In plain terms — Adams Natural Resources Fund
Shares currently cost about 11.3% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 10.2% discount, so today's level is not wide for this fund (Z-score -0.6). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 7.4% a year of the share price (6.5% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.13 of assets — a ReinvestCapture™ rate of 8.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 50.2% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -9.51% | 0.72% | -1.79 | 55 |
| 6 months | -10.15% | 0.96% | -0.68 | 107 |
| 1 year | -10.18% | 0.97% | -0.64 | 209 |
| 3 years | -12.04% | — | — | — |
| 5 years | -13.13% | — | — | — |
Current contemporaneous premium/discount -10.81% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -13.12% to -7.80%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | +1.44% | +13.40% | +35.88% | +39.74% | +9.47% | +11.78% |
| Market price total return | +1.44% | +15.69% | +44.27% | +51.79% | +19.92% | +21.01% |
| NAV return | +3.93% | +13.73% | +37.27% | +39.29% | +7.24% | +10.99% |
| NAV total return | +3.93% | +15.84% | +44.99% | +50.19% | +16.21% | +18.95% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Adams Natural Resources Fund, Inc. is a publicly owned investment manager. The firm invests in the public equity markets across the globe. The firm manages closed-end equity fund focused on the energy and material sectors. It invests in stocks of companies of all market capitalizations operating in the energy and natural resources sector including oil companies, exploration and production, utilities, services, and basic materials sectors. The firm employs a fundamental analysis with a bottom-up stock picking approach while focusing on earnings growth prospects, defendable market position, market competition, macroeconomic backdrop, cash flow generation, valuation, capital allocation, return on capital, mileposts and catalysts, and point in cycle identification to make its investments. It benchmarks the performance of its portfolios against a composite index of 80% Dow Jones Oil and Gas Index and 20% Dow Jones Basic Materials Index. The firm was formerly known as Petroleum & Resources Corporation. Adams Natural Resources Fund, Inc. was founded in 1929 and is based in Baltimore, Maryland with an additional office in Boston, Massachusetts.
CEF Explorer research page for Adams Natural Resources Fund, Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.