Abrdn Income Credit Strategies Fund (NYSE:ACP) Sees Significant Decline in Short Interest

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 144,300 shares, a drop of 8.5% from the September 30th total of 157,700 shares. Based on an average trading volume of 703,900 shares, the days-to-cover ratio is currently 0.2 days.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Several hedge funds have recently bought and sold shares of the business. Kennedy Investment Group bought a new position in shares of Abrdn Income Credit Strategies Fund in the third quarter worth about $5,730,000. Shaker Financial Services LLC purchased a new position in shares of Abrdn Income Credit Strategies Fund during the third quarter worth approximately $2,940,000. Raymond James & Associates raised its stake in shares of Abrdn Income Credit Strategies Fund by 723.9% during the third quarter. Raymond James & Associates now owns 385,831 shares of the investment management company’s stock valued at $2,554,000 after acquiring an additional 339,000 shares in the last quarter. J.W. Cole Advisors Inc. purchased a new stake in shares of Abrdn Income Credit Strategies Fund in the third quarter valued at approximately $867,000. Finally, Worth Asset Management LLC increased its holdings in Abrdn Income Credit Strategies Fund by 134.2% during the 3rd quarter. Worth Asset Management LLC now owns 112,032 shares of the investment management company’s stock worth $742,000 after purchasing an additional 64,202 shares during the period.

Abrdn Income Credit Strategies Fund Price Performance

Shares of NYSE ACP opened at $6.49 on Friday. Abrdn Income Credit Strategies Fund has a 1 year low of $5.66 and a 1 year high of $7.05. The firm has a 50-day simple moving average of $6.50 and a two-hundred day simple moving average of $6.60.

Abrdn Income Credit Strategies Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 24th were issued a dividend of $0.10 per share. This represents a $1.20 dividend on an annualized basis and a yield of 18.49%. The ex-dividend date was Thursday, October 24th.

Abrdn Income Credit Strategies Fund Company Profile

Abrdn Income Credit Strategies Fund is a closed-ended fixed income fund launched and managed by Aberdeen Asset Managers Limited. It is co-managed by Aberdeen Standard Investments Inc The fund invests in fixed income markets across the globe. It seeks to invest primarily in loan and debt instruments. Abrdn Income Credit Strategies Fund was formed on October 12, 2010 and is domiciled in the United States.