abrdn is a global investment company that helps clients and customers plan, save and invest for the future. Our purpose is to enable our clients to be better investors. 

Our strategy is to deliver client-led growth. We are structured around three businesses – Investments, Adviser and Personal – focused on their changing needs.

abrdn

First Trust/abrdn Global Opportunity Income Fund (the "Fund") (NYSE: FAM) has declared the Fund's regularly scheduled monthly common share distribution in the amount of $0.045 per share payable on February 15, 2023, to shareholders of record as of February 2, 2023. The ex-dividend date is expected to be February 1, 2023. The monthly distribution information for the Fund appears below.

First Trust/abrdn Global Opportunity Income Fund (FAM): Distribution per share:

$0.045

Distribution Rate based on the January 20, 2023 NAV of $6.97:

7.75%

Distribution Rate based on the January 20, 2023 closing market price of $6.20:

8.71%

This distribution will consist of net investment income earned by the Fund and return of capital and may also consist of realized capital gains. The final determination of the source and tax status of all distributions paid in 2023 will be made after the end of 2023 and will be provided on Form 1099-DIV.

The Fund is a diversified, closed-end management investment company that seeks to provide a high level of current income. As a secondary objective, the Fund seeks capital appreciation. The Fund pursues these investment objectives by investing in the world bond markets through a diversified portfolio of investment grade and below-investment grade government and corporate debt securities.

First Trust Advisors L.P. ("FTA") is a federally registered investment advisor and serves as the Fund's investment advisor. FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $190 billion as of December 31, 2022 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

abrdn Inc. ("abrdn") serves as the Fund's investment sub-advisor. abrdn is an indirect wholly-owned subsidiary of abrdn plc. abrdn is the brand name for the asset management group of abrdn plc, managing approximately $469.2 billion in assets as of June 30, 2022 for a range of pension funds, financial institutions, investment trusts, unit trusts, offshore funds, charities and private clients.

Principal Risk Factors: Risks are inherent in all investing. Certain risks applicable to the Fund are identified below, which includes the risk that you could lose some or all of your investment in the Fund. The principal risks of investing in the Fund are spelled out in the Fund's annual shareholder reports. The order of the below risk factors does not indicate the significance of any particular risk factor. The Fund also files reports, proxy statements and other information that is available for review.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all investors.

Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain fund investments as well as fund performance. The COVID-19 global pandemic and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

The Fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. The Fund may invest from time to time a substantial amount of its assets in issuers located in a single country or region. Risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. Because the Fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.

The Fund invests in non-investment grade debt instruments, commonly referred to as "high-yield securities". High-yield securities are subject to greater market fluctuations and risk of loss than securities with higher ratings. Lower-quality debt tends to be less liquid than higher-quality debt.

The debt securities in which the Fund invests are subject to certain risks, including issuer risk, reinvestment risk, prepayment risk, credit risk, and interest rate risk. Issuer risk is the risk that the value of fixed-income securities may decline for a number of reasons which directly relate to the issuer. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio's current earnings rate. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income will be reduced. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates.

Investments in securities of issuers located in emerging market countries are considered speculative and there is a heightened risk of investing in emerging markets securities. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue.

The ability of a government issuer, especially in an emerging market country, to make timely and complete payments on its debt obligations will be strongly influenced by the government issuer's balance of payments, including export performance, its access to international credits and investments, fluctuations of interest rates and the extent of its foreign reserves.

Forward foreign currency exchange contracts involve certain risks, including the risk of failure of the counterparty to perform its obligations under the contract and the risk that the use of forward contracts may not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts and the prices of the currencies hedged.

To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as a reference interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in losses to the fund.

Political or economic disruptions in European countries, even in countries in which a fund is not invested, may adversely affect security values and thus the fund's holdings. A significant number of countries in Europe are member states in the European Union, and the member states no longer control their own monetary policies. In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro, is exercised by the European Central Bank. The implications of the United Kingdom's withdrawal from the European Union are difficult to gauge and cannot yet be fully known.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.

The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

The Fund's daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at https://www.ftportfolios.com or by calling 1-800-988-5891.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230123005735/en/

First Trust/abrdn Global Opportunity Income Fund Declares its Monthly Common Share Distribution of $0.045 Per Share for February | MarketScreener

abrdn China Investment Company Limited (the "Company")

The Company announces that the unaudited monthly portfolio listing of the Company, as at 31 December 2022, is now available on the Company's website at https://www.abrdnchina.co.uk/ .

Financial assets have been valued on a fair value basis using bid prices, or, if more appropriate, a last trade basis. In addition, investments in underlying funds for the month end are valued using values (whether final or estimated) as advised by their managers or administrators. The Company has therefore relied on the valuation and reporting methods used by the managers or administrators of the underlying funds.

abrdn Fund Managers Limited (Alternative Investment Fund Manager to the Company)

Ordinary Shares - Listing Category: Premium - Equity Closed-ended Investment Funds

abrdn China Inv.Co. : Portfolio Update

abrdn has secured three new investments for its Commercial Real Estate Debt fund II (CRED II), taking deployment to approximately 50%.

The first investment by the fund is secured against a portfolio of best-in-class, prime central London ultra-luxury hotels with a long history of excellent performance. The loan has a 38% loan-to-value (LTV), is rated as A and delivers a total return of c.6% (>100bps pickup over equivalent rated corporate bonds).

The second deal, currently in documentation, is to be secured against a portfolio of high-quality logistics assets located across the UK with long leases in place to high quality tenants. The loan is structured as a 50% LTV loan, rated as BBB and is expected to deliver a total return of c.6.3% on completion (based on current interest rates).

The third investment, also in documentation, will be secured against a prime leisure asset which has demonstrated exceptional performance since COVID and has a long and proven operational track record. The deal is structured with a 45% LTV, rated BBB and is expected to deliver a total return of over 7% (again based on current interest rates).

In addition to these deals, the pipeline for the fund is increasingly buoyant and abrdn has a very positive outlook for the prevailing investment environment. With real estate equity capital value corrections, lower LTV's and higher margins, abrdn expect to continue to see attractive opportunities in which to deploy the remaining capital in the fund.

Neil Odom-Haslett, Head of Commercial Real Estate Debt at abrdn, said:"We are delighted with the CRED II fund investments to date, which are providing investors with access to significant illiquidity pick up. Across the entire abrdn CRED book, we have had no loan losses to date since inception and indeed, high standards in our underwriting and rating methodology coupled with working alongside experienced borrowers, is key to the success of the abrdn commercial real estate lending platform. As we move through 2023, the lending market will see shake outs, meaning that partnering with a experienced lender will be critical for clients. For abrdn and indeed the alternate lenders, these are exciting times in having the ability to offer investors what could be compelling risk adjusted returns in this asset class. We believe that abrdn is well positioned to help those investors capitalise in this market".

Commercial real estate debt demonstrates a particularly attractive opportunity in the private credit markets, with spreads and illiquidity premia reaching 10-year highs over the past few years. This comes because of the growing funding gap in this space as banks continue to reduce financing - allowing pension and insurance investors access to this area.

CRED II is an evergreen, UK-focused strategy for institutional investors. The fund is designed to generate attractive levels of income by investing in a diversified portfolio of predominantly senior, investment grade real-estate debt assets. CRED II will have an average rating of BBB and is targeting spreads and illiquidity premia in the range of 375-575bps and 100-300bps respectively. The fund held its first close in March 2022 with £205m in commitments and aims to grow to £1bn.

The commercial real estate debt platform at abrdn is supported by its £94bn1 Fixed Income team, and the Real Estate team representing over £40bn1 of assets. abrdn's wide-spanning Private Credit business has over £12bn1 in AUM and is well positioned to provide tailored solutions to clients' long-term needs.

1 As at 30 June 2022.

Attachments

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Disclaimer

abrdn plc published this content on 25 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2023 13:07:04 UTC.

Abrdn : seeing attractive opportunities in real estate debt market and accelerates deployment for UK pooled fund | MarketScreener

abrdn UK Smaller Companies Growth Trust plc announces that it is satisfied, by virtue of the points listed below, that all inside information which the Directors and the Company may have in the closed period which ends on the date of the announcement of the Half-Yearly Report for the six month period ended 31 December 2022 has been notified to a Regulated Information Service ("RIS"). The Company is therefore not prohibited from purchasing its own securities or issuing shares during this period.

