Sharon Ferrari
About Sharon Ferrari
Sharon Ferrari serves as Treasurer and Chief Financial Officer of abrdn Income Credit Strategies Fund (ACP) since 2023 and has been a Fund officer since 2017; she is a Director, Product Management at abrdn Inc., having joined abrdn in 2008, and was born in 1977 . She is the Fund’s Principal Financial Officer and certifying officer, signing the Sarbanes-Oxley Section 302 and 906 certifications on the Fund’s N-CSR, indicating responsibility for financial reporting controls and accuracy . For the six months ended April 30, 2025, ACP delivered total returns of -1.26% on NAV and -6.33% on market price versus 1.91% for the ICE BofAML Global High Yield Constrained (Hedged USD) Index, framing the operating backdrop during her recent tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| abrdn Inc. | Director, Product Management | Current (as of 2025) | Oversees product management responsibilities relevant to registered investment companies in the U.S.; supports governance and product operations that interface with ACP . |
| abrdn Inc. | Senior Fund Administrator (joined abrdn) | 2008–N/D | Foundation in fund administration supporting later leadership in product management for the Aberdeen/abrdn U.S. funds complex . |
| abrdn Income Credit Strategies Fund (ACP) | Fund Officer | Since 2017 | Longstanding officer role supporting continuity in finance and controls for ACP . |
| abrdn Income Credit Strategies Fund (ACP) | Treasurer & Chief Financial Officer | Since 2023 | Principal Financial Officer overseeing financial reporting, controls, and certifications for ACP . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in ACP officer biography | — | — | No external directorships or committee roles disclosed for Ms. Ferrari in ACP’s filings reviewed . |
Fixed Compensation
Officers of the Fund do not receive compensation directly from ACP; trustee compensation is disclosed, but officer compensation is not paid by the Fund (officers are compensated by abrdn/affiliates) .
| Component | Amount | Source | Notes | Fiscal Year |
|---|---|---|---|---|
| Compensation paid by ACP to officers | $0 | ACP | Officers of the Fund do not receive any compensation directly from the Fund for performing their duties as officers | FY ended Oct 31, 2024 |
Performance Compensation
Because ACP officers are not compensated by the Fund, ACP does not disclose incentive metrics, targets, or payouts for officers.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable (officers not paid by ACP) | — | — | — | — | — |
Additional items:
- Recovery/Clawback policy applicability in N-CSR: “Not applicable,” reflecting investment company framework/listing standard applicability to ACP’s filings .
Equity Ownership & Alignment
As of April 1, 2025, Ms. Ferrari did not own shares of ACP; trustees and officers as a group owned less than 1% of outstanding equity securities. No data is provided on vesting schedules, options, or pledging for officers .
| Holder | Shares Owned (ACP) | Ownership % | Vested vs. Unvested | Options (Exercisable/Unexercisable) | Pledged | As of |
|---|---|---|---|---|---|---|
| Sharon Ferrari | None | 0% | Not disclosed | Not disclosed | Not disclosed | Apr 1, 2025 |
Notes:
- Trustees and officers, in aggregate, owned less than 1% as of April 1, 2025 .
- Mr. Goodson and Ms. Ferrari held no ACP shares as of April 1, 2025 .
Employment Terms
- Role/Employer: Treasurer & CFO of ACP; Director, Product Management at abrdn Inc. (employer), joined abrdn in 2008 .
- Contract/Severance/Change-of-Control: No ACP disclosure of employment agreements, severance multiples, or CoC terms for officers; officers are not paid by ACP .
- Clawback: Recovery of erroneously awarded compensation—“Not applicable” in the Fund’s N-CSR disclosure context .
- Certifications and Controls: Ms. Ferrari, as Principal Financial Officer, signed SOX 302 and 906 certifications; ACP reported effective disclosure controls and no material changes to internal control over financial reporting during the period .
Performance & Track Record
| Metric | Period End | Value |
|---|---|---|
| Total return (NAV) | 4/30/2025 (six months) | -1.26% |
| Total return (Market Price) | 4/30/2025 (six months) | -6.33% |
| Benchmark: ICE BofAML Global High Yield Constrained (Hedged USD) Index | 4/30/2025 (six months) | 1.91% |
| NAV | 4/30/2025 | $5.95 |
| Closing Market Price | 4/30/2025 | $5.61 |
| Premium/Discount | 4/30/2025 | -5.71% |
| NAV Range (period) | 11/1/2024–4/30/2025 | $5.81–$6.58 |
| Market Price Range (period) | 11/1/2024–4/30/2025 | $5.17–$6.55 |
Context:
- Ms. Ferrari is the PFO signatory for ACP’s certifications on the N-CSR covering this period, aligning her role with reporting discipline and control assertions .
Investment Implications
- Alignment: Zero ACP share ownership for the PFO represents a weaker direct alignment signal at the fund level; however, compensation and equity incentives (if any) reside at abrdn Inc. and are not disclosed in ACP filings, limiting visibility into pay-for-performance linkages for this officer .
- Incentive design and selling pressure: ACP discloses no ACP-paid cash/equity awards, and there is no evidence of ACP-related vesting, option expirations, or pledging by Ms. Ferrari, implying low ACP-driven selling pressure signals; absence of Section 16 transaction disclosures for the officer in ACP’s filings reviewed supports this, though third-party adviser-level incentives are unknown .
- Governance/controls: As PFO, Ms. Ferrari’s SOX certifications and the Fund’s assertion of effective disclosure controls (with no material control changes) indicate process discipline—key for valuation of reported NAV, distribution policy, and preferred stock compliance—for a CEF dependent on accurate NAV and credit valuation .
- Data gaps: Severance/CoC economics, ownership guidelines, and performance metric targets are not disclosed at the ACP level for officers; investors should seek adviser-level disclosures from abrdn for a full view of incentive risk, retention, and potential conflicts .