NewEdge Wealth LLC Takes Position in Ares Dynamic Credit Allocation Fund, Inc. $ARDC

NewEdge Wealth LLC purchased a new stake in Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 249,723 shares of the company’s stock, valued at approximately $3,154,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Icon Advisers Inc. Co. acquired a new position in shares of Ares Dynamic Credit Allocation Fund during the first quarter valued at $1,182,000. Foundations Investment Advisors LLC raised its position in shares of Ares Dynamic Credit Allocation Fund by 16.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 429,434 shares of the company’s stock worth $5,711,000 after buying an additional 59,102 shares in the last quarter. Wolverine Asset Management LLC raised its position in shares of Ares Dynamic Credit Allocation Fund by 720.3% during the 4th quarter. Wolverine Asset Management LLC now owns 101,914 shares of the company’s stock worth $1,355,000 after buying an additional 89,490 shares in the last quarter. Sit Investment Associates Inc. acquired a new stake in shares of Ares Dynamic Credit Allocation Fund in the 4th quarter worth approximately $3,975,000. Finally, Waverly Advisors LLC lifted its stake in shares of Ares Dynamic Credit Allocation Fund by 32.4% in the 1st quarter. Waverly Advisors LLC now owns 17,058 shares of the company’s stock worth $207,000 after acquiring an additional 4,178 shares during the period.

Ares Dynamic Credit Allocation Fund Trading Up 0.2%

NYSE ARDC opened at $12.45 on Friday. Ares Dynamic Credit Allocation Fund, Inc. has a 12 month low of $11.60 and a 12 month high of $15.03. The company’s 50 day simple moving average is $12.55 and its 200 day simple moving average is $12.58.

Ares Dynamic Credit Allocation Fund Dividend Announcement

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

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.