- Pays: quarterly — $0.50 per share declared July 2026 (up from $0.47 and $0.48 earlier in 2026); the year-end payment is typically larger.
- Paying since: our data runs from 1984; the fund itself dates to 1929.
- The policy: a managed distribution plan adopted May 2024 — 8% of average NAV per year, paid as 2% each quarter, with the fourth-quarter payment topped up to meet tax-distribution requirements. It replaced a 6% annual minimum.
- What it is: an internally managed, unleveraged large-cap U.S. equity CEF (no borrowings; $3.3B net assets) with a 0.50% expense ratio.
- The discount: the shares have traded about 5% below NAV, with a discount-management program (buybacks above a 15% discount, tender offers above 19%).
Distributions are paid in newly issued shares by default unless you elect cash, and their composition varies — the May 2026 payment was about half return of capital, while the August 2026 payment was estimated at 94% long-term gains. Income is small (under 1% of assets); the 8% is mostly harvested appreciation.
ADX pays quarterly, with the fourth-quarter payment usually the largest. Each point below is one distribution since 1984 — the 2024 policy change lifts the recent quarterly points.
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Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
- Trailing 12 months: $1.91 per share across 4 payments — down 43% from $3.35 in the 12 months before (split-adjusted, in today's share terms). What a change like that does to your income →
- Current pace: recent payments annualize to $1.88 — 2% below the trailing figure. When those two disagree, the trailing yield is quoting the past. Live cut & raise board →
- Share price, same 12 months: up 20% (dividends excluded) — income and principal are one story. Erosion Index →
- Record: 169 payments over 42 years; the largest single payment was $1.96 (Nov 2024), split-adjusted.
- Payment drops ≥20% below trend, last 24 months: none. Get one short email if that changes →
Every figure above is computed from ADX's actual payment record and share-price history as of the date shown — not copied from a fact sheet. Recomputed regularly; the chart above always shows the live data.
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| Recent Ex-Dividend Dates | Distribution / Share |
|---|
"Next expected" is estimated from ADX's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
Now Estimate Your Own Future
These are assumptions, not a prediction. Want the full chart and tax options? Open the full calculator →
ADX is what a systematic 8% withdrawal from a large-cap stock portfolio looks like in one ticker: a nearly century-old, internally run, unleveraged fund that pays out 2% of NAV a quarter whether or not the market cooperated. In rising years that comes from gains; in flat years from capital. The twist most income funds lack: the shares usually trade at a discount, so each dollar of NAV costs less than a dollar.
Compare it against BCAT's 20%-of-NAV version and against plain VOO on the compare tool — and track the return-of-capital months with the Cost Basis Calculator.
| Year | Total Distributions / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is ADX's Next Ex-Dividend Date?
ADX pays quarterly (with a larger year-end payment). The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from ADX's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
Four Decades on the Chart, Nearly a Century in Business
Our data on ADX begins in 1984; the fund was founded in 1929. The chart above shows the long era of modest quarterlies and a large year-end payment, then the 2024 shift to a steadier 2%-a-quarter rhythm. The year-by-year table shows what a share collected through bull and bear markets alike.
The Policy and Its Arithmetic
An 8% annual payout from a large-cap portfolio whose long-run return is around that figure means NAV roughly holds over time rather than compounding — the fund converts growth into income by design. Without leverage, without external fees and at a 0.50% expense ratio, the conversion is about as efficient as the structure allows. What it cannot do is pay 8% in a year the market falls 20% without drawing on capital; the policy says so explicitly.
Where ADX Fits
As the conservative end of the managed-distribution spectrum — the opposite pole from CLM's 21% and BCAT's 20%. For the unmanaged version of the same portfolio, see VOO. Next expected date on the live calendar.
Heavy Return-of-Capital Fund? Track Your Real Cost Basis
Distributions classified as return of capital lower your cost basis and change your tax bill when you sell. Our free calculator does the lot-by-lot math.
Open the Cost Basis Calculator