Welcome to our dedicated page for abrdn Income Credit Strategies Fund news (Ticker: ACP), a resource for investors and traders seeking the latest updates and insights on abrdn Income Credit Strategies Fund stock.
abrdn Income Credit Strategies Fund (ACP) is a diversified, closed-end management investment company listed on the New York Stock Exchange under the symbol ACP. The primary investment objective of ACP is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund predominantly invests in debt and loan instruments across various industries and geographic regions, providing a diversified portfolio that aims to maximize returns while managing risks.
Recently, ACP has been involved in significant corporate actions aimed at enhancing shareholder value. On October 23, 2023, the Board of Trustees announced the proposed reorganization of several closed-end investment companies advised by First Trust Advisors, L.P. into ACP. This strategic move, subject to shareholder approval, is designed to increase the Fund's scale, liquidity, and marketability, potentially leading to a tighter discount or a premium to NAV over time. The reorganization is expected to be completed by the first quarter of 2024.
Financially, ACP is committed to maintaining a stable distribution policy. For example, on December 11, 2023, ACP declared a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE:ACP PRA), payable on January 2, 2024. This highlights ACP's consistent approach to delivering value to its shareholders.
abrdn, the marketing name for several affiliated, registered investment advisers, manages ACP. These advisers include abrdn Inc., abrdn Investments Limited, abrdn Asia Limited, abrdn Private Equity (Europe) Limited, and abrdn ETFs Advisors LLC. The Fund's performance and returns are subject to fluctuations in market conditions, and past performance does not guarantee future results.
In summary, ACP offers investors an opportunity to gain exposure to a diversified portfolio of debt and loan instruments with a focus on high current income and capital appreciation. The Fund's proactive management and strategic initiatives aim to enhance shareholder value and ensure long-term viability.
On June 25, 2024, abrdn U.S. Closed-End Funds held their Annual Meeting of Shareholders. Three funds were involved: abrdn Healthcare Investors (HQH), abrdn Healthcare Opportunities Fund (THQ), and abrdn World Healthcare Fund (THW). Shareholders voted to elect trustees for each fund.
For HQH, Rose DiMartino and C. William Maher were elected with over 90% of the votes. THQ's Kathleen Goetz and Todd Reit were elected with more than 97% of the votes. Lastly, Jeffrey A. Bailey and C. William Maher were elected for THW with around 97% support.
The record date for these votes was April 1, 2024, with HQH having 50,624,847 shares, THQ 41,356,058, and THW 38,244,601.
The Board of Trustees of abrdn Income Credit Strategies Fund has declared a quarterly cash distribution of $0.328125 per share for its 5.25% Series A Perpetual Preferred Shares (NYSE: ACP PRA).
The dividend is payable on July 1, 2024, to shareholders on record as of June 21, 2024.
The annual dividend rate of these shares is $1.3125 per share, and they were initially issued on May 10, 2021, at $25 per share.
Payments may come from various income sources, including capital gains and return of capital, and tax treatment will be detailed in Form 1099-DIV sent in January 2025.
Investors should note that the Fund's value may fluctuate, and shares can trade at a premium or discount relative to NAV.
The abrdn Income Credit Strategies Fund (NYSE:ACP) announced the approval of the reorganization of the First Trust High Income Long/Short Fund (NYSE:FSD) into ACP. The reorganization is expected to complete by the end of July 2024, subject to customary closing conditions. Following the reorganization, FSD shareholders will receive new ACP shares based on the net asset values. The combined net assets will approximate $765 million. Benefits include economies of scale, increased fund viability, liquidity, and marketability.
abrdn Global Infrastructure Income Fund (ASGI) announced a 33% increase in distribution rate, marking a 68% increase since December 2023. The Fund's Board approved an increase in annualized distribution rate from 9% to 12%, with the distribution rate on share price now at 13.4%. This marks the third increase in distribution rate since the Fund's launch in July 2020. The new distribution policy aims to provide sustainable cash distribution to shareholders and potentially reduce the Fund's discount to NAV.
abrdn Life Sciences Investors (HQL) and abrdn Healthcare Investors (HQH) have announced a 20% increase in distribution rates, marking a 50% increase since January 2024. The distribution rates for both funds will commence with the distributions payable on June 28, 2024. The Funds intend to maintain the increased Managed Distribution Policy for at least the next 12 months. The Investment Adviser's outlook on the healthcare sector is optimistic, with expectations of strong returns due to demographic trends, innovation, and macroeconomic factors.
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