Thomas J. Herzfeld Advisors, Inc.
Registered adviserFiling Date
Global Rank
#4,953
/ 8,817
▲ 132
Top Industry
Asset Management
99.9%
Period ended 4 months ago
Filed Aug 10, 2026 · 3mo
26 quarters · since Mar 2020
Regulatory profile
From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.
Holder type
Registered adviser
Form ADV roster, Oct 1, 2026
Regulatory AUM
$890,415,395
Main clients
Pooled investment vehicles
(54% of AUM)
Private funds
9 funds
· Hedge funds
Focus by gross assets, Schedule D of Dec 10, 2024
$577,227,164 gross assets
Registered funds advised
1 series
(0 index, 0 ETFs)
$41,835,277 net assets· N-CEN Jun 30, 2026
LEI
5493000NHLPFYM29TH78
Private funds on Schedule D 7.B.(1)
As filed Dec 10, 2024; SEC's bulk Form ADV archive ends with 2024 filings.
$357,426,164 gross assets in 3 funds
Hedge funds
$357,426,164
(3)
Form ADV history
Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.
| Rosters | Regulatory AUM | Main clients |
|---|---|---|
| Sep 2026 to Oct 2026 | $890,415,395 | Pooled investment vehicles (54%) |
| Apr 2026 to Aug 2026 | $890,415,395 | Pooled investment vehicles (54%) |
| Apr 2025 to Mar 2026 | $847,596,732 | Pooled investment vehicles (53%) |
| Apr 2024 to Mar 2025 | $726,869,853 | Diversified |
| May 2023 to Mar 2024 | $639,975,511 | Diversified |
| Apr 2023 | $639,975,511 | Diversified |
5 earlier changes not shown.
Portfolio style
Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.
Style
Diversified active
Top 10 weight 49.8%, 28.2 effective positions, active share 99.6% against every 13F filer's combined book; it meets none of the index-like, systematic-like or concentrated tests
Turnover
Medium turnover
86.3% over the last four quarters (30% to under 100%)
Horizon
Horizon unknown
The value-weighted holding period is at least 9.8 quarters, but 12.6% of the book was already held when coverage starts
Closest benchmark: every 13F filer's combined book, active share 99.6%; sector active share 87.7% against the combined 13F book's sector weights.
Over time 26 measured quarters
How the bands are measured
Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.
Clone Performance
Build a hypothetical price-return history from this filer's public 13F holdings.
View clone backtestPortfolio Concentration
125 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Top Position
9.9%
−3.1 pts
Top 5
33.3%
−7.3 pts
Top 10
49.8%
−6.0 pts
HHI
354
Diversified−122
Portfolio Trend
26 quarters · across all stocks
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Financial Services | 99.0% | $322,523,883 |
| Unclassified | 0.9% | $2,974,328 |
| Communication Services | 0.0% | $127,729 |
| Basic Materials | 0.0% | $57,195 |
| Industrials | 0.0% | $2,904 |
| Real Estate | 0.0% | $1,479 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| NSLR | Neostellar Capital Corp. | +755,885 | 788,403 | $9,886,573 | |
| EIC | Eagle Point Income Co | +503,140 | 897,140 | $9,034,199 | |
| JFR | Nuveen Floating Rate Income Fund | +398,627 | 1,111,921 | $8,528,434 | |
| GOF | Guggenheim Strategic Opportunities Fund | +321,280 | 1,336,680 | $14,596,545 | |
| MFM | Aberdeen Municipal Income Fund | +283,592 | 345,429 | $1,941,310 | |
| FSCO | FS Credit Opportunities Corp. | +241,638 | 3,921,573 | $19,568,649 | |
| BTX | BlackRock Technology & Private Equity Term Trust | +234,649 | 515,402 | $4,654,080 | |
| PDI | PIMCO Dynamic Income Fund | +233,867 | 388,727 | $6,491,740 | |
