CIK: 0000216851
Total reported value
$862.6M
Reporting period: 2026-03-31 · Number of holdings: 54
ADAMS NATURAL RESOURCES FUND, INC. disclosed 54 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $862.6M and a quarterly turnover rate of 31.0%.
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Adams Natural Resources Fund, INC.'s disclosed holdings carry a Herfindahl concentration index of 0.105 — mathematically equivalent to about 10 equally-sized positions, well below its 54 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 2.18), 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 4.5 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 57% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add XOM
+1.3% $67.8M
Add SLB
+64.3% $15.5M
Trim KMI
-37.1% -$4.4M
Trim BKR
-40.1% -$3.4M
Add TRGP
+33.3% $10.4M
Trim ECL
-25.9% -$2.8M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | Stock-Energy | 26.25% | +2.19% | +1.25% | |
| 2 | CVX | Chevron CORP | Stock-Energy | 14.74% | +0.32% | -1.44% | |
| 3 | COP | Conocophillips | Stock-Energy | 5.77% | +0.41% | — | |
| 4 | WMB | Williams Cos INC | Stock-Energy | 3.86% | -0.11% | +5.03% | |
| 5 | SLB | Slb LTD | Stock-Energy | 3.29% | +1.33% | +64.26% | |
| 6 | PSX | Phillips 66 | Stock-Energy | 3.28% | +0.24% | — | |
| 7 | LIN | Linde plc | Stock-Materials | 3.09% | -0.38% | — | |
| 8 | VLO | Valero Energy CORP | Stock-Energy | 2.72% | +0.55% | +8.08% | |
| 9 | TRGP | Targa Resources CORP | Stock-Energy | 2.69% | +0.75% | +33.29% | |
| 10 | MPC | Marathon Petroleum CORP | Stock-Energy | 2.41% | +0.13% | -8.21% | |
| 11 | EOG | Eog Resources INC | Stock-Energy | 2.37% | +0.12% | — | |
| 12 | DVN | Devon Energy CORP | Stock-Energy | 2.17% | +0.51% | +24.47% | |
| 13 | FANG | Diamondback Energy INC | Stock-Energy | 1.70% | -0.11% | -6.67% | |
| 14 | KMI | Kinder Morgan INC | Stock-Energy | 1.68% | -1.19% | -37.12% | |
| 15 | EQT | Eqt CORP | Stock-Energy | 1.65% | -0.48% | -14.74% | |
| 16 | NEM | Newmont CORP | Stock-Materials | 1.61% | -0.33% | — | |
| 17 | BKR | Baker Hughes Co | Stock-Energy | 1.60% | -1.00% | -40.06% | |
| 18 | FCX | Freeport-mcmoran INC | Stock-Materials | 1.59% | -0.21% | — | |
| 19 | HAL | Halliburton Co | Stock-Energy | 1.56% | +0.38% | +25.33% | |
| 20 | OKE | Oneok INC | Stock-Energy | 1.49% | -0.37% | -14.89% | |
| 21 | OXY | Occidental Petroleum CORP | Stock-Energy | 1.25% | +0.06% | -12.96% | |
| 22 | NUE | Nucor CORP | Stock-Materials | 1.02% | -0.27% | — | |
| 23 | ECL | Ecolab INC | Stock-Materials | 0.97% | -0.72% | -25.94% | |
| 24 | SHW | Sherwin-williams Co/the | Stock-Materials | 0.90% | -0.28% | — | |
| 25 | VMC | Vulcan Materials Co | Stock-Materials | 0.87% | -0.33% | — | |
| 26 | CRH | CRH plc | Stock-Materials | 0.78% | -0.43% | — | |
| 27 | TPL | Texas Pacific Land CORP | Stock-Energy | 0.73% | +0.15% | — | |
| 28 | CF | Cf Industries Holdings INC | Stock-Materials | 0.70% | +0.15% | — | |
| 29 | CVE | Cenovus Energy INC | Stock-Energy | 0.65% | +0.06% | -7.98% | |
| 30 | APD | Air Products & Chemicals INC | Stock-Materials | 0.61% | -0.07% | — | |
| 31 | EXE | Expand Energy CORP | Stock-Energy | 0.59% | — | — | |
| 32 | CTVA | Corteva INC | Stock-Materials | 0.56% | -0.03% | — | |
| 33 | CTRA | Coterra Energy INC | Stock-Energy | 0.49% | +0.01% | — | |
| 34 | 6D8 | Dupont De Nemours INC | Stock-Other | 0.42% | -0.06% | — | |
| 35 | FTI | TechnipFMC plc | Stock-Energy | 0.39% | -0.03% | -22.61% | |
| 36 | MLM | Martin Marietta Materials | Stock-Materials | 0.37% | -0.14% | — | |
| 37 | CCK | Crown Holdings INC | Stock-Consumer Disc | 0.34% | -0.12% | — | |
| 38 | PKG | Packaging CORP Of America | Stock-Consumer Disc | 0.31% | +0.08% | +71.62% | |
| 39 | APA | Apa CORP | Stock-Energy | 0.28% | +0.07% | — | |
| 40 | DOW | Dow INC | Stock-Materials | 0.26% | +0.07% | — | |
| 41 | STLD | Steel Dynamics INC | Stock-Materials | 0.23% | -0.05% | — | |
| 42 | CCJ | Cameco CORP | Stock-Energy | 0.23% | -0.02% | — | |
| 43 | PPG | Ppg Industries INC | Stock-Materials | 0.22% | — | — | |
