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Livermore
Livermore
ZHEN

Adams Natural Resources Fund, Inc.

SEC CIK
0000216851
Latest filing
Jul 22, 2026

The latest 13F from Adams Natural Resources Fund, Inc. covers Q2 2026 (filed Jul 22, 2026): 51 long positions worth $762.9M. The top 10 holdings make up 67.0% of the portfolio, and the largest is ExxonMobil Holdings Corp (XOM) at 24.1%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$184.1M
Added
9
Est. +$32.2M
Reduced
18
Est. −$26.2M
Sold out
4
Est. −$239.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. XOMExxonMobil Holdings Corp
    24.1%$184.1MHistory
  2. CVXChevron Corp
    12.7%$97.2MHistory
  3. COPConocoPhillips
    6.1%$46.2MHistory
  4. WMBWilliams Companies, Inc.
    4.1%$31.6MHistory
  5. VLOValero Energy Corp
    3.9%$29.6MHistory

Share of portfolio

Top 5 holdings and the other 46 positions, by share of portfolio value

  1. XOM24.1%
  2. CVX12.7%
  3. COP6.1%
  4. WMB4.1%
  5. VLO3.9%
  6. Other 46 positions49.0%

Biggest buys

New and added positions, by estimated amount bought

  1. XOMExxonMobil Holdings Corp
    +$184.1MNewHistory
  2. COPConocoPhillips
    +$6.98MAddedHistory
  3. OXYOccidental Petroleum Corp
    +$6.83MAddedHistory
  4. VLOValero Energy Corp
    +$4.87MAddedHistory
  5. EXEExpand Energy Corp
    +$3.84MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. XOMExxonMobil Holdings Corp
    +24.13 pp0.0% → 24.1%History
  2. VLOValero Energy Corp
    +1.16 pp2.7% → 3.9%History
  3. OXYOccidental Petroleum Corp
    +0.70 pp1.3% → 2.0%History
  4. SHWSherwin Williams Co
    +0.63 pp0.9% → 1.5%History
  5. IFFInternational Flavors & Fragrances Inc
    +0.52 pp0.2% → 0.7%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. XOMExxonMobil Holdings Corp
    −$226.4MSold outHistory
  2. CVECenovus Energy Inc.
    −$5.57MSold outHistory
  3. CVXChevron Corp
    −$4.66MReducedHistory
  4. DVNDevon Energy Corp
    −$4.57MReducedHistory
  5. CTRACoterra Energy Inc.
    −$4.24MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. XOMExxonMobil Holdings Corp
    −26.25 pp26.2% → 0.0%History
  2. CVXChevron Corp
    −2.00 pp14.7% → 12.7%History
  3. DVNDevon Energy Corp
    −0.75 pp2.2% → 1.4%History
  4. CVECenovus Energy Inc.
    −0.65 pp0.6% → 0.0%History
  5. EQTEQT Corp
    −0.59 pp1.7% → 1.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$762.9M
−$99.7M (−11.6%) vs. prior quarter
Positions
51
−3 vs. prior quarter
Top 10 concentration
67.0%
Top 10 as share of value
Turnover
26.6%
Q2 2026, one quarter
Average holding period
14.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $862.6M (Q1 2026)

Q1 2021: $406.0MQ2 2021: $443.3MQ3 2021: $431.7MQ4 2021: $467.1MQ1 2022: $593.0MQ2 2022: $545.7MQ3 2022: $548.0MQ4 2022: $647.4MQ1 2023: $622.2MQ2 2023: $616.3MQ3 2023: $673.0MQ4 2023: $630.5MQ1 2024: $709.0MQ2 2024: $685.3MQ3 2024: $675.3MQ4 2024: $632.9MQ1 2025: $580.0MQ2 2025: $631.2MQ3 2025: $659.1MQ4 2025: $659.4MQ1 2026: $862.6MQ2 2026: $762.9M
Q1 2021Q2 2026
13F filings of Adams Natural Resources Fund, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 22, 202651$762.9MXOMCVXCOPvs. Q1 2026SEC
Q1 2026Apr 22, 202654$862.6MXOMCVXCOPvs. Q4 2025SEC
Q4 2025Feb 13, 202655$659.4MXOMCVXCOPvs. Q3 2025SEC
Q3 2025Oct 22, 202555$659.1MXOMCVXCOPvs. Q2 2025SEC
Q2 2025Jul 30, 202554$631.2MXOMCVXCOPvs. Q1 2025SEC
Q1 2025Apr 23, 202552$580.0MXOMCFCOPvs. Q4 2024SEC
Q4 2024Feb 11, 202555$632.9MXOMCVXCOPvs. Q3 2024SEC
Q3 2024Oct 25, 202456$675.3MXOMCVXCOPvs. Q2 2024SEC
Q2 2024Aug 1, 202454$685.3MXOMCVXCOPvs. Q1 2024SEC
Q1 2024Apr 24, 202455$709.0MXOMCVXCOPvs. Q4 2023SEC
Q4 2023Feb 12, 202455$630.5MXOMCVXCOPvs. Q3 2023SEC
Q3 2023Oct 25, 202357$673.0MXOMCVXCOPvs. Q2 2023SEC
Q2 2023Aug 1, 202356$616.3MXOMCVXCOPvs. Q1 2023SEC
Q1 2023Apr 26, 202355$622.2MXOMCVXCOPvs. Q4 2022SEC
Q4 2022Feb 3, 202355$647.4MXOMCVXCOPvs. Q3 2022SEC
Q3 2022Oct 26, 202256$548.0MXOMCVXCOPvs. Q2 2022SEC
Q2 2022Jul 27, 202254$545.7MXOMCVXCOPvs. Q1 2022SEC
Q1 2022Apr 27, 202258$593.0MXOMCVXCOPvs. Q4 2021SEC
Q4 2021Feb 11, 202256$467.1MXOMCVXCOPvs. Q3 2021SEC
Q3 2021Oct 27, 202153$431.7MXOMCVXCOPvs. Q2 2021SEC
Q2 2021Jul 23, 202156$443.3MXOMCVXCOPvs. Q1 2021SEC
Q1 2021Apr 23, 202154$406.0MXOMCVXCOP–SEC