| PNI | Pimco New York Municipal Income Fund II | +156,246 | 231,370 | $1,640,413 | |
| XFLT | XAI Floating Rate & Alternative Income Trust | +139,143 | 198,688 | $3,486,974 | |
| CCIF | Carlyle Credit Income Fund | +137,165 | 263,404 | $734,897 | |
| BRW | Saba Capital Income & Opportunities Fund | +127,505 | 1,544,694 | $10,148,639 | |
| SABA | Saba Capital Income & Opportunities Fund II | +117,085 | 891,603 | $7,444,885 | |
| PCQ | Pimco California Municipal Income Fund | +106,243 | 185,469 | $1,663,656 | |
| FSSL | FS Specialty Lending Fund | +91,936 | 2,900,663 | $32,342,392 | |
| BSTZ | BlackRock Science & Technology Term Trust | +83,361 | 166,033 | $4,985,970 | |
| STK | Columbia Seligman Premium Technology Growth Fund, Inc. | +62,926 | 129,150 | $6,957,310 | |
| BGX | Blackstone Long-Short Credit Income Fund | +59,238 | 177,105 | $1,926,902 | |
| BGR | BlackRock Energy & Resources Trust | +56,959 | 238,075 | $3,528,271 | |
| DTF | Dtf Tax-Free Income 2028 Term Fund Inc | +51,604 | 65,258 | $753,729 | |
| KF | Korea Fund Inc | +49,454 | 49,834 | $3,748,015 | |
| KYN | Kayne Anderson Energy Infrastructure Fund, Inc. | +41,961 | 276,097 | $3,818,421 | |
| LDP | Cohen & Steers Ltd Duration Preferred & Income Fund, Inc. | +33,948 | 137,739 | $2,914,557 | |
| DSM | Bny Mellon Strategic Municipal Bond Fund, Inc. | +30,970 | 195,902 | $1,204,797 | |
| NML | Neuberger Energy Infrastructure & Income Fund Inc. | +29,238 | 352,764 | $3,577,026 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
21 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| MSD | Morgan Stanley Emerging Markets Debt Fund Inc | −171,004 | 1,412 | $10,307 | |
| PDX | PIMCO Dynamic Income Strategy Fund | −158,273 | 1,095,075 | $22,799,461 | |
| EDD | Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | −135,845 | 739 | $4,345 | |
| PAXS | PIMCO Access Income Fund | −128,030 | 311,965 | $4,539,090 | |
| STEW | SRH Total Return Fund, Inc. | −107,398 | 380 | $6,802 | |
| DXYZ | Destiny Tech100 Inc. | −76,218 | 6,588 | $169,706 | |
| TFLO | iShares Treasury Floating Rate Bond ETF | −74,999 | 4,469 | $226,265 | |
| BPRE | Bluerock Private Real Estate Fund | −59,168 | 303,336 | $3,946,401 | |
| ASA | ASA Gold & Precious Metals Ltd | −59,124 | 66,761 | $3,474,242 | |
| DMO | Western Asset Mortgage Opportunity Fund Inc. | −52,230 | 62,657 | $671,056 | |
| GDV | Gabelli Dividend & Income Trust | −51,030 | 248 | $7,291 | |
| HFRO | Highland Opportunities & Income Fund | −39,187 | 2,676,474 | $19,083,259 | |
| DPG | Duff & Phelps Utility & Infrastructure Fund Inc. | −30,853 | 360,644 | $5,351,956 | |
| JLS | Nuveen Mortgage & Income Fund | −27,742 | 44,897 | $784,799 | |
| CET | Central Securities Corp | −25,718 | 10,787 | $565,778 | |
| CEFS | Saba Closed-End Funds ETF | −2,557 | 62,053 | $1,591,038 | |
| HQL | abrdn Life Sciences Investors | −1,885 | 9,191 | $183,911 | |
| MEGI | NYLIM CBRE Global Infrastructure Megatrends Term Fund | −1,082 | 129,641 | $1,970,543 | |
| GAM | General American Investors Co Inc | −726 | 31,935 | $2,035,856 | |
| JOF | Japan Smaller Capitalization Fund Inc | −367 | 783 | $9,223 | |
| PFO | Flaherty & Crumrine PREFERRED & INCOME OPPORTUNITY FUND INC | −45 | 3,679 | $33,993 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| PSUS | Pershing Square USA, Ltd. | 285,421 | $10,669,036 | |
| TYG | Tortoise Energy Infrastructure Corp | 100,275 | $4,298,789 | |
| NXG | NXG NextGen Infrastructure Income Fund | 53,297 | $3,448,848 | |
