ADAMS NATURAL RESOURCES FUND, INC.
Long book
$862.6M
Q1 2026
Positions
54
Top-10 weight
68%
concentration
Last quarter
-9.9%
SPY +14.8%
Turnover
5%
of book per quarter
Strategy in plain words
auto-generated from filingsADAMS NATURAL RESOURCES FUND, INC. is a concentrated fundamental stock-picker, specialised in energy (71% of the long book), running a $862.6M US long book across 54 positions.
The portfolio is concentrated: the top 10 names carry 68% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: EXXON MOBIL CORP, CHEVRON CORP, CONOCOPHILLIPS, WILLIAMS COS INC, SLB LTD.
Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-3.0%
Q2 2024
+0.0%
Q3 2024
-4.6%
Q4 2024
+8.6%
Q1 2025
-0.8%
Q2 2025
+5.1%
Q3 2025
+1.1%
Q4 2025
+32.5%
Q1 2026
-9.9%
Sector allocation
Energy 71%
Utilities 10%
Materials 9%
Industrials 4%
Other 4%
Consumer discretionary 1%
Financials 1%
Consumer staples 1%
Long book by quarter
What does ADAMS NATURAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| XOM EXXON MOBIL CORP | Energy | 1.3M | $226.4M | 26.2% | +1.3% |
| CVX CHEVRON CORP | Energy | 614.7K | $127.2M | 14.7% | -1.4% |
| COP CONOCOPHILLIPS | Energy | 377.2K | $49.8M | 5.8% | Held |
| WMB WILLIAMS COS INC | Utilities | 457.4K | $33.3M | 3.9% | +5.0% |
| SLB SLB LTD | Energy | 552.6K | $28.4M | 3.3% | +64.3% |
| PSX PHILLIPS 66 | Energy | 155.5K | $28.3M | 3.3% | Held |
| LIN LINDE PLC | Materials | 53.7K | $26.6M | 3.1% | Held |
| VLO VALERO ENERGY CORP | Energy | 95.0K | $23.5M | 2.7% | +8.1% |
| TRGP TARGA RESOURCES CORP | Utilities | 92.5K | $23.2M | 2.7% | +33.3% |
| MPC MARATHON PETROLEUM CORP | Energy | 85.0K | $20.8M | 2.4% | -8.2% |
| EOG EOG RESOURCES INC | Energy | 141.4K | $20.4M | 2.4% | Held |
| DVN DEVON ENERGY CORP | Energy | 372.4K | $18.7M | 2.2% | +24.5% |
| FANG DIAMONDBACK ENERGY INC | Energy | 74.2K | $14.7M | 1.7% | -6.7% |
| KMI KINDER MORGAN INC | Utilities | 433.3K | $14.5M | 1.7% | -37.1% |
| EQT EQT CORP | Energy | 223.9K | $14.2M | 1.7% | -14.7% |
| NEM NEWMONT CORP | Materials | 128.4K | $13.9M | 1.6% | Held |
| BKR BAKER HUGHES CO | Industrials | 225.9K | $13.8M | 1.6% | -40.1% |
| FCX FREEPORT-MCMORAN INC | Materials | 233.2K | $13.7M | 1.6% | Held |
| HAL HALLIBURTON CO | Energy | 344.9K | $13.4M | 1.6% | +25.3% |
| OKE ONEOK INC | Utilities | 141.8K | $12.8M | 1.5% | -14.9% |
| OXY OCCIDENTAL PETROLEUM CORP | Energy | 166.0K | $10.8M | 1.3% | -13.0% |
| NUE NUCOR CORP | Industrials | 52.0K | $8.8M | 1.0% | Held |
| ECL ECOLAB INC | Other | 31.4K | $8.4M | 1.0% | -25.9% |
| SHW SHERWIN-WILLIAMS CO/THE | Consumer discretionary | 24.1K | $7.7M | 0.9% | Held |
| VMC VULCAN MATERIALS CO | Materials | 27.7K | $7.5M | 0.9% | Held |
| CRH CRH PLC | Industrials | 64.0K | $6.7M | 0.8% | Held |
| TPL TEXAS PACIFIC LAND CORP | Financials | 13.3K | $6.3M | 0.7% | Held |
| CF CF INDUSTRIES HOLDINGS INC | Other | 46.6K | $6.0M | 0.7% | Held |
| CVE CENOVUS ENERGY INC | Energy | 209.9K | $5.6M | 0.6% | -8.0% |
| APD AIR PRODUCTS & CHEMICALS INC | Materials | 18.1K | $5.3M | 0.6% | Held |
| EXE EXPAND ENERGY CORP | Energy | 46.4K | $5.1M | 0.6% | Held |
| CTVA CORTEVA INC | Consumer staples | 57.9K | $4.9M | 0.6% | Held |
| CTRA COTERRA ENERGY INC | — | 120.8K | $4.2M | 0.5% | Held |
| DD DUPONT DE NEMOURS INC | Materials | 78.6K | $3.6M | 0.4% | Held |
| FTI TECHNIPFMC PLC | Industrials | 48.6K | $3.4M | 0.4% | -22.6% |
| MLM MARTIN MARIETTA MATERIALS | Materials | 5.4K | $3.2M | 0.4% | Held |
| CCK CROWN HOLDINGS INC | Industrials | 29.6K | $3.0M | 0.3% | Held |
| PKG PACKAGING CORP OF AMERICA | Other | 12.7K | $2.7M | 0.3% | +71.6% |
| APA APA CORP | Energy | 56.0K | $2.4M | 0.3% | Held |
| DOW DOW INC | Materials | 52.9K | $2.2M | 0.3% | Held |
| STLD STEEL DYNAMICS INC | Industrials | 11.0K | $2.0M | 0.2% | Held |
| CCJ CAMECO CORP | Materials | 18.0K | $2.0M | 0.2% | Held |
| PPG PPG INDUSTRIES INC | Other | 18.1K | $1.9M | 0.2% | Held |
| SW SMURFIT WESTROCK PLC | Other | 41.3K | $1.6M | 0.2% | Held |
| IFF INTL FLAVORS & FRAGRANCES | Other | 20.2K | $1.5M | 0.2% | Held |
| IP INTERNATIONAL PAPER CO | Other | 40.9K | $1.5M | 0.2% | Held |
| AMCR AMCOR PLC | Other | 34.9K | $1.4M | 0.2% | New |
| ALB ALBEMARLE CORP | Materials | 7.2K | $1.3M | 0.1% | Held |
| LYB LYONDELLBASELL INDU-CL A | Other | 15.6K | $1.3M | 0.1% | Held |
| BALL BALL CORP | Industrials | 16.3K | $963K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 22, 2026 | 54 | $862.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 55 | $659.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 22, 2025 | 55 | $659.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 30, 2025 | 54 | $631.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 23, 2025 | 52 | $679.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 55 | $632.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 25, 2024 | 56 | $675.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 1, 2024 | 54 | $685.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 24, 2024 | 55 | $709.0M | canonical | SEC ↗ |
Similar funds
ICAHN CARL CFOLKETRYGDFONDETSourcerock Group LLCGoehring & Rozencwajg Associates, LLCUNC Management Company, Inc.Liberty Mutual Group Asset Management Inc.EnCap Investments L.P.OAK HILL ADVISORS LPWebs Creek Capital Management LPPalo Duro Investment Partners, LPDEVON ENERGY CORP/DEPost Oak Energy Holdings, LLC