1) the announcement on 6 January 2023 of the net asset value per share as of the close of business on 31 December 2022,

2) the Company's belief, following reasonable enquiries, that there will be no material difference between the information published on 6 January 2023 and that to be included in the forthcoming announcement of the Half-Yearly Report,

3) the Company's practice of calculating net asset values per share each business day and the announcement of these net asset values to an RIS,

4) there being no other unpublished information which constitutes price-sensitive information in respect of the Company's securities, and

abrdn UK Smaller Cos : Compliance with Market Abuse Regulation

Jefferies said Man Group's shares offered "cheap downside protection" should the current "more constructive market backdrop" start to unravel.

Whilst net flows will have deteriorated in the second half, due to LDI and rebalancing activity, Jefferies stated that gross inflows had "remained strong"

"Extraordinary capital returns should remain an attractive recurring feature of the equity story," said the analysts, who stood by their 285.0p target price on the stock.

As far as abrdn was concerned, Jefferies said its share price performance in the fourth quarter benefited from the execution of the second tranche of its buyback and a return to the FTSE 100.

"Whilst further capital returns seem likely as it looks to sell its ~10% stake in HDFC AMC (pending regulator approval), the ability to execute a sizeable buyback in the ST is limited ahead of the renewal of its AGM (10-May) authorisation," said Jefferies, which slightly raised its target price on the stock from 210.0p to 215.0p.

"Meanwhile, undertaking a turnaround of its core Investments unit in current market conditions will be challenging and recent commentary (press and company) re CFO succession planning adds uncertainty to the mix."

Jefferies upgrades Man Group, downgrades abrdn

The UK fund giant has registered metaverse and active global real estate ETFs

abrdn is edging closer to its long-awaited entry into the European ETF market after registering two ETFs with the Central Bank of Ireland (CBI), ETF Stream can reveal.

The asset manager received regulatory approval from the Irish regulator for the Abrdn Metaverse UCITS ETF and the Abrdn Global Real Estate Active Thematic UCITS ETF last November.

abrdn declined to comment on the registrations.

The UK asset manager's entry into the European ETF market has been anticipated since the appointment of Chanchal Samadder as head of ETF sales strategy and specialist distribution in March 2021.

However, Sammadder left abrdn in November 2021, a little over six months after joining.

His departure did not derail abdrn's entry into European ETFs however, with the firm already running a US ETF business with some $7.2bn assets under management (AUM) following the acquisition from ETF Securities in 2018.

It also runs a circa $10bn index business in Europe.

Stephen Bird, CEO of abrdn, who has previously hinted at expanding the firm's passive business, has continued to transform its asset management arm since he was appointed in 2020.

The launch of abrdn's global real estate product signals its intent to launch active ETFs, a rapidly growing segment of the European ETF market.

Meanwhile, the metaverse product will see abrdn enter the market on the back of one of the hottest themes in Europe.

Over 35 metaverse-related ETFs have launched globally since June 2021, according to data from Morningstar, outpacing the 32 internet-themed launches and 29 blockchain ETFs over the last two years.

Last December, BlackRock entered the metaverse with the iShares Metaverse UCITS ETF (MTAV), ETF Stream revealed, taking the total number of ETFs tracking the theme in Europe to six.

The theme has gained huge traction despite the lacklustre performance of companies tracking the metaverse, with Facebook's parent company Meta's share price falling 56% over the past 12 months.

abrdn would be the largest asset manager to enter the European ETF market since AXA Investment Managers launched its first ETFs last September.

abrdn registers two ETFs with CBI as European entry looms

TORONTO, ON / ACCESSWIRE / January 17, 2023 / abrdn Asia-Pacific Income Fund VCC (TSX:FAP) (UEN: T21VC0235H) (the "Company"), a closed-end investment company trading on the Toronto Stock Exchange, announced today details of the 2023 voluntary cash redemption and reduction in its monthly distribution.

Voluntary Annual Cash Redemption

The redemption date for the Company's annual voluntary cash redemption will be March 31, 2023. Shareholders are entitled to redeem shares of the Company at a price equal to 100% of the Average Net Asset Value (NAV) of the three trading days preceding the March 31, 2023 redemption date, less direct costs. Direct costs are expected to be less than 1%. If all redemption requests exceed 10% of the aggregate outstanding shares of the Company on March 10, 2023, the final day to submit shares for redemption, the Company will process redemptions to this maximum on a pro-rata basis based on the total number of shares tendered. Payment for shares that have been tendered and accepted for redemption will be made on or before April 21, 2023.

Shareholders wishing to redeem their shares must provide notice of their intent to do so with their investment advisor or brokerage office no later than 5pm Eastern time on March 10, 2023. Please note that investment firms may impose an earlier deadline in order to facilitate the processing of redemption requests. Shareholders are strongly urged to consult their investment advisor or brokerage office directly to confirm their internal deadlines. Registered shareholders (those who hold a physical share certificate in their name) should contact the Company's transfer agent, Computershare Trust Company of Canada, at 1-800-564-6253 to redeem their shares. Shares that have been submitted for redemption will remain eligible for the March 2023 distribution, which will be paid in March 2023.

The Company also announces that it will pay a monthly distribution of CAD 1.75 cents per share commencing with the distribution to be declared in February 2023, representing a reduction in distribution from the current rate of CAD 2.25 cents per share per month. The Company intends to maintain this distribution level for at least the next 12 months unless there are significant and unforeseen changes in market conditions or an economic shock. The reduced distribution rate, as of January 13, 2023, equates to a distribution rate of approximately 6.7% on NAV, or 7.9% on market prices.

The current reduction in distribution takes into account many factors, including, but not limited to, the Company's current and expected earnings and the Investment Manager's economic and market outlook. For comparative purposes, as of December 31, 2022, the Company's blended benchmark has a running yield of approximately 4.2%, while the global high yield indices have a running yield of approximately 6.2%.

The investment objective of the Company is to obtain current income. The Company may also achieve incidental capital appreciation. The dividend policy of the Company's Board of Directors is to provide investors with a stable monthly distribution out of net investment income and realized capital gains supplemented with return of capital as required.

As a reminder, Singapore legislation does not provide for paid-in capital or par value. The full amount of all dividends paid by the Company are treated as income for Canadian income tax purposes.

Investment Manager's Outlook

The Company's portfolio is managed by abrdn Asia Limited (the "Investment Manager") and sub-advised by abrdn Investments Limited.

Following a very challenging period for bond markets, the outlook in 2023 is more constructive; especially as central banks draw closer to the end of their tightening process, and in the Asian region, as China begins to ease its strict zero-COVID restrictions.

We believe three factors will underpin support for Asian and emerging markets fixed income markets in 2023: a more stable global macro environment; inexpensive valuations in currencies, domestic rates and credit; and light positioning.

Important Information

Past performance is no guarantee of future results. Investment returns and principal will fluctuate and shares, when sold, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. NAV returned data includes investment management fees, custodial charges, bank loan expenses and administrative fees (such as Director and legal fees) and assumes the reinvestment of all distributions. The Company is subject to investment risk, including the possible loss of principal. Total return based on net asset value reflects changes in the Company's net asset value during each period. Total return based on market price reflects changes in market value.

abrdn is the registered marketing name in Canada for the following entities: abrdn Canada Limited, abrdn Investments Luxembourg S.A., abrdn Private Equity (Europe) Limited, abrdn Capital Partners LLP, abrdn Investment Management Limited, abrdn Alternative Funds Limited, and Aberdeen Capital Management LLC. abrdn Canada Limited is registered as a Portfolio Manager and Exempt Market Dealer in all provinces and territories of Canada as well as an Investment Fund Manager in the provinces of Ontario, Quebec, and Newfoundland and Labrador.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Company'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 company's portfolio. There is no assurance that the Company will achieve its investment objective. Past performance does not guarantee future results.

If you wish to receive this information electronically, please contact Investor.Relations@abrdn.com

abrdn Asia-Pacific Income Fund VCC Announces 2023 Voluntary Cash Redemption and Reduction in Monthly Distribution Rate

Friday marks the last chance for investors to receive the next dividend payout from abrdn Glb Inc Fund FCO.

The company announced on Wednesday that it would pay shareholders a monthly dividend of 7 cents per share. On Monday, abrdn Glb Inc Fund will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open 7 cents lower than it would have opened on any other day.

In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date -- in this case, Monday. Shareholders who own FCO as of the end of Friday's session are eligible to receive the 7 cents dividend payout for every share that they own.

According to the company, this dividend will be paid out to shareholders on January 31, 2023. Investors will then be able to either reinvest those dividends back into the stock or use the payment in some other way.

abrdn Glb Inc Fund: Dividend Insights 

Friday marks the last chance for investors to receive the next dividend payout from abrdn Inc Credit Strat ACP.

