Thomas J. Herzfeld Advisors, Inc. — 13F Filings Deep Dive

CIK: 0001509510

Diversified strategySector-focusedHigh-turnover trader

Total reported value

$294.0M

Reporting period: 2026-03-31 · Number of holdings: 115

Thomas J. Herzfeld Advisors, Inc. disclosed 115 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $294.0M and a quarterly turnover rate of 71.1%.

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Personality snowflake

Concentration: 17.08
Portfolio Stability: 71.15
Momentum/Contrarian: 71.77
Sector conviction: 100
Diversification: 100
Sizing Uniformity: 80.14

Thomas J. Herzfeld Advisors, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.043 — mathematically equivalent to about 23 equally-sized positions, well below its 115 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes vary widely across the portfolio (a coefficient of variation of 1.99), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Sector classification currently covers about 3% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.

Recent moves

Add FSCO
+93.7%　$6.8M
Trim BPRE
-57.6%　-$6.8M
Trim SABA
-51.3%　-$6.7M
Add FSSL
+37.0%　$6.1M
Trim RA
-55.9%　-$5.6M
Trim STEW
-71.8%　-$5.2M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	FSSL	Fs Specialty Lending Fund	Stock-Other	11.95%	+2.14%	+36.95%
2	PDX	Pimco Dynamic Income Strat	Stock-Other	9.40%	+1.10%	-4.01%
3	FSCO	Fs Credit Opportunities CORP	Stock-Other	6.38%	+2.33%	+93.70%
4	HFRO	Highland Opport & Income	Stock-Other	5.27%	—	+10.51%
5	HERZ	Herzfeld Credit Income Fund	Stock-Other	4.26%	+4.26%	NEW
6	SJB	Proshares Short High Yield	ETF-High Yield	4.20%	+4.20%	NEW
7	GOF	Guggenheim Strategic Opport	Stock-Other	3.81%	—	+9.51%
8	BRW	Saba Capital Income & Opport	Stock-Other	3.25%	-1.10%	-22.76%
9	SDS	Proshares Ultrashort S&p500	ETF-Other	2.78%	+2.78%	NEW
10	ASA	ASA Gold and Precious Metals Limited	Stock-Other	2.66%	—	-6.30%
11	SABA	Saba Capital Income & Opp Ii	Stock-Other	2.19%	-2.25%	-51.29%
12	PAXS	Pimco Access Income Fund	Stock-Other	2.16%	-1.71%	-41.17%
13	BPRE	Bluerock Private Real Estate	Stock-Financials	2.05%	-2.29%	-57.59%
14	DPG	Duff & Phelps Utility & INC	Stock-Other	1.92%	—	-16.61%
15	PFIX	Simplify Interest Rate Hedge	ETF-Other	1.85%	+1.85%	NEW
16	JFR	Nuveen Floating Rate Income	Stock-Other	1.82%	-0.50%	-18.66%
17	RA	Brookfield Real Assets Incom	Stock-Other	1.49%	-1.90%	-55.89%
18	TFLO	Ishares Treasury Floating Ra	ETF-Gov Bonds	1.37%	+1.29%	+1678.21%
19	EIC	Eagle Point Income Co INC	Stock-Other	1.26%	—	+26.77%
20	NML	Neuberger Energy Infrastruct	Stock-Other	1.16%	+1.16%	NEW
21	KYN	Kayne Anderson Energy Infra	Stock-Other	1.14%	+1.14%	NEW
22	BGR	Blackrock Enrgy & Res Tr	Stock-Other	1.07%	+1.07%	NEW
23	EMO	Clearbridge Energy Midstream	Stock-Other	1.06%	+1.04%	+5709.35%
24	PTY	Pimco Corporate & Income Opp	Stock-Other	1.03%	+0.79%	+347.84%
25	DUST	Dir Dly Gol Mn Idx Br 2x ETF	ETF-Other	1.01%	+1.01%	NEW
26	RFMZ	Rivernorth Flex Muni Ii	Stock-Other	0.99%	-0.38%	-28.12%
27	TWN	Taiwan Fund Inc/th/md-us INC	Stock-Other	0.93%	-0.56%	-49.80%
28	PDI	Pimco Dynamic Income Fund	Stock-Financials	0.90%	—	+1.31%
29	QID	Proshares Ultrashort Qqq	ETF-Other	0.90%	+0.90%	NEW
30	BCX	Blackrock Resources & Commod	Stock-Other	0.89%	+0.89%	NEW
31	STK	Columbia Slgmn Prem Tech Gr	Stock-Other	0.85%	+0.78%	+1035.14%
32	FINS	Angel Oak Financ Strat INC	Stock-Other	0.84%	—	-10.66%
33	XSSPX	Nuveen S&p 500 Dynam Overwr	Stock-Other	0.81%	+0.81%	NEW
34	BSMQ	Invesco Bulletshares 2026 Mb	ETF-Other	0.79%	+0.79%	NEW
35	BSMR	Invesco Bulletshares 2027 Mb	ETF-Other	0.77%	+0.77%	NEW
36	DXYZ	Destiny Tech100 INC	Stock-Other	0.75%	+0.75%	NEW
37	FUMB	First Trust Ultra Short Dur	ETF-Other	0.75%	+0.75%	NEW
38	OXLC	Oxford Lane Capital CORP	Stock-Other	0.74%	-1.24%	-44.29%
39	LDP	Cohen & Steers Limited Durat	Stock-Other	0.70%	—	-16.32%
40	MEGI	Nyli Cbre Glbl Infr Mega Trm	Stock-Other	0.65%	—	+15.18%
41	GAM	General American Investors	Stock-Other	0.65%	+0.65%	+26239.52%
42	BTX	Blackrock Tech & Priv Eqty	Stock-Other	0.63%	-0.58%	-48.31%
43	STEW	Srh Total Return Fund INC	Stock-Other	0.63%	-1.77%	-71.79%
44	BSTZ	Blackrock Sci & Tech Trm Tr	Stock-Other	0.62%	-1.03%	-61.58%
45	SDHY	Pgim Shrt Durat Hi Yld	Stock-Other	0.62%	-1.22%	-65.58%
46	CET	Central Securities CORP	Stock-Other	0.62%	—	-33.10%
47	TBLD	Thornburg Income Builder Opp	Stock-Other	0.50%	-1.08%	-70.01%
48	CEFS	Saba Closed End Funds ETF	ETF-Other	0.50%	—	-23.10%
49	XGDVX	Gabelli Dividend & Income Tr	Stock-Other	0.47%	—	-24.69%
50	JLS	Nuveen Mortgage & Income	Stock-Other	0.45%	—	-10.01%

1–50 of 115

Portfolio Performance

Performance for Q3 2026

-0.9%

Performance Last 4 Quarters

+5.1%

Based on 90% of reported portfolio value with available pricing

Stdev: +10.4%
Beta: +0.62
Alpha: -2.5%
Max Drawdown: -7%
Annualized Perf: +8.8%
Batting Avg vs S&P: +41.7%
Sortino: +1.69
Stutzer: +0.26
Treynor: +0.15
Sterling: +0.56
Calmar: +1.25
Information Ratio: -1.16
Tracking Error: +8.1%
Stdev Down: +5.3%
Winning Months %: +55.6%
Losing Months %: +44.4%
Best 12 Months: +22.3%
Worst 12 Months: +1.7%
Efficiency Ratio: +0.32
Sharpe: +0.87
Stdev Sectors: +48.3%
Skewness: +0.34
Kurtosis: -0.38
Upside Potential: +3.64

