Thomas J Herzfeld Advisors Inc's Q4 2025 13F: 16 new positions, 15 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 13, 2026 · 107 reported positions · accession 0001398344-26-003154
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New |
FS SPECIALTY LENDING FD (FSEN)
new — newly listed security (e.g. spin-off)
|
— | 9.8% | +9.8 pts | +2.05M sh | new |
| New |
BLUEROCK PVT REAL ESTATE FD (BPRE)
new — newly listed security (e.g. spin-off)
|
— | 4.3% | +4.3 pts | +855K sh | new |
| New | GUGGENHEIM STRATEGIC OPPORTU (GOF) | — | 4.0% | +4.0 pts | +927K sh | new |
| Exited | PGIM ETF TR (PAAA) | 3.6% | — | −3.6 pts | −206K sh | −100% |
| Exited | Simplify Exchange Traded Fun (PFIX) | 3.2% | — | −3.2 pts | −192K sh | −100% |
| Exited | Flaherty & Crumrine Pfd Secs (FFC) | 2.2% | — | −2.2 pts | −383K sh | −100% |
| Increased | FS CREDIT OPPORTUNITIES CORP (FSCO) | 2.3% | 4.0% | +1.8 pts | +936K sh | +97% |
| Exited | Nuveen Vriabl Rat Pfd & Inm (NPFD) | 1.8% | — | −1.8 pts | −261K sh | −100% |
| Reduced | ISHARES TR (TFLO) | 1.9% | 0.1% | −1.8 pts | −103K sh | −96% |
| Reduced | PIMCO DYNAMIC INCOME STRATEG (PDX) | 13.4% | 8.3% | −5.1 pts | −264K sh | −17% |
| Increased | SABA CAPITAL INCOME & OPRNT (BRW) | 3.1% | 4.4% | +1.2 pts | +660K sh | +56% |
| Increased | PIMCO ACCESS INCOME FUND (PAXS) | 2.7% | 3.9% | +1.2 pts | +266K sh | +55% |
| Exited | Kayne Anderson Energy Infrst (KYN) | 1.4% | — | −1.4 pts | −321K sh | −100% |
| Exited | ProShares UltraShort S&P500 (SDS) | 1.3% | — | −1.3 pts | −272K sh | −100% |
| New | BLACKROCK TECH AND PRIVATE E (BTX) | — | 1.2% | +1.2 pts | +543K sh | new |
| New | EAGLE POINT INCOME COMPANY I (EIC) | — | 1.2% | +1.2 pts | +311K sh | new |
| Reduced | NUVEEN FLOATING RATE INCOME (JFR) | 3.6% | 2.3% | −1.3 pts | −411K sh | −32% |
| New | XAI OCTAGN FLT RAT & ALT INM (XFLT) | — | 1.0% | +1.0 pts | +638K sh | new |
| Exited | Ecofin Sustainable and Social Impact Term Fund (TEAF) | 0.9% | — | −0.9 pts | −235K sh | −100% |
| Reduced | ASA GOLD AND PRECIOUS MTLS L (ASA) | 2.8% | 2.7% | −0.1 pts | −46,303 sh | −26% |
| New | PIMCO DYNAMIC INCOME FD (PDI) | — | 0.9% | +0.9 pts | +153K sh | new |
| New | VIRTUS CONVERTIBLE & INCOME (NCV) | — | 0.9% | +0.9 pts | +174K sh | new |
| Increased | OXFORD LANE CAP CORP (OXLC) | 1.3% | 2.0% | +0.7 pts | +172K sh | +75% |
| Exited | PIMCO Income Strategy FdII (PFN) | 0.8% | — | −0.8 pts | −320K sh | −100% |
| New | MORGAN STANLEY EMKT DBT FD I (MSD) | — | 0.8% | +0.8 pts | +323K sh | new |
| Exited | Tortoise Energy Infra Corp (TYG) | 0.8% | — | −0.8 pts | −53,109 sh | −100% |
| Reduced | COHEN & STEERS LTD DURATION (LDP) | 1.6% | 0.9% | −0.8 pts | −97,158 sh | −44% |
| Reduced | HIGHLAND OPPS & INCOME FD (HFRO) | 6.1% | 5.0% | −1.1 pts | −339K sh | −12% |
| Exited | Aberdeen Life Sciences Investor (HQL) | 0.6% | — | −0.6 pts | −117K sh | −100% |
| Exited | Aberdeen Healthcare Investors (HQH) | 0.6% | — | −0.6 pts | −94,616 sh | −100% |
| Reduced | SABA CAPITAL INCOME & OPPORT (SABA) | 5.6% | 4.4% | −1.2 pts | −197K sh | −11% |
