Adams Natural Resources Fund posts 18.4% NAV return in H1 2026
Adams Natural Resources Fund announced an 18.4% total return on net asset value for the first half of 2026, surpassing its benchmark return of 18.1%. Net assets grew to $769.1 million by June 30, 2026, driven by a rise in net asset value per share to $27.44. The portfolio is heavily weighted towards energy, with Exxon Mobil and Chevron as the top holdings.
*this image is generated using AI for illustrative purposes only.
Adams Natural Resources Fund, Inc. reported an 18.4% total return on its net asset value for the first half of 2026, with dividends and capital gains reinvested. This performance exceeded the Fund's benchmark return of 18.1%, which is comprised of the S&P 500 Energy Sector (80%) and the S&P 500 Materials Sector (20%). The total return on the Fund's market price for the same period was 18.2%. The comparable figures for the S&P 500 Energy Sector and the S&P 500 Materials Sector were 19.7% and 12.0%, respectively.
The Fund's net assets stood at $769,147,614 as of June 30, 2026, up from $634,743,865 on June 30, 2025. Shares outstanding increased to 28,034,839 from 26,888,697 over the same period. Consequently, the net asset value per share rose to $27.44 from $23.61 year-over-year.
Annualized Comparative Returns
The Fund demonstrated strong performance across various time horizons relative to its benchmark components. For the one-year period ended June 30, 2026, the Fund's NAV returned 26.5%, while the S&P 500 Energy Sector returned 29.0% and the S&P 500 Materials Sector returned 16.7%.
| Return Period | Adams Natural Resources Fund (NAV) | Adams Natural Resources Fund (Market Price) | S&P 500 Energy Sector | S&P 500 Materials Sector |
|---|---|---|---|---|
| 1 Year | 26.5% | 25.9% | 29.0% | 16.7% |
| 3 Year | 13.0% | 15.7% | 12.8% | 8.9% |
| 5 Year | 17.0% | 17.7% | 19.0% | 6.3% |
| 10 Year | 9.4% | 9.6% | 8.7% | 10.4% |
Portfolio Composition
The portfolio remained heavily concentrated in the energy sector, which accounted for the majority of assets. The top ten equity holdings represented 66.3% of net assets, led by major integrated oil and gas companies.
| Holding | % of Net Assets |
|---|---|
| Exxon Mobil Corporation | 23.9% |
| Chevron Corporation | 12.6% |
| ConocoPhillips | 6.0% |
| Williams Companies, Inc. | 4.1% |
| Valero Energy Corporation | 3.8% |
| Linde plc | 3.6% |
| SLB Ltd. | 3.3% |
| Targa Resources Corp. | 3.2% |
| Phillips 66 | 3.1% |
| Marathon Petroleum Corporation | 2.7% |
| Total | 66.3% |
Industry weightings showed a significant allocation to Integrated Oil & Gas at 38.5%, followed by Exploration & Production at 14.8%. The Materials sector accounted for 18.7% of net assets, with Chemicals representing the largest sub-segment at 10.2%.
The Semi-Annual Report to Shareholders is expected to be released on or about July 22, 2026.
How will the fund's heavy concentration in integrated oil and gas perform if global energy demand shifts toward renewables?
Will the fund's net asset value growth sustain the current rate of share issuance expansion?
What impact might fluctuating commodity prices have on the fund's ability to outperform its benchmark in the second half of 2026?
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