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	115	$294.0M	71	1FSSL 2PDX 3FSCO Top holdings2026-03-31 1.FSSL 2.PDX 3.FSCO 4.HFRO 5.HERZ 6.SJB 7.GOF 8.BRW 9.SDS 10.ASA
2025-12-31	107	$295.6M	62	1FSSL 2PDX 3HFRO Top holdings2025-12-31 1.FSSL 2.PDX 3.HFRO 4.SABA 5.42804T 6.BRW 7.BPRE 8.FSCO 9.GOF 10.PAXS
2025-09-30	104	$291.7M	76	1PDX 2HFRO 3SABA Top holdings2025-09-30 1.PDX 2.HFRO 3.SABA 4.42804T 5.PAAA 6.JFR 7.RA 8.PFIX 9.BRW 10.ASA
2025-06-30	108	$280.4M	0	1PDX 2FSCO342804T Top holdings2025-06-30 1.PDX 2.FSCO 3.42804T 4.SABA 5.HFRO 6.JFR 7.RA 8.SJB 9.CLM 10.SDS
2025-03-31	128	$294.0M	100	1PDX 2FSCO342804T Top holdings2025-03-31 1.PDX 2.FSCO 3.42804T 4.SABA 5.HFRO 6.JFR 7.PSEC 8.RA 9.SSSS 10.NPFD
2024-12-31	147	$312.1M	0	1PDX 2FSCO 3HFRO Top holdings2024-12-31 1.PDX 2.FSCO 3.HFRO 4.SABA 5.NPFD 6.SSSS 7.RA 8.PSEC 9.SPMC 10.98400T
2024-09-30	155	$300.3M	0	1PDX 2FSCO 3HFRO Top holdings2024-09-30 1.PDX 2.FSCO 3.HFRO 4.NPFD 5.PCF 6.SPMC 7.CLM 8.DMA 9.42804T 10.JFR
2024-06-30	238	$285.1M	0	1PDX 2FSCO 3HFRO Top holdings2024-06-30 1.PDX 2.FSCO 3.HFRO 4.NPFD 5.SPMC 6.CLM 7.JPC 8.JFR 9.42804T 10.DMA
2024-03-31	151	$282.8M	0	1PDX 2FSCO 3HFRO Top holdings2024-03-31 1.PDX 2.FSCO 3.HFRO 4.NXDT 5.OCCI 6.CLM 7.JPC 8.JFR 9.DMA 10.42804T
2023-12-31	155	$272.4M	0	1PDX 2HFRO 3FSCO Top holdings2023-12-31 1.PDX 2.HFRO 3.FSCO 4.BRW 5.NXDT 6.JPC 7.CLM 8.OCCI 9.42804T 10.DMA
2023-09-30	336	$258.9M	0	1FSCO 2HFRO 3PDX Top holdings2023-09-30 1.FSCO 2.HFRO 3.PDX 4.BRW 5.NXDT 6.NAD 7.CCIF 8.OCCI 9.TLT 10.STEW
2023-06-30	327	$230.3M	0	1HFRO 2BRW 3NXDT Top holdings2023-06-30 1.HFRO 2.BRW 3.NXDT 4.PDX 5.NAD 6.OXLC 7.STEW 8.FTF 9.EDD 10.CCIF
2023-03-31	322	$247.2M	0	1HFRO 2BRW 3USFR Top holdings2023-03-31 1.HFRO 2.BRW 3.USFR 4.OXLC 5.NXDT 6.PDX 7.TFLO 8.SDS 9.ECAT 10.CLM
2022-12-31	317	$244.0M	0	1HFRO 2BRW 3NXDT Top holdings2022-12-31 1.HFRO 2.BRW 3.NXDT 4.OXLC 5.PDX 6.SJB 7.CLM 8.USFR 9.XNDPX 10.STEW
2022-09-30	308	$234.5M	0	1USFR 2HFRO 3NXDT Top holdings2022-09-30 1.USFR 2.HFRO 3.NXDT 4.AGG 5.PDX 6.BRW 7.SJB 8.STEW 9.XNDPX 10.CCIF
2022-06-30	323	$241.5M	0	1HFRO 2NXDT 3USFR Top holdings2022-06-30 1.HFRO 2.NXDT 3.USFR 4.CLM 5.BRW 6.PDX 7.STEW 8.PCF 9.BCAT 10.ECAT
2022-03-31	326	$266.9M	0	1HFRO 2NXDT 3PDX Top holdings2022-03-31 1.HFRO 2.NXDT 3.PDX 4.78518H 5.STEW 6.PCF 7.PDI 8.SSSS 9.ECAT 10.BCAT
2021-12-31	361	$275.4M	0	1HFRO 2NXDT 3CET Top holdings2021-12-31 1.HFRO 2.NXDT 3.CET 4.STEW 5.PCF 6.PDI 7.BSTZ 8.PDX 9.TBF 10.MTZ
2021-09-30	349	$226.5M	0	1HFRO 2NXDT 3SHY Top holdings2021-09-30 1.HFRO 2.NXDT 3.SHY 4.CET 5.STEW 6.BSTZ 7.CRF 8.CLM 9.MTZ 10.TBF
2021-06-30	355	$239.7M	100	1HFRO 2NXDT 3CET Top holdings2021-06-30 1.HFRO 2.NXDT 3.CET 4.BSTZ 5.MTZ 6.CRF 7.CLM 8.STEW 9.ISD 10.OCCI
2021-03-31	362	$220.5M	31	1HFRO 2NXDT 3XEVVX Top holdings2021-03-31 1.HFRO 2.NXDT 3.XEVVX 4.GHY 5.ISD 6.MTZ 7.CET 8.XJQCX 9.BSTZ 10.STEW
2020-12-31	298	$214.3M	53	1HFRO 2NXDT 3XEVVX Top holdings2020-12-31 1.HFRO 2.NXDT 3.XEVVX 4.GHY 5.ISD 6.MTZ 7.XJQCX 8.CET 9.SGOL 10.STEW
2020-09-30	254	$148.9M	43	1HFRO 2NXDT 3XJQCX Top holdings2020-09-30 1.HFRO 2.NXDT 3.XJQCX 4.CLM 5.XEVVX 6.GHY 7.ISD 8.CET 9.SGOL 10.STEW
2020-06-30	290	$204.0M	34	1HFRO 2NXDT 3CLM Top holdings2020-06-30 1.HFRO 2.NXDT 3.CLM 4.XJQCX 5.GHY 6.XEVVX 7.ISD 8.CET 9.STEW 10.MTZ
2020-03-31	245	$187.4M	56	1HFRO 2NXDT 3CLM Top holdings2020-03-31 1.HFRO 2.NXDT 3.CLM 4.XJQCX 5.XEVVX 6.CET 7.STEW 8.GHY 9.ISD 10.GAM
2019-12-31	237	$279.8M	34	1NXDT 2HFRO 3STEW Top holdings2019-12-31 1.NXDT 2.HFRO 3.STEW 4.XJQCX 5.CLM 6.CET 7.XEVVX 8.GAM 9.ISD 10.CRF
2019-09-30	257	$271.1M	25	1NXDT 2HFRO 3CLM Top holdings2019-09-30 1.NXDT 2.HFRO 3.CLM 4.STEW 5.XJQCX 6.CET 7.OCCI 8.XEVVX 9.ISD 10.MTZ
