13F-HR: Adams Natural Resources Fund Discloses Q2 2024 Holdings, Valued at $685 Million

Adams Natural Resources Fund's latest 13F filing reveals its holdings as of June 30, 2024, with a total value of approximately $685 million.

Summary

• Adams Natural Resources Fund, Inc. filed its Form 13F for the quarter ended June 30, 2024.
• The fund reported total holdings valued at $685,275,080.
• The filing lists 54 holdings.
• The fund's largest holding is Exxon Mobil Corporation, valued at $170,211,252, representing 1,478,555 shares.
• Other significant holdings include Chevron Corporation ($82,069,038), ConocoPhillips ($39,103,777), and Linde plc ($30,058,485).
• Marathon Petroleum Corporation is valued at $29,112,026.
• EOG Resources, Inc. is valued at $27,750,181.
• Hess Corporation is valued at $20,946,217.
• Diamondback Energy, Inc. is valued at $19,598,601.
• Williams Companies, Inc. is valued at $19,165,375.
• Schlumberger N.V. is valued at $17,830,879.
• Devon Energy Corporation is valued at $13,494,780.
• Valero Energy Corporation is valued at $13,481,360.
• Freeport-McMoRan, Inc. is valued at $12,519,360.
• Kinder Morgan, Inc. is valued at $12,102,658.
• Ecolab Inc. is valued at $11,900,000.
• ONEOK, Inc. is valued at $11,245,745.
• Baker Hughes Company is valued at $10,424,388.
• Occidental Petroleum Corporation is valued at $9,577,472.
• Vulcan Materials Company is valued at $7,982,628.
• Targa Resources Corp. is valued at $7,675,288.
• Newmont Corporation is valued at $7,214,201.
• Sherwin-Williams Company is valued at $6,893,733.
• PPG Industries, Inc. is valued at $6,256,733.
• Halliburton Company is valued at $5,990,984.
• Cenovus Energy Inc. is valued at $5,766,278.
• Air Products and Chemicals, Inc. is valued at $5,599,685.
• Eastman Chemical Company is valued at $5,339,365.
• Corteva Inc. is valued at $5,024,241.
• Chesapeake Energy Corporation is valued at $4,561,545.
• Avery Dennison Corporation is valued at $4,547,920.
• TechnipFMC plc is valued at $4,544,870.
• Dow, Inc. is valued at $3,392,282.
• Coterra Energy Inc. is valued at $3,357,753.
• DuPont de Nemours, Inc. is valued at $2,698,508.
• Marathon Oil Corporation is valued at $2,735,118.
• Martin Marietta Materials, Inc. is valued at $2,709,000.
• International Flavors & Fragrances Inc. is valued at $1,999,981.
• LyondellBasell Industries N.V. is valued at $1,970,596.
• Steel Dynamics, Inc. is valued at $1,622,117.
• APA Corporation is valued at $1,648,640.
• Ball Corporation is valued at $1,398,466.
• Packaging Corporation of America is valued at $1,077,104.
• EQT Corporation is valued at $1,016,950.
• CF Industries Holdings, Inc. is valued at $990,910.
• Celanese Corporation is valued at $927,639.
• International Paper Company is valued at $927,725.
• Amcor plc is valued at $903,672.
• WestRock Company is valued at $774,004.
• Albemarle Corporation is valued at $687,744.
• Mosaic Company is valued at $612,709.
• FMC Corporation is valued at $417,525.
• Chord Energy Corporation is valued at $37,728.

Sentiment

Score: 6

Explanation: The document is a factual report of holdings, so the sentiment is neutral. However, the concentration in established energy companies suggests a moderately positive outlook on that sector.

Positives

• The fund's significant holdings in major energy companies like Exxon Mobil and Chevron suggest a bullish outlook on the energy sector.
• The fund's diversification across various companies in the natural resources sector could mitigate risk.

Risks

• The fund's performance is heavily reliant on the performance of the natural resources sector, which can be volatile.
• Fluctuations in commodity prices could significantly impact the value of the fund's holdings.
• Regulatory changes and environmental concerns could pose risks to the companies in which the fund invests.

Industry Context

This filing provides insight into how a natural resources-focused fund is allocating capital within the energy, materials, and chemicals sectors. It reflects the fund's investment strategy and outlook on these industries compared to other investment funds.

Comparison to Industry Standards

• Comparing Adams Natural Resources Fund's portfolio allocation to other natural resources funds like BlackRock Natural Resources Trust or the Fidelity Select Natural Resources Portfolio could reveal differences in investment strategy and risk appetite.
• The concentration of holdings in major energy companies like ExxonMobil and Chevron is a common strategy among natural resources funds, reflecting a focus on established players in the industry.
• The fund's allocation to specific sub-sectors, such as chemicals or materials, can be compared to industry benchmarks like the S&P Global Natural Resources Index to assess its relative exposure to different segments of the natural resources market.

Stakeholder Impact

• Shareholders can use this information to understand the fund's investment strategy and assess its performance.
• The holdings provide insights into the fund's views on various companies within the natural resources sector.

Key Dates