Adams Natural Resources Fund posts 34.4% nine-month NAV return

Adams Natural Resources Fund, Inc. (NYSE: PEO) reported a 34.4% total return on its net asset value for the first nine months of 2026, with dividends and capital gains reinvested. The fund's market price return for the same period was 34.2%. These figures compare against a benchmark blend of the S&P 500 Energy Sector and S&P 500 Materials Sector that returned 34.0% over the nine-month stretch.

The fund's performance lagged the S&P 500 Energy Sector, which posted a 40.3% return, but significantly outpaced the S&P 500 Materials Sector, which returned 8.8%. The benchmark used by the fund is weighted 80% to the Energy Sector and 20% to the Materials Sector.

The fund's net assets grew to $865,186,454 at September 30, 2026, up from $662,649,222 at September 30, 2025. Shares outstanding increased to 28,303,647 from 27,205,847 during the same comparison period. Consequently, the net asset value per share rose to $30.57 from $24.36 a year earlier.

Portfolio composition at September 30, 2026, shows a heavy concentration in energy equities. Exxon Mobil Corporation accounted for 25.1% of net assets, followed by Chevron Corporation at 14.0% and ConocoPhillips at 6.4%. Valero Energy Corporation held 4.7% of net assets, while Phillips 66 and Marathon Petroleum Corporation accounted for 4.0% and 3.5%, respectively. Williams Companies, Inc., SLB Ltd., Linde plc, and Targa Resources Corp. rounded out the top ten with stakes of 3.3%, 3.1%, 2.9%, and 2.8%. These ten positions represented a total of 69.8% of net assets.

Industry weightings reveal that Integrated Oil & Gas made up 41.1% of net assets, while Exploration & Production held at 14.2%. Refining & Marketing comprised 12.1%, Storage & Transportation 9.5%, and Equipment & Services 6.1%. In the materials sector, Chemicals represented 8.1% of net assets, Metals & Mining 4.9%, Construction Materials 1.8%, and Containers & Packaging 1.3%.

Adams Natural Resources Fund is one of two closed-end funds managed by Adams Funds, alongside Adams Diversified Equity Fund, Inc. (NYSE: ADX). The company states it has paid dividends for more than 90 years and commits to a minimum annual distribution rate of 8% of NAV paid evenly each quarter. The Third Quarter Report to Shareholders is expected to be released on or about October 21, 2026.