ADAMS NATURAL RESOURCES FUND, INC.

CIK

216851

Location

BALTIMORE, MD

Portfolio Value

Small $862,623,320

Diversification

Diversified

Filing Date

Global Rank

#1,924 / 8,586 ▲ 377

Top Industry

Oil & Gas Integrated 41.6%

3Y Alpha vs SPY

-7.3%

Period ended 3 months ago

Filed Apr 22, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+48.0%

SPY

+78.1%

Annualised alpha

-7.3%

Max drawdown

−19.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

54 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

26.2%

+2.1 pts

Top 5

53.9%

+2.5 pts

Top 10

68.1%

+3.6 pts

HHI

1,047

Diversified+116

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Energy	83.8%	$723,275,676	26
Basic Materials	14.7%	$126,986,174	20
Consumer Cyclical	1.4%	$12,050,974	7
Industrials	0.0%	$310,496	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

8 positions

Ticker	Company	Δ Shares	Shares	Value
SLB	Slb Limited/Nv	+216,200	552,633	$28,399,809
DVN	Devon Energy Corp/De	+73,200	372,400	$18,739,168
HAL	Halliburton Co	+69,700	344,853	$13,445,818
TRGP	Targa Resources Corp.	+23,100	92,500	$23,192,525
WMB	Williams Companies, Inc.	+21,900	457,450	$33,293,211
XOM	Exxon Mobil Corp	+16,500	1,334,555	$226,420,601
VLO	Valero Energy Corp/Tx	+7,100	95,000	$23,472,600
PKG	Packaging Corp Of America	+5,300	12,700	$2,695,194
No positions match the current search.

Trimmed

Positions the filer reduced

11 positions

Ticker	Company	Δ Shares	Shares	Value
KMI	Kinder Morgan, Inc.	−255,800	433,292	$14,528,280
BKR	Baker Hughes Co	−151,000	225,900	$13,791,195
EQT	EQT Corp	−38,700	223,900	$14,248,996
OKE	Oneok Inc /New/	−24,800	141,800	$12,817,302
OXY	Occidental Petroleum Corp /De/	−24,700	165,951	$10,786,815
CVE	Cenovus Energy Inc.	−18,200	209,900	$5,568,647
FTI	TechnipFMC plc	−14,200	48,600	$3,359,718
ECL	Ecolab Inc.	−11,000	31,400	$8,353,028
CVX	Chevron Corp	−9,000	614,724	$127,186,395
MPC	Marathon Petroleum Corp	−7,600	85,012	$20,758,230
FANG	Diamondback Energy, Inc.	−5,300	74,200	$14,676,018
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
AMCR	Amcor plc	34,880	$1,386,480
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
CNQ	Canadian Natural Resources Ltd	51,200	$1,733,120
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

54 positions · $862,623,320 total · as of Mar 31, 2026

All sectors Basic Materials Consumer Cyclical Energy Industrials

Showing 51–54 of 54 positions by value · page 2 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
WMB	Williams Companies, Inc. Energy	Added	457,450	+21,900	$33,293,211	+27.2%	3.86%
COP	Conocophillips Energy	Held	377,203	0	$49,790,796	+41.0%	5.77%
CVX	Chevron Corp Energy	Reduced	614,724	-9,000	$127,186,395	+33.8%	14.74%
XOM	Exxon Mobil Corp Energy	Added	1,334,555	+16,500	$226,420,601	+42.7%	26.25%