UBS Group AG Amends abrdn Income Credit Strategies Fund Stake
Ticker: UBS · Form: SC 13G/A · Filed: Feb 6, 2024 · CIK: 1610520
| Field | Detail |
|---|---|
| Company | Ubs Group Ag (UBS) |
| Form Type | SC 13G/A |
| Filed Date | Feb 6, 2024 |
| Risk Level | low |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, amendment, preferred-stock
TL;DR
**UBS Group AG updated its stake in abrdn Income Credit Strategies Fund preferred shares.**
AI Summary
UBS Group AG, a major financial institution, filed an amended SC 13G/A on February 6, 2024, indicating a change in its beneficial ownership of abrdn Income Credit Strategies Fund's 5.250% Series A Perpetual Preferred Shares. The filing, dated for the event on December 29, 2023, shows UBS Group AG's continued significant, though potentially adjusted, stake in these preferred shares. This matters to investors because changes in large institutional holdings can signal shifts in confidence or strategy regarding the fund's preferred stock, potentially influencing its market price and liquidity.
Why It Matters
This filing updates UBS Group AG's beneficial ownership in abrdn Income Credit Strategies Fund's preferred shares, which can impact market perception and trading activity for the fund's securities.
Risk Assessment
Risk Level: low — This is a routine amendment to a beneficial ownership filing, indicating a change in holdings rather than a new, high-risk event.
Analyst Insight
Investors should monitor subsequent 13G/A filings from UBS Group AG to track any further significant changes in their beneficial ownership, as this could indicate a shift in their investment thesis for abrdn Income Credit Strategies Fund's preferred shares.
Key Numbers
- $25.00 — Liquidation Preference per Share (This is the value per share for the 5.250% Series A Perpetual Preferred Shares in a liquidation scenario.)
Key Players & Entities
- UBS Group AG (company) — the reporting person filing the SC 13G/A
- abrdn Income Credit Strategies Fund (company) — the issuer of the securities
- 5.250% Series A Perpetual Preferred Shares (company) — the class of securities being reported on
- December 29, 2023 (date) — the date of the event requiring the filing
- $25.00 (dollar_amount) — liquidation preference per preferred share
Forward-Looking Statements
- UBS Group AG will continue to be a significant holder of abrdn Income Credit Strategies Fund's preferred shares. (UBS Group AG) — high confidence, target: Next 12 months
FAQ
What is the specific class of securities that UBS Group AG is reporting on in this filing?
UBS Group AG is reporting on the '5.250% Series A Perpetual Preferred Shares (Liquidation Preference $25.00)' of abrdn Income Credit Strategies Fund, as stated in the 'Title of Class of Securities' section.
When was the event that triggered this SC 13G/A amendment?
The 'Date of Event Which Requires Filing of this Statement' was December 29, 2023, as specified in the filing.
What is the CUSIP number associated with the securities mentioned in this filing?
The CUSIP number for the 5.250% Series A Perpetual Preferred Shares is 003057205, as listed under 'CUSIP Number' in the filing.
Under which rule of the Securities Exchange Act of 1934 is this Schedule 13G being filed?
This Schedule 13G is filed under Rule 13d-1(b), indicated by the '/X/' next to 'Rule 13d 1(b)' in the filing.
What is the full legal name of the subject company (issuer) of these securities?
The full legal name of the subject company is 'abrdn Income Credit Strategies Fund', as stated under 'Name of Issuer'.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on February 6, 2024 regarding UBS Group AG (UBS).