| | |
2023
|
| |
2022
|
| ||||||
At September 30: | | | | | | | | | | | | | |
Net asset value per share | | | | $ | 19.43 | | | | | $ | 17.13 | | |
Market price per share | | | | $ | 16.64 | | | | | $ | 14.57 | | |
Shares outstanding | | | | | 120,809,873 | | | | | | 117,873,650 | | |
Total net assets | | | | $ | 2,347,175,163 | | | | | $ | 2,018,853,995 | | |
Average net assets | | | | $ | 2,300,787,863 | | | | | $ | 2,344,762,738 | | |
Unrealized appreciation on investments | | | | $ | 821,084,338 | | | | | $ | 542,170,305 | | |
| | ||||||||||||
For the nine months ended September 30: | | ||||||||||||
Net investment income | | | | $ | 14,162,231 | | | | | $ | 15,848,908 | | |
Net realized gain (loss) | | | | $ | 88,016,912 | | | | | $ | 80,814,648 | | |
Cost of shares repurchased | | | | $ | 1,412,997 | | | | | $ | – | | |
Shares repurchased | | | | | 92,434 | | | | | | – | | |
Total return (based on market price) | | | | | 15.5% | | | | | | -24.3% | | |
Total return (based on net asset value) | | | | | 12.8% | | | | | | -23.2% | | |
| | ||||||||||||
Key ratios: | | ||||||||||||
Expenses to average net assets* | | | | | 0.62% | | | | | | 0.54% | | |
Net investment income to average net assets* | | | | | 0.83% | | | | | | 0.91% | | |
Portfolio turnover* | | | | | 74.2% | | | | | | 69.5% | | |
Net cash & short-term investments to net assets | | | | | 0.3% | | | | | | 0.7% | | |
| | |
Market Value
|
| |
Percent
of Net Assets
|
| ||||||
Microsoft Corporation | | | | $ | 174,388,725 | | | | | | 7.4% | | |
Apple Inc. | | | | | 154,157,484 | | | | | | 6.6 | | |
Alphabet Inc. Class A | | | | | 95,436,198 | | | | | | 4.1 | | |
NVIDIA Corporation | | | | | 72,382,336 | | | | | | 3.1 | | |
Amazon.com, Inc. | | | | | 70,729,568 | | | | | | 3.0 | | |
Adams Natural Resources Fund, Inc.* | | | | | 50,558,215 | | | | | | 2.2 | | |
JPMorgan Chase & Co. | | | | | 47,822,230 | | | | | | 2.0 | | |
Visa Inc. Class A | | | | | 47,235,084 | | | | | | 2.0 | | |
UnitedHealth Group Incorporated | | | | | 45,679,614 | | | | | | 1.9 | | |
Meta Platforms, Inc. Class A | | | | | 42,479,715 | | | | | | 1.8 | | |
| | | | $ | 800,869,169 | | | | | | 34.1% | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Common Stocks — 99.7% | | ||||||||||||
Communication Services — 8.8%
|
| ||||||||||||
Alphabet Inc. Class A (b)
|
| | | | 729,300 | | | | | $ | 95,436,198 | | |
Comcast Corporation Class A
|
| | | | 646,500 | | | | | | 28,665,810 | | |
Meta Platforms, Inc. Class A (b)
|
| | | | 141,500 | | | | | | 42,479,715 | | |
Netflix, Inc. (b)
|
| | | | 65,722 | | | | | | 24,816,627 | | |
Verizon Communications Inc.
|
| | | | 462,800 | | | | | | 14,999,348 | | |
| | | | | 206,397,698 | | | ||||||
Consumer Discretionary — 11.0%
|
| ||||||||||||
Amazon.com, Inc. (b)
|
| | | | 556,400 | | | | | | 70,729,568 | | |
Booking Holdings Inc. (b)
|
| | | | 9,800 | | | | | | 30,222,710 | | |
Home Depot, Inc.
