Adams Natural Resources Fund Trails Energy Sector in First Half

Adams Natural Resources Fund (NYSE: PEO) posted a total return of 18.4% on net asset value in the first half of 2026, dividends and capital gains reinvested. That lagged the S&P 500 Energy Sector's 19.7% return over the same period.

The fund's benchmark, a blend of 80% energy and 20% materials, returned 18.1%. The materials sector itself returned 12.0%. Total return on PEO's market price was 18.2%.

The gap between the fund's NAV return and the pure energy sector suggests its materials exposure weighed on performance. The fund's mandate covers natural resources broadly, not just energy producers.