Home ETFs and Funds Analysis Closed End Funds Analysis Summary Adams Diversified Equity Fund outperformed the S&P 500 by nearly 4% since last June, validating its S&P 500-plus-alpha approach. ADX achieves outperformance through minor, well-timed tilts toward AI infrastructure and selective megacaps, while maintaining broad sector diversification. With macro uncertainties rising, I expect lower absolute and relative returns ahead, prompting a downgrade from Strong Buy to Buy. Despite tactical headwinds, ADX remains a core income allocation, offering a 7.6% TTM yield and long-term outperformance over option-based strategies. oakstudio22/iStock via Getty Images Since I rated the Adams Diversified Equity Fund ( ADX ) a Strong Buy in June last year, it has outperformed the S&P500 (proxied by SPY) by almost 4 percentage points in total return terms.…