|
| | | | 58,000 | | | | | | 17,525,280 | | |
McDonald’s Corporation
|
| | | | 104,900 | | | | | | 27,634,856 | | |
O’Reilly Automotive, Inc. (b)
|
| | | | 24,000 | | | | | | 21,812,640 | | |
Skechers U.S.A., Inc. Class A (b)
|
| | | | 280,900 | | | | | | 13,750,055 | | |
Tesla, Inc. (b)
|
| | | | 140,500 | | | | | | 35,155,910 | | |
TJX Companies, Inc.
|
| | | | 260,360 | | | | | | 23,140,797 | | |
Uber Technologies, Inc. (b)
|
| | | | 405,500 | | | | | | 18,648,945 | | |
| | | | | 258,620,761 | | | ||||||
Consumer Staples — 6.5%
|
| ||||||||||||
Altria Group, Inc.
|
| | | | 316,400 | | | | | | 13,304,620 | | |
Coca-Cola Company
|
| | | | 165,700 | | | | | | 9,275,886 | | |
Colgate-Palmolive Company
|
| | | | 158,500 | | | | | | 11,270,935 | | |
Monster Beverage Corporation (b)
|
| | | | 242,668 | | | | | | 12,849,271 | | |
PepsiCo, Inc.
|
| | | | 78,800 | | | | | | 13,351,872 | | |
Philip Morris International Inc.
|
| | | | 227,435 | | | | | | 21,055,932 | | |
Procter & Gamble Company
|
| | | | 261,449 | | | | | | 38,134,951 | | |
Walmart Inc.
|
| | | | 203,581 | | | | | | 32,558,709 | | |
| | | | | 151,802,176 | | | ||||||
Energy — 5.0%
|
| ||||||||||||
Adams Natural Resources Fund, Inc. (c)(f)
|
| | | | 2,186,774 | | | | | | 50,558,215 | | |
Diamondback Energy, Inc.
|
| | | | 114,200 | | | | | | 17,687,296 | | |
Exxon Mobil Corporation
|
| | | | 148,174 | | | | | | 17,422,299 | | |
Marathon Petroleum Corporation
|
| | | | 117,037 | | | | | | 17,712,379 | | |
Pioneer Natural Resources Company
|
| | | | 63,600 | | | | | | 14,599,380 | | |
| | | | 117,979,569 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Financials — 12.6%
|
| ||||||||||||
American International Group, Inc.
|
| | | | 421,600 | | | | | $ | 25,548,960 | | |
Bank of America Corp.
|
| | | | 367,768 | | | | | | 10,069,488 | | |
Berkshire Hathaway Inc. Class B (b)
|
| | | | 72,543 | | | | | | 25,411,813 | | |
Chubb Limited
|
| | | | 122,100 | | | | | | 25,418,778 | | |
JPMorgan Chase & Co.
|
| | | | 329,763 | | | | | | 47,822,230 | | |
Mastercard Incorporated Class A
|
| | | | 91,862 | | | | | | 36,369,084 | | |
Morgan Stanley
|
| | | | 319,869 | | | | | | 26,123,701 | | |
S&P Global, Inc.
|
| | | | 78,700 | | | | | | 28,757,767 | | |
Visa Inc. Class A
|
| | | | 205,361 | | | | | | 47,235,084 | | |
Wells Fargo & Company
|
| | | | 569,800 | | | | | | 23,282,028 | | |
| | | | | 296,038,933 | | | ||||||
Health Care — 13.1%
|
| ||||||||||||
Align Technology, Inc. (b)
|
| | | | 39,000 | | | | | | 11,907,480 | | |
Becton, Dickinson and Company
|
| | | | 86,300 | | | | | | 22,311,139 | | |
Cencora, Inc.