The company announced on Wednesday that it would pay shareholders a monthly dividend of 10 cents per share. On Monday, abrdn Inc Credit Strat will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open 10 cents lower than it would have opened on any other day.

In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date -- in this case, Monday. Shareholders who own ACP as of the end of Friday's session are eligible to receive the 10 cents dividend payout for every share that they own.

According to the company, this dividend will be paid out to shareholders on January 31, 2023. Investors will then be able to either reinvest those dividends back into the stock or use the payment in some other way.

Click here to find details on abrdn Inc Credit Strat's previous dividends.

abrdn Inc Credit Strat: Dividend Insights 

Friday marks the last chance for investors to receive the next dividend payout from abrdn Glb Infr Inc Fd ASGI.

The company announced on Wednesday that it would pay shareholders a monthly dividend of 12 cents per share. On Monday, abrdn Glb Infr Inc Fd will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open 12 cents lower than it would have opened on any other day.

In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date -- in this case, Monday. Shareholders who own ASGI as of the end of Friday's session are eligible to receive the 12 cents dividend payout for every share that they own.

According to the company, this dividend will be paid out to shareholders on January 31, 2023. Investors will then be able to either reinvest those dividends back into the stock or use the payment in some other way.

Friday Is Your Last Chance To Buy abrdn Glb Infr Inc Fd Before The Dividend Payout 

abrdn Private Equity Opportunities Plc, a trust with a diversified portfolio of private equity investments, intends to publish its results for the year ended 30 September 2022 on Tuesday 31 January 2023.

On the day of results there will be a webinar/conference call for analysts at 9:30am GMT hosted by Alan Gauld, Senior Investment Director of APEO. Anyone wishing to register should contact [email protected] where further details will be provided.

Alan Gauld will also host a call for private client investment managers at 11:00am GMT on the day of results. Anyone wishing to register should contact [email protected] further details will be provided.

About abrdn Private Equity Opportunities Trust plc

abrdn Private Equity Opportunities (APEO) has the investment objective of achieving long-term total returns through holding a diversified portfolio of private equity funds and co-investments, the majority of which have a European focus. The fund invests in mature businesses, primarily though management buy-out transactions and the entire portfolio holds around 50 active private equity funds.

abrdn Pvt Equity : Notice of Results

TORONTO, ON / ACCESSWIRE / January 11, 2023 / abrdn Asia-Pacific Income Investment Fund VCC (TSX:FAP) (UEN:T21VC0235H) (the "Company"), a closed-end investment company trading on the Toronto Stock Exchange, announced today that it will pay a monthly distribution of CAD 2.25 cents per ordinary share on January 31, 2023 to all ordinary shareholders of record as of January 24, 2023 (ex-dividend date January 23, 2023).

The policy of the Company's Board of Directors is to maintain a stable monthly distribution. For the 12 months to December 31, 2022, the Company has paid total distributions amounting to CAD 27.00 cents per ordinary share.

As a Singapore domiciled company, all distribution payments will be treated as foreign income for Canadian income tax purposes. Shareholders with registered addresses in Canada will receive distributions in Canadian dollars unless they have elected otherwise.

The Company's estimated sources of the current fiscal year to date distributions is as follows:

Total Distributions Dividends Declared Fiscal Year to Date

(Foreign Income)

Estimated Component of Distribution from Net Investment Income

Estimated Component of Distribution in Excess of Available Net Investment Income

$0.0675

$0.0439

$0.0236

Shareholders should not draw any conclusions about the Company's investment performance from the amount of the Company's current distribution. The amounts and sources of distributions set out above are estimates only and are not being provided for tax reporting purposes. The final determination of the source of all distributions made in 2023 will be made after the year-ended 2023. The actual amounts and sources of the amounts of distributions for tax reporting purposes will depend upon the Company's results during the remainder of the calendar year and are subject to any changes to applicable tax regulations. Information for tax reporting purposes will be provided to the Company's shareholders on a Form T5 in February of 2024.

abrdn is the registered marketing name in Canada for the following entities: abrdn Canada Limited, abrdn Investments Luxembourg S.A., abrdn Private Equity (Europe) Limited, abrdn Capital Partners LLP, abrdn Investment Management Limited, Aberdeen Standard Alternative Funds Limited, and Aberdeen Capital Management LLC. abrdn Canada Limited is registered as a Portfolio Manager and Exempt Market Dealer in all provinces and territories of Canada as well as an Investment Fund Manager in the provinces of Ontario, Quebec, and Newfoundland and Labrador.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Company'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 Company. There is no assurance that the Company will achieve its investment objective. Past performance does not guarantee future results.

If you wish to receive this information electronically, please contact Investor.Relations@abrdn.com. https://www.abrdn.com/en-ca/canadaclosedend

For More Information Contact:

abrdn Asia-Pacific Income Fund VCC

Investor Relations

1-800-992-6341

Investor.Relations@abrdn.com

SOURCE: abrdn Asia-Pacific Income Fund VCCView source version on accesswire.com:

https://www.accesswire.com/734926/abrdn-Asia-Pacific-Income-Fund-VCC-Announces-Monthly-Distribution

ABRDN ASIA-PACIFIC INCOME FUND-Aktie komplett kostenlos handeln - auf Smartbroker.de

abrdn Asia-Pacific Income Investment Fund VCC: abrdn Asia-Pacific Income Fund VCC Announces Monthly Distribution

PHILADELPHIA, PA / ACCESSWIRE / January 11, 2023 / The following abrdn U.S. Closed-End Funds announced today that the closed end funds in the chart directly below will pay the distributions indicated on a per share basis on January 31, 2023 to all shareholders of record as of January 24, 2023 (ex-dividend date January 23, 2023).

Ticker

Exchange

Fund

Amount

ACPNYSEabrdn Income Credit Strategies Fund$ 0.1000AGDNYSEabrdn Global Dynamic Dividend Fund$ 0.0650AODNYSEabrdn Total Dynamic Dividend Fund$ 0.0575ASGINYSEabrdn Global Infrastructure Income Fund$ 0.1200AWPNYSEabrdn Global Premier Properties Fund$ 0.0400FAXNYSE Americanabrdn Asia-Pacific Income Fund, Inc.$ 0.0275FCONYSE Americanabrdn Global Income Fund, Inc.$ 0.0700

At the end of each calendar year, a Form 1099-DIV will be sent to shareholders, which will state the amount and composition of each fund's distributions and provide information with respect to their appropriate tax treatment for the prior calendar year. You should not draw any conclusions about any of these Funds' investment performance from the amount of the distributions.

MANAGED DISTRIBUTION POLICY FUNDS

ANNOUNCE DISTRIBUTION PAYMENT DETAILS

abrdn Global Infrastructure Income Fund ("ASGI")

abrdn Asia-Pacific Income Fund, Inc. ("FAX")

The above-noted abrdn U.S. Closed-End Funds (the "Funds" or individually the "Fund"), today announced that the Funds will pay the distributions noted in the chart above on January 31, 2023, on a per share basis to all shareholders of record as of January 24, 2023 (ex-dividend date January 23, 2023).

Each Fund has adopted a distribution policy to provide investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital in reliance on an exemptive order granted by the Securities and Exchange Commission.

Under applicable U.S. tax rules, the amount and character of distributable income for each Fund's fiscal

year can be finally determined only as of the end of the Fund's fiscal year. However, under Section 19 of

the Investment Company Act of 1940, as amended (the "1940 Act") and related rules, the Funds may be required to indicate to shareholders the estimated source of certain distributions to shareholders.

The following tables set forth the estimated amounts of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been computed based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions to be paid as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

Each Fund's estimated sources of the current distributions to be paid and for its current fiscal year to date are as follows:

Estimated Amounts of Current Distribution per Share

Fund

Distribution Amount

Net Investment Income

Net Realized Short-Term Gains*

Net Realized Long-Term Gains

Return of Capital

ASGI

$0.1200

$0.0132

11%

-

-

$0.1068

89%

-

-

FAX

$0.0275

$0.0143

52%

-

-

-

-

$0.0132

48%

Estimated Amounts of Fiscal Year to Date Cumulative Distributions per Share

Fund

Fiscal Year** to Date Distribution Amount

Net Investment Income

Net Realized Short-Term Gains*

Net Realized Long-Term Gains

Return of Capital

ASGI

$0.4800

$0.0528

11%

-

-

$0.4272

89%

-

-

FAX

$0.0825

$0.0429

52%

-

-

-

-

$0.0396

48%

*includes currency gains

**ASGI has a 9/30 fiscal year end; FAX has a 10/31 fiscal year end.

Where the estimated amounts above show a portion of the distribution to be a "Return of Capital," it means that Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides the Funds' total return performance based on net asset value (NAV) over various time periods compared to the Funds' annualized and cumulative distribution rates.

