Thomas J. Herzfeld Advisors, Inc.
Reported holdings as of Q2 2026, from 31 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| FS SPECIALTY LENDING FD | FSSL | $32.3M | 2,900,663 | -2.02pp | 3q | +3.3%+$1.0M | |
| PIMCO DYNAMIC INCOME STRATEG | PDX | $22.8M | 1,095,075 | -2.40pp | 23q | -12.6%-$3.3M | |
| FS CREDIT OPPORTUNITIES CORP | FSCO | $19.6M | 3,921,573 | -0.38pp | 14q | +6.6%+$1.2M | |
| HIGHLAND OPPS & INCOME FD | HFRO | $19.1M | 2,676,474 | +0.58pp | 31q | -1.4%-$279.4K | |
| GUGGENHEIM STRATEGIC OPPORTU | GOF | $14.6M | 1,336,680 | +0.68pp | 3q | +31.6%+$3.5M | |
| HERZFELD CARIBBEAN BASIN FD | HERZ | $14.1M | 817,534 | +0.06pp | 2q | +1.3%+$177.5K | |
| PERSHING SQUARE USA LTD | PSUS | $10.7M | 285,421 | - | new | NEW | |
| SABA CAPITAL INCOME & OPRNT | BRW | $10.1M | 1,544,694 | -0.13pp | 5q | +9.0%+$837.7K | |
| SURO CAPITAL CORP | NSLR | $9.9M | 788,403 | +2.92pp | 2q | +2324.5%+$9.5M | |
| EAGLE POINT INCOME COMPANY I | EIC | $9.0M | 897,140 | +1.51pp | 3q | +127.7%+$5.1M | |
| NUVEEN FLOATING RATE INCOME | JFR | $8.5M | 1,111,921 | +0.79pp | 12q | +55.9%+$3.1M | |
| SABA CAPITAL INCOME & OPPORT | SABA | $7.4M | 891,603 | +0.09pp | 9q | +15.1%+$977.7K | |
| COLUMBIA SELIGM PREM TECH GR | STK | $7.0M | 129,150 | +1.28pp | 13q | +95.0%+$3.4M | |
| PIMCO DYNAMIC INCOME FD | PDI | $6.5M | 388,727 | +1.09pp | 3q | +151.0%+$3.9M | |
| DUFF & PHELPS UTLITY AND INF | DPG | $5.4M | 360,644 | -0.28pp | 5q | -7.9%-$457.9K | |
| BLACKROCK SCIENCE & TECHNOLO | BSTZ | $5.0M | 166,033 | +0.91pp | 25q | +100.8%+$2.5M | |
| BROOKFIELD REAL ASSETS INCOM | RA | $4.8M | 369,085 | -0.03pp | 10q | +8.4%+$366.4K | |
| BLACKROCK TECH AND PRIVATE E | BTX | $4.7M | 515,402 | +0.80pp | 3q | +83.6%+$2.1M | |
| TAIWAN FD INC | TWN | $4.6M | 47,520 | +0.48pp | 23q | +14.5%+$579.0K | |
| PIMCO ACCESS INCOME FUND | PAXS | $4.5M | 311,965 | -0.76pp | 10q | -29.1%-$1.9M | |
| TORTOISE ENERGY INFRSTRCTR C | TYG | $4.3M | 100,275 | - | new | NEW | |
| BLUEROCK PVT REAL ESTATE FD | BPRE | $3.9M | 303,336 | -0.84pp | 3q | -16.3%-$769.8K | |
| KAYNE ANDERSON ENERGY INFRST | KYN | $3.8M | 276,097 | +0.04pp | 2q | +17.9%+$580.3K | |
| KOREA FD INC | KF | $3.7M | 49,834 | +1.14pp | 31q | +13014.2%+$3.7M | |
| CLEARBRIDGE ENERGY MIDSTREAM | EMO | $3.7M | 73,130 | +0.06pp | 3q | +23.9%+$706.8K | |
| NEUBERGER ENGY INFRSTR & INC | NML | $3.6M | 352,764 | -0.06pp | 2q | +9.0%+$296.5K | |
| BLACKROCK ENERGY & RES TR | BGR | $3.5M | 238,075 | +0.02pp | 2q | +31.4%+$844.1K | |
| XAI FLOATING RATE & ALTER IN | XFLT | $3.5M | 198,688 | +0.72pp | 2q | +233.7%+$2.4M | |
| ASA GOLD AND PRECIOUS MTLS L | ASA | $3.5M | 66,761 | -1.59pp | 7q | -47.0%-$3.1M | |
| NXG NEXTGEN INFRASTR INCM FD | NXG | $3.4M | 53,297 | - | new | NEW | |
| CALAMOS CONV & HIGH INCOME F | CHY | $3.3M | 245,638 | - | new | NEW | |
| RIVERNORTH FLEXIBLE MUNI INC | RFMZ | $3.3M | 243,641 | +0.03pp | 11q | +6.1%+$190.9K | |
| VIRTUS CONVERTIBLE & INC FD | NCZ | $3.3M | 205,874 | - | new | NEW | |
| VIRTUS CONVERTIBLE & INCOME | NCV | $3.3M | 185,909 | - | new | NEW | |
| PIMCO CORPORATE & INCOME OPP | PTY | $3.0M | 252,532 | -0.09pp | 3q | +1.0%+$30.7K | |
| COHEN & STEERS LTD DURATION | LDP | $2.9M | 137,739 | +0.19pp | 15q | +32.7%+$718.3K | |
