Abrdn Income Credit Strategies Fund (NYSE:ACP) Sees Large Decrease in Short Interest

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a large decline in short interest in the month of January. As of January 30th, there was short interest totaling 207,803 shares, a decline of 49.8% from the January 15th total of 414,261 shares. Based on an average trading volume of 714,692 shares, the short-interest ratio is currently 0.3 days. Based on an average trading volume of 714,692 shares, the short-interest ratio is currently 0.3 days.

Abrdn Income Credit Strategies Fund Trading Up 0.1%

Shares of NYSE ACP traded up $0.01 during midday trading on Thursday, hitting $5.67. The company’s stock had a trading volume of 388,045 shares, compared to its average volume of 597,662. Abrdn Income Credit Strategies Fund has a 1 year low of $4.92 and a 1 year high of $6.28. The business’s fifty day simple moving average is $5.52 and its two-hundred day simple moving average is $5.65.

Abrdn Income Credit Strategies Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 20th will be paid a dividend of $0.0775 per share. The ex-dividend date is Friday, February 20th. This represents a c) dividend on an annualized basis and a dividend yield of 16.4%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ACP. International Assets Investment Management LLC acquired a new position in Abrdn Income Credit Strategies Fund in the second quarter valued at approximately $3,541,000. Drive Wealth Management LLC increased its position in Abrdn Income Credit Strategies Fund by 9.9% during the second quarter. Drive Wealth Management LLC now owns 442,646 shares of the investment management company’s stock worth $2,612,000 after buying an additional 39,789 shares during the period. Envestnet Asset Management Inc. lifted its stake in Abrdn Income Credit Strategies Fund by 589.2% in the second quarter. Envestnet Asset Management Inc. now owns 241,747 shares of the investment management company’s stock valued at $1,426,000 after buying an additional 206,669 shares during the last quarter. Shaker Financial Services LLC boosted its holdings in shares of Abrdn Income Credit Strategies Fund by 65.2% in the second quarter. Shaker Financial Services LLC now owns 303,546 shares of the investment management company’s stock valued at $1,791,000 after acquiring an additional 119,795 shares during the period. Finally, Penserra Capital Management LLC increased its holdings in shares of Abrdn Income Credit Strategies Fund by 3.0% in the 2nd quarter. Penserra Capital Management LLC now owns 2,980,571 shares of the investment management company’s stock valued at $17,585,000 after acquiring an additional 88,102 shares during the period.

Abrdn Income Credit Strategies Fund Company Profile

Abrdn Income Credit Strategies Fund (NYSE: ACP) is a diversified, closed-end management investment company that seeks to provide investors with high current income and capital appreciation. The fund primarily invests in a broad range of credit instruments, including investment-grade corporate bonds, high-yield debt, bank loans and emerging-market debt securities. To enhance returns, the fund may employ leverage and use derivatives for hedging or efficient portfolio management.

The fund’s investment approach combines top-down credit allocation with bottom-up security selection.