Adams Natural Resources Fund

What Adams Natural Resources Fund does

Adams Natural Resources Fund, Inc. (NYSE: PEO) is a publicly traded closed-end investment company incorporated in Maryland in 1929 and headquartered in Baltimore. It is the oldest closed-end fund specializing in energy and natural resources equities, originally incorporated as Petroleum Corporation of America and rebranded to its current name in March 2015 as part of the unified Adams Funds platform alongside Adams Diversified Equity Fund (ADX). The fund invests primarily in U.S.-listed energy and materials stocks through fundamental, bottom-up securities analysis combined with systematic quantitative evaluation tools, holding 51 positions concentrated in integrated oil majors (Exxon Mobil 23.9%, Chevron 12.6%), E&P companies, and midstream operators. Domestic holdings represent 88.2% of net assets.

The fund is internally managed by an investment team averaging 29 years of industry experience, supported by a senior leadership group led by CEO James P. Haynie, CFA (36 years of experience). Adams Natural Resources Fund charges a 0.62% expense ratio — approximately half the 1.23% category average for active sector equity funds — and operates under a Managed Distribution Policy committing to distribute at least 8% of NAV annually, with the 2025 actual rate at 8.4%. Net assets stood at $769.1 million as of June 30, 2026, up from $634.7 million a year earlier, supported by an 18.4% NAV return in H1 2026.

Distribution occurs through NYSE secondary market trading and a Computershare-administered Direct Stock Purchase Plan. The fund pays quarterly distributions to a multi-generational shareholder base of individual investors, with some families holding for five generations. Shares currently trade at a 10.5% discount to NAV. Adams Funds, the parent platform, manages $3.7B in total AUM across both funds and has paid dividends continuously since 1935.

Name

Adams Natural Resources Fund

Legal name

Adams Natural Resources Fund, Inc.

Website

https://adamsfunds.com

Company type

Public

Founded year

1929

Operating status

Operating

Headcount range

11–50 employees

Short description

Adams Natural Resources Fund (NYSE: PEO) is a 97-year-old publicly traded closed-end fund investing in U.S. energy and materials equities. It serves income-focused individual investors through a committed 8%+ annual distribution policy, holding 51 positions with $769M in net assets.

Ownership category

akta.pro rank

Product category

Closed-End Sector Equity Fund

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

akta.pro secondary industry

Natural Resources Funds (Timberland, Farmland, Minerals) (FSANAEAK)

Keywords

• Closed-end fund management
• Energy sector investing
• Natural resources equities
• Dividend distribution fund
• Portfolio management services

Headquarters

HQ city

Baltimore

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Management fees: The fund charges an expense ratio of 0.62% (as of December 31, 2025) on net assets under management. This is significantly lower than the average active sector equity fund expense ratio of 1.23%. Revenue is generated through management fees calculated as a percentage of total net assets ($769.1 million as of June 30, 2026).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Adams Natural Resources Fund is a closed-end investment fund that invests primarily in equity securities of energy and natural resources companies, including integrated oil majors, exploration and production firms, refiners, midstream operators, and materials producers. The fund seeks long-term capital appreciation and income, operates under a Managed Distribution Policy committing to pay at least 8% of NAV annually in quarterly distributions, and trades on the NYSE under ticker PEO.

Product overview

Adams Natural Resources Fund (PEO) is a single closed-end investment fund that invests primarily in energy and natural resources equities. The fund's portfolio is concentrated in the energy sector (approximately 79.8% of net assets as of December 2025), with top holdings including Exxon Mobil (23.9%), Chevron (12.6%), and ConocoPhillips (6.0%). The fund operates under a Managed Distribution Policy, committing to pay at least 8% of NAV annually. The fund also maintains an affiliated relationship with Adams Diversified Equity Fund (ADX), another closed-end fund managed by the same investment team. There are no separate product modules, add-ons, or platform architecture—the fund is a single, unified investment vehicle traded on the NYSE.