Fund Performance and Distribution Rate Information

Fund

Average Annual Total Return on NAV for the 5 Year Period Ending 12/31/2022¹

Current Fiscal Period's Annualized Distribution Rate on NAV²

Cumulative Total Return on NAV¹

Cumulative Distribution Rate on NAV²

ASGI

7.49%3

7.07%

10.71%

1.77%

FAX

(2.15%)

10.58%

11.59%

1.76%

1 Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund's dividend reinvestment plan, with the exception of the most recent distribution.

2 Based on the Fund's NAV as of December 31, 2022.

3 The Fund launched within the past 5 years; the performance and distribution rate information presented reflects data from inception (July 29, 2020) through December 31, 2022.

Shareholders should not draw any conclusions about a Fund's investment performance from the amount of the Fund's current distributions or from the terms of the distribution policy (the "Distribution Policy").

While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held,

capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expense ratio and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The Distribution Policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. Each Fund's Board has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.

Circular 230 disclosure: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., Aberdeen Asset Managers Ltd., abrdn Australia Limited, abrdn Asia Limited, Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.

Closed-end funds are traded on the secondary market through one of the stock exchanges. A 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 a Fund will achieve its investment objective. Past performance does not guarantee future results.

If you If you wish to receive this information electronically, please contact Investor.Relations@abrdn.com

https://www.abrdn.com/en-us/cefinvestorcenter

For More Information Contact:

abrdn U.S. Closed-End Funds

Investor Relations

1-800-522-5465

Investor.Relations@abrdn.com

###

SOURCE: abrdn U.S. Closed-End Funds

View source version on accesswire.com:

https://www.accesswire.com/734927/abrdn-US-Closed-End-Funds-Announce-Distribution-Payment-Details

abrdn U.S. Closed-End Funds Announce Distribution Payment Details

The UK asset manager shared five investment themes in China that it overweighs in 2023.

After years of underperformance due to the country's zero-Covid policy, abrdn believes 2023 is the year for investors to reposition themselves when it comes to China equities.

"China is definitely investible, but you have to remain selective given that the economy is going through a bumpy recovery ride," said Nicolas Yeo, head of China equities at abrdn.

"It is essential to choose sectors that are able to grow well and are supported by the government."

As the world shifts its gaze back on the world's second largest economy, abrdn shared five investment themes in China that it overweighs in 2023.

Firstly, aspiration spending. Despite the prolonged lockdown in China, the country's rising affluence is leading to fast growth in consumption in areas including financial services and food and beverage.

"We are aware that there are upgrades in what Chinese young people want in life; they are looking for quality products and services," said Yeo.

"The trend has not died down even with the pandemic and has become a long-term generational change among Chinese in their spending habits."

Companies that fit into the aspiration theme include some high quality consumption firms.

With increasing Sino-US tensions and growing concerns over national security, the asset manager identified digitalisation as the second major theme in China for this year.

It favours home-grown software companies as the Beijing government will continue to encourage their companies to use Chinese-made software over their foreign peers.

"The domestic software companies have a natural advantage because they are supported and endorsed by the government in the name of national security."

Investors should be selective when investing in semiconductor companies because of the US Chip Act.

abrdn believes they should avoid investing in chip manufacturing companies or those that are involved in cutting-edge technologies as they are easily caught up in the midst of the Sino-US tensions.

"We favour equipment suppliers because of a huge push by the country to be self-sufficient; that is Chinese companies to use chips produced by home-grown chip makers."

Another theme that abrdn says investors should capitalise on in China is sustainability, especially in the electric vehicle sector.

But instead of investing in car manufacturers, Yeo believes there is more upside in car parts such as lithium batteries.

He also noted that despite the underperformance in 2022, some names within the green and solar energy sector in China grew earnings per share 40%.

The last two themes are healthcare and wealth management, which are likely to be benefit from the aging population in the world's second largest economy.

Nonetheless, Yeo acknowledged that investors, particularly those in western countries, are often confused about the abruptly changing policies in China.

"The unpredictability of the policy framework hasn't gone down very well with a number of international investors as they are still questioning whether the changes are benefiting the economy," said Yeo.

"However, we believe time will tell. We think China could be led by domestic money and international investors will look at China again as the market goes up."

abrdn sees opportunities in China - Fund Selector Asia

The Directors of the Company have today declared an increased fourth interim dividend in respect of the year ended 31 December 2022 of 3.10p per Ordinary share of No Par Value (fourth interim for 2021: 2.75p). The fourth interim dividend will be payable on 17 February 2023 to Ordinary shareholders on the register on 20 January 2023, with an ex-dividend date of 19 January 2023.

The total dividend for 2022 amounts to 10.00p, representing an increase of 5.3% compared to the previous year (2021: 9.50p), and the Board is pleased to note that this represents the fourteenth consecutive year of annual dividend increases. In the absence of unforeseen circumstances, it is the Board's intention to declare a total dividend of at least 10.50p per Ordinary share in respect of the year to 31 December 2023 and the Board aspires to continuing to increase the level of dividend in future years.

abrdn Asian IncFd : Fourth Interim Dividend

Esteemed investment firm Abrdn has come to an agreement with the John Lewis Partnership worth an incredible £500 million. That money will go towards not only building 1,000 new residential rental homes but also helping with much-needed redevelopment for three sites in Waitrose simultaneously. All of this comes as the first part of a much larger plan - one that will see up to 10,000 new homes built in the areas over the course of the next ten years.

All told, Abrdn is setting out to redevelop various Waitrose shops in Bromley and West Ealing. Additional work will be completed at a John Lewis warehouse in Reading that currently sits without a tenant.

The new homes will be furnished with products obtained directly from John Lewis. The site itself had been chosen because of its close distance to various transportation hubs and its overall centralized location.

It's an exciting move for the John Lewis Partnership, and it has come along at best possible moment. That organization already warned that due to economic uncertainty from the still-ongoing COVID-19 pandemic, coupled with a difficult end-of-the-year period in the months ahead of the holiday season, have had a number of adverse effects - including those pertaining to the company's annual staff bonuses. This move into the rental market, coupled with the participation of the experts at Abrdn, will help generate a stable source of income that can help right the proverbial ship well into the future.

Indeed, it's a turn of events that people with both organizations are already celebrating. The executive director for strategy and commercial development at John Lewis said that the partnership with Abrdn was a "major milestone" in John Lewis' ambition to create essential, quality housing in various communities. In addition to furnishings from John Lewis, residents of the homes can expect to enjoy top-of-the-line service and state-of-the-art facilities once they are eventually completed.

It's important to note that while the deal is reported to be worth as much as £500 million, both parties are being tight-lipped about exactly how much each contributes. When the sites eventually open, they will be a mixture of one to three-bedroom apartments.

Even though this partnership is still in its early stages, things are already moving quickly. The first round of planning applications for the sites to be redeveloped is expected to be submitted early in the new year. At the same time, a public consultation process pertaining to the site in Reading will begin in earnest.

Provided all submitted plans are approved, after the first submission for consent takes place, construction can begin at both West Ealing and Bromley at some point during 2024. Residents can expect to be able to move into the new units as soon as 2027.

Beyond that, there isn't much in the way of a timeline for the Reading properly because the first proposals for what shape the project will take won't be completed until well into 2023. However, representatives from John Lewis said that they would use the next few weeks and months to continue assessing other sites that could allow construction to begin sooner.

All of this comes at an exciting time for the residential property market in the United Kingdom. Officials from John Lewis estimate that the market will double in size by as soon as 2026. During that time, roughly 30,000 new homes are expected to be completed yearly. This is critical because there is an estimated shortfall of more than 75,000 rental homes in London alone.

Not only that, but renters have routinely faced a massive cost increase over the last few years. Much has been made about how private landlords are quickly raising rental rates to make up for their shortcomings - a move that has only exacerbated what many see to be a legitimate crisis in terms of the cost of living in the country.

It's also important to note that the John Lewis Partnership's relationship with Abrdn will include various community-driven commitments that emphasize affordable housing and sustainable housing. This is part of their pledge to become a "net zero" business by as soon as 2035.

It's equally important to note that the total number of homes that will be constructed on each of the sites, as mentioned earlier, has yet to be fully nailed down. This will become clear as the planning and development phases continue in the new year. One can look at the size of each of the properties to make an educated guess as to what each one might contain. The West Ealing site, for example, is home to one of the area's larger supermarkets. That retail location has a footprint of 32,000 square feet alone. The Bromley site has a similar supermarket that is 25,000 square feet.

