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

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) saw a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 61,300 shares, a growth of 125.4% from the January 15th total of 27,200 shares. Based on an average trading volume of 78,900 shares, the short-interest ratio is presently 0.8 days.

Hedge Funds Weigh In On Ares Dynamic Credit Allocation Fund

Several hedge funds have recently modified their holdings of ARDC. Worth Asset Management LLC grew its position in shares of Ares Dynamic Credit Allocation Fund by 32.7% in the 4th quarter. Worth Asset Management LLC now owns 14,942 shares of the company’s stock valued at $226,000 after acquiring an additional 3,682 shares during the period. Cornerstone Advisors LLC bought a new position in shares of Ares Dynamic Credit Allocation Fund during the 3rd quarter worth approximately $261,000. Janney Montgomery Scott LLC increased its holdings in shares of Ares Dynamic Credit Allocation Fund by 98.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 21,367 shares of the company’s stock valued at $323,000 after purchasing an additional 10,589 shares during the last quarter. LPL Financial LLC grew its stake in Ares Dynamic Credit Allocation Fund by 19.1% in the 4th quarter. LPL Financial LLC now owns 23,441 shares of the company’s stock valued at $354,000 after buying an additional 3,758 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in Ares Dynamic Credit Allocation Fund in the 2nd quarter valued at $357,000.

Ares Dynamic Credit Allocation Fund Price Performance

Shares of ARDC traded down $0.16 during trading hours on Thursday, reaching $15.26. The stock had a trading volume of 105,981 shares, compared to its average volume of 82,180. Ares Dynamic Credit Allocation Fund has a 52 week low of $13.45 and a 52 week high of $15.62. The firm has a 50-day moving average of $15.22 and a 200 day moving average of $15.20.

Ares Dynamic Credit Allocation Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which was paid on Friday, January 31st. Investors of record on Tuesday, January 21st were given a $0.1175 dividend. This represents a $1.41 dividend on an annualized basis and a dividend yield of 9.24%. The ex-dividend date was Tuesday, January 21st.

About Ares Dynamic Credit Allocation Fund

Ares Dynamic Credit Allocation Fund, Inc is a closed-ended fixed income fund launched by Ares Management LLC. The fund is managed by Ares Capital Management II LLC. It primarily invests in the U.S. securities and companies. The fund primarily invests in debt instruments such as senior loans made primarily to companies whose debt is rated below investment grade, corporate bonds that are primarily high yield issues rated below investment grade, equity securities of CLOs and debt securities issued by CLOs, and other fixed-income instruments.