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Adams Natural Resources Fund, Inc. Holdings Report (Q3 2026) — 13F Stock Portfolio
Adams Natural Resources Fund, Inc.CIK: 0000216851
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$857.4M
Reporting period: 2026-09-30 · Number of holdings: 50
ADAMS NATURAL RESOURCES FUND, INC. disclosed 50 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $857.4M and a quarterly turnover rate of 21.6%.
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Personality snowflake
- Concentration
- 40.35
- Portfolio Stability
- 21.58
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 79.69
Adams Natural Resources Fund, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.101 — mathematically equivalent to about 10 equally-sized positions, well below its 50 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.03), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out OKE
Add CVX
+1.3% $24.1M
New buy 30609A109
Add 30233Q108
-0.9% $33.1M
Add PSX
-4.7% $10.5M
Add VLO
-8.0% $10.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ✓ | Stock-Other | 25.33% | +1.20% | -0.89% | ||
| 2 | CVX | Chevron CORP | Stock-Energy | 14.15% | +1.40% | +1.30% | |
| 3 | COP | Conocophillips | Stock-Energy | 6.43% | +0.38% | -0.90% | |
| 4 | VLO | Valero Energy CORP | Stock-Energy | 4.73% | +0.85% | -8.00% | |
| 5 | PSX | Phillips 66 | Stock-Energy | 4.02% | +0.89% | -4.67% | |
| 6 | MPC | Marathon Petroleum CORP | Stock-Energy | 3.48% | +0.80% | -5.51% | |
| 7 | WMB | Williams Cos Inc | Stock-Energy | 3.34% | -0.80% | -0.89% | |
| 8 | SLB | Slb LTD | Stock-Energy | 3.08% | -0.26% | -0.89% | |
| 9 | LIN | Linde plc | Stock-Materials | 2.94% | -0.71% | -0.93% | |
| 10 | TRGP | Targa Resources CORP | Stock-Energy | 2.86% | -0.36% | -0.98% | |
| 11 | EOG | Eog Resources Inc | Stock-Energy | 2.25% | -0.13% | — | |
| 12 | OXY | Occidental Petroleum CORP | Stock-Energy | 1.96% | +0.01% | -0.91% | |
| 13 | FCX | Freeport-mcmoran Inc | Stock-Materials | 1.89% | -0.03% | -0.90% | |
| 14 | FANG | Diamondback Energy Inc | Stock-Energy | 1.78% | -0.15% | -0.95% | |
| 15 | NEM | Newmont CORP | Stock-Materials | 1.60% | +0.13% | -0.92% | |
| 16 | KMI | Kinder Morgan, Inc. | Stock-Energy | 1.51% | -0.29% | — | |
| 17 | BKR | Baker Hughes Co | Stock-Energy | 1.42% | -0.21% | -0.89% | |
| 18 | ✓ | Stock-Other | 1.40% | +1.40% | NEW | ||
| 19 | DVN | Devon Energy CORP | Stock-Energy | 1.39% | -0.03% | -0.92% | |
| 20 | APD | Air Products & Chemicals Inc | Stock-Materials | 1.34% | +0.64% | +128.73% | |
| 21 | HAL | Halliburton Co | Stock-Energy | 1.30% | -0.27% | -0.91% | |
| 22 | NUE | Nucor CORP | Stock-Materials | 1.16% | -0.10% | -0.93% | |
| 23 | VMC | Vulcan Materials Co | Stock-Materials | 0.98% | -0.09% | +23.47% | |
| 24 | EXE | Expand Energy CORP | Stock-Energy | 0.87% | -0.19% | — | |
| 25 | EQT | Eqt CORP | Stock-Energy | 0.87% | -0.20% | — | |
| 26 | SHW | Sherwin-williams Co/the | Stock-Materials | 0.73% | -0.79% | -42.43% | |
| 27 | IFF | Intl Flavors & Fragrances | Stock-Materials | 0.71% | +0.02% | +9.17% | |
| 28 | ECL | Ecolab Inc | Stock-Materials | 0.70% | -0.45% | -30.25% | |