When you consider these numbers within the context of the average shop - which is only estimated to be about 21,000 square feet in size - it's easy to see how much potential each site truly has.

Since its inception, Abrdn is an organization dedicated to helping its clients plan, save and invest for their futures. In addition to helping with these types of partnerships regularly, Abrdn also offers services to individuals looking for things like retirement advice and financial planning. They also offer direct investing, sustainable investing, and more. Abrdn also acts as an intermediary for wealth managers and financial advisors managing savings or other investments on behalf of another party. They are dedicated to helping people unlock the brightest economic future possible; this is just another in a long line of examples of how they do it.

Abrdn & John Lewis Come to £500 Million Agreement to Build 1,000 New Rental Homes | ABC Money

Baillie Gifford has appointed ex-abrdn portfolio manager Arthur Milson as co-manager of its £631m High Yield Bond fund, joining existing managers Robert Baltzer and Lucy Isles with immediate effect.

Milson joined Baillie Gifford in 2022 as an investment manager in the credit team. Prior to joining the firm, he spent 16 years managing high yield funds at abrdn.

The fund aims to produce a combination of income and capital growth by investing in high yield bonds. It adopts an unconstrained, best ideas approach, aiming to outperform the IA Sterling High Yield sector average.

Baillie Gifford's Tom Slater owns up to 'humbling' 2022

In the last three years, the fund is down 6.4%, while its sector has lost 1.1% over the same time period, according to data from FE fundinfo.

Lesley Dunn, head of credit at Baillie Gifford, said: "Arthur joins us at an exciting time for the High Yield market, with the asset class providing close to double-digit yields.

"Arthur is attracted to the focus we place on bond selection in our credit strategies and the opportunities that our long-term approach affords. [...] We are extremely excited to add such an experienced hire to the Baillie Gifford credit team."

Ex-abrdn manager takes co-manager role at £630m Baillie Gifford high yield bond fund 

FOR IMMEDIATE RELEASE

For More Information Contact: abrdn U.S. Closed-EndFunds Investor Relations 1-800-522-5465Investor.Relations@abrdn.com

ABRDN U.S. CLOSED-END FUNDS

ANNOUNCE DISTRIBUTION PAYMENT DETAILS

(Philadelphia, January 11, 2023) - The following abrdn U.S. Closed-EndFundsannounced today that the closed end funds in the chart directly below will pay the distributions indicated on a per share basis on January 31, 2023 to all shareholders of record as of January 24, 2023 (ex-dividend date January 23, 2023).

Ticker

Exchange

Fund

Amount

ACP

NYSE

abrdn Income Credit Strategies Fund

$

0.1000

AGD

NYSE

abrdn Global Dynamic Dividend Fund

$

0.0650

AOD

NYSE

abrdn Total Dynamic Dividend Fund

$

0.0575

ASGI

NYSE

abrdn Global Infrastructure Income Fund

$

0.1200

AWP

NYSE

abrdn Global Premier Properties Fund

$

0.0400

FAX

NYSE American

abrdn Asia-Pacific Income Fund, Inc.

$

0.0275

FCO

NYSE American

abrdn Global Income Fund, Inc.

$

0.0700

At the end of each calendar year, a Form 1099-DIV will be sent to shareholders, which will state the amount and composition of each fund's distributions and provide information with respect to their appropriate tax treatment for the prior calendar year. You should not draw any conclusions about any of these Funds' investment performance from the amount of the distributions.

MANAGED DISTRIBUTION POLICY FUNDS

ANNOUNCE DISTRIBUTION PAYMENT DETAILS

abrdn Global Infrastructure Income Fund ("ASGI")

abrdn Asia-Pacific Income Fund, Inc. ("FAX")

The above-notedabrdn U.S. Closed-EndFunds(the "Funds" or individually the "Fund"), today announced that the Funds will pay the distributions noted in the chart above on January 31, 2023, on a per share basis to all shareholders of record as of January 24, 2023 (ex-dividend date January 23, 2023).

Each Fund has adopted a distribution policy to provide investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital in reliance on an exemptive order granted by the Securities and Exchange Commission.

Under applicable U.S. tax rules, the amount and character of distributable income for each Fund's fiscal year can be finally determined only as of the end of the Fund's fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act") and related rules, the Funds may be required to indicate to shareholders the estimated source of certain distributions to shareholders.

The following tables set forth the estimated amounts of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been computed based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current

distributions to be paid as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

Each Fund's estimated sources of the current distributions to be paid and for its current fiscal year to date are as follows:

Estimated Amounts of Current Distribution per Share

Fund

Distribution

Net Investment

Net Realized Short-Term

Net Realized Long-

Return of Capital

Amount

Income

Gains*

Term Gains

ASGI

$0.1200

$0.0132

11%

-

-

$0.1068

89%

-

-

FAX

$0.0275

$0.0143

52%

-

-

-

-

$0.0132

48%

Estimated Amounts of Fiscal Year to Date Cumulative Distributions per Share

Fiscal Year**

Fund

to Date

Net Investment

Net Realized Short-Term

Net Realized Long-

Return of Capital

Distribution

Income

Gains*

Term Gains

Amount

ASGI

$0.4800

$0.0528

11%

-

-

$0.4272

89%

-

-

FAX

$0.0825

$0.0429

52%

-

-

-

-

$0.0396

48%

*includes currency gains

**ASGI has a 9/30 fiscal year end; FAX has a 10/31 fiscal year end.

Where the estimated amounts above show a portion of the distribution to be a "Return of Capital," it means that Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides the Funds' total return performance based on net asset value (NAV) over various time periods compared to the Funds' annualized and cumulative distribution rates.

Fund Performance and Distribution Rate Information

Fund

Average Annual Total Return on NAV for the 5 Year Period Ending 12/31/2022¹

Current Fiscal

Period's

Annualized

Distribution Rate

on NAV²

Cumulative

Total Return on

NAV¹

Cumulative

Distribution Rate

on NAV²

ASGI

7.49%3

7.07%

10.71%

1.77%

FAX

(2.15%)

10.58%

11.59%

1.76%

Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund's dividend reinvestment plan, with the exception of the most recent distribution. Based on the Fund's NAV as of December 31, 2022. The Fund launched within the past 5 years; the performance and distribution rate information presented reflects data from inception (July 29, 2020) through December 31, 2022.

Shareholders should not draw any conclusions about a Fund's investment performance from the amount of the Fund's current distributions or from the terms of the distribution policy (the "Distribution Policy").

While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held,

capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expense ratio and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The Distribution Policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. Each Fund's Board has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.

Circular 230 disclosure: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., Aberdeen Asset Managers Ltd., abrdn Australia Limited, abrdn Asia Limited, Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.

Closed-end funds are traded on the secondary market through one of the stock exchanges. A 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 a Fund will achieve its investment objective. Past performance does not guarantee future results.

If you wish to receive this information electronically, please contact Investor.Relations@abrdn.com

https://www.abrdn.com/en-us/cefinvestorcenter

###

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Aberdeen Income Credit Strategies Fund published this content on 11 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2023 14:59:04 UTC.

Abrdn Income Credit Strategies Fund : Section 19 Notice | MarketScreener

abrdn China Investment Company Limited (the "Company")

In accordance with the Disclosure Guidance and Transparency Rules, the Company notifies the market of the following:

As at 31 December 2022, the issued share capital of the Company consisted of 62,172,947 Ordinary Shares, with a nominal value of £0.01, with each Ordinary Share carrying one voting right.

The Company held 17,759,761 Ordinary Shares in Treasury.

Therefore, the total number of voting rights in the Company is 44,413,186 (the 'Figure').

The Figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

abrdn Fund Managers Limited (Alternative Investment Fund Manager to the Company)

abrdn China Inv.Co. : Total Voting Rights

The global economy is on the precipice of recession. Indeed, recessions appear to have already begun in some economies. Leading indicators in the Eurozone are deep in contraction, and we expect GDP growth to turn negative from the fourth quarter of 2022.

Admittedly, energy rationing this winter now looks less likely, given the build-up in gas storage. But the mild weather and reduced Asian demand that have allowed Europe to secure large amounts of liquid natural gas cannot be relied upon to continue. Moreover, we see no immediate end to the Russia-Ukraine war, meaning no flows of pipeline gas. In any case, avoiding gas rationing this winter only makes Europe's recession less severe, rather than preventing it.

In the UK, GDP contracted in the third quarter; the weakness of leading indicators, and the sharp rise in interest rates means a more fundamental recession is setting in, or will soon. While the US is slowing, growth remains positive, with consumer spending especially resilient. But we take a more leading signal from the contraction in housing indicators.

