Basically yes. The transmission is vertically polarised giving rise to a Vertical E field and a Horizontal M field in phase with the former.
Perhaps I could have simplified things by saying the ADF works on the basis of looking for a signal Null. At this point the emf induced in one side of the antenna is equal and opposite to the emf generated in the opposite side and thus creates a nul. If we rotate either the signal field or the antenna, the emf induced is not equal and thus does not cancel, the ADF servo then drives the goniometer and ADF needle to a false null ( Dip or Night effect)
Admiralty Handbook of Wireless Telegraphy VolII 1938.