ADX - Adams Diversified Equity Fund

What this means for you

Saba owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. Feb 13, 2025

   Edith H. Bergstrom sold down below 5% and stopped reporting.

   Original document →

2. Nov 25, 2024

   Saba sold down below 5% and stopped reporting.

   Original document →

3. Aug 7, 2024

   Saba cut its stake to 6% (from 7.6%). It has said it may push for changes.

   Original document →

4. May 15, 2024

   Saba raised its stake to 7.6% (from 6.6%). It has said it may push for changes.

   Original document →

5. Feb 9, 2024

   Saba now owns 6.6%. It has said it may push for changes.

   Original document →

About this fund

• Run by Adams Funds. Part of the Adams Funds fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $3.32 billion of holdings, as of Sept 30, 2026. As of Sept 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of Sept 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0% a year in management fees; 0.5% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 53 funds we follow that invest in shares, none charges a lower management fee and 2 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.85 a share. $0.16 of that was income; $1.69 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $24.72. The shares traded at $23.32, about 5.7% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 2.4% over the last three months we have (July-Sept 2026), before the share price is taken into account. As of Sept 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1996.

How this has changed

• Payouts per share: $1.85 in the fiscal year ended Dec 31, 2025; $2.50 in the year ended Dec 31, 2024; $1.30 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.49% a year in the fiscal year ended Dec 31, 2025; 0.56% a year in the year ended Dec 31, 2024; 0.61% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $3.03 billion at Dec 31, 2025; $2.66 billion at Dec 31, 2024; $2.55 billion at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: none at Dec 31, 2025; none at Dec 31, 2024; none at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 123 million shares at Dec 31, 2025, down 1.2% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +25.7%, counting payouts; the holdings +18.9%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +28.1%, counting payouts; the holdings +23.6%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +31.2%, counting payouts; the holdings +27.5%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -19.8%, counting payouts; the holdings -17.3%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +29.9%, counting payouts; the holdings +29.8%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +120.1%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $22,000 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Sept 30, 2026: +24.4%. The quarterly reports carry no share price, so this is the holdings alone. As of Sept 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in shares with a fiscal year ending within six months of this one, 11 reported a higher share return for that year and 34 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Almost all shares (99%). All of it issued in the U.S.

1. NVIDIA Corporation - 8.5%
2. Apple Inc. - 7.4%
3. Microsoft Corporation - 6.2%
4. Alphabet Inc. class A shares - 5.5%
5. Amazon.com, Inc. - 3.9%
6. Broadcom Inc. - 2.6%
7. Meta Platforms, Inc. class A shares - 2.4%
8. Adams Natural Resources Fund, Inc. - 2.3%
9. Advanced Micro Devices, Inc. - 2.2%
10. JPMorgan Chase & Co. - 2%

As of Sept 30, 2026, from the fund's quarterly holdings report. Original document →