Despite signs that inflation is peaking, our analysis implies that taming core inflation requires a substantial rise in unemployment. And critically, we think the Fed is prepared to do what is necessary.

In China, despite excitement about a double pivot towards easing zero-Covid and property sector policies, rising Covid cases are contributing to a near-term worsening in growth. A forceful recovery in housing is unlikely with developer funding conditions tight, the pipeline of activity depressed, and a supply overhang.

Across broader emerging markets, macro prospects vary considerably. Asia is best placed, while parts of Latin America are close to easing monetary policy. Inflation is still too high in the central and eastern European countries, while many frontier emerging markets are in the midst of crisis.

Global headline inflation pressures are passing their peak. But core inflation will prove stickier, as labour markets are too tight and firms have too much pricing power.

This means we envisage more rate hikes in the near-term, including another 1.0% from the US Fed and European Central Bank, and 1.5% from the Bank of England, by the end of the first quarter of 2023. Risks are skewed towards even more.

But the demand destruction during the recessions should ultimately put significant downward pressure on core inflation.

The upshot is that we think central banks will be in rate cutting mode again by late 2023. We project US interest rates to return to the effective lower bound by late 2024 and both UK and Euro area interest rates to do the same.

Risks are skewed towards weaker growth but higher inflation than the consensus expects. We have introduced a "sticky inflation" scenario in which tightening triggers recession, but underlying inflation proves more persistent.

Even then though, the policy rate falls well below 2% across the mean of all scenarios. This is why we are bullish on duration heading into next year, as well as currency proxies like the yen and Swiss franc.

The outlook for risk assets on an excess return basis is poorer. After the recent rallies, a soft landing is increasingly priced into equites and credit spreads. In our opinion, a durable rally will need to wait until the recessions are established.

Global economic outlook - Jeremy Lawson, chief economist, abrdn  - IFA Magazine

abrdn China Investment Company Limited (the "Company")

The Company announces that it is satisfied that any inside information which the Directors or the Company may have had up to today's date has previously been notified to a Regulated Information Service ("RIS").

By virtue of the points set out in (1) to (4) below, the Directors and the Company do not currently expect there to be any inside information arising in the closed period which will end on the date of the announcement of the Company's Annual Financial Report for the year ended 31 October 2022.

1) the announcement on 1 November 2022 of the Company's net asset value per share as of the close of business on 31 October 2022,

2) the Company's belief, following reasonable enquiries, that there will be no material difference between the information published on 1 November 2022 and that to be included in the forthcoming announcement of the Annual Financial Report,

3) the Company's practice of calculating net asset values per share each business day and the announcement of these net asset values to an RIS, and

4) there being no other unpublished information which constitutes price-sensitive information in respect of the Company's securities.

The Company is therefore not prohibited from dealing in its own securities during the closed period.

If, during the closed period leading up to the announcement of the Annual Financial Report, the Company or its Directors become aware of any inside information, such inside information will be managed in accordance with the UKLA's DTR 2.

abrdn Fund Managers Limited (Alternative Investment Fund Manager to the Company)

abrdn China Inv.Co. : Statement re dealings in shares

Today, Macquarie Global Infrastructure Total Return Fund Inc. (the "Fund"), a New York Stock Exchange (NYSE)-listed closed-end fund trading under the symbol "MGU", announced that the anticipated closing date of the reorganization of the Fund into abrdn Global Infrastructure Income Fund, a NYSE-listed closed-end fund trading under the symbol "ASGI" (the "Reorganization"), will be completed by the open of business on the NYSE on Monday, March 13, 2023, subject to the satisfaction of customary closing conditions. To facilitate the Reorganization, all shares of the Fund will cease trading on the NYSE as of market close on Friday, March 10, 2023.

The Reorganization, if completed, would occur based on the relative net asset value of the common shares of the Fund.

Further details on any applicable special distribution will be made available in a future press release.

About the Fund

Macquarie Global Infrastructure Total Return Fund Inc., a diversified closed-end fund, is listed on the New York Stock Exchange. The Fund's investment adviser is Delaware Management Company ("Investment Adviser"), a series of Macquarie Investment Management Business Trust, which is a subsidiary of Macquarie Management Holdings, Inc. ("MMHI"). MMHI is a subsidiary, and subject to the ultimate control, of Macquarie Group Limited. Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than $US508 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments & renewables, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets (which includes the aggregate of the Fund's average daily net assets plus proceeds from any outstanding borrowings used for leverage) in equity and equity-like securities and instruments, such as common stocks, preferred stocks, convertible securities and hybrid securities issued by US and non-US issuers (Infrastructure Issuers) that primarily own or operate Infrastructure Assets. "Infrastructure Assets" are an underlying foundation of basic services, facilities and institutions upon which the growth and development of a community depends and may provide the necessities of everyday life, such as fresh water, roads, airports, utilities, power, steam heating systems, hospitals, schools and other social services.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. An investor should consider the Fund's investment objective, risks, charges and expenses carefully before investing. Forward-looking statements are based on information that is available on the date hereof, and neither the Investment Adviser nor any other person affiliated with the Investment Adviser has any duty to update any forward-looking statements. Important factors that could affect actual results to differ from these statements include, among other factors, material, negative changes to the asset class and the actual composition of the portfolio.

Macquarie Global Infrastructure Total Return Fund Inc. Announces Date of Reorganization Into abrdn Global Infrastructure Income Fund - Macquarie Global (NYSE:MGU)

Today, Delaware Investments National Municipal Income Fund (the "Fund"), a New York Stock Exchange American-listed closed-end fund trading under the symbol "VFL", announced that its Board of Trustees (the "Board") approved a new investment management agreement with abrdn Inc. and the nomination of four new trustees who are currently trustees of existing abrdn funds (collectively, the "abrdn fund adoption"), subject to the conditions discussed below.

The Fund's investment objective and principal investment policies will not change as a result of the proposed change in investment manager to abrdn Inc., an experienced manager of US registered closed-end funds and municipal bond funds.

It is currently expected that the abrdn fund adoption will be completed in the second quarter of 2023 subject to (i) Fund shareholder approval of the new investment management agreement with abrdn Inc., (ii) Fund shareholder election of four trustees for the Fund, constituting a new Fund board of trustees, each to take office only if the investment management agreement proposal is approved by Fund shareholders and upon the resignation of the current trustees of the Fund, and (iii) the satisfaction of customary closing conditions.

Delaware Management Company, a series of Macquarie Investment Management Business Trust, is currently the investment manager of the Fund.

The initial proxy statement describing these shareholder proposals in further detail has been filed with the US Securities and Exchange Commission (the "SEC") today, but will not be distributed to shareholders of the Fund unless and until the proxy statement is declared effective by the SEC and a "definitive Proxy Statement" is filed.

This press release is not intended to be, and does not constitute, an offer to purchase or sell shares of the Fund nor is this press release intended to solicit a proxy from any shareholder of the Fund. The solicitation of proxies to effect the abrdn fund adoption will only be made by a definitive Proxy Statement of the Fund.

SHAREHOLDERS OF THE FUND ARE URGED TO READ CAREFULLY THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS IN THEIR ENTIRETY WHEN THEY ARE FILED WITH THE SEC AND BECOME AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ABRDN FUND ADOPTION.

The proxy statement will not constitute an offer to buy or sell securities, in any state where such offer or sale is not permitted.

About the Fund

The Fund's investment objective is to provide current income exempt from regular federal income tax consistent with the preservation of capital. In addition, the Fund has the ability to use leveraging techniques in an attempt to obtain a higher return for the Fund. Currently, the Fund has outstanding the variable-rate Preferred Shares as leverage. There is no assurance that the Fund will achieve its investment objective.

The Fund's investment return and principal value may fluctuate so that an investor's common shares may be worth more or less than the original cost. Common shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. Past performance does not guarantee future results. The above is for informational purposes only and should not be considered as an offer, or solicitation, to deal in any of the investments mentioned herein. The Preferred Shares have not been registered under the Securities Act of 1933 or any state securities laws, and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws.

The proxy materials and other documents filed by the Fund with the SEC, including the Fund's annual report for the fiscal year ended March 31, 2022, are available without cost at the SEC's website (sec.gov) or by calling the Fund's registrar and share transfer agent, Computershare, Inc. Listed closed-end funds are traded on the secondary market through one of the stock exchanges.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than $US508 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments and renewables, real estate, agriculture and natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.

Advisory services are provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust, a registered investment adviser. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs more than 19,000 people in 33 markets and is listed on the Australian Securities Exchange. For more information about Delaware Funds by Macquarie, visit delawarefunds.com or call 800 523-1918.

Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this press release is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this press release relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

Delaware Investments® National Municipal Income Fund Announces Board Approval of New Investment Management Agreement with abrdn Inc. and Nomination of Four New Trustees - Delaware Investments (AMEX:VFL)

Macquarie Global Infrastructure Total Return Fund Inc. Announces Date of Reorganization Into abrdn Global Infrastructure Income Fund

Macquarie Global Infrastructure Total Return Fund Inc. Announces Date of Reorganization Into abrdn Global Infrastructure Income Fund

NEW YORK-(BUSINESS WIRE)-Today, Macquarie Global Infrastructure Total Return Fund Inc. (the "Fund"), a New York Stock Exchange (NYSE)-listed closed-end fund trading under the symbol "MGU", announced that the anticipated closing date of the reorganization of the Fund into abrdn Global Infrastructure Income Fund, a NYSE-listed closed-end fund trading under the symbol "ASGI" (the "Reorganization"), will be completed by the open of business on the NYSE on Monday, March 13, 2023, subject to the satisfaction of customary closing conditions. To facilitate the Reorganization, all shares of the Fund will cease trading on the NYSE as of market close on Friday, March 10, 2023.

The Reorganization, if completed, would occur based on the relative net asset value of the common shares of the Fund.

Further details on any applicable special distribution will be made available in a future press release.

About the Fund

Macquarie Global Infrastructure Total Return Fund Inc., a diversified closed-end fund, is listed on the New York Stock Exchange. The Fund's investment adviser is Delaware Management Company ("Investment Adviser"), a series of Macquarie Investment Management Business Trust, which is a subsidiary of Macquarie Management Holdings, Inc. ("MMHI"). MMHI is a subsidiary, and subject to the ultimate control, of Macquarie Group Limited. Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than $US508 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments & renewables, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets (which includes the aggregate of the Fund's average daily net assets plus proceeds from any outstanding borrowings used for leverage) in equity and equity-like securities and instruments, such as common stocks, preferred stocks, convertible securities and hybrid securities issued by US and non-US issuers (Infrastructure Issuers) that primarily own or operate Infrastructure Assets. "Infrastructure Assets" are an underlying foundation of basic services, facilities and institutions upon which the growth and development of a community depends and may provide the necessities of everyday life, such as fresh water, roads, airports, utilities, power, steam heating systems, hospitals, schools and other social services.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. An investor should consider the Fund's investment objective, risks, charges and expenses carefully before investing. Forward-looking statements are based on information that is available on the date hereof, and neither the Investment Adviser nor any other person affiliated with the Investment Adviser has any duty to update any forward-looking statements. Important factors that could affect actual results to differ from these statements include, among other factors, material, negative changes to the asset class and the actual composition of the portfolio.

Macquarie Global Infrastructure Total Return Fund Inc. Announces Date of Reorganization Into abrdn Global Infrastructure Income Fund

Delaware Investments® National Municipal Income Fund Announces Board Approval of New Investment Management Agreement with abrdn Inc. and Nomination of Four New Trustees

Delaware Investments® National Municipal Income Fund Announces Board Approval of New Investment Management Agreement with abrdn Inc. and Nomination of Four New Trustees

PHILADELPHIA-(BUSINESS WIRE)-Today, Delaware Investments National Municipal Income Fund (the "Fund"), a New York Stock Exchange American-listed closed-end fund trading under the symbol "VFL", announced that its Board of Trustees (the "Board") approved a new investment management agreement with abrdn Inc. and the nomination of four new trustees who are currently trustees of existing abrdn funds (collectively, the "abrdn fund adoption"), subject to the conditions discussed below.

The Fund's investment objective and principal investment policies will not change as a result of the proposed change in investment manager to abrdn Inc., an experienced manager of US registered closed-end funds and municipal bond funds.

It is currently expected that the abrdn fund adoption will be completed in the second quarter of 2023 subject to (i) Fund shareholder approval of the new investment management agreement with abrdn Inc., (ii) Fund shareholder election of four trustees for the Fund, constituting a new Fund board of trustees, each to take office only if the investment management agreement proposal is approved by Fund shareholders and upon the resignation of the current trustees of the Fund, and (iii) the satisfaction of customary closing conditions.

Delaware Management Company, a series of Macquarie Investment Management Business Trust, is currently the investment manager of the Fund.

The initial proxy statement describing these shareholder proposals in further detail has been filed with the US Securities and Exchange Commission (the "SEC") today, but will not be distributed to shareholders of the Fund unless and until the proxy statement is declared effective by the SEC and a "definitive Proxy Statement" is filed.

This press release is not intended to be, and does not constitute, an offer to purchase or sell shares of the Fund nor is this press release intended to solicit a proxy from any shareholder of the Fund. The solicitation of proxies to effect the abrdn fund adoption will only be made by a definitive Proxy Statement of the Fund.

SHAREHOLDERS OF THE FUND ARE URGED TO READ CAREFULLY THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS IN THEIR ENTIRETY WHEN THEY ARE FILED WITH THE SEC AND BECOME AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ABRDN FUND ADOPTION.

The proxy statement will not constitute an offer to buy or sell securities, in any state where such offer or sale is not permitted.

About the Fund

The Fund's investment objective is to provide current income exempt from regular federal income tax consistent with the preservation of capital. In addition, the Fund has the ability to use leveraging techniques in an attempt to obtain a higher return for the Fund. Currently, the Fund has outstanding the variable-rate Preferred Shares as leverage. There is no assurance that the Fund will achieve its investment objective.

The Fund's investment return and principal value may fluctuate so that an investor's common shares may be worth more or less than the original cost. Common shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. Past performance does not guarantee future results. The above is for informational purposes only and should not be considered as an offer, or solicitation, to deal in any of the investments mentioned herein. The Preferred Shares have not been registered under the Securities Act of 1933 or any state securities laws, and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws.

The proxy materials and other documents filed by the Fund with the SEC, including the Fund's annual report for the fiscal year ended March 31, 2022, are available without cost at the SEC's website (sec.gov) or by calling the Fund's registrar and share transfer agent, Computershare, Inc. Listed closed-end funds are traded on the secondary market through one of the stock exchanges.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than $US508 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments and renewables, real estate, agriculture and natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.

Advisory services are provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust, a registered investment adviser. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs more than 19,000 people in 33 markets and is listed on the Australian Securities Exchange. For more information about Delaware Funds by Macquarie, visit delawarefunds.com or call 800 523-1918.

Delaware Investments® National Municipal Income Fund Announces Board Approval of New Investment Management Agreement with abrdn Inc. and Nomination of Four New Trustees

abrdn PLC - Edinburgh-based investment manager - Says Stephanie Bruce says remains its chief financial officer and "no decisions have been taken regarding any change while succession planning is underway". Bruce has been CFO since May 2019.

abrdn is responding to a Bloomberg report on Thursday that Bruce is planning to leave in the coming months. Bloomberg says an abrdn spokesperson confirmed the change. "Stephanie initiated a conversation earlier in 2022," Bloomberg quotes the spokesperson as saying. "We are actively recruiting a replacement for her. There will be a smooth and orderly transition."

https://www.bloomberg.com/news/articles/2022-12-22/abrdn-cfo-bruce-to-leave-after-turbulent-period-at-asset-manager

"The board regularly reviews succession planning with and for the executive team," abrdn says on Friday.

abrdn saw assets under management fall by 17% at the halfway point of 2022 from a year before, and it swung to an interim loss. The company returned to the FTSE 100 on Monday this week, following a three-month relegation to the FTSE 250.

Current stock price: 185.05p, down 0.5% on Friday morning in London

12-month change: down 23%

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

Copyright 2022 Alliance News Ltd. All Rights Reserved.

IN BRIEF: abrdn says Stephanie Bruce still CFO and 'no decisions' made | MarketScreener

abrdn PLC - Edinburgh-based investment manager - Says Stephanie Bruce says remains its chief financial officer and "no decisions have been taken regarding any change while succession planning is underway". Bruce has been CFO since May 2019.

abrdn is responding to a Bloomberg report on Thursday that Bruce is planning to leave in the coming months. Bloomberg says an abrdn spokesperson confirmed the change. "Stephanie initiated a conversation earlier in 2022," Bloomberg quotes the spokesperson as saying. "We are actively recruiting a replacement for her. There will be a smooth and orderly transition."

https://www.bloomberg.com/news/articles/2022-12-22/abrdn-cfo-bruce-to-leave-after-turbulent-period-at-asset-manager

"The board regularly reviews succession planning with and for the executive team," abrdn says on Friday.

abrdn saw assets under management fall by 17% at the halfway point of 2022 from a year before, and it swung to an interim loss. The company returned to the FTSE 100 on Monday this week, following a three-month relegation to the FTSE 250.