| CHY | Calamos Convertible & High Income Fund | 245,638 | $3,345,589 | |
| NCZ | Virtus Convertible & Income Fund II | 205,874 | $3,273,396 | |
| NCV | Virtus Convertible & Income Fund | 185,909 | $3,270,139 | |
| GHY | PGIM Global High Yield Fund, Inc. | 215,331 | $2,605,505 | |
| BTZ | Blackrock Credit Allocation Income Trust | 245,318 | $2,507,149 | |
| ARDC | Ares Dynamic Credit Allocation Fund, Inc. | 150,623 | $1,902,368 | |
| BGB | Blackstone Strategic Credit 2027 Term Fund | 112,665 | $1,273,114 | |
| RFM | RiverNorth Flexible Municipal Income Fund, Inc. | 79,341 | $1,172,659 | |
| MHD | Blackrock Muniholdings Fund, Inc. | 86,578 | $1,030,278 | |
| FMN | Federated Hermes Premier Municipal Income Fund | 66,149 | $760,052 | |
| NBH | Neuberger Municipal Fund Inc. | 71,978 | $759,367 | |
| PMO | Franklin Municipal Opportunities Trust | 70,700 | $745,178 | |
| MMU | Western Asset Managed Municipals Fund Inc. | 63,607 | $662,784 | |
| PMM | Franklin Managed Municipal Income Trust | 89,911 | $588,017 | |
| PML | Pimco Municipal Income Fund II | 73,493 | $559,281 | |
| AFB | Alliancebernstein National Municipal Income Fund | 33,015 | $376,701 | |
| LEO | Bny Mellon Strategic Municipals, Inc. | 58,283 | $376,508 | |
| SBI | Western Asset Intermediate Muni Fund Inc. | 47,641 | $374,934 | |
| EIM | Eaton Vance Municipal Bond Fund | 23,905 | $238,093 | |
| RMMZ | RiverNorth Managed Duration Municipal Income Fund II, Inc. | 15,802 | $237,662 | |
| MCI | Barings Corporate Investors | 2,081 | $36,542 | |
| PGP | PIMCO Global StocksPLUS & Income Fund | 3,144 | $27,101 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
19 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| PFIX | Simplify Interest Rate Hedge ETF | 117,701 | $5,441,317 | |
| DUST | Direxion Daily Gold Miners Index Bear 2X Shares | 58,011 | $2,957,400 | |
| SPXX | Nuveen S&P 500 Dynamic Overwrite Fund | 149,092 | $2,395,908 | |
| BSMQ | Invesco BulletShares 2026 Municipal Bond ETF | 98,083 | $2,317,210 | |
| BSMR | Invesco BulletShares 2027 Municipal Bond ETF | 96,212 | $2,275,798 | |
| FUMB | First Trust Ultra Short Duration Municipal ETF | 109,973 | $2,204,958 | |
| OXLC | Oxford Lane Capital Corp. | 222,539 | $2,176,431 | |
| PVI | Invesco Ltd. | 49,141 | $1,222,136 | |
| EMD | Western Asset Emerging Markets Debt Fund Inc. | 68,384 | $671,530 | |
| EDF | Virtus Stone Harbor Emerging Markets Income Fund | 6,614 | $31,614 | |
| ANGX | Angel Studios, Inc. | 5,699 | $17,381 | |
| CXH | Mfs Investment Grade Municipal Trust | 23,409 | $0 | |
| — | 4,166 | $0 | ||
| SJB | ProShares Short High Yield | 796,652 | $0 | |
| CXE | Mfs High Income Municipal Trust | 88,443 | $0 | |
| PCTTW | PureCycle Technologies, Inc. | 5,457 | $0 | |
| EUM | ProShares Short MSCI Emerging Markets | 3,245 | $0 | |
| QID | ProShares UltraShort QQQ | 116,263 | $0 | |
| SDS | ProShares UltraShort S&P500 | 108,584 | $0 | |
| No positions match the current search. | ||||
125 tracked positions ·
$325,687,518 total
· filing declares
129 positions · $325,764,278
· as of Jun 30, 2026
Showing 1–50
of 125 positions by value
· page 1 of 3
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| FSSL |
FS Specialty Lending Fund
Financial Services
|
Added | 2,900,663 | $32,342,392 | 9.93% | |
| PDX |
PIMCO Dynamic Income Strategy Fund
Financial Services
|
Reduced | 1,095,075 | $22,799,461 | 7.00% | |
| FSCO |
FS Credit Opportunities Corp.
