Vault-13

ADAM NAT RES FD INC PEO

COM · Closed-End Fund · CUSIP 00548F105

100 institutional holders +14 vs Q4 2025
10,531,82210.5m shares reported held*
$292.7mreported value*
21 new 46 added 19 reduced 5 sold out net sold ≈ $10.3m (-370.2k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $27.79.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 67Q4 22: 79Q1 23: 78Q2 23: 74Q3 23: 74Q4 23: 83Q1 24: 85Q2 24: 85Q3 24: 86Q4 24: 88Q1 25: 90Q2 25: 86Q3 25: 87Q4 25: 86Q1 26: 100100Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 202267
Q4 202279
Q1 202378
Q2 202374
Q3 202374
Q4 202383
Q1 202485
Q2 202485
Q3 202486
Q4 202488
Q1 202590
Q2 202586
Q3 202587
Q4 202586
Q1 2026100

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q2 24: 30 bought or addedQ2 24: 36 cut or sold outQ3 24: 37 bought or addedQ3 24: 37 cut or sold outQ3 24Q4 24: 40 bought or addedQ4 24: 36 cut or sold outQ1 25: 44 bought or addedQ1 25: 41 cut or sold outQ1 25Q2 25: 45 bought or addedQ2 25: 32 cut or sold outQ3 25: 43 bought or addedQ3 25: 28 cut or sold outQ3 25Q4 25: 44 bought or addedQ4 25: 30 cut or sold outQ1 26: 67 bought or addedQ1 26: 24 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20243036
Q3 20243737
Q4 20244036
Q1 20254441
Q2 20254532
Q3 20254328
Q4 20254430
Q1 20266724

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2.5k$5k$7.5k$10kQ2 25 calls: $0Q2 25 puts: $10.0kQ2 25P/C —Q3 25 calls: $0Q3 25 puts: $6.0kQ3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —
Numbers
QuarterCallsPutsP/C
Q2 2025$0$10.0k—
Q3 2025$0$6.0k—
Q4 2025$0$0—
Q1 2026$0$0—

Biggest buyers

MORGAN STANLEY Added +295,869+295.9k
ADAMS DIVERSIFIED EQUITY FUND, INC. Added +49,223+49.2k
St. James Investment Company, LLC New +38,690+38.7k
COHEN & STEERS, INC. Added +32,000+32.0k
Calamos Advisors LLC New +30,153+30.2k
Navis Wealth Advisors, LLC New +28,033+28.0k
MILLENNIUM MANAGEMENT LLC Added +25,135+25.1k
Advisors Asset Management, Inc. Added +23,775+23.8k
BURNEY CO/ Added +14,037+14.0k
JONES FINANCIAL COMPANIES LLLP Added +12,726+12.7k

Biggest sellers

Saba Capital Management, L.P. Reduced -435,589-435.6k
Penserra Capital Management LLC Sold out -300,143-300.1k
Pathstone Holdings, LLC Reduced -180,874-180.9k
ROYAL BANK OF CANADA Reduced -92,722-92.7k
CSS LLC/IL Reduced -24,973-25.0k
Verition Fund Management LLC Reduced -17,625-17.6k
Concurrent Investment Advisors, LLC Reduced -14,843-14.8k
PFG Investments, LLC Sold out -14,750-14.8k
WOLVERINE ASSET MANAGEMENT LLC Reduced -11,246-11.2k
Baird Financial Group, Inc. Reduced -5,479-5.5k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Saba Capital Management, L.P. 13D · may seek influence -1.1 pts · filed 2026-10-28
Stated purposeThe Reporting Persons acquired the Common Shares to which this Schedule 13D/A relates in the ordinary course of business for investment purposes because they believe that the Common Shares are undervalued and represent an attractive investment opportunity. The Reporting Persons may engage in discussions with management, the Board of Directors (the "Board"), other shareholders of the Issuer and other relevant parties, including representatives of any of the foregoing, concerning the Reporting Persons' investment in the Common Shares and the Issuer, including, without limitation, matters concerning the Issuer's business, operations, board appointments, governance, performance, management, capitalization, trading of the Common Shares at a discount to the Issuer's net asset value and strategic… Full filing
 7.3% -1.1 pts 2.1m≈ $50.8m 2026-10-28

Insider purchases and sales in Q1 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q2 24: 1 buyingQ2 24: 0 sellingQ3 24: 0 buyingQ3 24: 0 sellingQ3 24Q4 24: 1 buyingQ4 24: 0 sellingQ1 25: 1 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 0 sellingQ3 25Q4 25: 0 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q2 20241$24.7k0——
Q3 20240—0——
Q4 20241$24.0k0——
Q1 20251$33.8k0——
Q2 20250—0——
Q3 20250—0——
Q4 20250—0——
Q1 20260—0——