2019-06-30	266	$262.5M	36	1NXDT 2HFRO 3XJQCX Top holdings2019-06-30 1.NXDT 2.HFRO 3.XJQCX 4.STEW 5.CET 6.CLM 7.SHV 8.ISD 9.42804T 10.XEVVX
2019-03-31	292	$272.7M	30	1NXDT 2HFRO 3CET Top holdings2019-03-31 1.NXDT 2.HFRO 3.CET 4.XJQCX 5.STEW 6.CLM 7.THQ 8.ISD 9.42804T 10.MTZ
2018-12-31	294	$250.7M	61	1NXDT 2CET 3STEW Top holdings2018-12-31 1.NXDT 2.CET 3.STEW 4.HFRO 5.1JFD 6.CLM 7.XJQCX 8.THQ 9.PCEF 10.ISD
2018-09-30	277	$282.0M	26	1NXDT 2CET 3STEW Top holdings2018-09-30 1.NXDT 2.CET 3.STEW 4.ECC 5.THQ 6.FLOT 7.42804T 8.THW 9.GAM 10.XAODX
2018-06-30	298	$273.5M	44	1NXDT 2CET 3STEW Top holdings2018-06-30 1.NXDT 2.CET 3.STEW 4.ECC 5.THQ 6.42804T 7.ADX 8.THW 9.XAODX 10.GAM
2018-03-31	309	$258.1M	28	1STEW 2CET 3NXDT Top holdings2018-03-31 1.STEW 2.CET 3.NXDT 4.1JFD 5.THQ 6.42804T 7.USA 8.ADX 9.THW 10.GAM
2017-12-31	311	$268.8M	37	1NXDT 2STEW 3CET Top holdings2017-12-31 1.NXDT 2.STEW 3.CET 4.THQ 5.BST 6.1JFD 7.42804T 8.MINT 9.ADX 10.USA
2017-09-30	288	$226.8M	20	1NXDT 2STEW 3BST Top holdings2017-09-30 1.NXDT 2.STEW 3.BST 4.THQ 5.CET 6.42804T 7.ADX 8.THW 9.PINE 10.USA
2017-06-30	286	$228.0M	25	1NXDT 2STEW 3BST Top holdings2017-06-30 1.NXDT 2.STEW 3.BST 4.THQ 5.CET 6.42804T 7.ADX 8.PINE 9.THW 10.USA
2017-03-31	296	$227.6M	24	1STEW 2NXDT 3BST Top holdings2017-03-31 1.STEW 2.NXDT 3.BST 4.THQ 5.CET 6.ADX 7.THW 8.42804T 9.PINE 10.USA
2016-12-31	306	$216.2M	24	1STEW 2NXDT 3BST Top holdings2016-12-31 1.STEW 2.NXDT 3.BST 4.1JFD 5.THQ 6.ADX 7.CET 8.THW 9.PINE 10.USA
2016-09-30	294	$187.8M	19	1STEW 2BST 3THQ Top holdings2016-09-30 1.STEW 2.BST 3.THQ 4.NXDT 5.THW 6.ADX 7.PINE 8.TY 9.USA 10.1JFD
2016-06-30	307	$188.6M	20	1STEW 2THQ 3BST Top holdings2016-06-30 1.STEW 2.THQ 3.BST 4.NXDT 5.THW 6.ADX 7.PINE 8.TY 9.USA 10.1JFD
2016-03-31	332	$193.3M	35	1STEW 2BST 3THQ Top holdings2016-03-31 1.STEW 2.BST 3.THQ 4.ADX 5.THW 6.PINE 7.TY 8.USA 9.1JFD 10.GAM
2015-12-31	324	$249.1M	32	1OXLC 7.5 06-30-23 2023 2SOR 3OXLC 8.125 06-30-24 Top holdings2015-12-31 1.OXLC 7.5 06-30-23 2023 2.SOR 3.OXLC 8.125 06-30-24 4.STEW 5.BST 6.THQ 7.ADX 8.PINE 9.1JFD 10.THW
2015-09-30	325	$230.3M	25	1OXLC 7.5 06-30-23 2023 2OXLC 8.125 06-30-24 3STEW Top holdings2015-09-30 1.OXLC 7.5 06-30-23 2023 2.OXLC 8.125 06-30-24 3.STEW 4.THQ 5.BST 6.1JFD 7.ADX 8.PINE 9.TY 10.PDI
2015-06-30	308	$238.1M	24	1OXLC 7.5 06-30-23 2023 2STEW 3THQ Top holdings2015-06-30 1.OXLC 7.5 06-30-23 2023 2.STEW 3.THQ 4.OXLC 8.125 06-30-24 5.BST 6.1JFD 7.ADX 8.PINE 9.TY 10.USA
2015-03-31	292	$214.7M	31	1STEW 2OXLC 7.5 06-30-23 2023 3OXLC 8.125 06-30-24 Top holdings2015-03-31 1.STEW 2.OXLC 7.5 06-30-23 2023 3.OXLC 8.125 06-30-24 4.THQ 5.ADX 6.BST 7.1JFD 8.92829A 9.PINE 10.TY
2014-12-31	308	$199.1M	40	1OXLC 7.5 06-30-23 2023233587T3ADX Top holdings2014-12-31 1.OXLC 7.5 06-30-23 2023 2.33587T 3.ADX 4.1JFD 5.92829A 6.PINE 7.OXLC 8.125 06-30-24 8.TY 9.716549 10.THQ
2014-09-30	280	$179.8M	27	1OXLC 7.5 06-30-23 2023233587T31JFD Top holdings2014-09-30 1.OXLC 7.5 06-30-23 2023 2.33587T 3.1JFD 4.92829A 5.ADX 6.716549 7.PINE 8.TY 9.XJQCX 10.GAM
2014-06-30	288	$175.4M	28	133587T292829A3716549 Top holdings2014-06-30 1.33587T 2.92829A 3.716549 4.PINE 5.ADX 6.TY 7.1JFD 8.GAM 9.76970B 10.GLO
2014-03-31	284	$170.2M	23	133587T292829A3PINE Top holdings2014-03-31 1.33587T 2.92829A 3.PINE 4.716549 5.ADX 6.TY 7.1JFD 8.314162 9.GAM 10.02082E
2013-12-31	297	$175.4M	35	1PINE233587T302082E Top holdings2013-12-31 1.PINE 2.33587T 3.02082E 4.92829A 5.ADX 6.716549 7.TY 8.314162 9.GAM 10.SEB
2013-09-30	279	$155.4M	13	133587T292829A3021060 Top holdings2013-09-30 1.33587T 2.92829A 3.021060 4.716549 5.ADX 6.314162 7.TY 8.SEB 9.EDD 10.GAM
2013-06-30	284	$157.1M	—	133587T292829A3021060 Top holdings2013-06-30 1.33587T 2.92829A 3.021060 4.TY 5.716549 6.ADX 7.314162 8.ETJ 9.SEB 10.USA

