|
BALTIMORE, Jan. 8, 2015 /PRNewswire/ -- Petroleum & Resources Corporation (PEO) announces the Fund's performance for 2014.
2014 INVESTMENT RETURNS
The total return on the Fund's net asset value for the twelve months ended December 31, 2014 was -8.0%, with dividends and capital gains reinvested. The comparable figures for the Lipper Global Natural Resources Funds Index, the Dow Jones U.S. Oil & Gas Index, and the Dow Jones U.S. Basic Materials Index were -14.8%, -9.3%, and 3.4%, respectively. The total return on the Fund's market price for the same period was -6.3%.
The Fund paid $1.89 per share in income dividends and realized capital gains to shareholders in 2014, producing an annual distribution rate of 6.6%, exceeding the Fund's annual 6% minimum distribution rate commitment. Details regarding the annual 6% minimum distribution rate commitment can be found at www.peteres.com.
NET ASSET VALUE ANNOUNCED
The Fund's net asset value at the end of 2014, compared with the year earlier, was:
|
12/31/14
|
12/31/13
|
Net assets
|
$754,505,739
|
$863,689,833
|
Shares outstanding
|
27,380,920
|
26,775,228
|
Net asset value per share
|
$27.56
|
$32.26
|
The Fund repurchased 135,000 shares of its common stock, at a cost of $3,867,668, during the twelve-month period. The shares were repurchased at a weighted average discount to net asset value of 15.0%.
OTHER SUMMARY FINANCIAL INFORMATION
|
|
|
12/31/14
|
12/31/13
|
Unrealized appreciation
|
$281,366,035
|
$402,483,744
|
Net investment income
|
$13,467,415
|
$11,590,396
|
Net realized gain
|
$35,112,615
|
$37,428,311
|
|
|
|
Key Ratios
|
|
|
|
|
|
Net investment income to average net assets*
|
1.53%
|
1.44%
|
Expense ratio (to average net assets)*
|
0.63%
|
0.78%
|
Portfolio turnover*
|
19.6%
|
18.7%
|
Net cash & short-term investments to net assets
|
0.1%
|
-0.1%
|
|
|
|
* Annualized
|
|
|
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/14)
|
|
|
Market Value
|
% of Net Assets
|
Exxon Mobil Corp.
|
$125,586,853
|
16.6%
|
Chevron Corp.
|
83,372,176
|
11.0%
|
Schlumberger Ltd.
|
53,466,660
|
7.1%
|
EOG Resources, Inc.
|
32,961,060
|
4.4%
|
Occidental Petroleum Corp.
|
32,647,050
|
4.3%
|
Phillips 66
|
30,922,418
|
4.1%
|
LyondellBasell Industries N.V. (Class A)
|
28,104,060
|
3.7%
|
Dow Chemical Co.
|
24,971,475
|
3.3%
|
Monsanto Co.
|
23,224,968
|
3.1%
|
CF Industries Holdings, Inc.
|
22,912,165
|
3.0%
|
Total
|
$458,168,885
|
60.6%
|
SECTOR WEIGHTINGS (12/31/14)
|
|
|
% of Net Assets
|
Energy
|
|
Integrated Oil & Gas
|
29.2%
|
Exploration & Production
|
26.7%
|
Oil Equipment Services
|
14.4%
|
Refiners
|
5.7%
|
Pipelines
|
3.6%
|
|
|
Basic Materials
|
|
Chemicals
|
16.3%
|
General Industrials
|
1.6%
|
Industrial Metals
|
1.5%
|
Gold & Precious Metals
|
0.7%
|
Mining
|
0.2%
|
|
|
Utilities
|
0.0%
|
ANNUALIZED ONE, THREE AND FIVE-YEAR COMPARATIVE RETURNS (12/31/14)
|
|
|
1 Year
|
3 Year
|
5 Year
|
Petroleum & Resources (NAV)
|
-8.0%
|
5.9%
|
7.6%
|
Petroleum & Resources (market)
|
-6.3%
|
6.3%
|
7.0%
|
Lipper Global Natural Resources Funds Index
|
-14.8%
|
-0.5%
|
-0.6%
|
DJ U.S. Oil & Gas Index
|
-9.3%
|
6.2%
|
8.4%
|
DJ U.S. Basic Materials Index
|
3.4%
|
11.2%
|
9.1%
|
The 2014 Annual Report is expected to be released on or about February 27, 2015.
Petroleum & Resources Corporation is a Baltimore-based closed-end fund that has been operating as an investment company since 1929. Its stock trades on the New York Stock Exchange under the symbol PEO.
For further information please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479
E-mail: contact@peteres.com
Website: www.peteres.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/petroleum--resources-fund-announces-2014-performance-300018050.html
|
|