CIK: 0002103520
Total reported value
$98.3M
Reporting period: 2026-03-31 · Number of holdings: 162
Closed-End Fund Advisors, Inc. disclosed 162 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $98.3M and a quarterly turnover rate of 73.1%.
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Closed-End Fund Advisors, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.012 — mathematically equivalent to about 81 equally-sized positions, well below its 162 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.00), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
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 7% 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.
Trim NCDL
-83.2% -$6.2M
Trim NMFC
-96.1% -$5.2M
Trim GBDC
-90.5% -$5.2M
Add KYN
+20.6% $1.2M
Trim BCSF
-82.0% -$4.9M
Trim CION
-92.8% -$4.4M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | KYN | Kayne Anderson Energy Infra | Stock-Other | 4.40% | +2.57% | +20.64% | |
| 2 | BPRE | Bluerock Private Real Estate | Stock-Financials | 3.01% | +1.92% | +45.36% | |
| 3 | TYG | Tortoise Energy Infrastruct | Stock-Other | 2.39% | +0.62% | -35.76% | |
| 4 | OTF | Blue Owl Technology Finance | Stock-Other | 2.14% | +1.74% | +263.39% | |
| 5 | EOD | Allspring Global Dividend Op | Stock-Other | 2.10% | — | -1.47% | |
| 6 | CPZ | Calamos Lng/shrt Eqty & Dyn | Stock-Other | 1.91% | — | -2.33% | |
| 7 | RFMZ | Rivernorth Flex Muni Ii | Stock-Other | 1.82% | — | +15.47% | |
| 8 | SDHY | Pgim Shrt Durat Hi Yld | Stock-Other | 1.74% | — | -6.09% | |
| 9 | MEGI | Nyli Cbre Glbl Infr Mega Trm | Stock-Other | 1.70% | +1.04% | +40.70% | |
| 10 | SABA | Saba Capital Income & Opp Ii | Stock-Other | 1.70% | — | +7.65% | |
| 11 | FSSL | Fs Specialty Lending Fund | Stock-Other | 1.67% | +1.34% | +233.78% | |
| 12 | DMA | Destra Multi-alternative | Stock-Other | 1.66% | — | — | |
| 13 | GUG | Guggenheim Active Allocation | Stock-Other | 1.65% | — | -3.36% | |
| 14 | PNI | Pimco Ny Muni INC Ii Fnd | Stock-Other | 1.64% | +1.64% | NEW | |
| 15 | FINS | Angel Oak Financ Strat INC | Stock-Other | 1.57% | — | -0.47% | |
| 16 | VFL | Abrdn National Municipal INC | Stock-Other | 1.56% | — | +9.09% | |
| 17 | MFM | Aberdeen Municipal Income | Stock-Other | 1.51% | — | +3.62% | |
| 18 | RA | Brookfield Real Assets Incom | Stock-Other | 1.51% | — | +1.90% | |
| 19 | NML | Neuberger Energy Infrastruct | Stock-Other | 1.49% | +0.90% | +17.95% | |
| 20 | FSCO | Fs Credit Opportunities CORP | Stock-Other | 1.37% | +0.35% | -3.72% | |
| 21 | HFRO | Highland Opport & Income | Stock-Other | 1.37% | — | +0.08% | |
| 22 | BANX | Arrowmark Financial CORP | Stock-Other | 1.35% | — | +0.63% | |
| 23 | WIW | Western Asst Infl-lnk Opp | Stock-Other | 1.35% | — | +12.93% | |
| 24 | EMO | Clearbridge Energy Midstream | Stock-Other | 1.23% | — | -1.93% | |
| 25 | NCDL | Nuveen Churchill Direct Lend | Stock-Other | 1.20% | -3.16% | -83.18% | |
