Adams Natural Resources Fund portfolio

What changed this quarter

13 positions with a change (1 new, 5 added to, 5 trimmed, 2 sold). 3 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Air Products and Chemicals+129%more sharesIncreased
  0.7% → 1.3%
• Sherwin-williams−42%fewer sharesReduced
  1.5% → 0.7%
• Dupont De Nemours−0.5 ppof portfolioSold out
  0.6% → —

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Exxon MobilXOM25.3%Since Q2 2026 · 2 quartersDetails ▾
• ChevronCVX14.2%Since at least Q2 2013 · 54 quartersDetails ▾
• ConocoPhillipsCOP6.4%Since at least Q2 2013 · 54 quartersDetails ▾
• Valero EnergyVLO4.7%Since Q2 2025 · 6 quartersDetails ▾
• Phillips 66PSX4.0%Since at least Q2 2013 · 54 quartersDetails ▾
• Marathon PetroleumMPC3.5%Since Q1 2018 · 35 quartersDetails ▾
• Williams CompaniesWMB3.3%Since at least Q2 2013 · 54 quartersDetails ▾
• SLBSLB3.1%Since at least Q2 2013 · 54 quartersDetails ▾
• LindeLIN2.9%Since Q4 2018 · 32 quartersDetails ▾
• Targa ResourcesTRGP2.9%Since Q4 2022 · 16 quartersDetails ▾
• EOG ResourcesEOG2.3%Since at least Q2 2013 · 54 quartersDetails ▾
• Occidental PetroleumOXY2.0%Since at least Q2 2013 · 54 quartersDetails ▾
• Freeport-McMoRanFCX1.9%Since at least Q2 2013 · 54 quartersDetails ▾
• Diamondback EnergyFANG1.8%Since Q2 2017 · 38 quartersDetails ▾
• NewmontNEM1.6%Since Q1 2018 · 35 quartersDetails ▾
• Kinder MorganKMI1.5%Since at least Q2 2013 · 54 quartersDetails ▾
• Baker HughesBKR1.4%Since at least Q2 2013 · 54 quartersDetails ▾
• Oneok1.4%Since Q3 2026 · 1 quarterDetails ▾
• Devon EnergyDVN1.4%Since Q4 2017 · 36 quartersDetails ▾
• Air Products and ChemicalsAPD1.3%Since Q4 2016 · 40 quartersDetails ▾
• HalliburtonHAL1.3%Since at least Q2 2013 · 54 quartersDetails ▾
• NucorNUE1.2%Since Q1 2018 · 35 quartersDetails ▾
• Vulcan MaterialsVMC1.0%Since Q2 2025 · 6 quartersDetails ▾
• Expand EnergyEXE0.9%Since Q1 2024 · 11 quartersDetails ▾
• EQTEQT0.9%Since Q3 2022 · 17 quartersDetails ▾
• Sherwin-williamsSHW0.7%Since Q3 2018 · 33 quartersDetails ▾
• International Flavors & FragrancesIFF0.7%Since Q3 2018 · 33 quartersDetails ▾
• EcolabECL0.7%Since Q1 2018 · 35 quartersDetails ▾
• CF Industries HoldingsCF0.6%Since Q1 2018 · 35 quartersDetails ▾
• CRH publicCRH0.6%Since Q4 2025 · 4 quartersDetails ▾
• CortevaCTVA0.5%Since Q2 2019 · 30 quartersDetails ▾
• Texas Pacific LandTPL0.5%Since Q4 2024 · 8 quartersDetails ▾
• BALLBALL0.5%Since Q3 2018 · 33 quartersDetails ▾
• Cheniere EnergyLNG0.5%Since Q3 2026 · 1 quarterDetails ▾
• TechnipFMCFTI0.4%Since Q2 2023 · 14 quartersDetails ▾
• Steel DynamicsSTLD0.3%Since Q4 2020 · 24 quartersDetails ▾
• APAAPA0.3%Since Q1 2018 · 35 quartersDetails ▾
• Martin Marietta MaterialsMLM0.3%Since Q3 2018 · 33 quartersDetails ▾
• PPG IndustriesPPG0.2%Since Q3 2015 · 45 quartersDetails ▾
• Smurfit WestrockSW0.2%Since Q2 2018 · 34 quartersDetails ▾
• AmcorAMCR0.2%Since Q2 2019 · 30 quartersDetails ▾
• DowDOW0.2%Since Q3 2017 · 37 quartersDetails ▾
• International PaperIP0.2%Since Q3 2018 · 33 quartersDetails ▾
• Packaging Corp of AmericaPKG0.1%Since Q3 2014 · 49 quartersDetails ▾
• Avery DennisonAVY0.1%Since Q3 2018 · 33 quartersDetails ▾
• Lyondellbasell IndustriesLYB0.1%Since at least Q2 2013 · 54 quartersDetails ▾
• AlbemarleALB0.1%Since Q3 2018 · 33 quartersDetails ▾
• MosaicMOS0.1%Since Q1 2018 · 35 quartersDetails ▾
• Eos Energy EnterprisesEOSEunder 0.1%Since Q4 2025 · 4 quartersDetails ▾
• Chord EnergyCHRDunder 0.1%Since Q2 2025 · 6 quartersDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.