Holding changes this quarter

Thomas J. Herzfeld Advisors, Inc.'s most significant position changes for 2026-03-31: Sold out: Herzfeld Credit Income Fund; New buy: Herzfeld Credit Income Fund (HERZ); New buy: Proshares Short High Yield (SJB); New buy: Proshares Ultrashort S&p500 (SDS); Sold out: Neuberger Next Generation Co (NBXG).

Position changes disclosed by Thomas J. Herzfeld Advisors, Inc. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	FSCO	Fs Credit Opportunities CORP	+2.3%	+93.70%	Add
2	FSSL	Fs Specialty Lending Fund	+2.1%	+36.95%	Add
3	TFLO	Ishares Treasury Floating Ra	+1.3%	+1678.21%	Add
4	PDX	Pimco Dynamic Income Strat	+1.1%	-4.01%	Trim
5	EMO	Clearbridge Energy Midstream	+1%	+5709.35%	Add
6	PTY	Pimco Corporate & Income Opp	+0.8%	+347.84%	Add
7	STK	Columbia Slgmn Prem Tech Gr	+0.8%	+1035.14%	Add
8	GAM	General American Investors	+0.7%	+26239.52%	Add
9	RFMZ	Rivernorth Flex Muni Ii	-0.4%	-28.12%	Trim
10	MSD	Morgan Stanley Emrg Mkt Debt	-0.4%	-46.60%	Trim
11	XPCQX	Pimco California Muni INC Fd	-0.4%	-64.18%	Trim
12	BGX	Blackstone Long-short Credit	-0.5%	-49.42%	Trim
13	JFR	Nuveen Floating Rate Income	-0.5%	-18.66%	Trim
14	TWN	Taiwan Fund Inc/th/md-us INC	-0.6%	-49.80%	Trim
15	BTX	Blackrock Tech & Priv Eqty	-0.6%	-48.31%	Trim
16	XCXHX	Mfs Investment Grade Muni	-0.6%	-90.34%	Trim
17	BSTZ	Blackrock Sci & Tech Trm Tr	-1%	-61.58%	Trim
18	TBLD	Thornburg Income Builder Opp	-1.1%	-70.01%	Trim
19	BRW	Saba Capital Income & Opport	-1.1%	-22.76%	Trim
20	SDHY	Pgim Shrt Durat Hi Yld	-1.2%	-65.58%	Trim
21	OXLC	Oxford Lane Capital CORP	-1.2%	-44.29%	Trim
22	PDO	Pimco Dynamic Income Opport	-1.3%	-80.68%	Trim
23	PAXS	Pimco Access Income Fund	-1.7%	-41.17%	Trim
24	STEW	Srh Total Return Fund INC	-1.8%	-71.79%	Trim
25	RA	Brookfield Real Assets Incom	-1.9%	-55.89%	Trim
26	SABA	Saba Capital Income & Opp Ii	-2.3%	-51.29%	Trim
27	BPRE	Bluerock Private Real Estate	-2.3%	-57.59%	Trim
28	✓	Herzfeld Credit Income Fund	—	EXIT	Sold out
29	HERZ	Herzfeld Credit Income Fund	—	NEW	New buy
30	SJB	Proshares Short High Yield	—	NEW	New buy
31	SDS	Proshares Ultrashort S&p500	—	NEW	New buy
32	NBXG	Neuberger Next Generation Co	—	EXIT	Sold out
33	PFIX	Simplify Interest Rate Hedge	—	NEW	New buy
34	NML	Neuberger Energy Infrastruct	—	NEW	New buy
35	KYN	Kayne Anderson Energy Infra	—	NEW	New buy
36	BGR	Blackrock Enrgy & Res Tr	—	NEW	New buy
37	✓	Xai Octagn Flt Rat & Alt Inm	—	EXIT	Sold out
38	DUST	Dir Dly Gol Mn Idx Br 2x ETF	—	NEW	New buy
39	XDIAX	Nuveen Dow 30 Dynamic Overwr	—	EXIT	Sold out
40	XJQCX	Nuveen Credit Strategies INC	—	EXIT	Sold out
41	NCV	Virtus Convertible & Income	—	EXIT	Sold out
42	QID	Proshares Ultrashort Qqq	—	NEW	New buy
43	BCX	Blackrock Resources & Commod	—	NEW	New buy
44	XSSPX	Nuveen S&p 500 Dynam Overwr	—	NEW	New buy
45	BSMQ	Invesco Bulletshares 2026 Mb	—	NEW	New buy
46	BSMR	Invesco Bulletshares 2027 Mb	—	NEW	New buy
47	DXYZ	Destiny Tech100 INC	—	NEW	New buy
48	FUMB	First Trust Ultra Short Dur	—	NEW	New buy
49	XCMUX	Mfs High Yield Municipal Tr	—	EXIT	Sold out
50	PVI	Invesco Floating Rate Munici	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-12	13F-HR	View on EDGAR
2025-12-31	2026-02-13	13F-HR	View on EDGAR
2025-09-30	2025-11-12	13F-HR	View on EDGAR
2025-06-30	2025-08-13	13F-HR	View on EDGAR
2025-03-31	2025-05-14	13F-HR	View on EDGAR
2024-12-31	2025-02-12	13F-HR	View on EDGAR
2024-09-30	2024-11-12	13F-HR	View on EDGAR
2024-06-30	2024-08-13	13F-HR	View on EDGAR
2024-03-31	2024-05-13	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-13	13F-HR	View on EDGAR
2023-06-30	2023-08-16	Amendment	View on EDGAR
2023-06-30	2023-08-16	Amendment	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-16	Amendment	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-10	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-12	13F-HR	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-05-14	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-12	13F-HR	View on EDGAR
2020-06-30	2020-08-12	13F-HR	View on EDGAR
2020-03-31	2020-05-13	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-08	13F-HR	View on EDGAR
2019-06-30	2019-08-13	13F-HR	View on EDGAR
2019-03-31	2019-05-14	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-14	13F-HR	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-14	13F-HR	View on EDGAR
2017-09-30	2017-11-14	13F-HR	View on EDGAR
2017-06-30	2017-08-14	13F-HR	View on EDGAR
2017-03-31	2017-05-15	13F-HR	View on EDGAR
2016-12-31	2017-02-14	13F-HR	View on EDGAR
2016-09-30	2016-11-14	13F-HR	View on EDGAR
2016-06-30	2016-08-11	13F-HR	View on EDGAR
2016-03-31	2016-05-13	13F-HR	View on EDGAR
2015-12-31	2016-02-12	13F-HR	View on EDGAR
2015-09-30	2015-11-13	13F-HR	View on EDGAR
2015-06-30	2015-08-14	13F-HR	View on EDGAR
2015-03-31	2015-05-15	13F-HR	View on EDGAR
2014-12-31	2015-02-13	13F-HR	View on EDGAR
2014-09-30	2014-11-14	13F-HR	View on EDGAR
2014-06-30	2014-08-14	13F-HR	View on EDGAR
2014-03-31	2014-05-14	13F-HR	View on EDGAR
2013-12-31	2014-02-13	13F-HR	View on EDGAR
2013-09-30	2013-11-13	13F-HR	View on EDGAR
2013-06-30	2013-08-13	13F-HR	View on EDGAR

FAQ

What is Thomas J. Herzfeld Advisors, Inc. and what type of investor is it?

Thomas J. Herzfeld Advisors, Inc. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $294.0M, spread across 115 disclosed positions.

What are Thomas J. Herzfeld Advisors, Inc.'s largest equity positions?

Based on the latest 13F filing, Thomas J. Herzfeld Advisors, Inc.'s top holdings by market value are: 1. Fs Specialty Lending Fund (FSSL) — $35.1M (11.9%) 2. Pimco Dynamic Income Strat (PDX) — $27.6M (9.4%) 3. Fs Credit Opportunities CORP (FSCO) — $18.8M (6.4%) 4. Highland Opport & Income (HFRO) — $15.5M (5.3%) 5. Herzfeld Credit Income Fund (HERZ) — $12.5M (4.3%)

What changes did Thomas J. Herzfeld Advisors, Inc. make in its most recent portfolio filing?

In the latest reported quarter, Thomas J. Herzfeld Advisors, Inc. made 50 notable position adjustments: 16 new positions were initiated, 7 existing holdings were added to, 20 positions were partially reduced, and 7 were completely exited. The largest of these moves: Sold out: Herzfeld Credit Income Fund; New buy: Herzfeld Credit Income Fund (HERZ); New buy: Proshares Short High Yield (SJB); New buy: Proshares Ultrashort S&p500 (SDS); Sold out: Neuberger Next Generation Co (NBXG)

What sectors does Thomas J. Herzfeld Advisors, Inc. focus on?

