Adams Natural Resources Fund
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.
- Company typePublic
- Founded1929
- HeadquartersBaltimore, United States
- Headcount11–50
- GTM typeB2C
- OfferingServices
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.
Adams Natural Resources Fund firmographics
Firmographics- 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
Adams Natural Resources Fund industry classification
Industry- 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
Where Adams Natural Resources Fund is headquartered
LocationHeadquarters
- HQ city
- Baltimore
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Adams Natural Resources Fund business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- 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
| Model | Billing | Price |
|---|---|---|
| Other | Annual | Standard management fee based on assets under management |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Adams Natural Resources Fund product offering
Product offeringCore 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
Companies that use Adams Natural Resources Fund
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Adams Natural Resources Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Adams Natural Resources Fund partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Computershare Trust Company, N.A.coreTransfer 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 DealerscoreNetwork 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
Adams Natural Resources Fund competitors and assessment
Company assessmentEmerging 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
Adams Natural Resources Fund social profiles
Digital presenceAdams Natural Resources Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
Adams Natural Resources Fund leadership team
Management profileNumber of profiles
Profiles12 records
Adams Natural Resources Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Adams Natural Resources Fund M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Adams Natural Resources Fund
What does Adams Natural Resources Fund do?
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.
Is Adams Natural Resources Fund a public or private company?
Adams Natural Resources Fund is a public company. It is classified as public and is currently operating.
When was Adams Natural Resources Fund founded?
Adams Natural Resources Fund was founded in 1929. It employs 11 to 50 people.
Where is Adams Natural Resources Fund based?
Adams Natural Resources Fund is headquartered in Baltimore, United States, in the North America region.
How does Adams Natural Resources Fund make money?
One revenue line is on record: management fees.
Who are Adams Natural Resources Fund's main competitors?
Reaves Utility Income Fund is listed as an emerging player. Direct peers are ClearBridge Energy Midstream Opportunity Fund, First Trust Energy Infrastructure Fund, Cushing MLP & Infrastructure Total Return Fund, Adams Diversified Equity Fund, Tortoise Energy Infrastructure Fund, BlackRock Resources & Commodities Strategy Trust, Kayne Anderson Energy Infrastructure Fund, Tortoise Midstream Energy Fund and Nuveen Real Asset Income & Growth Fund.
Does Adams Natural Resources Fund have an API?
No public API is recorded for Adams Natural Resources Fund.
What industry is Adams Natural Resources Fund in?
Adams Natural Resources Fund's product category is Closed-End Sector Equity Fund. Its primary akta.pro industry code is FSAEAAAB, Investment Management Advisory (RIA), with a secondary code of FSANAEAK, Natural Resources Funds (Timberland, Farmland, Minerals). Its NAICS code is 5259 and its SIC code is 6282.