| Reduced | GAMCO NAT RES GOLD & INCOME (GNT) | 0.6% | 0.2% | −0.3 pts | −145K sh | −62% |
| Increased | BLACKSTONE LONG SHORT CR INC (BGX) | 0.7% | 0.9% | +0.3 pts | +73,889 sh | +46% |
| Reduced | NYLI CBRE GBL INFR MEGTRNDS (MEGI) | 0.9% | 0.5% | −0.3 pts | −57,749 sh | −34% |
| Increased | CARLYLE CREDIT INCOME FUND (CCIF) | 0.1% | 0.3% | +0.3 pts | +167K sh | +497% |
| Reduced | NUVEEN CR STRATEGIES INCOME (JQC) | 1.2% | 0.9% | −0.3 pts | −153K sh | −22% |
| Reduced | GABELLI DIVID & INCOME TR (GDV) | 0.9% | 0.6% | −0.2 pts | −27,049 sh | −28% |
| New | PIMCO CORPORATE & INCOME OPP (PTY) | — | 0.2% | +0.2 pts | +55,818 sh | new |
| New | EAGLE POINT CREDIT COMPANY I (ECC) | — | 0.2% | +0.2 pts | +125K sh | new |
| Increased | DUFF & PHELPS UTLITY AND INF (DPG) | 1.9% | 2.0% | +0.2 pts | +48,527 sh | +12% |
| Increased | BROOKFIELD REAL ASSETS INCOM (RA) | 3.3% | 3.4% | +0.1 pts | +47,561 sh | +7% |
| Reduced | HERZFELD CREDIT INCOME FUND (CUBA) | 5.0% | 4.4% | −0.6 pts | −259K sh | −4% |
| Increased | PIMCO DYNAMIC INCOME OPRNTS (PDO) | 1.5% | 1.6% | +0.1 pts | +27,307 sh | +9% |
| Reduced | EXCHANGE LISTED FDS TR (CEFS) | 0.8% | 0.7% | −0.1 pts | −14,477 sh | −15% |
| New | FEDERATED HERMES PREM MUNI I (FMN) | — | 0.1% | +0.1 pts | +29,727 sh | new |
| New | NEUBERGER MUN FD INC (NBH) | — | 0.1% | +0.1 pts | +32,348 sh | new |
| Reduced | NUVEEN MORTGAGE AND INCOME F (JLS) | 0.6% | 0.5% | −0.1 pts | −16,639 sh | −17% |
| Increased | NEUBERGER NEXT GENERATION (NBXG) | 2.1% | 2.0% | −0.1 pts | +18,179 sh | +5% |
| Increased | RIVERNORTH FLEXIBLE MUNI INC (RFMZ) | 1.3% | 1.4% | 0.0 pts | +18,973 sh | +6% |
| New | SOUND POINT MERIDIAN CAP INC (SPMC) | — | 0.1% | +0.1 pts | +13,720 sh | new |
The 50 largest of 100 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 — 52.5% of the equity book
Changes in the top 10 this quarter: FSEN entered · BPRE entered · FSCO entered · GOF entered · PAXS entered · PAAA left · JFR left · RA left · PFIX left · ASA left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | FS SPECIALTY LENDING FD (FSEN) | 0.0% | 9.8% | Entered the top 10 |
| 2 | PIMCO DYNAMIC INCOME STRATEG (PDX) | 13.4% | 8.3% | |
| 3 | HIGHLAND OPPS & INCOME FD (HFRO) | 6.1% | 5.0% | |
| 4 | SABA CAPITAL INCOME & OPPORT (SABA) | 5.6% | 4.4% | |
| 5 | HERZFELD CREDIT INCOME FUND (CUBA) | 5.0% | 4.4% | |
| 6 | SABA CAPITAL INCOME & OPRNT (BRW) | 3.1% | 4.4% | |
| 7 | BLUEROCK PVT REAL ESTATE FD (BPRE) | 0.0% | 4.3% | Entered the top 10 |
| 8 | FS CREDIT OPPORTUNITIES CORP (FSCO) | 2.3% | 4.0% | Entered the top 10 |
| 9 | GUGGENHEIM STRATEGIC OPPORTU (GOF) | 0.0% | 4.0% | Entered the top 10 |
| 10 | PIMCO ACCESS INCOME FUND (PAXS) | 2.7% | 3.9% | Entered the top 10 |
| — | PGIM ETF TR (PAAA) | 3.6% | 0.0% | Left the top 10 |
| — | NUVEEN FLOATING RATE INCOME (JFR) | 3.6% | 2.3% | Left the top 10 |
| — | BROOKFIELD REAL ASSETS INCOM (RA) | 3.3% | 3.4% | Left the top 10 |
| — | Simplify Exchange Traded Fun (PFIX) | 3.2% | 0.0% | Left the top 10 |
| — | ASA GOLD AND PRECIOUS MTLS L (ASA) | 2.8% | 2.7% | 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).