Thomas J. Herzfeld Advisors, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 98.3% • Communication Services: 1.7%

Peer Institutions

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B&I Capital AG

CIK 0001843527

Total reported value

$294.1M

24 stks

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Concentration28.5

Portfolio Stability29.2

Sector conviction100.0

AUM within 0.0% of this institution

View detail

Selkirk Management LLC

CIK 0001565432

Total reported value

$294.2M

11 stks

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Concentration84.2

Portfolio Stability26.0

Sector conviction100.0

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Barings Real Estate Advisers LLC

CIK 0001379495

Total reported value

$294.3M

38 stks

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Stale — no recent filing

Concentration15.2

Portfolio Stability49.0

Sector conviction100.0

AUM within 0.1% of this institution

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Similar Holdings Style

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Oak Hill Advisors LP

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Total reported value

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Concentration100.0

Portfolio Stability52.7

Sector conviction100.0

1 of the top 5 holdings overlap, including Fs Specialty Lending Fund

View detail

Saba Capital Management, L.P.

CIK 0001510281

Total reported value

$3.6B

390 stks

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Concentration12.0

Portfolio Stability43.3

Sector conviction71.7

1 of the top 5 holdings overlap, including Pimco Dynamic Income Strat

View detail

Burford Capital Investment Management LLC

CIK 0001712024

Total reported value

$6.2M

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Stale — no recent filing

Concentration100.0

Portfolio Stability6.5

Sector conviction0.0

1 of the top 5 holdings overlap, including Highland Opport & Income

View detail

Thomas J. Herzfeld Advisors, Inc. — 13F Filings Deep Dive

CIK: 0001509510

Diversified strategySector-focusedHigh-turnover trader

Total reported value

$294.0M

Reporting period: 2026-03-31 · Number of holdings: 115

Thomas J. Herzfeld Advisors, Inc. disclosed 115 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $294.0M and a quarterly turnover rate of 71.1%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "T"

Personality snowflake

Concentration: 17.08
Portfolio Stability: 71.15
Momentum/Contrarian: 71.77
Sector conviction: 100
Diversification: 100
Sizing Uniformity: 80.14

Position sizes vary widely across the portfolio (a coefficient of variation of 1.99), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add FSCO
+93.7%　$6.8M
Trim BPRE
-57.6%　-$6.8M
Trim SABA
-51.3%　-$6.7M
Add FSSL
+37.0%　$6.1M
Trim RA
-55.9%　-$5.6M
Trim STEW
-71.8%　-$5.2M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	FSSL	Fs Specialty Lending Fund	Stock-Other	11.95%	+2.14%	+36.95%
2	PDX	Pimco Dynamic Income Strat	Stock-Other	9.40%	+1.10%	-4.01%
3	FSCO	Fs Credit Opportunities CORP	Stock-Other	6.38%	+2.33%	+93.70%
4	HFRO	Highland Opport & Income	Stock-Other	5.27%	—	+10.51%
5	HERZ	Herzfeld Credit Income Fund	Stock-Other	4.26%	+4.26%	NEW
6	SJB	Proshares Short High Yield	ETF-High Yield	4.20%	+4.20%	NEW
7	GOF	Guggenheim Strategic Opport	Stock-Other	3.81%	—	+9.51%
8	BRW	Saba Capital Income & Opport	Stock-Other	3.25%	-1.10%	-22.76%
9	SDS	Proshares Ultrashort S&p500	ETF-Other	2.78%	+2.78%	NEW
10	ASA	ASA Gold and Precious Metals Limited	Stock-Other	2.66%	—	-6.30%
11	SABA	Saba Capital Income & Opp Ii	Stock-Other	2.19%	-2.25%	-51.29%
12	PAXS	Pimco Access Income Fund	Stock-Other	2.16%	-1.71%	-41.17%
13	BPRE	Bluerock Private Real Estate	Stock-Financials	2.05%	-2.29%	-57.59%
14	DPG	Duff & Phelps Utility & INC	Stock-Other	1.92%	—	-16.61%
15	PFIX	Simplify Interest Rate Hedge	ETF-Other	1.85%	+1.85%	NEW
16	JFR	Nuveen Floating Rate Income	Stock-Other	1.82%	-0.50%	-18.66%
17	RA	Brookfield Real Assets Incom	Stock-Other	1.49%	-1.90%	-55.89%
18	TFLO	Ishares Treasury Floating Ra	ETF-Gov Bonds	1.37%	+1.29%	+1678.21%
19	EIC	Eagle Point Income Co INC	Stock-Other	1.26%	—	+26.77%
20	NML	Neuberger Energy Infrastruct	Stock-Other	1.16%	+1.16%	NEW
21	KYN	Kayne Anderson Energy Infra	Stock-Other	1.14%	+1.14%	NEW
22	BGR	Blackrock Enrgy & Res Tr	Stock-Other	1.07%	+1.07%	NEW
23	EMO	Clearbridge Energy Midstream	Stock-Other	1.06%	+1.04%	+5709.35%
24	PTY	Pimco Corporate & Income Opp	Stock-Other	1.03%	+0.79%	+347.84%
25	DUST	Dir Dly Gol Mn Idx Br 2x ETF	ETF-Other	1.01%	+1.01%	NEW
26	RFMZ	Rivernorth Flex Muni Ii	Stock-Other	0.99%	-0.38%	-28.12%
27	TWN	Taiwan Fund Inc/th/md-us INC	Stock-Other	0.93%	-0.56%	-49.80%
28	PDI	Pimco Dynamic Income Fund	Stock-Financials	0.90%	—	+1.31%
29	QID	Proshares Ultrashort Qqq	ETF-Other	0.90%	+0.90%	NEW
30	BCX	Blackrock Resources & Commod	Stock-Other	0.89%	+0.89%	NEW
31	STK	Columbia Slgmn Prem Tech Gr	Stock-Other	0.85%	+0.78%	+1035.14%
32	FINS	Angel Oak Financ Strat INC	Stock-Other	0.84%	—	-10.66%
33	XSSPX	Nuveen S&p 500 Dynam Overwr	Stock-Other	0.81%	+0.81%	NEW
34	BSMQ	Invesco Bulletshares 2026 Mb	ETF-Other	0.79%	+0.79%	NEW
35	BSMR	Invesco Bulletshares 2027 Mb	ETF-Other	0.77%	+0.77%	NEW
36	DXYZ	Destiny Tech100 INC	Stock-Other	0.75%	+0.75%	NEW
37	FUMB	First Trust Ultra Short Dur	ETF-Other	0.75%	+0.75%	NEW
38	OXLC	Oxford Lane Capital CORP	Stock-Other	0.74%	-1.24%	-44.29%
39	LDP	Cohen & Steers Limited Durat	Stock-Other	0.70%	—	-16.32%
40	MEGI	Nyli Cbre Glbl Infr Mega Trm	Stock-Other	0.65%	—	+15.18%
41	GAM	General American Investors	Stock-Other	0.65%	+0.65%	+26239.52%
42	BTX	Blackrock Tech & Priv Eqty	Stock-Other	0.63%	-0.58%	-48.31%
43	STEW	Srh Total Return Fund INC	Stock-Other	0.63%	-1.77%	-71.79%
44	BSTZ	Blackrock Sci & Tech Trm Tr	Stock-Other	0.62%	-1.03%	-61.58%
45	SDHY	Pgim Shrt Durat Hi Yld	Stock-Other	0.62%	-1.22%	-65.58%
46	CET	Central Securities CORP	Stock-Other	0.62%	—	-33.10%
47	TBLD	Thornburg Income Builder Opp	Stock-Other	0.50%	-1.08%	-70.01%
48	CEFS	Saba Closed End Funds ETF	ETF-Other	0.50%	—	-23.10%
49	XGDVX	Gabelli Dividend & Income Tr	Stock-Other	0.47%	—	-24.69%
50	JLS	Nuveen Mortgage & Income	Stock-Other	0.45%	—	-10.01%