|
| | | | 166,300 | | | | | | 29,929,011 | | |
DexCom, Inc. (b)
|
| | | | 194,957 | | | | | | 18,189,488 | | |
Eli Lilly and Company
|
| | | | 63,568 | | | | | | 34,144,280 | | |
Health Care Select Sector SPDR Fund
|
| | | | 223,200 | | | | | | 28,734,768 | | |
IDEXX Laboratories, Inc. (b)
|
| | | | 34,300 | | | | | | 14,998,361 | | |
Johnson & Johnson
|
| | | | 101,200 | | | | | | 15,761,900 | | |
Merck & Co., Inc.
|
| | | | 332,700 | | | | | | 34,251,465 | | |
Regeneron Pharmaceuticals, Inc. (b)
|
| | | | 32,300 | | | | | | 26,581,608 | | |
Thermo Fisher Scientific Inc.
|
| | | | 47,900 | | | | | | 24,245,543 | | |
UnitedHealth Group Incorporated
|
| | | | 90,600 | | | | | | 45,679,614 | | |
| | | | | 306,734,657 | | | ||||||
Industrials — 8.2%
|
| ||||||||||||
Boeing Company (b)
|
| | | | 125,177 | | | | | | 23,993,927 | | |
Carrier Global Corporation
|
| | | | 436,020 | | | | | | 24,068,304 | | |
Generac Holdings Inc. (b)
|
| | | | 92,700 | | | | | | 10,100,592 | | |
Ingersoll Rand Inc.
|
| | | | 267,300 | | | | | | 17,032,356 | | |
Lockheed Martin Corporation
|
| | | | 59,211 | | | | | | 24,214,931 | | |
Paycom Software, Inc.
|
| | | | 33,600 | | | | | | 8,711,472 | | |
Quanta Services, Inc.
|
| | | | 119,000 | | | | | | 22,261,330 | | |
Republic Services, Inc.
|
| | | | 148,200 | | | | | | 21,119,982 | | |
TransDigm Group Incorporated (b)
|
| | | | 23,900 | | | | | | 20,150,807 | | |
Union Pacific Corporation
|
| | | | 103,300 | | | | | | 21,034,979 | | |
| | | | | 192,688,680 | | |
| | |
Shares
|
| |
Value (a)
|
| ||||||
Information Technology — 27.6%
|
| ||||||||||||
Accenture plc Class A
|
| | | | 101,119 | | | | | $ | 31,054,656 | | |
Advanced Micro Devices, Inc. (b)
|
| | | | 257,400 | | | | | | 26,465,868 | | |
Apple Inc.
|
| | | | 900,400 | | | | | | 154,157,484 | | |
Arista Networks, Inc. (b)
|
| | | | 119,691 | | | | | | 22,014,766 | | |
Cisco Systems, Inc.
|
| | | | 502,500 | | | | | | 27,014,400 | | |
Intuit Inc.
|
| | | | 47,600 | | | | | | 24,320,744 | | |
Lam Research Corporation
|
| | | | 48,900 | | | | | | 30,649,053 | | |
Micron Technology, Inc.
|
| | | | 289,400 | | | | | | 19,687,882 | | |
Microsoft Corporation
|
| | | | 552,300 | | | | | | 174,388,725 | | |
NVIDIA Corporation
|
| | | | 166,400 | | | | | | 72,382,336 | | |
Oracle Corporation
|
| | | | 109,400 | | | | | | 11,587,648 | | |
QUALCOMM Incorporated
|
| | | | 37,600 | | | | | | 4,175,856 | | |
Salesforce, Inc. (b)
|
| | | | 135,700 | | | | | | 27,517,246 | | |
Synopsys, Inc. (b)
|
| | | | 50,100 | | | | | | 22,994,397 | | |
| | | | | 648,411,061 | | | ||||||
Materials — 2.5%
|
| ||||||||||||
DuPont de Nemours, Inc.
|
| | | | 151,686 | | | | | | 11,314,259 | | |
Linde plc
|
| | | | 61,100 | | | | | | 22,750,585 | | |
PPG Industries, Inc.
