PHILADELPHIA, Aug. 23, 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 July
31, 2018.
The Fund's total returns for various periods through
July 31, 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)
|
63.0
|
6.7
|
45.1
|
5.1
|
10-years
|
N/A
|
N/A
|
N/A
|
N/A
|
5-years
|
41.1
|
7.1
|
35.3
|
6.2
|
3-years
|
28.5
|
8.7
|
37.0
|
11.1
|
1-year
|
7.3
|
5.0
|
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 July 31, 2018, the portfolio
was invested as follows:
|
Currency Exposure
%
|
Geographic
Exposure %
|
United
Kingdom
|
-
|
17.8
|
Canada
|
-
|
1.0
|
United
States
|
100.0
|
40.8
|
|
|
|
Europe
|
-
|
33.4
|
Asia
|
-
|
1.1
|
Africa
|
-
|
3.2
|
Caribbean
|
-
|
2.2
|
Middle
East
|
-
|
0.7
|
As of July 31, 2018, the portfolio
was invested as follows:
Portfolio
Composition
|
Percent
of
Net Assets
|
Consumer
Discretionary
|
21.4
|
Energy
|
19.7
|
Materials
|
12.3
|
Health
Care
|
11.3
|
Financials
|
10.4
|
Telecommunication
Services
|
10.4
|
Industrials
|
3.6
|
Utilities
|
3.1
|
Other
|
2.4
|
Information
Technology
|
2.1
|
Capital
Goods
|
1.8
|
Consumer
Staples
|
1.1
|
Cash
|
0.2
|
As of July 31, 2018, the top ten
holdings of the portfolio based on total assets were as
follows:
Holding
|
(%)
|
Altice
|
4.3
|
CYBG PLC
|
3.5
|
California Resources
Corporation
|
3.4
|
DKT
Finance
|
3.0
|
Bausch Health
Companies Inc.
|
2.8
|
Sable Permian
Resources LLC
|
2.6
|
Nemean Bondco
PLC
|
2.5
|
Nyrstar
Netherlands
|
2.5
|
Perstorp
AB
|
2.4
|
Voyage Care BondCo
PLC
|
2.4
|
TOTAL
|
29.3
|
As of July 31, 2018, the Fund's
net assets, including US$83.0 million
in bank borrowing, amounted to US$278.1
million with a net asset value per share of common stock of
US$14.92.
As of July 31, 2018, the credit
quality and maturity breakdown of the portfolio was as follows:
Credit Quality
(%)
|
B
|
CCC
|
CC
|
NR
|
46.6
|
48.9
|
4.5
|
0.1
|
|
|
|
|
Maturity
(%)
|
<3
Years
|
3-5 Years
|
5-10 Years
|
>10
Years
|
31.1
|
34.7
|
34.2
|
0.1
|
As of July 31, 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
July 31, 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.
has prepared this report based on information sources believed to
be accurate and reliable. All reasonable care has been taken to
ensure accuracy. However, the figures are unaudited and neither the
Fund, the Investment Manager, 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
is a subsidiary of Aberdeen Asset Management PLC ("Aberdeen
PLC").
Aberdeen Standard Investments is a brand of the investment
businesses of Aberdeen Asset Management and Standard Life
Investments. In the United States,
Aberdeen Standard Investments is the marketing name for the
following affiliated, registered investment advisers: Aberdeen
Asset Management Inc., Aberdeen Asset Managers Ltd., Aberdeen Asset
Management Ltd., Aberdeen Asset Management Asia Ltd., Aberdeen
Asset Capital Management, LLC, Standard Life Investments (Corporate
Funds) Ltd., and Standard Life Investments (USA) Ltd.
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.
Past performance is no guarantee of future results.
Investment returns and principle value will fluctuate and shares,
when sold, may be worth more or less than original cost. Current
performance may be lower or higher than the performance quoted. NAV
return data includes investment management fees, custodial charges
and administrative fees (such as Director and legal fees) and
assumes the reinvestment of all distributions. Returns for periods
less than one year are not annualized. 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
Investor.Relations@aberdeenstandard.com
1As of December 1,
2017, the Fund name changed from the Avenue Income Credit
Strategies Fund.
View original content with
multimedia:http://www.prnewswire.com/news-releases/aberdeen-income-credit-strategies-fund1-announces-performance-data-and-portfolio-composition-300701894.html
SOURCE Aberdeen Income Credit Strategies Fund