| 29 | CF | Cf Industries Holdings Inc | Stock-Materials | 0.57% | -0.04% | — | |
| 30 | CRH | CRH plc | Stock-Materials | 0.55% | -0.25% | — | |
| 31 | CTVA | Corteva Inc | Stock-Materials | 0.52% | -0.12% | — | |
| 32 | TPL | Texas Pacific Land CORP | Stock-Energy | 0.51% | -0.26% | — | |
| 33 | BALL | Ball CORP | Stock-Consumer Disc | 0.49% | +0.36% | +361.96% | |
| 34 | LNG | Cheniere Energy Inc | Stock-Energy | 0.49% | +0.49% | NEW | |
| 35 | FTI | TechnipFMC plc | Stock-Energy | 0.38% | -0.04% | — | |
| 36 | STLD | Steel Dynamics Inc | Stock-Materials | 0.28% | -0.05% | — | |
| 37 | APA | Apa CORP | Stock-Energy | 0.27% | +0.03% | — | |
| 38 | MLM | Martin Marietta Materials | Stock-Materials | 0.25% | -0.09% | — | |
| 39 | PPG | Ppg Industries Inc | Stock-Materials | 0.22% | -0.07% | — | |
| 40 | SW | Smurfit Westrock Plc | Stock-Consumer Disc | 0.21% | -0.04% | — | |
| 41 | AMCR | Amcor plc | Stock-Consumer Disc | 0.17% | -0.03% | — | |
| 42 | DOW | Dow Inc | Stock-Materials | 0.17% | -0.02% | — | |
| 43 | IP | International Paper Co | Stock-Consumer Disc | 0.16% | -0.04% | — | |
| 44 | PKG | Packaging CORP Of America | Stock-Consumer Disc | 0.14% | -0.03% | — | |
| 45 | AVY | Avery Dennison CORP | Stock-Consumer Disc | 0.11% | — | — | |
| 46 | LYB | LyondellBasell Industries N.V. | Stock-Materials | 0.10% | -0.01% | — | |
| 47 | ALB | Albemarle CORP | Stock-Materials | 0.09% | -0.04% | — | |
| 48 | MOS | Mosaic Co/the | Stock-Materials | 0.05% | -0.01% | — | |
| 49 | EOSE | Eos Energy Enterprises Inc | Stock-Other | 0.02% | -0.03% | — | |
| 50 | CHRD | Chord Energy CORP | Stock-Energy | — | — | — |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q4 2026
+12.2%
Performance Last 4 Quarters
+51%
Based on 75% of reported portfolio value with available pricing
- Stdev
- +18.4%
- Beta
- +0.01
- Alpha
- +18.6%
- Max Drawdown
- -12.9%
- Annualized Perf
- +18.5%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +1.9
- Stutzer
- +0.3
- Treynor
- +35.32
- Sterling
- +0.97
- Calmar
- +1.44
- Information Ratio
- -0.16
- Tracking Error
- +22.1%
- Stdev Down
- +9.9%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +51%
- Worst 12 Months
- -9.9%
- Efficiency Ratio
- +0.45
- Sharpe
- +1.02
- Stdev Sectors
- +32.4%
- Skewness
- +0.03
- Kurtosis
- +0.2
- Upside Potential
- +3.45
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 50 | $857.4M | 22 | ||
| 2026 Q2 | 51 | $762.9M | 65 | ||
| 2026 Q1 | 54 | $862.6M | 31 | ||
| 2025 Q4 | 55 | $659.4M | 16 | ||
| 2025 Q3 | 55 | $659.1M | 85 | ||
| 2025 Q2 | 54 | $631.2M | 0 | ||
| 2025 Q1 | 52 | $679.8M | 100 | ||
| 2024 Q4 | 55 | $632.9M | 0 | ||
| 2024 Q3 | 56 | $675.3M | 0 | ||
| 2024 Q2 | 54 | $685.3M | 0 | ||
| 2024 Q1 | 55 | $709.0M | 0 | ||
| 2023 Q4 | 55 | $630.5M | 0 | ||
| 2023 Q3 | 57 | $673.0M | 0 | ||
| 2023 Q2 | 56 | $616.3M | 0 | ||
| 2023 Q1 | 55 | $622.2M | 0 | ||
| 2022 Q4 | 55 | $647.4M | 0 | ||
| 2022 Q3 | 56 | $548.0M | 0 | ||
| 2022 Q2 | 54 | $545.7M | 0 | ||
| 2022 Q1 | 58 | $593.0M | 0 | ||
| 2021 Q4 | 56 | $467.1M | 0 | ||
| 2021 Q3 | 53 | $431.7M | 0 | ||