|
| | | | 106,500 | | | | | | 13,823,700 | | |
Teck Resources Limited
|
| | | | 229,400 | | | | | | 9,884,846 | | |
| | | | | 57,773,390 | | | ||||||
Real Estate — 2.3%
|
| ||||||||||||
Digital Realty Trust, Inc.
|
| | | | 123,000 | | | | | | 14,885,460 | | |
Prologis, Inc.
|
| | | | 174,800 | | | | | | 19,614,308 | | |
Public Storage
|
| | | | 43,300 | | | | | | 11,410,416 | | |
Ventas, Inc.
|
| | | | 206,000 | | | | | | 8,678,780 | | |
| | | | | 54,588,964 | | | ||||||
Utilities — 2.1%
|
| ||||||||||||
AES Corporation
|
| | | | 582,500 | | | | | | 8,854,000 | | |
American Water Works Company, Inc.
|
| | | | 107,783 | | | | | | 13,346,769 | | |
CenterPoint Energy, Inc.
|
| | | | 460,600 | | | | | | 12,367,110 | | |
DTE Energy Company
|
| | | | 137,400 | | | | | | 13,641,072 | | |
| | | | | 48,208,951 | | | ||||||
Total Common Stocks | | ||||||||||||
(Cost $1,518,477,884)
|
| | | | | | | | | | 2,339,244,840 | | |
|
| | |
Shares
|
| |
Value (a)
|
| ||||||
Other Investments — 0.0% | | ||||||||||||
Financials — 0.0%
|
| ||||||||||||
Adams Funds Advisers, LLC (b)(d)(f)
|
| | | | | | | | | | | ||
(Cost $150,000)
|
| | | | | | | | | $ | 466,000 | ||
Short-Term Investments — 0.4% | | ||||||||||||
Money Market Funds — 0.4%
|
| ||||||||||||
Northern Institutional Treasury Premier
Portfolio, 5.20% (e) |
| | | | 552,466 | | | | | | 552,466 | ||
Western Asset Institutional Liquid Reserves
Fund, 5.41% (e) |
| | | | 9,107,601 | | | | | | 9,106,691 | ||
Total Short-Term Investments | | ||||||||||||
(Cost $9,657,775)
|
| | | | | | | | | | 9,659,157 | ||
Total — 100.1% | | ||||||||||||
(Cost $1,528,285,659)
|
| | | | | | | | | | 2,349,369,997 | ||
Other Assets Less Liabilities — (0.1)% | | | | | | | | | | | (2,194,834) | | |
Net Assets — 100.0%
|
| | | | | | | | | $ | 2,347,175,163 | ||
|
| | | | | |
| | | | | | | | |
|
Affiliate
|
| |
Shares held
|
| |
Net realized gain
(loss) and long-term capital gain distributions |
| |
Dividend income
and short-term capital gain distributions |
| |
Change in
unrealized appreciation |
| |
Value
|
| |||||||||||||||
| Adams Funds Advisers, LLC (controlled) | | | | | n/a | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 466,000 | | |
| Adams Natural Resources Fund, Inc. (non-controlled) |
| | | | 2,186,774 | | | | | | 43,735 | | | | | | 612,297 | | | | | | 2,886,542 | | | | | | 50,558,215 | | |
| Total | | | | | | | | | | $ | 43,735 | | | | | $ | 612,297 | | | | | $ | 2,886,542 | | | | | $ | 51,024,215 | | |
| Kenneth J. Dale (1) (2) (5) | | | Mary Chris Jammet (1) (2) (3) (4) | | |
Mark E. Stoeckle (3) (4)
|
|
|
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
|
|
| David R. Schiminger, CFA | | |
Vice President—Research
|
|
| Jeffrey R. Schollaert, CFA | | |
Vice President—Research
|
|
|
Christine M. Sloan, CPA
|
| | Treasurer and Director of Human Resources | |