None reported in Q1 2026.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ADAMS DIVERSIFIED EQUITY FUND, INC. 2.57% of their portfolio BALTIMORE, MD 2,621,9072.6m $72.9m $72.9m 2.57% Added +49.2k +49,223
2 Saba Capital Management, L.P. 2.02% of their portfolio NEW YORK, NY 2,262,6612.3m $62.9m $62.9m 2.02% Reduced -435.6k -435,589
3 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,274,2121.3m $35.4m $35.4m 0.00% Added +295.9k +295,869
4 LAZARD ASSET MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 507,006507.0k $14.1m $14.1m 0.02% Reduced -2.0k -1,960
5 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 426,717426.7k $11.9m $11.9m 0.00% Reduced -92.7k -92,722
6 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 239,336239.3k $6.7m $6.7m 0.00% Added +12.6k +12,565
7 COHEN & STEERS, INC. 0.01% of their portfolio NEW YORK, NY 181,985182.0k $5.1m $5.1m 0.01% Added +32.0k +32,000
8 Basepoint Wealth LLC 2.64% of their portfolio CEDAR RAPIDS, IA 165,998166.0k $4.6m $4.6m 2.64% Reduced -959 -959
9 INTREPID FAMILY OFFICE LLC 3.77% of their portfolio SARASOTA, FL 156,000156.0k $4.3m $4.3m 3.77% Added +2.6k +2,621
10 Verition Fund Management LLC 0.04% of their portfolio GREENWICH, CT 131,450131.4k $3.7m $3.7m 0.04% Reduced -17.6k -17,625
11 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 124,273124.3k $3.5m $3.5m 0.00% Added +1.1k +1,107
12 FCA CORP /TX 0.93% of their portfolio HOUSTON, TX 118,306118.3k $3.3m $3.3m 0.93% Added +5.8k +5,819
13 CAPSTONE INVESTMENT ADVISORS, LLC 0.03% of their portfolio NEW YORK, NY 113,761113.8k $3.2m $3.2m 0.03% Unchanged
14 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.45% of their portfolio BLUE BELL, PA 113,357113.4k $3.2m $3.2m 0.45% Reduced -2.6k -2,640
15 Advisors Asset Management, Inc. 0.05% of their portfolio Monument, CO 101,998102.0k $2.8m $2.8m 0.05% Added +23.8k +23,775
16 Whitener Capital Management, Inc. 0.57% of their portfolio Rocky Mount, NC 89,50489.5k $2.5m $2.5m 0.57% Added +2.0k +1,958
17 NORTH STAR ASSET MANAGEMENT INC 0.11% of their portfolio NEENAH, WI 88,02988.0k $2.4m $2.4m 0.11% Added +611 +611
18 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 80,15680.2k $2.2m $2.2m 0.00% Added +12.0k +12,021
19 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 77,47077.5k $2.2m $2.2m 0.00% Added +6.2k +6,175
20 SPROTT INC. 0.06% of their portfolio TORONTO, A6 76,74276.7k $2.1m $2.1m 0.06% Added +9.2k +9,222
21 D.A. DAVIDSON & CO. 0.01% of their portfolio GREAT FALLS, MT 74,93374.9k $2.1m $2.1m 0.01% Added +7.0k +6,971
22 CSS LLC/IL 0.12% of their portfolio CHICAGO, IL 74,49574.5k $2.1m $2.1m 0.12% Reduced -25.0k -24,973
23 Pathstone Holdings, LLC 0.01% of their portfolio ENGLEWOOD, NJ 72,80372.8k $2.0m $2.0m 0.01% Reduced -180.9k -180,874
24 UHLMANN PRICE SECURITIES, LLC 0.13% of their portfolio SKOKIE, IL 67,39667.4k $1.9m $1.9m 0.13% Added +1.2k +1,216
25 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 65,64565.6k $1.7m $1.7m 0.00% Added +5.0k +5,017
26 Uncommon Cents Investing LLC 0.40% of their portfolio JANESVILLE, WI 61,51961.5k $1.7m $1.7m 0.40% Added +2.6k +2,635
27 NATIONS FINANCIAL GROUP INC, /IA/ /ADV 0.07% of their portfolio CEDAR RAPIDS, IA 51,28051.3k $1.4m $1.4m 0.07% Added +1.2k +1,190
28 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 49,16449.2k $1.4m $1.4m 0.00% Added +12.7k +12,726
29 BURNEY CO/ 0.04% of their portfolio RESTON, VA 47,80247.8k $1.3m $1.3m 0.04% Added +14.0k +14,037
30 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 42,93842.9k $1.2m $1.2m 0.00% Added +355 +355
31 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 42,90242.9k $1.2m $1.2m 0.00% Reduced -279 -279