| 44 | SW | Smurfit Westrock Plc | Stock-Consumer Disc | 0.19% | — | — | |
| 45 | IFF | Intl Flavors & Fragrances | Stock-Materials | 0.17% | -0.04% | — | |
| 46 | IP | International Paper Co | Stock-Consumer Disc | 0.17% | -0.07% | — | |
| 47 | AMCR | Amcor plc | Stock-Consumer Disc | 0.16% | +0.16% | NEW | |
| 48 | ALB | Albemarle CORP | Stock-Materials | 0.15% | — | — | |
| 49 | LYB | LyondellBasell Industries N.V. | Stock-Materials | 0.15% | +0.05% | — | |
| 50 | BALL | Ball CORP | Stock-Consumer Disc | 0.11% | -0.02% | — |
Performance for Q3 2026
-2.3%
Performance Last 4 Quarters
+33.4%
Based on 82% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 54 | $862.6M | 31 | |
| 2025-12-31 | 55 | $659.4M | 16 | |
| 2025-09-30 | 55 | $659.1M | 85 | |
| 2025-06-30 | 54 | $631.2M | 0 | |
| 2025-03-31 | 52 | $679.8M | 100 | |
| 2024-12-31 | 55 | $632.9M | 0 | |
| 2024-09-30 | 56 | $675.3M | 0 | |
| 2024-06-30 | 54 | $685.3M | 0 | |
| 2024-03-31 | 55 | $709.0M | 0 | |
| 2023-12-31 | 55 | $630.5M | 0 | |
| 2023-09-30 | 57 | $673.0M | 0 | |
| 2023-06-30 | 56 | $616.3M | 0 | |
| 2023-03-31 | 55 | $622.2M | 0 | |
| 2022-12-31 | 55 | $647.4M | 0 | |
| 2022-09-30 | 56 | $548.0M | 0 | |
| 2022-06-30 | 54 | $545.7M | 0 | |
| 2022-03-31 | 58 | $593.0M | 0 | |
| 2021-12-31 | 56 | $467.1M | 0 | |
| 2021-09-30 | 53 | $431.7M | 0 | |
| 2021-06-30 | 56 | $443.3M | 96 | |
| 2021-03-31 | 54 | $406.0M | 29 | |
| 2020-12-31 | 57 | $330.4M | 25 | |
| 2020-09-30 | 57 | $274.3M | 37 | |
| 2020-06-30 | 56 | $384.1M | 27 | |
| 2020-03-31 | 57 | $298.4M | 63 | |
| 2019-12-31 | 57 | $558.2M | 22 | |
| 2019-09-30 | 62 | $552.7M | 16 | |
| 2019-06-30 | 63 | $583.5M | 28 | |
| 2019-03-31 | 57 | $590.2M | 17 | |
| 2018-12-31 | 58 | $520.3M | 40 | |
| 2018-09-30 | 60 | $683.2M | 30 | |
| 2018-06-30 | 53 | $682.7M | 26 | |
| 2018-03-31 | 53 | $620.5M | 23 | |
| 2017-12-31 | 46 | $667.7M | 16 | |
| 2017-09-30 | 45 | $646.6M | 31 | |
| 2017-06-30 | 45 | $609.3M | 15 | |
| 2017-03-31 | 43 | $653.3M | 16 | |
| 2016-12-31 | 46 | $671.7M | 21 | |
| 2016-09-30 | 40 | $636.1M | 0 | |
| 2016-06-30 | 40 | $636.1M | 20 | |
| 2016-03-31 | 39 | $591.7M | 12 | |
| 2015-12-31 | 37 | $576.9M | 19 | |
| 2015-09-30 | 35 | $581.8M | 24 | |
| 2015-06-30 | 35 | $713.4M | 11 | |
| 2015-03-31 | 37 | $726.6M | 13 | |
| 2014-12-31 | 39 | $754.0M | 24 | |
| 2014-09-30 | 40 | $894.2M | 15 | |
| 2014-06-30 | 39 | $967.7M | 14 | |
| 2014-03-31 | 38 | $874.4M | 20 | |
| 2013-12-31 | 43 | $864.2M | 12 | |
| 2013-09-30 | 44 | $827.0M | 16 | |
| 2013-06-30 | 46 | $765.4M | 0 |
Adams Natural Resources Fund, INC.'s most significant position changes for 2026-03-31: Sold out: Canadian Natural Resources (CNQ); Sold out: Amcor plc (AMCR); New buy: Amcor plc (AMCR); Add: Exxon Mobil CORP (XOM) — shares +1.25%; Add: Slb LTD (SLB) — shares +64.26%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +2.2% | +1.25% | Add |
| 2 | SLB | Slb LTD | +1.3% | +64.26% | Add |
| 3 | TRGP | Targa Resources CORP | +0.8% | +33.29% | Add |
| 4 | VLO | Valero Energy CORP | +0.6% | +8.08% | Add |
| 5 | DVN | Devon Energy CORP | +0.5% | +24.47% | Add |
| 6 | COP | Conocophillips | +0.4% | — | Unchanged |
| 7 | HAL | Halliburton Co | +0.4% | +25.33% | Add |
| 8 | CVX | Chevron CORP | +0.3% | -1.44% | Trim |
| 9 | PSX | Phillips 66 | +0.2% | — | Unchanged |
| 10 | TPL | Texas Pacific Land CORP | +0.2% | — | Unchanged |
| 11 | CF | Cf Industries Holdings INC | +0.2% | — | Unchanged |
| 12 | MPC | Marathon Petroleum CORP | +0.1% | -8.21% | Trim |
| 13 | EOG | Eog Resources INC | +0.1% | — | Unchanged |
| 14 | PKG | Packaging CORP Of America | +0.1% | +71.62% | Add |
| 15 | APA | Apa CORP | +0.1% | — | Unchanged |
| 16 | DOW | Dow INC | +0.1% | — | Unchanged |
| 17 | OXY | Occidental Petroleum CORP | +0.1% | -12.96% | Trim |
| 18 | CVE | Cenovus Energy INC | +0.1% | -7.98% | Trim |
| 19 | LYB | LyondellBasell Industries N.V. | +0.1% | — | Unchanged |
| 20 | CTRA | Coterra Energy INC | 0% | — | Unchanged |
| 21 | ALB | Albemarle CORP | — | — | Unchanged |
| 22 | CCJ | Cameco CORP | 0% | — | Unchanged |