1–50 of 115

Portfolio Performance

Performance for Q3 2026

-0.9%

Performance Last 4 Quarters

+5.1%

Based on 90% of reported portfolio value with available pricing

Stdev: +10.4%
Beta: +0.62
Alpha: -2.5%
Max Drawdown: -7%
Annualized Perf: +8.8%
Batting Avg vs S&P: +41.7%
Sortino: +1.69
Stutzer: +0.26
Treynor: +0.15
Sterling: +0.56
Calmar: +1.25
Information Ratio: -1.16
Tracking Error: +8.1%
Stdev Down: +5.3%
Winning Months %: +55.6%
Losing Months %: +44.4%
Best 12 Months: +22.3%
Worst 12 Months: +1.7%
Efficiency Ratio: +0.32
Sharpe: +0.87
Stdev Sectors: +48.3%
Skewness: +0.34
Kurtosis: -0.38
Upside Potential: +3.64

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	115	$294.0M	71	1FSSL 2PDX 3FSCO Top holdings2026-03-31 1.FSSL 2.PDX 3.FSCO 4.HFRO 5.HERZ 6.SJB 7.GOF 8.BRW 9.SDS 10.ASA
2025-12-31	107	$295.6M	62	1FSSL 2PDX 3HFRO Top holdings2025-12-31 1.FSSL 2.PDX 3.HFRO 4.SABA 5.42804T 6.BRW 7.BPRE 8.FSCO 9.GOF 10.PAXS
2025-09-30	104	$291.7M	76	1PDX 2HFRO 3SABA Top holdings2025-09-30 1.PDX 2.HFRO 3.SABA 4.42804T 5.PAAA 6.JFR 7.RA 8.PFIX 9.BRW 10.ASA
2025-06-30	108	$280.4M	0	1PDX 2FSCO342804T Top holdings2025-06-30 1.PDX 2.FSCO 3.42804T 4.SABA 5.HFRO 6.JFR 7.RA 8.SJB 9.CLM 10.SDS
2025-03-31	128	$294.0M	100	1PDX 2FSCO342804T Top holdings2025-03-31 1.PDX 2.FSCO 3.42804T 4.SABA 5.HFRO 6.JFR 7.PSEC 8.RA 9.SSSS 10.NPFD
2024-12-31	147	$312.1M	0	1PDX 2FSCO 3HFRO Top holdings2024-12-31 1.PDX 2.FSCO 3.HFRO 4.SABA 5.NPFD 6.SSSS 7.RA 8.PSEC 9.SPMC 10.98400T
2024-09-30	155	$300.3M	0	1PDX 2FSCO 3HFRO Top holdings2024-09-30 1.PDX 2.FSCO 3.HFRO 4.NPFD 5.PCF 6.SPMC 7.CLM 8.DMA 9.42804T 10.JFR
2024-06-30	238	$285.1M	0	1PDX 2FSCO 3HFRO Top holdings2024-06-30 1.PDX 2.FSCO 3.HFRO 4.NPFD 5.SPMC 6.CLM 7.JPC 8.JFR 9.42804T 10.DMA
2024-03-31	151	$282.8M	0	1PDX 2FSCO 3HFRO Top holdings2024-03-31 1.PDX 2.FSCO 3.HFRO 4.NXDT 5.OCCI 6.CLM 7.JPC 8.JFR 9.DMA 10.42804T
2023-12-31	155	$272.4M	0	1PDX 2HFRO 3FSCO Top holdings2023-12-31 1.PDX 2.HFRO 3.FSCO 4.BRW 5.NXDT 6.JPC 7.CLM 8.OCCI 9.42804T 10.DMA
2023-09-30	336	$258.9M	0	1FSCO 2HFRO 3PDX Top holdings2023-09-30 1.FSCO 2.HFRO 3.PDX 4.BRW 5.NXDT 6.NAD 7.CCIF 8.OCCI 9.TLT 10.STEW
2023-06-30	327	$230.3M	0	1HFRO 2BRW 3NXDT Top holdings2023-06-30 1.HFRO 2.BRW 3.NXDT 4.PDX 5.NAD 6.OXLC 7.STEW 8.FTF 9.EDD 10.CCIF
2023-03-31	322	$247.2M	0	1HFRO 2BRW 3USFR Top holdings2023-03-31 1.HFRO 2.BRW 3.USFR 4.OXLC 5.NXDT 6.PDX 7.TFLO 8.SDS 9.ECAT 10.CLM
2022-12-31	317	$244.0M	0	1HFRO 2BRW 3NXDT Top holdings2022-12-31 1.HFRO 2.BRW 3.NXDT 4.OXLC 5.PDX 6.SJB 7.CLM 8.USFR 9.XNDPX 10.STEW
2022-09-30	308	$234.5M	0	1USFR 2HFRO 3NXDT Top holdings2022-09-30 1.USFR 2.HFRO 3.NXDT 4.AGG 5.PDX 6.BRW 7.SJB 8.STEW 9.XNDPX 10.CCIF
2022-06-30	323	$241.5M	0	1HFRO 2NXDT 3USFR Top holdings2022-06-30 1.HFRO 2.NXDT 3.USFR 4.CLM 5.BRW 6.PDX 7.STEW 8.PCF 9.BCAT 10.ECAT
2022-03-31	326	$266.9M	0	1HFRO 2NXDT 3PDX Top holdings2022-03-31 1.HFRO 2.NXDT 3.PDX 4.78518H 5.STEW 6.PCF 7.PDI 8.SSSS 9.ECAT 10.BCAT
2021-12-31	361	$275.4M	0	1HFRO 2NXDT 3CET Top holdings2021-12-31 1.HFRO 2.NXDT 3.CET 4.STEW 5.PCF 6.PDI 7.BSTZ 8.PDX 9.TBF 10.MTZ
2021-09-30	349	$226.5M	0	1HFRO 2NXDT 3SHY Top holdings2021-09-30 1.HFRO 2.NXDT 3.SHY 4.CET 5.STEW 6.BSTZ 7.CRF 8.CLM 9.MTZ 10.TBF
2021-06-30	355	$239.7M	100	1HFRO 2NXDT 3CET Top holdings2021-06-30 1.HFRO 2.NXDT 3.CET 4.BSTZ 5.MTZ 6.CRF 7.CLM 8.STEW 9.ISD 10.OCCI
2021-03-31	362	$220.5M	31	1HFRO 2NXDT 3XEVVX Top holdings2021-03-31 1.HFRO 2.NXDT 3.XEVVX 4.GHY 5.ISD 6.MTZ 7.CET 8.XJQCX 9.BSTZ 10.STEW
2020-12-31	298	$214.3M	53	1HFRO 2NXDT 3XEVVX Top holdings2020-12-31 1.HFRO 2.NXDT 3.XEVVX 4.GHY 5.ISD 6.MTZ 7.XJQCX 8.CET 9.SGOL 10.STEW
2020-09-30	254	$148.9M	43	1HFRO 2NXDT 3XJQCX Top holdings2020-09-30 1.HFRO 2.NXDT 3.XJQCX 4.CLM 5.XEVVX 6.GHY 7.ISD 8.CET 9.SGOL 10.STEW
2020-06-30	290	$204.0M	34	1HFRO 2NXDT 3CLM Top holdings2020-06-30 1.HFRO 2.NXDT 3.CLM 4.XJQCX 5.GHY 6.XEVVX 7.ISD 8.CET 9.STEW 10.MTZ
2020-03-31	245	$187.4M	56	1HFRO 2NXDT 3CLM Top holdings2020-03-31 1.HFRO 2.NXDT 3.CLM 4.XJQCX 5.XEVVX 6.CET 7.STEW 8.GHY 9.ISD 10.GAM
