PEO - Adams Natural Resources Fund

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Oct 28, 2026

   Saba cut its stake to 7.3% (from 8.3%). It has said it may push for changes.

   Original document →

2. March 30, 2026

   Saba cut its stake to 8.3% (from 10%). It has said it may push for changes.

   Original document →

3. Aug 4, 2025

   Saba cut its stake to 10% (from 11.3%). It has said it may push for changes.

   Original document →

4. Sept 12, 2024

   Saba raised its stake to 11.3% (from 10.3%). It has said it may push for changes.

   Original document →

5. June 21, 2024

   Saba raised its stake to 10.3% (from 9.3%). 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 $865 million 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; 0.6% 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 10 funds we follow that invest in energy and resources companies, none charges a lower management fee and none charges 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 $2.05 a share. $0.56 of that was income; $1.49 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): $24.09. The shares traded at $21.74, about 9.8% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 13.6% 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: $2.05 in the fiscal year ended Dec 31, 2025; $1.77 in the year ended Dec 31, 2024; $1.35 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: 0.62% a year in the fiscal year ended Dec 31, 2025; 0.61% a year in the year ended Dec 31, 2024; 0.64% 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 $662 million at Dec 31, 2025; $636 million at Dec 31, 2024; $633 million 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; 3% 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 27.5 million shares at Dec 31, 2025, up 7.8% 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 +9.9%, counting payouts; the holdings +9.4%. 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 +13.8%, counting payouts; the holdings +5.3%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +1%, counting payouts; the holdings +2.5%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned +42.2%, counting payouts; the holdings +44.9%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +53.6%, counting payouts; the holdings +47.7%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +175.9%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $27,600 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: +38.5%. 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 8 funds that invest in energy and resources companies with a fiscal year ending within six months of this one, 4 reported a higher share return for that year and 3 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%). About 93% issued in the U.S.

1. Exxon Mobil Corporation - 25.1%
2. Chevron Corporation - 14%
3. ConocoPhillips - 6.4%
4. Valero Energy Corporation - 4.7%
5. Phillips 66 - 4%
6. Marathon Petroleum Corporation - 3.5%
7. Williams Companies, Inc. - 3.3%
8. SLB Ltd. - 3.1%
9. Linde plc - 2.9%
10. Targa Resources Corp. - 2.8%

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