Thomas J Herzfeld Advisors Inc's Q3 2025 13F: 13 new positions, 17 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 12, 2025 · 104 reported positions · accession 0001398344-25-020702
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | FS Credit Opportunities Corp (FSCO) | 8.3% | 2.3% | −6.1 pts | −2.26M sh | −70% |
| New | PGIM ETF TR (PAAA) | — | 3.6% | +3.6 pts | +206K sh | new |
| Exited | ProShares TR (SJB) | 3.2% | — | −3.2 pts | −573K sh | −100% |
| New | Simplify Exchange Traded Fun (PFIX) | — | 3.2% | +3.2 pts | +192K sh | new |
| Reduced | Cornerstone Strategic Value Fund Inc (CLM) | 3.1% | 0.0% | −3.1 pts | −1.07M sh | −99% |
| Increased | ASA Gold and Precious Metals Ltd (ASA) | 0.1% | 2.8% | +2.7 pts | +169K sh | +1455% |
| Increased | Saba Capital Income & Opport (BRW) | 1.3% | 3.1% | +1.8 pts | +729K sh | +163% |
| New | PIMCO Dynamic Income Oprnts (PDO) | — | 1.5% | +1.5 pts | +318K sh | new |
| New | Oxford Lane Cap Corp (OXLC) | — | 1.3% | +1.3 pts | +228K sh | new |
| Exited | Clearbridge Energy Midstrm O (EMO) | 1.3% | — | −1.3 pts | −73,828 sh | −100% |
| Reduced | Destra Multi-Alternative Fd (DMA) | 1.2% | 0.0% | −1.2 pts | −378K sh | −98% |
| Increased | The Gabelli Dividend & Income Trust (GDV) | 0.0% | 0.9% | +0.9 pts | +94,907 sh | +40733% |
| Increased | PGIM Short Dur Hig yld Opp F (SDHY) | 1.0% | 1.8% | +0.8 pts | +148K sh | +85% |
| Increased | NYLI CBRE Gbl Infr Megtrnds (MEGI) | 0.1% | 0.9% | +0.8 pts | +157K sh | +1097% |
| Exited | Suro Capital Corp (SSSS) | 0.8% | — | −0.8 pts | −264K sh | −100% |
| Reduced | ProShares UltraShort S&P500 (SDS) | 2.5% | 1.3% | −1.1 pts | −141K sh | −34% |
| Reduced | Tortoise Energy Infra Corp (TYG) | 1.6% | 0.8% | −0.8 pts | −47,120 sh | −47% |
| New | PIMCO Calif Mun Income Fund (PCQ) | — | 0.7% | +0.7 pts | +219K sh | new |
| Increased | Blackstone / GSO Long-Short Credit Income Fund (BGX) | 0.0% | 0.7% | +0.6 pts | +156K sh | +5782% |
| New | Aberdeen Life Sciences Investor (HQL) | — | 0.6% | +0.6 pts | +117K sh | new |
| Exited | PIMCO Calif Mun Income Fd II (PCK) | 0.6% | — | −0.6 pts | −323K sh | −100% |
| New | Aberdeen Healthcare Investors (HQH) | — | 0.6% | +0.6 pts | +94,616 sh | new |
| New | GAMCO Nat Res Gold and Income (GNT) | — | 0.6% | +0.6 pts | +235K sh | new |
| Reduced | MFS Municipal Income Trust (MFM) | 0.8% | 0.3% | −0.5 pts | −295K sh | −69% |
| Increased | Duff & Phelps Utility and Infrastructure Fund Inc. (DPG) | 1.4% | 1.9% | +0.5 pts | +103K sh | +32% |
| Increased | Highland Floating Rate Opportunities Fund (HFRO) | 4.8% | 6.1% | +1.3 pts | +196K sh | +8% |
| Increased | Neuberger Brman Next Genera (NBXG) | 1.6% | 2.1% | +0.4 pts | +79,237 sh | +25% |
| Exited | Abrdn Income Credit Strategies Fund (ACP) | 0.4% | — | −0.4 pts | −196K sh | −100% |
| Exited | Sound Point Meridian Cap Inc. (SPMC) | 0.4% | — | −0.4 pts | −62,921 sh | −100% |
| Increased | The Taiwan Fund Inc (TWN) | 1.0% | 1.6% | +0.6 pts | +21,481 sh | +34% |
| Exited | BlackRock Munihldngs Cali QL (MUC) | 0.3% | — | −0.3 pts | −94,734 sh | −100% |
| Reduced | Herzfeld Credit Income Fund, Inc. (CUBA) | 5.9% | 5.0% | −0.9 pts | −401K sh | −6% |
