Short Interest in Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) Drops By 43.5%

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) was the recipient of a large decline in short interest in the month of December. As of December 31st, there was short interest totaling 7,642 shares, a decline of 43.5% from the December 15th total of 13,537 shares. Based on an average daily volume of 137,796 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily volume of 137,796 shares, the days-to-cover ratio is currently 0.1 days.

Ares Dynamic Credit Allocation Fund Stock Performance

NYSE:ARDC traded down $0.04 during midday trading on Thursday, hitting $13.62. 151,894 shares of the company traded hands, compared to its average volume of 125,299. The firm’s fifty day moving average is $13.49 and its 200-day moving average is $13.97. Ares Dynamic Credit Allocation Fund has a 12-month low of $11.52 and a 12-month high of $15.62.

Ares Dynamic Credit Allocation Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, January 30th. Stockholders of record on Tuesday, January 20th will be issued a $0.1125 dividend. This represents a c) annualized dividend and a dividend yield of 9.9%. The ex-dividend date is Tuesday, January 20th.

Hedge Funds Weigh In On Ares Dynamic Credit Allocation Fund

Several hedge funds have recently added to or reduced their stakes in the company. CoreCap Advisors LLC raised its position in Ares Dynamic Credit Allocation Fund by 33.6% in the 3rd quarter. CoreCap Advisors LLC now owns 4,517 shares of the company’s stock worth $64,000 after purchasing an additional 1,136 shares during the period. GoalVest Advisory LLC purchased a new position in shares of Ares Dynamic Credit Allocation Fund during the second quarter valued at approximately $100,000. Axim Planning & Wealth bought a new position in shares of Ares Dynamic Credit Allocation Fund during the second quarter valued at approximately $167,000. QTR Family Wealth LLC purchased a new stake in shares of Ares Dynamic Credit Allocation Fund in the third quarter worth approximately $204,000. Finally, Cedar Wealth Management LLC lifted its stake in shares of Ares Dynamic Credit Allocation Fund by 3.8% during the 3rd quarter. Cedar Wealth Management LLC now owns 20,927 shares of the company’s stock worth $294,000 after acquiring an additional 761 shares during the last quarter.

About Ares Dynamic Credit Allocation Fund

Ares Dynamic Credit Allocation Fund (NYSE: ARDC) is a closed-end management investment company that seeks to deliver attractive risk-adjusted returns through a diversified portfolio of credit instruments. Launched in mid-2019, the fund is sponsored and managed by Ares Management Corporation, a leading global alternative asset manager. ARDC’s investment objective centers on generating current income with an emphasis on preserving capital, drawing on Ares’s extensive experience in the credit markets.

The fund deploys capital across a broad spectrum of corporate credit opportunities, including senior secured loans, high-yield bonds, subordinated debt and direct lending to middle-market companies.