Short Interest in Abrdn Income Credit Strategies Fund (NYSE:ACP) Declines By 37.2%

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 157,876 shares, a drop of 37.2% from the June 15th total of 251,362 shares. Based on an average trading volume of 488,793 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ACP. Absolute Investment Advisers LLC increased its stake in shares of Abrdn Income Credit Strategies Fund by 358.8% in the fourth quarter. Absolute Investment Advisers LLC now owns 2,083,887 shares of the investment management company’s stock worth $11,451,000 after buying an additional 1,629,728 shares during the period. Quarry LP grew its holdings in Abrdn Income Credit Strategies Fund by 352.2% in the 4th quarter. Quarry LP now owns 767,032 shares of the investment management company’s stock worth $4,150,000 after acquiring an additional 597,409 shares during the last quarter. Rivernorth Capital Management LLC bought a new stake in Abrdn Income Credit Strategies Fund in the 1st quarter worth $2,462,000. Guggenheim Capital LLC increased its position in shares of Abrdn Income Credit Strategies Fund by 13.7% in the fourth quarter. Guggenheim Capital LLC now owns 3,020,887 shares of the investment management company’s stock valued at $16,343,000 after acquiring an additional 364,694 shares during the period. Finally, Jane Street Group LLC raised its stake in shares of Abrdn Income Credit Strategies Fund by 263.7% during the fourth quarter. Jane Street Group LLC now owns 379,160 shares of the investment management company’s stock valued at $2,051,000 after acquiring an additional 274,921 shares during the last quarter.

Abrdn Income Credit Strategies Fund Price Performance

Abrdn Income Credit Strategies Fund stock traded down $0.01 during midday trading on Friday, hitting $5.18. 165,875 shares of the company’s stock were exchanged, compared to its average volume of 525,485. The stock has a 50-day moving average price of $5.27 and a two-hundred day moving average price of $5.38. Abrdn Income Credit Strategies Fund has a 52-week low of $4.99 and a 52-week high of $5.99.

Abrdn Income Credit Strategies Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Thursday, July 23rd will be paid a $0.0775 dividend. The ex-dividend date of this dividend is Thursday, July 23rd. This represents a c) dividend on an annualized basis and a dividend yield of 17.9%.

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.