abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Hits New 1-Year Low - Here's What Happened

Key Points

• abrdn Asia-Pacific Income Fund shares fell 1.9%, reaching a new 52-week low of $12.61 on Monday, well below its 50-day and 200-day moving averages.
• The fund reduced its monthly dividend from $0.165 to $0.15 per share, equal to $1.80 annually and a 14.2% yield.
• Institutional investors own 33.55% of the fund, with several hedge funds recently increasing or initiating positions in FAX.

abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX - Get Free Report) hit a new 52-week low during trading on Monday. The stock traded as low as $12.61 and last traded at $12.7040, with a volume of 161716 shares traded. The stock had previously closed at $12.90.

abrdn Asia-Pacific Income Fund Trading Down 1.9%

The business's fifty day moving average is $14.25 and its 200 day moving average is $14.52.

abrdn Asia-Pacific Income Fund Cuts Dividend

The firm also recently declared a monthly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 22nd were issued a $0.15 dividend. This represents a $1.80 annualized dividend and a dividend yield of 14.2%. This is a drop from abrdn Asia-Pacific Income Fund's previous monthly dividend of $0.1650. The ex-dividend date of this dividend was Tuesday, September 22nd.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FAX. Rareview Capital LLC lifted its position in shares of abrdn Asia-Pacific Income Fund by 33.3% in the first quarter. Rareview Capital LLC now owns 240,034 shares of the investment management company's stock valued at $3,821,000 after acquiring an additional 59,937 shares in the last quarter. Royal Bank of Canada increased its position in abrdn Asia-Pacific Income Fund by 8.0% during the 1st quarter. Royal Bank of Canada now owns 701,399 shares of the investment management company's stock worth $10,114,000 after purchasing an additional 51,803 shares in the last quarter. Advisory Solutions Group LLC acquired a new position in abrdn Asia-Pacific Income Fund in the 2nd quarter valued at about $550,000. Quantinno Capital Management LP acquired a new position in abrdn Asia-Pacific Income Fund in the 1st quarter valued at about $466,000. Finally, Yakira Capital Management Inc. purchased a new position in abrdn Asia-Pacific Income Fund in the 4th quarter valued at about $286,000. 33.55% of the stock is owned by hedge funds and other institutional investors.

About abrdn Asia-Pacific Income Fund

abrdn Asia-Pacific Income Fund, Inc is a closed-end investment company listed on the NYSE American under the symbol FAX. The fund seeks to provide current income and, secondarily, capital appreciation by investing primarily in fixed-income securities issued by governments, government-related entities and companies in the Asia-Pacific region.

The fund's portfolio may include sovereign and corporate bonds, notes and other debt instruments denominated in local or foreign currencies. Its investment exposure can span developed and emerging markets across Asia and the Pacific, including countries such as Australia, China, India, Indonesia, South Korea, Malaysia, New Zealand, the Philippines, Singapore and Thailand.

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