Petroleum & Resources Corporation began trading as a closed-end fund on the New York Stock Exchange in January 1929 with a focus on investing primarily in energy and natural resources. Over time, the composition of the portfolio has evolved to reflect the changing dynamics of the global energy and natural resources markets.
Today, we define our fund as an “energy and basic materials” fund. While great strides are being made in the development and commercialization of non-petroleum based sources of energy, oil is still the fuel that drives the energy sector and is the major underpinning of the portfolio. So, you’ll find a diversified group of investments in the Fund in multi-national companies, as well as exploration, equipment, and service suppliers – all associated with petroleum. But we are not blind to the future. We are always on the lookout for companies with the potential to provide viable forms of alternative energy. And when appropriate, we do and will invest in companies engaged in coal, nuclear, and hydro-electric power. In addition, we invest in a variety of basic materials, including coal, precious and industrial metals, aggregates, and chemicals, as these also have attractive investment characteristics.
In the roughly 85 years that we have traded on the New York Stock Exchange, the market and the world have changed considerably. Yet our focus on delivering a solid rate of return and generating dividends and capital gains, year after year, has not changed. We point with pride to our long-term shareholders, some of whom have held on to their Petroleum & Resources stocks for several generations. That loyalty speaks volumes; letting us know that we are succeeding in our mission, even as times and markets change and evolve.