32 Wealthcare Advisory Partners LLC 0.02% of their portfolio WEST CHESTER, PA 39,64439.6k $1.1m $1.1m 0.02% Added +3.5k +3,462
33 St. James Investment Company, LLC 0.17% of their portfolio SOUTHLAKE, TX 38,69038.7k $1.1m $1.1m 0.17% New
34 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 38,44538.4k $1.1m $1.1m 0.00% Added +25.1k +25,135
35 PRINCIPAL SECURITIES, INC. 0.02% of their portfolio DES MOINES, IA 38,21038.2k $1.1m $1.1m 0.02% Reduced -5.0k -5,033
36 ROBERTS GLORE & CO INC /IL/ 0.28% of their portfolio DEERFIELD, IL 36,17536.2k $1.0m $1.0m 0.28% Added +2.1k +2,075
37 Walsh & Associates, LLC 0.98% of their portfolio SARASOTA, FL 35,47235.5k $986.1k $986.1k 0.98% Added +319 +319
38 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 35,46435.5k $986.0k $986.0k 0.00% Added +5.3k +5,257
39 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 34,79934.8k $967.4k $967.4k 0.00% Added +3.2k +3,160
40 WOLVERINE ASSET MANAGEMENT LLC 0.01% of their portfolio CHICAGO, IL 34,30534.3k $953.7k $953.7k 0.01% Reduced -11.2k -11,246
41 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 31,63531.6k $879.4k $879.4k 0.00% Added +205 +205
42 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 30,15330.2k $838.3k $838.3k 0.00% New
43 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 29,67329.7k $824.9k $824.9k 0.00% Added +2.7k +2,663
44 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 28,47328.5k $791.5k $791.5k 0.00% Added +196 +196
45 Navis Wealth Advisors, LLC 0.40% of their portfolio RYE BROOK, NY 28,03328.0k $779.3k $779.3k 0.40% New
46 UBS Group AG 0.00% of their portfolio ZURICH, V8 27,28327.3k $758.5k $758.5k 0.00% Reduced -4.0k -3,989
47 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 26,91826.9k $748.3k $748.3k 0.00% Reduced -5.5k -5,479
48 EVOLVE PRIVATE WEALTH, LLC 0.04% of their portfolio LOS ANGELES, CA 25,82425.8k $717.9k $717.9k 0.04% Added +491 +491
49 CULLEN INVESTMENT GROUP, LTD. 0.09% of their portfolio LAFAYETTE, LA 24,35024.4k $676.9k $676.9k 0.09% Reduced -3.0k -3,049
50 Kovack Advisors, Inc. 0.03% of their portfolio FT. LAUDERDALE, FL 24,15224.2k $641.3k $641.3k 0.03% Added +440 +440
51 GUGGENHEIM CAPITAL LLC 0.00% of their portfolio CHICAGO, IL 22,00222.0k $611.7k $611.7k 0.00% Added +7.8k +7,818
52 LEVEL FOUR ADVISORY SERVICES, LLC 0.02% of their portfolio DALLAS, TX 21,16121.2k $588.3k $588.3k 0.02% Added +8.7k +8,665
53 Allspring Global Investments Holdings, LLC 0.00% of their portfolio CHARLOTTE, NC 20,96721.0k $582.9k $582.9k 0.00% Added +2.0k +2,000
54 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 20,11220.1k $559.1k $559.1k 0.00% Added +10.5k +10,506
55 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 18,33718.3k $509.8k $509.8k 0.00% Reduced -4.1k -4,105
56 ALTA CAPITAL MANAGEMENT LLC/ 0.03% of their portfolio SALT LAKE CITY, UT 16,00016.0k $444.8k $444.8k 0.03% Unchanged
57 Concurrent Investment Advisors, LLC 0.00% of their portfolio Tampa, FL 14,41014.4k $400.6k $400.6k 0.00% Reduced -14.8k -14,843
58 Moors & Cabot, Inc. 0.02% of their portfolio BOSTON, MA 14,05514.1k $390.7k $390.7k 0.02% Reduced -231 -231
59 SeaCrest Wealth Management, LLC 0.04% of their portfolio PURCHASE, NY 12,60012.6k $350.3k $350.3k 0.04% Unchanged
60 NorthRock Partners, LLC 0.01% of their portfolio MINNEAPOLIS, MN 11,36011.4k $315.8k $315.8k 0.01% New
61 SEARLE & CO. 0.07% of their portfolio GREENWICH, CT 10,06010.1k $279.7k $279.7k 0.07% Added +186 +186
62 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 10,01710.0k $278.5k $278.5k 0.00% New
63 JFS WEALTH ADVISORS, LLC 0.01% of their portfolio HERMITAGE, PA 9,3699.4k $260.5k $260.5k 0.01% Unchanged
64 Sovereign Financial Group, Inc. 0.04% of their portfolio STAMFORD, CT 9,2099.2k $256.0k $256.0k 0.04% New
