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what it is
ADX is a closed-end fund, which means you buy a basket of stocks through one ticker.
how it gets paid
ADX is a closed-end fund: it does not have operating revenue like an industrial company. As of 12/31/2025 the portfolio was about 34% information technology by net assets (Adams Funds sector breakdown).
what just happened
The latest quarter is still a blank page, with revenue, EPS, and gross margin not provided in the source set.
At a glance
45/100 earnings predictability — expect surprises
155.1x trailing p/e — you're paying up for this one
8.2% dividend yield — cash in your pocket every quarter
$0.20 fy2029 eps est
1.0 beta
xvary composite: 76/100 — average
What they do
ADX is a closed-end fund, which means you buy a basket of stocks through one ticker.
Closed-end fund → a stock that owns a portfolio of stocks → your share price can drift away from the portfolio's actual value. ADX reported an 18.9% total return on NAV in 2025 (dividends and capital gains reinvested), versus 17.9% for the S&P 500, and an 8.1% distribution rate on NAV for calendar 2025. Year-end 2025 net assets were about $3.03B with IT the largest sector weight at 34.1% of net assets.
How they make money
$3.03B
net assets (12/31/2025) · sector weights below are % of net assets, not sales
information technology
34.1%
financials holdings
13% of net assets
communication services
10.5%
health care
9.6%
consumer discretionary
10.2%
industrials, staples, energy, utilities, real estate, materials (combined)
21.5%
The products that matter
closed-end equity portfolio
Adams Diversified Equity Fund
~$3.03B net assets · 8.1% distribution on NAV (2025)
Year-end 2025 net assets were about $3.03B with top positions including NVIDIA, Apple, and Microsoft; your result depends on two prices at once — the value of the holdings and the price the market assigns to the wrapper.
wrapper risk
Key numbers
18.9%
2025 NAV return
Net asset value return tells you how the actual portfolio performed, and ADX beat the S&P 500's 17.9% in 2025.
4.6%
discount to NAV
This is the gap between the stock price and the portfolio value. A smaller gap means less easy upside from rerating.
155.1x
trailing p/e
Price-to-earnings → how much investors pay for each dollar of profit → 155.1x is rich by any normal stock standard.
8.1%
distribution on NAV
Calendar 2025 distribution rate on NAV per Adams Funds; payouts can include income, gains, and return of capital — read the annual tax materials.
Financial health
n/a
strength
- balance sheet grade n/a — not on this snapshot
- risk rank n/a
- price stability n/a
health data not available.
Total return vs. market
You invested $10,000 in ADX 3 years ago → it's now worth $20,490.
The index would have given you $14,540.
source: institutional data · total return
What just happened
quarterly data unavailable
The latest quarter is still a blank page, with revenue, EPS, and gross margin not provided in the source set.
EDGAR and the supplied quarterly history did not include hard quarterly revenue, EPS, or margin figures. The only forward earnings number in the source set is a $0.20 EPS estimate.
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the number that mattered
The usable earnings number here is the forward EPS estimate of $0.20, because the source set does not provide a current quarter to analyze.
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adams diversified equity fund posted strong gains in 2025, helped by stock selection.
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adx delivered an 18.9% total return on net asset value (nav) in 2025, edging the s&p 500 index’s 17.9% rise, while the market-price (mp) return was even higher at 25.7% as the discount narrowed over the year.the latest annual report ties that relative edge to mostly better results in health care, financials, and consumer staples, which offset a slight drag from information technology. within tech, the fund benefited from some artificial intelligence (ai) linked semiconductor exposure, but several software holdings lagged as investors were unsure how ai would reshape software businesses.
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the fund is now trading closer to nav.
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discount to NAV is a live number: year-end 2025 NAV was $24.72 per share, so compare that to the market quote you are paying.when the discount narrows, market-price returns can outpace NAV even if stock selection is only modestly different from the index. the portfolio still leans heavily into megacap growth and technology stocks, with NVIDIA, Apple, Microsoft, Alphabet, and Amazon among the largest positions, so day-to-day results will still look a lot like the larger U.S. growth stocks.
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the most important driver is whether mega-cap growth keeps leading.
source: Adams Funds 2025 performance release · adamsfunds.com · EDGAR / third-party estimates where noted
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What could go wrong
the main risk is simple: the discount to NAV moves; using year-end 2025 NAV ($24.72) against a mid-$23s stock price implies on the order of a high-single-digit discount, and that gap can widen again without the portfolio doing much.
med
discount to NAV widening
the fund trades at a 4.6% discount to net asset value. if that gap widens back to its roughly 8% one-year average, that's about a 3.5% headwind to your share price before the portfolio itself does anything.
same holdings. worse wrapper. that's how you lose ground while NAV looks fine on paper.
med
concentration in mega-cap growth
nvidia, apple, microsoft, alphabet, and amazon sit among the largest positions. you are not buying broad market neutrality here. if mega-cap leadership breaks, ADX likely feels it fast.
the fund wrapper does not spare you from the same concentration already driving much of the index.
med
distribution depends on portfolio gains
the ~8.1% distribution rate on NAV is attractive, but it is funded by portfolio income and capital gains distributions. if the portfolio hits a weaker stretch, the payout gets harder to support at the same level.
income looks steady until realized gains are not there. then the headline yield stops looking so comfortable.
wrapper discount risk sits alongside mega-cap concentration: you can lose on the gap to NAV even when the underlying names are only mildly changed.
source: institutional data · regulatory filings · risk analysis
Pay attention to
discount watch
monthly NAV versus market price
watch the gap between reported NAV and the share price. if it drifts from 4.6% back toward the 8% area, that is both a sentiment problem and a return problem.
top holdings
mega-cap earnings season
nvidia, apple, and microsoft matter because the fund still leans into the same leadership cohort as the index. if those names wobble, your fund probably does too.
distribution
next dividend declaration
the fund has paid dividends for more than 85 years. the next declaration tells you whether the 8.2% yield still looks comfortably funded or just optically high.
relative performance
NAV versus the S&P 500
one strong year helps. two weak years hurt. if NAV starts trailing the index while the discount widens, you have stock-selection risk and wrapper risk at the same time.
Analyst rankings
earnings predictability
45 / 100
fund earnings are harder to forecast because realized gains and distributions move around. in human-speak, quarterly accounting earnings are not the main thing you should be tracking here.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 65 buyers vs. 49 sellers in 4q2025. total institutional holdings: 22.6M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$20
$25
$23
current price
$22
target midpoint · 3% from current · 3-5yr high: $25 (+5% · 2% ann'l return)
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