Abrdn Income Credit Strategies Fund (NYSE:ACP) Shares Shorted: Short Interest Down 40.4% in September

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 192,978 shares, a drop of 40.4% from the August 31st total of 323,570 shares. Based on an average daily trading volume, of 1,125,403 shares, the days-to-cover ratio is currently 0.2 days.

Abrdn Income Credit Strategies Fund Price Performance

ACP opened at $4.50 on Wednesday. Abrdn Income Credit Strategies Fund has a 52-week low of $4.41 and a 52-week high of $5.81. The stock’s 50 day moving average price is $4.94 and its 200-day moving average price is $5.15.

Abrdn Income Credit Strategies Fund Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 22nd will be issued a $0.0550 dividend. This represents a $0.66 annualized dividend and a yield of 14.7%. This is a decrease from Abrdn Income Credit Strategies Fund’s previous monthly dividend of $0.0775. The ex-dividend date is Tuesday, September 22nd.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Several hedge funds and other institutional investors have recently modified their holdings of ACP. Arlington Capital Management Inc. raised its stake in Abrdn Income Credit Strategies Fund by 7.1% in the second quarter. Arlington Capital Management Inc. now owns 173,445 shares of the investment management company’s stock worth $902,000 after buying an additional 11,534 shares in the last quarter. NewEdge Advisors LLC boosted its position in Abrdn Income Credit Strategies Fund by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 199,777 shares of the investment management company’s stock valued at $1,039,000 after acquiring an additional 10,805 shares in the last quarter. Corient Private Wealth LP bought a new stake in Abrdn Income Credit Strategies Fund during the 2nd quarter valued at approximately $52,000. Beacon Pointe Advisors LLC purchased a new position in shares of Abrdn Income Credit Strategies Fund during the 2nd quarter worth approximately $55,000. Finally, Pin Oak Investment Advisors Inc. purchased a new stake in Abrdn Income Credit Strategies Fund in the second quarter worth $416,000.

About Abrdn Income Credit Strategies Fund

abrdn Income Credit Strategies Fund is a publicly traded, closed-end investment company listed on the New York Stock Exchange under the symbol ACP. The fund seeks to provide a high level of current income, with capital appreciation as a secondary objective.

The fund invests primarily in a diversified portfolio of credit-related securities and other income-producing assets. Its investments may include senior secured loans, leveraged loans, high-yield corporate bonds, structured credit instruments and other debt obligations, including securities issued by companies and borrowers outside the United States.

ACP is managed by abrdn, a global investment management firm, and gives investors access to professionally managed credit investments across multiple industries and geographic regions.