BALTIMORE, Oct. 11, 2012 /PRNewswire/ -- The Adams Express Company (NYSE: ADX) today announced its results for the nine months ending September 30, 2012. The total return on its net asset value, with dividends and capital gains reinvested, was 14.9%. Comparable figures for the Standard & Poor's 500 Composite Stock Index ("S&P 500") and the Lipper Large-Cap Core Mutual Fund Average were 16.4% and 14.7%, respectively.
The 19.3% total return on Adams Express' market value for the period significantly outperformed both its benchmark and Lipper peer group.
"We are pleased with our performance this quarter," said Douglas G. Ober, Chairman and CEO of Adams Express. "The most recent round of government stimulus boosted investor confidence, resulting in solid returns in the third quarter for large-cap companies with strong records of paying dividends," Mr. Ober said. "Companies with these characteristics are very well represented in the Adams Express portfolio."
For the twelve months ending September 30, 2012, the total return on Adams Express' net asset value, with dividends and capital gains reinvested, was 29.6%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Mutual Fund Average were 30.2% and 27.5%, respectively.
Of note, the total return on Adams Express' market value for the twelve-month period was 31.3%, also beating its benchmark and peer group.
The Fund's net asset value at September 30, 2012, compared with the year earlier, was:
| Net Asset Value | ||
| 9/30/12 | 9/30/11 | |
| Net assets | $1,191,713,637 | $957,010,424 |
| Shares outstanding | 91,106,376 | 88,924,926 |
| Net asset value per share | $13.08 | $10.76 |
The net capital gain realized on investments for the nine months was $0.36 per share.
Adams Express has committed to pay out distributions at an annual 6% minimum distribution rate that is based on the trailing 12-month average market price, under a distribution commitment the Fund announced last year.
"This means shareholders can look forward to a minimum 6% payout whether the market is up or down, and underscores our 77-year history of paying dividends and capital gains to our shareholders," added Mr. Ober.
Details regarding the 6% annual minimum distribution rate can be found at www.adamsexpress.com
Securities Transactions
During the quarter, Adams Express added twelve new names to its investment portfolio through the purchases of shares of American Campus Communities, Boeing, Catamaran, Coach, eBay, Fifth Third Bancorp, General Mills, HCP, IDACORP, IBM, Intuitive Surgical, and Kinder Morgan. The Fund increased its holdings in ADTRAN, Apple, Coca-Cola (via stock split), Digital Realty Trust, F5 Networks, GE, Hancock Holding, McKesson, NiSource, Terex, and UnitedHealth Group.
In addition, Adams Express eliminated its positions in Goodrich and Morgan Stanley, and reduced its holdings in Express Scripts, Gilead Sciences, Intel, Kansas City Southern, Life Technologies, MDU Resources, Norfolk Southern, Northeast Utilities, Oracle, Prudential Financial, Spectra Energy, Target, and Unilever.
The Third Quarter Report will be mailed to shareholders and posted to www.adamsexpress.com on or about October 19, 2012.
About Adams Express
The Adams Express Company is a diversified equity fund with a conservative investment philosophy. Internally- managed, the Baltimore-based Fund has been trading on the New York Stock Exchange since 1929 and has paid dividends continuously since 1935. www.adamsexpress.com
Investments are made with an eye towards 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 Fund. Top holdings (as of 9/30/12) include Apple, Petroleum & Resources (non-controlled affiliated closed-end fund), JPMorgan Chase, McDonald's, Wells Fargo, Microsoft, AT&T, Pfizer, Procter & Gamble, and Walt Disney.
For further information, contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at (410) 752-5900 or (800) 638-2479
e-mail contact@adamsexpress.com
SOURCE The Adams Express Company