Current stock price: 185.05p, down 0.5% on Friday morning in London

Comments and questions to newsroom@alliancenews.com

Copyright 2022 Alliance News Ltd. All Rights Reserved.

IN BRIEF: abrdn says Stephanie Bruce still CFO and 

By Anthony O. Goriainoff

Abrdn PLC confirmed Friday that Chief Financial Officer Stephanie Bruce would be leaving her role in the coming months.

The FTSE 100-listed investment company was responding to media comments regarding succession planning for its CFO.

The board regularly reviews succession planning with and for the executive team and "no decisions have been taken regarding any change while succession planning is underway," the company said.

Shares at 1035 GMT were flat at 185.95 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

Abrdn Confirms CFO Stephanie Bruce Will Leave Role in Coming Months

Abrdn PLC (LON:ABDN) reaffirmed today that Stephenie Bruce is still chief financial officer despite reports suggesting she had decided to step down.

The asset manager was responding to press comment regarding succession planning for her role which cited a company spokesperson confirming Bruce had decided to leave.

"The board regularly reviews succession planning with and for the executive team" ABrdn said today but it added "no decisions have been taken regarding any change while succession planning is underway."

Meanwhile the FTSE 100 has finally entered the festive spirit, up 21 points now.

9.40am: Next lifted by Stifel upgrade but Boohoo downgraded

On what is forecast to be the busiest day in the retail trading calendar, retailers were in focus at Stifel with the broker upgrading Next PLC (LSE:NXT), downgrading Boohoo Group PLC (AIM:BOO) and retaining a negative stance on ASOS (LON:ASOS) PLC.

On Next, analyst Caroline Gulliver pointed out the share price has fallen 32% in 2022, which actually makes it one of the better performers in the UK retail sector.

"Although UK consumer confidence is still close to record lows, and we forecast declines in UK discretionary income in 2023, we believe NEXT can thrive in these difficult times, given its multi-channel, multi-brand offer and its profit margin and cashflow discipline."

Stifel said the group was trading on only 10.8x its 2023 EPS forecast and offers a 8% free cash flow yield, hence the upgrade to buy from hold with an unchanged price target of 6,500p.

The news helped push the shares 2% higher.

But shares in Boohoo Group PLC (AIM:BOO) fell 0.8% as the broker went the other way, downgrading the online retailer to hold from buy.

"With UK consumer confidence still at very low levels and numerous macroeconomic headwinds in 2023, combined with the lack of a US DC, we have concluded that there is neither the profitability nor cash flow in FY24E to support our buy rating in the near term."

The broker lowered its target price to 40p alongside the rating downgrade.

The broker was even less bullish on ASOS PLC (LSE:ASC), which remained on the sell list.

"Management is writing off up to £130mln of stock and has renegotiated its RCF but we see little relief for ASOS heading into 2023" it said.

"Hence, we forecast that a profit turnaround will be delayed until FY24, as management seeks to put the business on a sounder financial footing."

9.10am: Oil price jumps as Russia suggests it could output

Oil prices have risen after Russia's deputy prime minister Alexander Novak indicated the country could cut oil production in response to the EU's punitive price cap on Russian oil.

Victoria Scholar, head of investment, interactive investor noted "Russia could cut its oil output by 5% to 7% or 500,000 to 700,000 barrels per day with the potential constraints to supply pushing WTI and Brent crude prices into the green."

"The threat of retaliation from the Kremlin follows the EU's attempt to sanction Russia's energy markets, its most important economic engine which has helped fund its invasion of Ukraine" she pointed out.

Brent crude prices rose 1.22% to US$81.97/barrel while US West Texas Intermediate prices advanced 1.46% to US$78.62/barrel.

8.55am: Marginal gains

London's blue chip index is marginally higher but volumes are low and news is thin on the ground ahead of the festive break.

Matt Britzman, equity analyst at Hargreaves Lansdown (LON:HRGV) (HL) said: "The FTSE 100 opened flat on the last trading day before Christmas, and there isn't much sign of a Santa rally taking off again with much speed."

"UK investor confidence among HL clients took a fall in December, alongside confidence in economic growth which isn't far off its lowest levels of the year."

"Investors are clearly concerned as they see headlines suggesting the UK's already in a recession and feel the pinch of higher costs in all aspects of day-to day spending."

Stocks on the move included Abrdn which fell a further 1.2% on reports that CFO, Stephanie Bruce will leave the company.

But shares in easyjet PLC and British Airways owner, International Consolidated Airlines, were little moved as strikes by border force staff started today.

8.30am: UK car production grows again in November

UK car production grew for the second consecutive month in November, up 5.7% to 80,091 units, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT).

Mike Hawes, SMMT chief executive, said: "These figures bring some Christmas cheer to UK car makers in what has been another incredibly tough year."

The rise means UK car manufacturing output has grown in six of the past seven months demonstrating how, even amid global chip shortages and supply chain constraints, factories are doing their best to meet demand for new cars at home and overseas.

Despite the overall rise in output, November's performance was still down against historic levels, -44.1% off the pre-pandemic five-year average for the month and -25.7% off 2019's total of 107,744 units.

This reflected the impact of Covid lockdowns overseas, recently in China, structural and product changes, the long-running squeeze on semiconductor supply and wider turmoil resulting from war in Ukraine.

8.15am: Bah Humbag

FTSE 100 was in a "bah humbag" mood as it made a subdued start to a shortened trading session as another wave of industrial action disrupted the UK.

At 8.15am London's lead index was down 1 point at 7,468 while the FTSE 250 slipped 7 points 18,755.

Planes, trains, driving lessons and postal deliveries are set to be disrupted by walkouts as employees at the National Highways, Driver and Vehicle Standards Agency (DVSA) and Royal Mail (LON:IDSI) take industrial action today.

As they continue their strike into Saturday, they will be joined by rail workers represented by the RMT, Abellio London bus workers, and Environment Agency employees, who will launch separate waves of action.

Back in the markets and on a quiet day of corporate news Inchcape PLC (LSE:INCH) slipped 1% despite the positive update that its £1.3bn acquisition of Derco should be completed by the end of the year.

Peel Hunt said the news was "a positive, if largely expected, development."

"As previously flagged and in line with guidance, we expect to increase FY23E EPS by 16% and FY24E EPS by 21%" the broker said.

UK renewables income fund Bluefield Solar Income Fund Limited rose slightly after buying a 46.4 MWp UK portfolio of two large ground mounted solar assets for £28.7mln from Fengate Asset Management plus assumed debt of £27.3mln.

The acquisition will be funded through existing facilities and take the company's total outstanding debt to £537mln and the total installed capacity of its portfolio has grown to 813 MWp.

John Scott, Chairman of Bluefield Solar, said: "the acquisition underpins the board's confidence in delivering our FY 2022/23 target dividend of not less than 8.40pps."

7.40am: Green light for Inchcape's Derco deal

Little in the way of corporate news so time for dealers to go through their Christmas TV guides and munch a mince pie.

Auto distributor Inchcape PLC (LSE:INCH) said it expects to complete the acquisition of Derco by the end of the year after Peruvian authorities cleared the deal.

The £1.3bn takeover of the largest independent automotive distributor in Latin America was announced in July.

The green-light follows approval from Inchcape's shareholders last week. Derco runs sites in Chile, Peru, Colombia and Bolivia.

7.00am: FTSE 100 seen higher in shortened session

FTSE 100 is expected to open higher as US markets closed off their worst levels although volumes are expected to be thin on what is a short trading day in London ahead of the festive break.

Spread betting companies are calling the lead index up by around 18 points.

Wall Street's three leading indices closed down sharply on Thursday, but higher than intra-day lows, conceding Wednesday's gains as stronger than expected GDP figures renewed concerns about rising interest rates while poor results from Micron (NASDAQ:MU) Corp. knocked sentiment amongst tech stocks.

At the close the Dow was 348 points lower, or 1.04%, to 33,028, the S&P 500 was down 56 points, or 1.44%, at 3,823 and the Nasdaq Composite declined 233 points, or 2.18%, to 10,476.0

Fawad Razaqzada, market analyst at City Index and FOREX.com said: ""Yesterday's gains, gone. Sentiment, bearish. Once again, the market showed no upside follow-through. It is trapping the bulls. It appears as though Santa Rally is not happening this year."

"The economic outlook is not going to change overnight, which means much of the issues we are facing right now could well be with us well into 2023."

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