| 26 | CGBD | Carlyle Secured Lending INC | Stock-Other | 1.10% | -0.78% | -61.33% | |
| 27 | XCXEX | Mfs High Income Municipal Tr | Stock-Other | 1.04% | — | +2.02% | |
| 28 | NPFD | Nuveen Var Rt Pref & INC | Stock-Other | 1.01% | +0.13% | -30.65% | |
| 29 | BCSF | Bain Capital Specialty Finan | Stock-Other | 0.96% | -2.51% | -82.00% | |
| 30 | XPCQX | Pimco California Muni INC Fd | Stock-Other | 0.95% | — | +13.39% | |
| 31 | RLTY | Cohen & Steers Rl Est Opprt | Stock-Other | 0.95% | — | +2.52% | |
| 32 | XFLT | Xai Fltng Rte&alt INC Trs-ui | Stock-Other | 0.91% | +0.91% | NEW | |
| 33 | DFP | Flaherty & Crumrine Dyn Pref | Stock-Other | 0.90% | — | -2.25% | |
| 34 | PFO | Flaherty & Crumrine P&i Opp | Stock-Other | 0.87% | — | -1.55% | |
| 35 | BGX | Blackstone Long-short Credit | Stock-Other | 0.84% | — | +0.45% | |
| 36 | JRS | Nuveen Real Estate Income | Stock-Other | 0.83% | — | +0.43% | |
| 37 | PGZ | Principal Real Estate Income | Stock-Other | 0.80% | — | -1.05% | |
| 38 | MINT | Pimco Enhanced Short Maturit | ETF-Other | 0.79% | — | -19.77% | |
| 39 | NMAI | Nuveen Multi-asset Income | Stock-Other | 0.79% | — | +10.63% | |
| 40 | PBDC | Putnam Bdc Income ETF | ETF-Other | 0.79% | — | -1.52% | |
| 41 | TBLD | Thornburg Income Builder Opp | Stock-Other | 0.77% | — | -8.11% | |
| 42 | TRIN | Trinity Capital INC | Stock-Other | 0.77% | -2.47% | -86.35% | |
| 43 | FLC | Flaherty & Crumrine Ttl Rtrn | Stock-Other | 0.76% | — | — | |
| 44 | BXSL | Blackstone Secured Lending F | Stock-Financials | 0.75% | -0.64% | -65.45% | |
| 45 | JRI | Nuveen Real Asset INC & Grw | Stock-Other | 0.72% | — | -10.92% | |
| 46 | CCAP | Crescent Capital Bdc INC | Stock-Other | 0.69% | -1.18% | -75.23% | |
| 47 | CSWC | Capital Southwest CORP | Stock-Other | 0.69% | -0.80% | -73.11% | |
| 48 | HQH | Abrdn Healthcare Investors | Stock-Other | 0.69% | — | -4.01% | |
| 49 | AFB | Allianceberstein Ntl Muni | Stock-Other | 0.68% | +0.47% | +91.06% | |
| 50 | LEO | Bny Mellon Strategic Muni | Stock-Other | 0.67% | — | -0.88% |
Performance for Q3 2026
-2.4%
Performance Last 4 Quarters
+2%
Based on 5 months of available history
Based on 79% of reported portfolio value with available pricing
Closed-End Fund Advisors, Inc.'s most significant position changes for 2026-03-31: Sold out: Blue Owl Capital CORP (OBDC); Sold out: Slr Investment CORP (SLRC); Sold out: Saratoga Investment CORP (SAR); Sold out: Palmer Square Capital Bdc In (PSBD); New buy: Pimco Ny Muni INC Ii Fnd (PNI).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | KYN | Kayne Anderson Energy Infra | +2.6% | +20.64% | Add |
| 2 | BPRE | Bluerock Private Real Estate | +1.9% | +45.36% | Add |
| 3 | OTF | Blue Owl Technology Finance | +1.7% | +263.39% | Add |
| 4 | FSSL | Fs Specialty Lending Fund | +1.3% | +233.78% | Add |
| 5 | MEGI | Nyli Cbre Glbl Infr Mega Trm | +1% | +40.70% | Add |
| 6 | NML | Neuberger Energy Infrastruct | +0.9% | +17.95% | Add |
| 7 | TYG | Tortoise Energy Infrastruct | +0.6% | -35.76% | Trim |