| 2021 Q2 | 56 | $443.3M | 96 | ||
| 2021 Q1 | 54 | $406.0M | 29 | ||
| 2020 Q4 | 57 | $330.4M | 25 | ||
| 2020 Q3 | 57 | $274.3M | 37 | ||
| 2020 Q2 | 56 | $384.1M | 27 | ||
| 2020 Q1 | 57 | $298.4M | 63 | ||
| 2019 Q4 | 57 | $558.2M | 22 | ||
| 2019 Q3 | 62 | $552.7M | 16 | ||
| 2019 Q2 | 63 | $583.5M | 28 | ||
| 2019 Q1 | 57 | $590.2M | 17 | ||
| 2018 Q4 | 58 | $520.3M | 40 | ||
| 2018 Q3 | 60 | $683.2M | 30 | ||
| 2018 Q2 | 53 | $682.7M | 26 | ||
| 2018 Q1 | 53 | $620.5M | 23 | ||
| 2017 Q4 | 46 | $667.7M | 16 | ||
| 2017 Q3 | 45 | $646.6M | 31 | ||
| 2017 Q2 | 45 | $609.3M | 15 | ||
| 2017 Q1 | 43 | $653.3M | 16 | ||
| 2016 Q4 | 46 | $671.7M | 21 | ||
| 2016 Q3 | 40 | $636.1M | 0 | ||
| 2016 Q2 | 40 | $636.1M | 20 | ||
| 2016 Q1 | 39 | $591.7M | 12 | ||
| 2015 Q4 | 37 | $576.9M | 19 | ||
| 2015 Q3 | 35 | $581.8M | 24 | ||
| 2015 Q2 | 35 | $713.4M | 11 | ||
| 2015 Q1 | 37 | $726.6M | 13 | ||
| 2014 Q4 | 39 | $754.0M | 24 | ||
| 2014 Q3 | 40 | $894.2M | 15 | ||
| 2014 Q2 | 39 | $967.7M | 14 | ||
| 2014 Q1 | 38 | $874.4M | 20 | ||
| 2013 Q4 | 43 | $864.2M | 12 | ||
| 2013 Q3 | 44 | $827.0M | 16 | ||
| 2013 Q2 | 46 | $765.4M | 0 |
Holding changes this quarter
Adams Natural Resources Fund, Inc.'s most significant position changes for 2026-09-30: Sold out: Oneok Inc (OKE); New buy: ; Sold out: ; New buy: Cheniere Energy Inc (LNG); Sold out: Cameco CORP (CCJ).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CVX | Chevron CORP | +1.4% | +1.30% | Add |
| 2 | ✓ | +1.4% | NEW | New buy | |
| 3 | ✓ | +1.2% | -0.89% | Trim | |
| 4 | PSX | Phillips 66 | +0.9% | -4.67% | Trim |
| 5 | VLO | Valero Energy CORP | +0.9% | -8.00% | Trim |
| 6 | MPC | Marathon Petroleum CORP | +0.8% | -5.51% | Trim |
| 7 | APD | Air Products & Chemicals Inc | +0.6% | +128.73% | Add |
| 8 | LNG | Cheniere Energy Inc | +0.5% | NEW | New buy |
| 9 | COP | Conocophillips | +0.4% | -0.90% | Trim |
| 10 | BALL | Ball CORP | +0.4% | +361.96% | Add |
| 11 | NEM | Newmont CORP | +0.1% | -0.92% | Trim |
| 12 | APA | Apa CORP | 0% | — | Unchanged |
| 13 | IFF | Intl Flavors & Fragrances | 0% | +9.17% | Add |
| 14 | OXY | Occidental Petroleum CORP | 0% | -0.91% | Trim |
| 15 | AVY | Avery Dennison CORP | — | — | Unchanged |
| 16 | CHRD | Chord Energy CORP | — | — | Unchanged |
| 17 | LYB | LyondellBasell Industries N.V. | 0% | — | Unchanged |
| 18 | MOS | Mosaic Co/the | 0% | — | Unchanged |
| 19 | DOW | Dow Inc | 0% | — | Unchanged |
| 20 | FCX | Freeport-mcmoran Inc | 0% | -0.90% | Trim |
| 21 | DVN | Devon Energy CORP | 0% | -0.92% | Trim |
| 22 | EOSE | Eos Energy Enterprises Inc | 0% | — | Unchanged |
| 23 | AMCR | Amcor plc | 0% | — | Unchanged |
| 24 | PKG | Packaging CORP Of America | 0% | — | Unchanged |
| 25 | CF | Cf Industries Holdings Inc | 0% | — | Unchanged |
| 26 | ALB | Albemarle CORP | 0% | — | Unchanged |
| 27 | IP | International Paper Co | 0% | — | Unchanged |
| 28 | SW | Smurfit Westrock Plc | 0% | — | Unchanged |
| 29 | FTI | TechnipFMC plc | 0% | — | Unchanged |
| 30 | STLD | Steel Dynamics Inc | -0.1% | — | Unchanged |
| 31 | PPG | Ppg Industries Inc | -0.1% | — | Unchanged |