2019-12-31	237	$279.8M	34	1NXDT 2HFRO 3STEW Top holdings2019-12-31 1.NXDT 2.HFRO 3.STEW 4.XJQCX 5.CLM 6.CET 7.XEVVX 8.GAM 9.ISD 10.CRF
2019-09-30	257	$271.1M	25	1NXDT 2HFRO 3CLM Top holdings2019-09-30 1.NXDT 2.HFRO 3.CLM 4.STEW 5.XJQCX 6.CET 7.OCCI 8.XEVVX 9.ISD 10.MTZ
2019-06-30	266	$262.5M	36	1NXDT 2HFRO 3XJQCX Top holdings2019-06-30 1.NXDT 2.HFRO 3.XJQCX 4.STEW 5.CET 6.CLM 7.SHV 8.ISD 9.42804T 10.XEVVX
2019-03-31	292	$272.7M	30	1NXDT 2HFRO 3CET Top holdings2019-03-31 1.NXDT 2.HFRO 3.CET 4.XJQCX 5.STEW 6.CLM 7.THQ 8.ISD 9.42804T 10.MTZ
2018-12-31	294	$250.7M	61	1NXDT 2CET 3STEW Top holdings2018-12-31 1.NXDT 2.CET 3.STEW 4.HFRO 5.1JFD 6.CLM 7.XJQCX 8.THQ 9.PCEF 10.ISD
2018-09-30	277	$282.0M	26	1NXDT 2CET 3STEW Top holdings2018-09-30 1.NXDT 2.CET 3.STEW 4.ECC 5.THQ 6.FLOT 7.42804T 8.THW 9.GAM 10.XAODX
2018-06-30	298	$273.5M	44	1NXDT 2CET 3STEW Top holdings2018-06-30 1.NXDT 2.CET 3.STEW 4.ECC 5.THQ 6.42804T 7.ADX 8.THW 9.XAODX 10.GAM
2018-03-31	309	$258.1M	28	1STEW 2CET 3NXDT Top holdings2018-03-31 1.STEW 2.CET 3.NXDT 4.1JFD 5.THQ 6.42804T 7.USA 8.ADX 9.THW 10.GAM
2017-12-31	311	$268.8M	37	1NXDT 2STEW 3CET Top holdings2017-12-31 1.NXDT 2.STEW 3.CET 4.THQ 5.BST 6.1JFD 7.42804T 8.MINT 9.ADX 10.USA
2017-09-30	288	$226.8M	20	1NXDT 2STEW 3BST Top holdings2017-09-30 1.NXDT 2.STEW 3.BST 4.THQ 5.CET 6.42804T 7.ADX 8.THW 9.PINE 10.USA
2017-06-30	286	$228.0M	25	1NXDT 2STEW 3BST Top holdings2017-06-30 1.NXDT 2.STEW 3.BST 4.THQ 5.CET 6.42804T 7.ADX 8.PINE 9.THW 10.USA
2017-03-31	296	$227.6M	24	1STEW 2NXDT 3BST Top holdings2017-03-31 1.STEW 2.NXDT 3.BST 4.THQ 5.CET 6.ADX 7.THW 8.42804T 9.PINE 10.USA
2016-12-31	306	$216.2M	24	1STEW 2NXDT 3BST Top holdings2016-12-31 1.STEW 2.NXDT 3.BST 4.1JFD 5.THQ 6.ADX 7.CET 8.THW 9.PINE 10.USA
2016-09-30	294	$187.8M	19	1STEW 2BST 3THQ Top holdings2016-09-30 1.STEW 2.BST 3.THQ 4.NXDT 5.THW 6.ADX 7.PINE 8.TY 9.USA 10.1JFD
2016-06-30	307	$188.6M	20	1STEW 2THQ 3BST Top holdings2016-06-30 1.STEW 2.THQ 3.BST 4.NXDT 5.THW 6.ADX 7.PINE 8.TY 9.USA 10.1JFD
2016-03-31	332	$193.3M	35	1STEW 2BST 3THQ Top holdings2016-03-31 1.STEW 2.BST 3.THQ 4.ADX 5.THW 6.PINE 7.TY 8.USA 9.1JFD 10.GAM
2015-12-31	324	$249.1M	32	1OXLC 7.5 06-30-23 2023 2SOR 3OXLC 8.125 06-30-24 Top holdings2015-12-31 1.OXLC 7.5 06-30-23 2023 2.SOR 3.OXLC 8.125 06-30-24 4.STEW 5.BST 6.THQ 7.ADX 8.PINE 9.1JFD 10.THW
2015-09-30	325	$230.3M	25	1OXLC 7.5 06-30-23 2023 2OXLC 8.125 06-30-24 3STEW Top holdings2015-09-30 1.OXLC 7.5 06-30-23 2023 2.OXLC 8.125 06-30-24 3.STEW 4.THQ 5.BST 6.1JFD 7.ADX 8.PINE 9.TY 10.PDI
2015-06-30	308	$238.1M	24	1OXLC 7.5 06-30-23 2023 2STEW 3THQ Top holdings2015-06-30 1.OXLC 7.5 06-30-23 2023 2.STEW 3.THQ 4.OXLC 8.125 06-30-24 5.BST 6.1JFD 7.ADX 8.PINE 9.TY 10.USA
2015-03-31	292	$214.7M	31	1STEW 2OXLC 7.5 06-30-23 2023 3OXLC 8.125 06-30-24 Top holdings2015-03-31 1.STEW 2.OXLC 7.5 06-30-23 2023 3.OXLC 8.125 06-30-24 4.THQ 5.ADX 6.BST 7.1JFD 8.92829A 9.PINE 10.TY
2014-12-31	308	$199.1M	40	1OXLC 7.5 06-30-23 2023233587T3ADX Top holdings2014-12-31 1.OXLC 7.5 06-30-23 2023 2.33587T 3.ADX 4.1JFD 5.92829A 6.PINE 7.OXLC 8.125 06-30-24 8.TY 9.716549 10.THQ
2014-09-30	280	$179.8M	27	1OXLC 7.5 06-30-23 2023233587T31JFD Top holdings2014-09-30 1.OXLC 7.5 06-30-23 2023 2.33587T 3.1JFD 4.92829A 5.ADX 6.716549 7.PINE 8.TY 9.XJQCX 10.GAM
2014-06-30	288	$175.4M	28	133587T292829A3716549 Top holdings2014-06-30 1.33587T 2.92829A 3.716549 4.PINE 5.ADX 6.TY 7.1JFD 8.GAM 9.76970B 10.GLO
2014-03-31	284	$170.2M	23	133587T292829A3PINE Top holdings2014-03-31 1.33587T 2.92829A 3.PINE 4.716549 5.ADX 6.TY 7.1JFD 8.314162 9.GAM 10.02082E
2013-12-31	297	$175.4M	35	1PINE233587T302082E Top holdings2013-12-31 1.PINE 2.33587T 3.02082E 4.92829A 5.ADX 6.716549 7.TY 8.314162 9.GAM 10.SEB
2013-09-30	279	$155.4M	13	133587T292829A3021060 Top holdings2013-09-30 1.33587T 2.92829A 3.021060 4.716549 5.ADX 6.314162 7.TY 8.SEB 9.EDD 10.GAM
2013-06-30	284	$157.1M	—	133587T292829A3021060 Top holdings2013-06-30 1.33587T 2.92829A 3.021060 4.TY 5.716549 6.ADX 7.314162 8.ETJ 9.SEB 10.USA

