | | | | | 5,202,559 | ||
Northern Institutional Funds Treasury Portfolio,
Premier Class, 4.78% (e) |
| | | | 1,068,755 | | | | | | 1,068,755 | ||
Western Asset Institutional Liquid Reserves Fund,
Institutional Class, 4.96% (e) |
| | | | 13,749,400 | | | | | | 13,750,775 | ||
Total Short-Term Investments | | ||||||||||||
(Cost $20,018,584)
|
| | | | | | | | | | 20,022,089 | ||
Total — 100.1% | | ||||||||||||
(Cost $1,414,285,521)
|
| | | | | | | | | | 2,742,059,077 | ||
Other Assets Less Liabilities — (0.1)% | | | | | | | | | | | (2,746,802) | | |
Net Assets — 100.0%
|
| | | | | | | | | $ | 2,739,312,275 | ||
|
(unaudited)
Description
|
| | | | | | | |
Value and
Unrealized Appreciation (Assets) |
| |
Value and
Unrealized Depreciation (Liabilities) |
| |||||||||||||||
Terms
|
| |
Contract
Type |
| |
Underlying
Security |
| |
Termination
Date |
| |
Notional
Amount |
| |||||||||||||||
Receive total return on underlying
security and pay financing amount based on notional amount and daily U.S. Federal Funds rate plus 0.55%. |
| |
Long
|
| | Emerson Electric Co. (126,900 shares) |
| |
10/1/2025
|
| | | $ | 13,300,224 | | | | | $ | 519,288 | | | | | $ | — | | |
Pay total return on underlying security and receive financing amount based on notional amount and daily U.S. Federal Funds rate less 0.45%.
|
| |
Short
|
| | Industrial Select Sector SPDR Fund (101,900 shares) |
| |
10/1/2025
|
| | | | (13,293,670) | | | | | | — | | | | | | (502,418) | | |
Gross unrealized gain (loss) on open total return swap agreements | | | | $ | 519,288 | | | | | $ | (502,418) | | | |||||||||||||||
Net unrealized gain on open total return swap agreements (f) | | | | $ | 16,870 | | | |
| | | | | | | | |
|
Affiliate
|
| |
Shares held
|
| |
Net realized gain
(loss) and capital gain distributions |
| |
Dividend income
|
| |
Change in
unrealized appreciation |
| |
Value
|
| |||||||||||||||
| Adams Funds Advisers, LLC (controlled) | | | | | n/a | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 466,000 | | |
| Adams Natural Resources Funds, Inc. (non-controlled)* |
| | | | 2,238,679 | | | | | | 502,958 | | | | | | 1,115,255 | | | | | | 5,688,140 | | | | | | 51,982,126 | | |
| Total | | | | | | | | | | $ | 502,958 | | | | | $ | 1,115,255 | | | | | $ | 5,688,140 | | | | | $ | 52,448,126 | | |
| | | | | | | | |
| Kenneth J. Dale (1) (2) (3) (4) (5) | | | Mary Chris Jammet (1) (2) (3) (4) | | |
Mark E. Stoeckle
|
|
|
Frederic A. Escherich (1) (2) (3) (4)
|
| |
Lauriann C. Kloppenburg (1) (2) (3) (4)
|
| | | |
|
James P. Haynie (1)
|
| | Jane Musser Nelson (2) (3) (4) | | | |
|
James P. Haynie, CFA
|
| | Chief Executive Officer | |
| D. Cotton Swindell, CFA | | |
President
|
|
|
Brian S. Hook, CFA, CPA
|
| | Vice President and Chief Financial Officer | |
|
Janis F. Kerns
|
| |
Vice President, General Counsel, Secretary, and Chief Compliance Officer
|
|
| Gregory W. Buckley | | |
Vice President—Research
|
|
| Xuying Chang, CFA | | |
Vice President—Research
|
|
| Steven R. Crain, CFA | | |
Vice President—Research
|
|
| Michael A. Kijesky, CFA | | |
Vice President—Research
|
|
| Michael E. Rega, CFA | | |
Vice President—Research
|
|
| William H. Reinhardt, CFA | | |
Vice President—Research
|
|
| David R. Schiminger, CFA | | |
Vice President—Research
|
|
| Jeffrey R. Schollaert, CFA | | |
Vice President—Research
|
|
|
Christine M. Sloan, CPA
|
| | Treasurer and Director of Human Resources | |
P.O. Box 500
Newark, NJ 07101
(877) 260-8188
Website: https://equiniti.com/us/ast-access
Email: [email protected]