| Reduced | Nuveen Dow 30 Dynamic Overwrite Fund (DIAX) | 1.2% | 0.9% | −0.3 pts | −63,240 sh | −26% |
| Reduced | Nuveen Vriabl Rat Pfd & Inm (NPFD) | 2.1% | 1.8% | −0.3 pts | −46,150 sh | −15% |
| Increased | SRH Total Return Fund Inc (STEW) | 2.1% | 2.3% | +0.3 pts | +49,728 sh | +15% |
| Increased | PIMCO Access Income Fund (PAXS) | 2.3% | 2.7% | +0.3 pts | +46,128 sh | +11% |
| Exited | Nuveen Amt- Free Mun Value Fd (NUW) | 0.3% | — | −0.3 pts | −51,476 sh | −100% |
| Exited | Norwegian Cruise Line Holdings Ltd (NCLH) | 0.2% | — | −0.2 pts | −30,000 sh | −100% |
| Increased | BlackRock Science and Technology Trust II (BSTZ) | 1.3% | 1.6% | +0.3 pts | +28,401 sh | +16% |
| Reduced | BlackRock MuniIvest FD II Inc. (MVT) | 0.3% | 0.2% | −0.2 pts | −46,352 sh | −50% |
| Increased | Ecofin Sustainable and Social Impact Term Fund (TEAF) | 0.9% | 0.9% | +0.1 pts | +39,235 sh | +20% |
| Increased | Cohen & Steers Limited Duration Preferred and Income Fund, Inc. (LDP) | 1.5% | 1.6% | +0.1 pts | +20,278 sh | +10% |
| Reduced | PIMCO Dynamic Income Strategy Fund (PDX) | 13.9% | 13.4% | −0.5 pts | −15,925 sh | −1% |
| Reduced | Nuveen Floating Rate Income (JFR) | 4.0% | 3.6% | −0.4 pts | −43,194 sh | −3% |
| Increased | Kayne Anderson Energy Infrst (KYN) | 1.3% | 1.4% | 0.0 pts | +28,294 sh | +10% |
| Exited | Eagle Pointe Income Company (EIC) | 0.1% | — | −0.1 pts | −23,784 sh | −100% |
| Exited | Pimco New York Municipal Income Fund II (PNI) | 0.1% | — | −0.1 pts | −48,376 sh | −100% |
| Increased | Saba Capital Income & Opport II (SABA) | 5.7% | 5.6% | −0.1 pts | +36,674 sh | +2% |
| Exited | PIMCO NY Municipal Income Fd (PNF) | 0.1% | — | −0.1 pts | −45,917 sh | −100% |
| Exited | PIMCO New York Mun Income Fund (PYN) | 0.1% | — | −0.1 pts | −60,500 sh | −100% |
The 50 largest of 106 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 49.8% of the equity book
Changes in the top 10 this quarter: PAAA entered · PFIX entered · BRW entered · ASA entered · FSCO left · SJB left · CLM left · SDS left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | PIMCO Dynamic Income Strategy Fund (PDX) | 13.9% | 13.4% | |
| 2 | Highland Floating Rate Opportunities Fund (HFRO) | 4.8% | 6.1% | |
| 3 | Saba Capital Income & Opport II (SABA) | 5.7% | 5.6% | |
| 4 | Herzfeld Credit Income Fund, Inc. (CUBA) | 5.9% | 5.0% | |
| 5 | PGIM ETF TR (PAAA) | 0.0% | 3.6% | Entered the top 10 |
| 6 | Nuveen Floating Rate Income (JFR) | 4.0% | 3.6% | |
| 7 | Brookfield Real Assets Incom (RA) | 3.4% | 3.3% | |
| 8 | Simplify Exchange Traded Fun (PFIX) | 0.0% | 3.2% | Entered the top 10 |
| 9 | Saba Capital Income & Opport (BRW) | 1.3% | 3.1% | Entered the top 10 |
| 10 | ASA Gold and Precious Metals Ltd (ASA) | 0.1% | 2.8% | Entered the top 10 |
| — | FS Credit Opportunities Corp (FSCO) | 8.3% | 2.3% | Left the top 10 |
| — | ProShares TR (SJB) | 3.2% | 0.0% | Left the top 10 |
| — | Cornerstone Strategic Value Fund Inc (CLM) | 3.1% | 0.0% | Left the top 10 |
| — | ProShares UltraShort S&P500 (SDS) | 2.5% | 1.3% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).