65 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 8,8858.9k $247.0k $247.0k 0.00% Reduced -5.3k -5,298
66 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 8,5148.5k $236.7k $236.7k 0.00% New
67 CIBC Bancorp USA Inc. 0.00% of their portfolio CHICAGO, IL 8,0918.1k $224.9k $224.9k 0.00% First filing
68 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 7,8207.8k $217.4k $217.4k 0.00% New
69 XTX Topco Ltd 0.00% of their portfolio LONDON, X0 7,7917.8k $216.6k $216.6k 0.00% New
70 MERIDIAN INVESTMENT COUNSEL INC. 0.05% of their portfolio LAFAYETTE, CA 7,7797.8k $216.3k $216.3k 0.05% New
71 Joel Isaacson & Co., LLC 0.01% of their portfolio NEW YORK, NY 7,6207.6k $211.8k $211.8k 0.01% New
72 LexAurum Advisors, LLC 0.03% of their portfolio OVERLAND PARK, KS 7,6197.6k $211.8k $211.8k 0.03% First filing
73 ALTFEST L J & CO INC 0.02% of their portfolio NEW YORK, NY 7,4017.4k $205.7k $205.7k 0.02% New
74 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 5,9856.0k $158.8k $158.8k 0.00% Added +3.1k +3,055
75 Sunbelt Securities, Inc. 0.01% of their portfolio HOUSTON, TX 5,5005.5k $152.9k $152.9k 0.01% New
76 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 4,4664.5k $124.2k $124.2k 0.00% Added +80 +80
77 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,4063.4k $96.6k $96.6k 0.00% Reduced -654 -654
78 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 2,5502.5k $70.9k $70.9k 0.00% Added +600 +600
79 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 2,2942.3k $63.8k $63.8k 0.00% Added +2.2k +2,212
80 CWM, LLC 0.00% of their portfolio OMAHA, NE 2,2392.2k $62.2k $62.2k 0.00% Unchanged
81 ZAZOVE ASSOCIATES LLC 0.00% of their portfolio INCLINE VILLAGE, NV 1,9181.9k $47.6k $47.6k 0.00% Added +968 +968
82 Geneos Wealth Management Inc. 0.00% of their portfolio ENGLEWOOD, CO 1,8761.9k $52.2k $52.2k 0.00% Added +6 +6
83 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 1,8731.9k $52.1k $52.1k 0.00% Unchanged
84 Hilltop National Bank 0.01% of their portfolio CASPER, WY 1,6951.7k $47.1k $47.1k 0.01% Unchanged
85 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 1,2511.3k $34.8k $34.8k 0.00% Added +23 +23
86 LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA 0.00% of their portfolio BOSTON, MA 1,1081.1k $29.2k $29.2k 0.00% Unchanged
87 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 1,0911.1k $30.3k $30.3k 0.00% New
88 Pinnacle Wealth Planning Services, Inc. 0.00% of their portfolio MANSFIELD, OH 1,0311.0k $28.7k $28.7k 0.00% Added +428 +428
89 BARRETT & COMPANY, INC. 0.01% of their portfolio PROVIDENCE, RI 800800 $22.2k $22.2k 0.01% Unchanged
90 Parkside Financial Bank & Trust 0.00% of their portfolio SAINT LOUIS, MO 682682 $19.0k $19.0k 0.00% Unchanged
91 WPG Advisers, LLC 0.01% of their portfolio BALTIMORE, MD 453453 $12.6k $12.6k 0.01% Added +201 +201
92 Atlantic Union Bankshares Corp 0.00% of their portfolio GLEN ALLEN, VA 300300 $8.3k $8.3k 0.00% Unchanged
93 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 200200 $5.6k $5.6k 0.00% Unchanged
94 BlackRock, Inc. 0.00% of their portfolio New York, NY 170170 $4.7k $4.7k 0.00% New
95 Elevated Capital Advisors, LLC 0.00% of their portfolio SANDY, UT 140140 $3.9k $3.9k 0.00% New
96 Mosley Wealth Management 0.00% of their portfolio ANAHEIM, CA 9393 $2.0k $2.0k 0.00% New
97 Root Financial Partners, LLC 0.00% of their portfolio ENCINITAS, CA 5353 $1.5k $1.5k 0.00% New
98 WHITTIER TRUST CO OF NEVADA INC 0.00% of their portfolio RENO, NV 1414 $373 $373 0.00% New
99 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 1212 $334 $334 0.00% New
100 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 00 $8 $8 0.00% New