| 23 | BALL | Ball CORP | 0% | — | Unchanged |
| 24 | CTVA | Corteva INC | 0% | — | Unchanged |
| 25 | FTI | TechnipFMC plc | 0% | -22.61% | Trim |
| 26 | IFF | Intl Flavors & Fragrances | 0% | — | Unchanged |
| 27 | STLD | Steel Dynamics INC | -0.1% | — | Unchanged |
| 28 | 6D8 | Dupont De Nemours INC | -0.1% | — | Unchanged |
| 29 | APD | Air Products & Chemicals INC | -0.1% | — | Unchanged |
| 30 | EOSE | Eos Energy Enterprises INC | -0.1% | — | Unchanged |
| 31 | IP | International Paper Co | -0.1% | — | Unchanged |
| 32 | WMB | Williams Cos INC | -0.1% | +5.03% | Add |
| 33 | FANG | Diamondback Energy INC | -0.1% | -6.67% | Trim |
| 34 | CCK | Crown Holdings INC | -0.1% | — | Unchanged |
| 35 | MLM | Martin Marietta Materials | -0.1% | — | Unchanged |
| 36 | FCX | Freeport-mcmoran INC | -0.2% | — | Unchanged |
| 37 | NUE | Nucor CORP | -0.3% | — | Unchanged |
| 38 | SHW | Sherwin-williams Co/the | -0.3% | — | Unchanged |
| 39 | NEM | Newmont CORP | -0.3% | — | Unchanged |
| 40 | VMC | Vulcan Materials Co | -0.3% | — | Unchanged |
| 41 | OKE | Oneok INC | -0.4% | -14.89% | Trim |
| 42 | LIN | Linde plc | -0.4% | — | Unchanged |
| 43 | CRH | CRH plc | -0.4% | — | Unchanged |
| 44 | EQT | Eqt CORP | -0.5% | -14.74% | Trim |
| 45 | ECL | Ecolab INC | -0.7% | -25.94% | Trim |
| 46 | BKR | Baker Hughes Co | -1% | -40.06% | Trim |
| 47 | KMI | Kinder Morgan INC | -1.2% | -37.12% | Trim |
| 48 | CNQ | Canadian Natural Resources | — | EXIT | Sold out |
| 49 | AMCR | Amcor plc | — | EXIT | Sold out |
| 50 | AMCR | Amcor plc | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-22 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-22 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-30 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-23 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-11 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-25 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-01 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-24 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-25 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-01 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-26 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-03 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-26 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-27 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-27 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-27 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-23 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-23 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-20 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-23 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-16 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-31 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-28 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-29 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-26 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-29 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-26 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-27 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-30 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-21 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-28 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-24 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-22 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-25 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-10 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-02 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-24 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-08 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-21 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-31 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-23 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-18 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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