Financial Services
|
Added | 3,921,573 | $19,568,649 | 6.01% | |
| HFRO |
Highland Opportunities & Income Fund
Financial Services
|
Reduced | 2,676,474 | $19,083,259 | 5.86% | |
| GOF |
Guggenheim Strategic Opportunities Fund
Financial Services
|
Added | 1,336,680 | $14,596,545 | 4.48% | |
| HERZ |
Herzfeld Credit Income Fund, Inc
Financial Services
|
Added | 817,534 | $14,061,584 | 4.32% | |
| PSUS |
Pershing Square USA, Ltd.
Financial Services
|
NEW | 285,421 | $10,669,036 | 3.28% | |
| BRW |
Saba Capital Income & Opportunities Fund
Financial Services
|
Added | 1,544,694 | $10,148,639 | 3.12% | |
| NSLR |
Neostellar Capital Corp.
Financial Services
|
Added | 788,403 | $9,886,573 | 3.04% | |
| EIC |
Eagle Point Income Co
Financial Services
|
Added | 897,140 | $9,034,199 | 2.77% | |
| JFR |
Nuveen Floating Rate Income Fund
Financial Services
|
Added | 1,111,921 | $8,528,434 | 2.62% | |
| SABA |
Saba Capital Income & Opportunities Fund II
Financial Services
|
Added | 891,603 | $7,444,885 | 2.29% | |
| STK |
Columbia Seligman Premium Technology Growth Fund, Inc.
Financial Services
|
Added | 129,150 | $6,957,310 | 2.14% | |
| PDI |
PIMCO Dynamic Income Fund
Financial Services
|
Added | 388,727 | $6,491,740 | 1.99% | |
| DPG |
Duff & Phelps Utility & Infrastructure Fund Inc.
Financial Services
|
Reduced | 360,644 | $5,351,956 | 1.64% | |
| BSTZ |
BlackRock Science & Technology Term Trust
Financial Services
|
Added | 166,033 | $4,985,970 | 1.53% | |
| RA |
Brookfield Real Assets Income Fund Inc.
Financial Services
|
Added | 369,085 | $4,753,814 | 1.46% | |
| BTX |
BlackRock Technology & Private Equity Term Trust
Financial Services
|
Added | 515,402 | $4,654,080 | 1.43% | |
| TWN |
Taiwan Fund Inc
Financial Services
|
Added | 47,520 | $4,569,998 | 1.40% | |
| PAXS |
PIMCO Access Income Fund
Financial Services
|
Reduced | 311,965 | $4,539,090 | 1.39% | |
| TYG |
Tortoise Energy Infrastructure Corp
Financial Services
|
NEW | 100,275 | $4,298,789 | 1.32% | |
| BPRE |
Bluerock Private Real Estate Fund
Financial Services
|
Reduced | 303,336 | $3,946,401 | 1.21% | |
| KYN |
Kayne Anderson Energy Infrastructure Fund, Inc.
Financial Services
|
Added | 276,097 | $3,818,421 | 1.17% | |
| KF |
Korea Fund Inc
Financial Services
|
Added | 49,834 | $3,748,015 | 1.15% | |
| EMO |
ClearBridge Energy Midstream Opportunity Fund Inc.