Holding changes this quarter

Position changes disclosed by Thomas J. Herzfeld Advisors, Inc. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	FSCO	Fs Credit Opportunities CORP	+2.3%	+93.70%	Add
2	FSSL	Fs Specialty Lending Fund	+2.1%	+36.95%	Add
3	TFLO	Ishares Treasury Floating Ra	+1.3%	+1678.21%	Add
4	PDX	Pimco Dynamic Income Strat	+1.1%	-4.01%	Trim
5	EMO	Clearbridge Energy Midstream	+1%	+5709.35%	Add
6	PTY	Pimco Corporate & Income Opp	+0.8%	+347.84%	Add
7	STK	Columbia Slgmn Prem Tech Gr	+0.8%	+1035.14%	Add
8	GAM	General American Investors	+0.7%	+26239.52%	Add
9	RFMZ	Rivernorth Flex Muni Ii	-0.4%	-28.12%	Trim
10	MSD	Morgan Stanley Emrg Mkt Debt	-0.4%	-46.60%	Trim
11	XPCQX	Pimco California Muni INC Fd	-0.4%	-64.18%	Trim
12	BGX	Blackstone Long-short Credit	-0.5%	-49.42%	Trim
13	JFR	Nuveen Floating Rate Income	-0.5%	-18.66%	Trim
14	TWN	Taiwan Fund Inc/th/md-us INC	-0.6%	-49.80%	Trim
15	BTX	Blackrock Tech & Priv Eqty	-0.6%	-48.31%	Trim
16	XCXHX	Mfs Investment Grade Muni	-0.6%	-90.34%	Trim
17	BSTZ	Blackrock Sci & Tech Trm Tr	-1%	-61.58%	Trim
18	TBLD	Thornburg Income Builder Opp	-1.1%	-70.01%	Trim
19	BRW	Saba Capital Income & Opport	-1.1%	-22.76%	Trim
20	SDHY	Pgim Shrt Durat Hi Yld	-1.2%	-65.58%	Trim
21	OXLC	Oxford Lane Capital CORP	-1.2%	-44.29%	Trim
22	PDO	Pimco Dynamic Income Opport	-1.3%	-80.68%	Trim
23	PAXS	Pimco Access Income Fund	-1.7%	-41.17%	Trim
24	STEW	Srh Total Return Fund INC	-1.8%	-71.79%	Trim
25	RA	Brookfield Real Assets Incom	-1.9%	-55.89%	Trim
26	SABA	Saba Capital Income & Opp Ii	-2.3%	-51.29%	Trim
27	BPRE	Bluerock Private Real Estate	-2.3%	-57.59%	Trim
28	✓	Herzfeld Credit Income Fund	—	EXIT	Sold out
29	HERZ	Herzfeld Credit Income Fund	—	NEW	New buy
30	SJB	Proshares Short High Yield	—	NEW	New buy
31	SDS	Proshares Ultrashort S&p500	—	NEW	New buy
32	NBXG	Neuberger Next Generation Co	—	EXIT	Sold out
33	PFIX	Simplify Interest Rate Hedge	—	NEW	New buy
34	NML	Neuberger Energy Infrastruct	—	NEW	New buy
35	KYN	Kayne Anderson Energy Infra	—	NEW	New buy
36	BGR	Blackrock Enrgy & Res Tr	—	NEW	New buy
37	✓	Xai Octagn Flt Rat & Alt Inm	—	EXIT	Sold out
38	DUST	Dir Dly Gol Mn Idx Br 2x ETF	—	NEW	New buy
39	XDIAX	Nuveen Dow 30 Dynamic Overwr	—	EXIT	Sold out
40	XJQCX	Nuveen Credit Strategies INC	—	EXIT	Sold out
41	NCV	Virtus Convertible & Income	—	EXIT	Sold out
42	QID	Proshares Ultrashort Qqq	—	NEW	New buy
43	BCX	Blackrock Resources & Commod	—	NEW	New buy
44	XSSPX	Nuveen S&p 500 Dynam Overwr	—	NEW	New buy
45	BSMQ	Invesco Bulletshares 2026 Mb	—	NEW	New buy
46	BSMR	Invesco Bulletshares 2027 Mb	—	NEW	New buy
47	DXYZ	Destiny Tech100 INC	—	NEW	New buy
48	FUMB	First Trust Ultra Short Dur	—	NEW	New buy
49	XCMUX	Mfs High Yield Municipal Tr	—	EXIT	Sold out
50	PVI	Invesco Floating Rate Munici	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-12	13F-HR	View on EDGAR
2025-12-31	2026-02-13	13F-HR	View on EDGAR
2025-09-30	2025-11-12	13F-HR	View on EDGAR
2025-06-30	2025-08-13	13F-HR	View on EDGAR
2025-03-31	2025-05-14	13F-HR	View on EDGAR
2024-12-31	2025-02-12	13F-HR	View on EDGAR
2024-09-30	2024-11-12	13F-HR	View on EDGAR
2024-06-30	2024-08-13	13F-HR	View on EDGAR
2024-03-31	2024-05-13	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-13	13F-HR	View on EDGAR
2023-06-30	2023-08-16	Amendment	View on EDGAR
2023-06-30	2023-08-16	Amendment	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-16	Amendment	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-10	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-12	13F-HR	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-05-14	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-12	13F-HR	View on EDGAR
2020-06-30	2020-08-12	13F-HR	View on EDGAR
2020-03-31	2020-05-13	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-08	13F-HR	View on EDGAR
2019-06-30	2019-08-13	13F-HR	View on EDGAR
2019-03-31	2019-05-14	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-14	13F-HR	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-14	13F-HR	View on EDGAR
2017-09-30	2017-11-14	13F-HR	View on EDGAR
2017-06-30	2017-08-14	13F-HR	View on EDGAR
2017-03-31	2017-05-15	13F-HR	View on EDGAR
2016-12-31	2017-02-14	13F-HR	View on EDGAR
2016-09-30	2016-11-14	13F-HR	View on EDGAR
2016-06-30	2016-08-11	13F-HR	View on EDGAR
2016-03-31	2016-05-13	13F-HR	View on EDGAR
2015-12-31	2016-02-12	13F-HR	View on EDGAR
2015-09-30	2015-11-13	13F-HR	View on EDGAR
2015-06-30	2015-08-14	13F-HR	View on EDGAR
2015-03-31	2015-05-15	13F-HR	View on EDGAR
2014-12-31	2015-02-13	13F-HR	View on EDGAR
2014-09-30	2014-11-14	13F-HR	View on EDGAR
2014-06-30	2014-08-14	13F-HR	View on EDGAR
2014-03-31	2014-05-14	13F-HR	View on EDGAR
2013-12-31	2014-02-13	13F-HR	View on EDGAR
2013-09-30	2013-11-13	13F-HR	View on EDGAR
2013-06-30	2013-08-13	13F-HR	View on EDGAR

FAQ

What is Thomas J. Herzfeld Advisors, Inc. and what type of investor is it?

What are Thomas J. Herzfeld Advisors, Inc.'s largest equity positions?

What changes did Thomas J. Herzfeld Advisors, Inc. make in its most recent portfolio filing?

What sectors does Thomas J. Herzfeld Advisors, Inc. focus on?

Thomas J. Herzfeld Advisors, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 98.3% • Communication Services: 1.7%