| 8 | MHD | Blackrock Muniholdings Fund | +0.5% | +397.76% | Add |
| 9 | AFB | Allianceberstein Ntl Muni | +0.5% | +91.06% | Add |
| 10 | FMN | Federated Herm Prem Muni INC | +0.4% | +100.03% | Add |
| 11 | FSCO | Fs Credit Opportunities CORP | +0.4% | -3.72% | Trim |
| 12 | NPFD | Nuveen Var Rt Pref & INC | +0.1% | -30.65% | Trim |
| 13 | ASGI | Abrdn Global Infrastructure | 0% | -43.53% | Trim |
| 14 | NZF | Nuveen Municipal Credit INC | -0.1% | -49.71% | Trim |
| 15 | KBDC | Kayne Anderson Bdc INC | -0.1% | -51.02% | Trim |
| 16 | TCPC | Blackrock Tcp Capital CORP | -0.2% | -57.57% | Trim |
| 17 | RWAY | Runway Growth Finance CORP | -0.3% | -59.94% | Trim |
| 18 | BXSL | Blackstone Secured Lending F | -0.6% | -65.45% | Trim |
| 19 | BBDC | Barings Bdc INC | -0.7% | -79.40% | Trim |
| 20 | CGBD | Carlyle Secured Lending INC | -0.8% | -61.33% | Trim |
| 21 | CSWC | Capital Southwest CORP | -0.8% | -73.11% | Trim |
| 22 | MFIC | Midcap Financial Investment | -0.9% | -81.58% | Trim |
| 23 | CCAP | Crescent Capital Bdc INC | -1.2% | -75.23% | Trim |
| 24 | ARCC | Ares Capital CORP | -1.6% | -84.53% | Trim |
| 25 | GSBD | Goldman Sachs Bdc INC | -1.9% | -89.82% | Trim |
| 26 | MSDL | Morgan Stanley Direct Lendin | -2.2% | -85.30% | Trim |
| 27 | TRIN | Trinity Capital INC | -2.5% | -86.35% | Trim |
| 28 | CION | Cion Investment CORP | -2.5% | -92.77% | Trim |
| 29 | BCSF | Bain Capital Specialty Finan | -2.5% | -82.00% | Trim |
| 30 | GBDC | Golub Capital Bdc INC | -2.8% | -90.48% | Trim |
| 31 | NMFC | New Mountain Finance CORP | -3% | -96.12% | Trim |
| 32 | NCDL | Nuveen Churchill Direct Lend | -3.2% | -83.18% | Trim |
| 33 | OBDC | Blue Owl Capital CORP | — | EXIT | Sold out |
| 34 | SLRC | Slr Investment CORP | — | EXIT | Sold out |
| 35 | SAR | Saratoga Investment CORP | — | EXIT | Sold out |
| 36 | PSBD | Palmer Square Capital Bdc In | — | EXIT | Sold out |
| 37 | PNI | Pimco Ny Muni INC Ii Fnd | — | NEW | New buy |
| 38 | ✓ | Xai Octagn Flt Rat & Alt Inm | — | EXIT | Sold out |
| 39 | PNNT | Pennantpark Investment CORP | — | EXIT | Sold out |
| 40 | XFLT | Xai Fltng Rte&alt INC Trs-ui | — | NEW | New buy |
| 41 | FDUS | Fidus Investment CORP | — | EXIT | Sold out |
| 42 | TSLX | Sixth Street Specialty Lendi | — | EXIT | Sold out |
| 43 | GLAD | Gladstone Capital CORP | — | EXIT | Sold out |
| 44 | XDIAX | Nuveen Dow 30 Dynamic Overwr | — | EXIT | Sold out |
| 45 | XSSPX | Nuveen S&p 500 Dynam Overwr | — | NEW | New buy |
| 46 | XFFCX | Flaherty & Crumrine Pref INC | — | NEW | New buy |
| 47 | MYI | Blackrock Muniyield Qlty Iii | — | NEW | New buy |
| 48 | PFLT | Pennantpark Floating Rate Ca | — | EXIT | Sold out |
| 49 | IIM | Invesco Value Municipal Inco | — | EXIT | Sold out |
| 50 | FBDC | Ft Conf Bdc ETF | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-11 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
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