Financial Services
|
Added | 73,130 | $3,663,813 | 1.12% | |
| NML |
Neuberger Energy Infrastructure & Income Fund Inc.
Financial Services
|
Added | 352,764 | $3,577,026 | 1.10% | |
| BGR |
BlackRock Energy & Resources Trust
Financial Services
|
Added | 238,075 | $3,528,271 | 1.08% | |
| XFLT |
XAI Floating Rate & Alternative Income Trust
Financial Services
|
Added | 198,688 | $3,486,974 | 1.07% | |
| ASA |
ASA Gold & Precious Metals Ltd
Financial Services
|
Reduced | 66,761 | $3,474,242 | 1.07% | |
| NXG |
NXG NextGen Infrastructure Income Fund
Financial Services
|
NEW | 53,297 | $3,448,848 | 1.06% | |
| CHY |
Calamos Convertible & High Income Fund
Financial Services
|
NEW | 245,638 | $3,345,589 | 1.03% | |
| RFMZ |
RiverNorth Flexible Municipal Income Fund II, Inc.
Financial Services
|
Added | 243,641 | $3,320,826 | 1.02% | |
| NCZ |
Virtus Convertible & Income Fund II
Financial Services
|
NEW | 205,874 | $3,273,396 | 1.01% | |
| NCV |
Virtus Convertible & Income Fund
Financial Services
|
NEW | 185,909 | $3,270,139 | 1.00% | |
| PTY |
Pimco Corporate & Income Opportunity Fund
Financial Services
|
Added | 252,532 | $3,037,959 | 0.93% | |
| LDP |
Cohen & Steers Ltd Duration Preferred & Income Fund, Inc.
Financial Services
|
Added | 137,739 | $2,914,557 | 0.89% | |
| FINS |
Angel Oak Financial Strategies Income Term Trust
Financial Services
|
Added | 222,390 | $2,846,592 | 0.87% | |
| BCX |
BlackRock Resources & Commodities Strategy Trust
Financial Services
|
Added | 238,622 | $2,698,814 | 0.83% | |
| GHY |
PGIM Global High Yield Fund, Inc.
Financial Services
|
NEW | 215,331 | $2,605,505 | 0.80% | |
| BTZ |
Blackrock Credit Allocation Income Trust
Financial Services
|
NEW | 245,318 | $2,507,149 | 0.77% | |
| SDHY |
PGIM Short Duration High Yield Opportunities Fund
Financial Services
|
Added | 138,168 | $2,264,573 | 0.70% | |
| GAM |
General American Investors Co Inc
Financial Services
|
Reduced | 31,935 | $2,035,856 | 0.63% | |
| MEGI |
NYLIM CBRE Global Infrastructure Megatrends Term Fund
Financial Services
|
Reduced | 129,641 | $1,970,543 | 0.61% | |
| MFM |
Aberdeen Municipal Income Fund
Financial Services
|
Added | 345,429 | $1,941,310 | 0.60% | |
| BGX |
Blackstone Long-Short Credit Income Fund
Financial Services
|
Added | 177,105 | $1,926,902 | 0.59% | |
| ARDC |
Ares Dynamic Credit Allocation Fund, Inc.
Financial Services
|
NEW | 150,623 | $1,902,368 | 0.58% | |
| TBLD |
Thornburg Income Builder Opportunities Trust
Financial Services
|
Added | 80,479 | $1,776,171 | 0.55% | |
| PCQ |
Pimco California Municipal Income Fund
Financial Services
|
Added | 185,469 | $1,663,656 | 0.51% | |
| PNI |
Pimco New York Municipal Income Fund II
Financial Services
|
Added | 231,370 | $1,640,413 | 0.50% | |
| CEFS |
Saba Closed-End Funds ETF
|
Reduced | 62,053 | $1,591,038 | 0.49% |
Showing the top 50 of 125 positions. Create a free account to see every position, past quarters, search, filters and CSV export.
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.