| 32 | MLM | Martin Marietta Materials | -0.1% | — | Unchanged |
| 33 | VMC | Vulcan Materials Co | -0.1% | +23.47% | Add |
| 34 | NUE | Nucor CORP | -0.1% | -0.93% | Trim |
| 35 | CTVA | Corteva Inc | -0.1% | — | Unchanged |
| 36 | EOG | Eog Resources Inc | -0.1% | — | Unchanged |
| 37 | FANG | Diamondback Energy Inc | -0.2% | -0.95% | Trim |
| 38 | EXE | Expand Energy CORP | -0.2% | — | Unchanged |
| 39 | EQT | Eqt CORP | -0.2% | — | Unchanged |
| 40 | BKR | Baker Hughes Co | -0.2% | -0.89% | Trim |
| 41 | CCJ | Cameco CORP | -0.2% | EXIT | Sold out |
| 42 | CRH | CRH plc | -0.3% | — | Unchanged |
| 43 | TPL | Texas Pacific Land CORP | -0.3% | — | Unchanged |
| 44 | SLB | Slb LTD | -0.3% | -0.89% | Trim |
| 45 | HAL | Halliburton Co | -0.3% | -0.91% | Trim |
| 46 | KMI | Kinder Morgan, Inc. | -0.3% | — | Unchanged |
| 47 | TRGP | Targa Resources CORP | -0.4% | -0.98% | Trim |
| 48 | ECL | Ecolab Inc | -0.5% | -30.25% | Trim |
| 49 | ✓ | -0.6% | EXIT | Sold out | |
| 50 | LIN | Linde plc | -0.7% | -0.93% | Trim |
1–50 of 53
Filing History
FAQ
What is Adams Natural Resources Fund, Inc. and what type of investor is it?
Adams Natural Resources Fund, Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $857.4M, spread across 50 disclosed positions.
What are Adams Natural Resources Fund, Inc.'s largest equity positions?
Based on the latest 13F filing, Adams Natural Resources Fund, Inc.'s top holdings by market value are:
1. — $217.2M (25.3%)
2. Chevron CORP (CVX) — $121.3M (14.2%)
3. Conocophillips (COP) — $55.1M (6.4%)
4. Valero Energy CORP (VLO) — $40.5M (4.7%)
5. Phillips 66 (PSX) — $34.4M (4.0%)
What changes did Adams Natural Resources Fund, Inc. make in its most recent portfolio filing?
In the latest reported quarter, Adams Natural Resources Fund, Inc. made 29 notable position adjustments: 2 new positions were initiated, 5 existing holdings were added to, 19 positions were partially reduced, and 3 were completely exited. The largest of these moves: Sold out: Oneok Inc (OKE); New buy: ; Sold out: ; New buy: Cheniere Energy Inc (LNG); Sold out: Cameco CORP (CCJ)
What sectors does Adams Natural Resources Fund, Inc. focus on?
Adams Natural Resources Fund, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 77.9%
• Materials: 20.3%
• Consumer Discretionary: 1.8%
Investment Profile
Adams Natural Resources Fund, Inc. returned an annualized 18.5% over the trailing 36 months — outperforming the S&P 500 by 18.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.01 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 77.9% of the portfolio concentrated in Energy.
Its turnover score has fallen from 85 to 22 over the past 4 quarters — a shift toward longer holding periods.
It has added to its VLO position over the past two quarters (+$17.1M, now $40.5M), while trimming EQT over the same stretch (-$6.8M, still holding $7.4M).
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Developer Access
Access Adams Natural Resources Fund, Inc.'s institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/adams-natural-resources-fund-incCLI
npx alphasmo institutions get adams-natural-resources-fund-inc