Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) Sees Significant Drop in Short Interest

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totaling 64,560 shares, a decline of 59.9% from the July 15th total of 160,926 shares. Based on an average daily volume of 147,803 shares, the days-to-cover ratio is currently 0.4 days.

Ares Dynamic Credit Allocation Fund Price Performance

Shares of NYSE:ARDC traded up $0.05 on Friday, reaching $12.47. The company’s stock had a trading volume of 43,193 shares, compared to its average volume of 120,843. Ares Dynamic Credit Allocation Fund has a 52-week low of $11.60 and a 52-week high of $15.03. The stock’s 50-day moving average is $12.56 and its two-hundred day moving average is $12.62.

Ares Dynamic Credit Allocation Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 21st will be given a $0.1125 dividend. This represents a c) annualized dividend and a yield of 10.8%. The ex-dividend date is Friday, August 21st.

Institutional Trading of Ares Dynamic Credit Allocation Fund

A number of hedge funds have recently added to or reduced their stakes in the stock. Icon Advisers Inc. Co. acquired a new position in shares of Ares Dynamic Credit Allocation Fund in the first quarter valued at approximately $1,182,000. Foundations Investment Advisors LLC lifted its holdings in shares of Ares Dynamic Credit Allocation Fund by 16.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 429,434 shares of the company’s stock worth $5,711,000 after purchasing an additional 59,102 shares during the period. Wolverine Asset Management LLC grew its position in Ares Dynamic Credit Allocation Fund by 720.3% in the 4th quarter. Wolverine Asset Management LLC now owns 101,914 shares of the company’s stock valued at $1,355,000 after buying an additional 89,490 shares during the last quarter. Sit Investment Associates Inc. purchased a new position in Ares Dynamic Credit Allocation Fund in the 4th quarter valued at $3,975,000. Finally, Shaker Financial Services LLC acquired a new position in Ares Dynamic Credit Allocation Fund in the 4th quarter valued at $3,252,000.

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.