PHILADELPHIA, May 21, 2018 /PRNewswire/ -- Aberdeen
Income Credit Strategies Fund1 (the "Fund") (NYSE:
ACP), a closed-end bond fund, announced today its performance
data and portfolio composition as of April
30, 2018.
The Fund's total returns for various periods through
April 30, 2018 are provided
below. (All figures are based on distributions reinvested at
the dividend reinvestment price, and are stated net-of-fees):
Period
|
NAV Total Return
%
|
Market Price Total
Return %
|
|
Cumulative
|
Annualized
|
Cumulative
|
Annualized
|
Since
Inception
(January
2011)
|
61.6
|
6.8
|
41.5
|
4.9
|
10-years
|
N/A
|
N/A
|
N/A
|
N/A
|
5-years
|
31.2
|
5.6
|
27.5
|
5.0
|
3-years
|
26.7
|
8.2
|
25.0
|
7.7
|
1-year
|
9.2
|
8.8
|
The Fund's returns, which are denominated in U.S. dollars, are
affected by the performance of the U.S. dollar against the various
currencies listed below.
As of April 30, 2018, the
portfolio was invested as follows:
|
Currency Exposure
%
|
Geographic
Exposure %
|
United
Kingdom
|
-
|
17.0
|
|
|
|
United
States
|
100.0
|
50.9
|
|
|
|
Europe
|
-
|
26.6
|
Asia
|
-
|
1.1
|
Africa
|
-
|
1.3
|
Caribbean
|
-
|
2.5
|
Middle
East
|
-
|
0.6
|
As of April 30, 2018, the
portfolio was invested as follows:
Portfolio
Composition
|
Percent
of
Net Assets
|
Energy
|
23.7
|
Consumer
Discretionary
|
20.2
|
Materials
|
11.7
|
Health
Care
|
11.5
|
Financials
|
10.4
|
Telecommunication
Services
|
8.6
|
Industrials
|
3.8
|
Utilities
|
3.2
|
Other
|
2.5
|
Capital
Goods
|
2.1
|
Information
Technology
|
2.0
|
Cash
|
0.3
|
As of April 30, 2018, the top ten
holdings of the portfolio based on total assets were as
follows:
Holding
|
(%)
|
Altice
|
5.2
|
EP Energy LLC/Everest
Acquisition Finance Inc.
|
4.2
|
California Resources
Corporation
|
3.4
|
CYBG PLC
|
3.2
|
Sable Permian
Resources LLC
|
3.1
|
Hexion
Inc.
|
3.0
|
Valeant
Pharmaceuticals International Inc.
|
2.7
|
Voyage Care BondCo
PLC
|
2.6
|
Nemean Bondco
PLC
|
2.6
|
Digicel
|
2.5
|
TOTAL
|
32.5
|
As of April 30, 2018, the Fund's
net assets, including US$83.0 million
in bank borrowing, amounted to US$281.3
million with a net asset value per share of common stock of
US$15.17.
As of April 30, 2018, 0.0% of the
portfolio was invested in securities where either the issue or the
issuer was rated "A" or better by multiple rating agencies.
The credit quality and maturity breakdown of the portfolio was as
follows:
Credit Quality
(%)
|
B
|
CCC
|
CC
|
NR
|
37.3
|
52.2
|
5.6
|
4.9
|
|
|
|
|
|
Maturity
(%)
|
<3
Years
|
3-5 Years
|
5-10 Years
|
>>10
Years
|
21.9
|
41.4
|
36.8
|
0.0
|
As of April 30, 2018, the average
maturity of the portfolio was 4.6 years.
The Fund has in place leverage in the form of a loan
facility. The outstanding balance on the loan as of
April 30, 2018 is US$83,000,000, which represents no change from
the previous month.
The leverage is used with the intent of enhancing returns by
borrowing at interest rates that are lower than the relatively
higher yields of the fixed income securities in which the Fund
invests. Details regarding the revolving credit loan facility
and the interest rate swap agreements are contained in the Fund's
annual and semi-annual reports to shareholders.
Important Information
Aberdeen Asset Management Inc.
(the "Administrator") has prepared this report based on information
sources believed to be accurate and reliable. However, the
figures are unaudited and neither the Fund, the Administrator,
Aberdeen Asset Managers Limited (the "Investment Manager"),
Aberdeen Asset Management Limited (the "Investment Adviser"),
Aberdeen Asset Managers Limited (the "Sub-Adviser"), nor any other
person guarantees their accuracy. Investors should seek their
own professional advice and should consider the investment
objectives, risks, charges and expenses before acting on this
information. The Investment Manager, Investment Adviser,
Sub-Adviser and Administrator are each a subsidiary of Aberdeen
Asset Management PLC ("Aberdeen PLC").
Closed-end funds are traded on the secondary market through one
of the stock exchanges. The Fund's investment return and principal
value will fluctuate so that an investor's shares may be worth more
or less than the original cost. Shares of closed-end funds may
trade above (a premium) or below (a discount) the net asset value
(NAV) of the fund's portfolio. There is no assurance that the Fund
will achieve its investment objective.
Total return figures with distributions reinvested at the
dividend reinvestment price are stated net-of-fees and represents
past performance. Past performance is not indicative of
future results, current performance may be higher or lower.
Holdings are subject to change and are provided for informational
purposes only and should not be deemed as a recommendation to buy
or sell the securities shown. Inception date January 27, 2011.
If you wish to receive this information
electronically, please contact
InvestorRelations@aberdeenstandard.com
1As of December
1, 2017, the Fund name changed from the Avenue Income Credit
Strategies Fund.
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SOURCE Aberdeen Income Credit Strategies Fund