Adams Diversified Equity Fund (ADX) currently offers a 7.97% annual distribution yield based on net asset value, supported by a fully diversified, large-cap equity portfolio of approximately 40 holdings. The fund employs no leverage, maintaining an expense ratio of just 0.50%, one of the lowest among US closed-end equity funds. Recent quarterly distributions have been significantly bolstered by realized capital gains, contributing to a steady increase in the per-share payout over the past four quarters.

As of mid-January 2026, ADX shares trade at a 6.86% discount to net asset value, narrower than the fund’s 10-year average discount of around 8.5%. While this discount remains below historical norms, it represents a less attractive entry point compared with deeper discounts seen during prior market drawdowns. Investor demand for reliable income and legacy status dating back to 1929 have kept the discount relatively compressed in recent months.

In the fiscal year ending December 31, 2025, ADX delivered an 18.9% total return on net asset value, outpacing the S&P 500’s 17.9% and Morningstar U.S. Large Blend Category’s 16.2%. On a market-price basis, the fund achieved a 25.7% total return, reflecting an expanding share discount recovery and strong secondary-market demand. Over the past three and five years, ADX NAV returns annualized at 23.3% and 15.0%, respectively, exceeding the S&P 500’s comparable 23.0% and 14.4%.

At year-end 2025, ADX’s net assets totaled $3.03 billion, up from $2.66 billion a year earlier, driven by market appreciation and retained capital gains. The fund’s ten largest equity holdings accounted for 42.8% of net assets, led by technology giants such as NVIDIA (7.9%), Apple (7.3%) and Microsoft (6.6%). Sector allocations emphasize Information Technology (34.1%), Financials (13.4%) and Communication Services (10.5%), reflecting a growth-oriented bias while maintaining exposure to defensive sectors incluing Health Care (9.6%) and Consumer Staples (4.8%).