Differentiator

Problem solved

Functional benefit

Products and services

• Adams Natural Resources Fund (PEO) Adams Natural Resources Fund (PEO) is a closed-end equity fund for individual investors seeking long-term capital appreciation and income through concentrated exposure to energy and natural resources stocks, including integrated oil majors, E&P companies, refiners, and midstream operators. The fund targets an 8% minimum annual distribution of NAV paid quarterly and invests with a long-term, fundamentally driven mandate.

Quantifiable outcome

• 18.4% total return on NAV for H1 2026, outperforming blended benchmark of 18.1%
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Computershare Trust Company, N.A.coreOthersTransfer agent and Direct Stock Purchase Plan administrator for Adams Diversified Equity Fund and Adams Natural Resources Fund. Provides shareholder services including share registration, dividend reinvestment, account management, and direct stock purchase capabilities. Contact: 1.877.260.8188 for ADX, 1.866.723.8330 for PEO.
• Registered Investment Security DealerscoreChannel Partner/ Reseller/ DistributorNetwork of brokerage firms and registered investment advisors through which fund shares are bought and sold on the secondary market. Brokers offer programs for routine dividend reinvestment.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Reaves Utility Income Fund: UTG is a NYSE-listed closed-end fund focused on utility and infrastructure equities, managed by W.H. Reaves. It is an adjacent peer to PEO given the partial overlap in regulated/utility energy holdings and similar income-oriented CEF structure, though its mandate is broader than pure energy.

Direct peers

• ClearBridge Energy Midstream Opportunity Fund: EMO is a NYSE-listed closed-end fund focused on midstream energy companies and MLPs, managed by ClearBridge (a Franklin Templeton affiliate). Competes directly with PEO for energy CEF allocation within income-oriented portfolios.
• First Trust Energy Infrastructure Fund: FIF is a NYSE-listed closed-end fund focused on U.S. energy infrastructure companies, managed by First Trust Advisors. Competes with PEO for investors seeking concentrated energy sector exposure through a CEF wrapper.
• Cushing MLP & Infrastructure Total Return Fund: SRV is a NYSE-listed closed-end fund managed by Cushing Asset Management focused on midstream MLPs and energy infrastructure. A direct peer to PEO in the energy income CEF universe with similar yield-driven retail investor base.
• Adams Diversified Equity Fund: Adams Diversified Equity Fund (NYSE: ADX) is the sister fund of PEO, sharing the same Adams Funds investment team, Baltimore headquarters, internally managed structure, 8% Managed Distribution Policy, and closed-end fund structure. ADX provides diversified equity exposure while PEO concentrates in energy and materials.
• Tortoise Energy Infrastructure Fund: TYG is a NYSE-listed closed-end fund focused on energy infrastructure (midstream MLPs and energy infrastructure companies). It is a direct competitor to PEO in the energy-focused CEF category, with similar distribution-focused retail investor appeal.
• BlackRock Resources & Commodities Strategy Trust: BCX is a NYSE-listed closed-end fund managed by BlackRock that invests in natural resources and commodities-related companies globally. It is a broad peer in the natural resources CEF category with similar investment mandate to PEO.
• Kayne Anderson Energy Infrastructure Fund: KYN is a NYSE-listed closed-end fund providing energy infrastructure exposure (midstream MLPs and energy companies). It is a structurally similar peer to PEO with comparable distribution policy and energy sector focus.
• Tortoise Midstream Energy Fund: NTG is a NYSE-listed closed-end fund focused specifically on natural gas and crude oil midstream energy infrastructure. It competes directly with PEO for energy-focused income investors seeking yield from energy equities.
• Nuveen Real Asset Income & Growth Fund: JRI is a NYSE-listed closed-end fund providing diversified real assets exposure including energy, infrastructure, and commodities. It is a broader real-asset peer to PEO with comparable distribution focus and managed distribution structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/adams-funds

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Adams Natural Resources Fund