| ANGEL OAK FINL STRATEGIES IN | FINS | $2.8M | 222,390 | +0.04pp | 5q | +15.0%+$370.7K | |
| BLACKROCK RES & COMMODITIES | BCX | $2.7M | 238,622 | -0.06pp | 2q | +10.1%+$247.3K | |
| PGIM GLOBAL HIGH YIELD FD FO | GHY | $2.6M | 215,331 | - | new | NEW | |
| BLACKROCK CR ALLOCATION | BTZ | $2.5M | 245,318 | - | new | NEW | |
| PGIM SHORT DUR HIG YLD OPP F | SDHY | $2.3M | 138,168 | +0.08pp | 7q | +21.7%+$403.0K | |
| GENERAL AMERN INVS CO INC | GAM | $2.0M | 31,935 | -0.02pp | 31q | -2.2%-$46.3K | |
| NYLI CBRE GBL INFR MEGTRNDS | MEGI | $2.0M | 129,641 | -0.05pp | 6q | -0.8%-$16.4K | |
| ABERDEEN MUN INCOME FD | MFM | $1.9M | 345,429 | +0.48pp | 11q | +458.6%+$1.6M | |
| BLACKSTONE LONG SHORT CR INC | BGX | $1.9M | 177,105 | +0.15pp | 5q | +50.3%+$644.5K | |
| ARES DYNAMIC CR ALLOCATION F | ARDC | $1.9M | 150,623 | - | new | NEW | |
| THORNBURG INCM BUILDER OPP T | TBLD | $1.8M | 80,479 | +0.05pp | 19q | +15.8%+$242.3K | |
| PIMCO CALIF MUN INCOME FD | PCQ | $1.7M | 185,469 | +0.28pp | 4q | +134.1%+$953.0K | |
| PIMCO NEW YORK MUN FD II | PNI | $1.6M | 231,370 | +0.33pp | 2q | +208.0%+$1.1M | |
| EXCHANGE LISTED FDS TR | CEFS | $1.6M | 62,053 | -0.01pp | 17q | -4.0%-$65.6K | |
| BLACKROCK MUN TARGET TERM TR | BTT | $1.3M | 56,610 | +0.02pp | 5q | +15.4%+$171.6K | |
| BLACKSTONE STRATEGIC CRED 20 | BGB | $1.3M | 112,665 | - | new | NEW | |
| BNY MELLON STRATEGIC MUN BD | DSM | $1.2M | 195,902 | +0.03pp | 11q | +18.8%+$190.5K | |
| RIVERNORTH FLEXIBLE MUN INCO | RFM | $1.2M | 79,341 | - | new | NEW | |
| BLACKROCK MUNIHOLDINGS FD IN | MHD | $1.0M | 86,578 | - | new | NEW | |
| NYLI MACKAY DEFINEDTERM MUNI | MMD | $940.7K | 60,688 | +0.06pp | 7q | +36.7%+$252.5K | |
| PIMCO DYNAMIC INCOME OPRNTS | PDO | $882.4K | 66,751 | -0.02pp | 4q | HELD | |
| NUVEEN MORTGAGE AND INCOME F | JLS | $784.7K | 44,897 | -0.21pp | 25q | -38.2%-$484.9K | |
| FEDERATED HERMES PREM MUNI I | FMN | $760.1K | 66,149 | - | new | NEW | |
| NEUBERGER MUN FD INC | NBH | $759.4K | 71,978 | - | new | NEW | |
| DTF TAX-FREE INCOME 2028 TER | DTF | $753.7K | 65,258 | +0.18pp | 2q | +377.9%+$596.0K | |
| PUTNAM MUN OPPORTUNITIES TR | PMO | $745.2K | 70,700 | - | new | NEW | |
| CARLYLE CREDIT INCOME FUND | CCIF | $734.9K | 263,404 | +0.09pp | 4q | +108.7%+$382.7K | |
| WESTERN ASSET MTG DEFINED OP | DMO | $671.1K | 62,657 | -0.21pp | 26q | -45.5%-$559.4K | |
| WESTERN ASSET MANAGED MUNS F | MMU | $662.8K | 63,607 | - | new | NEW | |
| PUTNAM MANAGED MUN INCOME TR | PMM | $588.0K | 89,911 | - | new | NEW | |
| CENTRAL SECS CORP | CET | $565.8K | 10,787 | -0.44pp | 31q | -70.5%-$1.3M | |
| PIMCO MUN INCOME FD II | PML | $559.3K | 73,493 | - | new | NEW | |
| SPDR GOLD TR | GLD | $515.0K | 1,398 | -0.05pp | 23q | HELD | |
| ALLIANCEBERNSTEIN NATL MUN I | AFB | $376.7K | 33,015 | - | new | NEW | |
| BNY MELLON STRATEGIC MUNS IN | LEO | $376.5K | 58,283 | - | new | NEW | |
| WESTERN ASSET INTER MUNI | SBI | $374.9K | 47,641 | - | new | NEW | |
| SPROTT ASSET MANAGEMENT LP | CEF | $321.8K | 8,000 | -0.03pp | 2q | HELD | |
| STATE STR SPDR S&P 500 ETF T | SPY | $291.2K | 390 | flat | 31q | HELD | |
| EATON VANCE MUN BD FD | EIM | $238.1K | 23,905 | - | new | NEW | |
| RIVERNORTH MANAGED DUR MUN I | RMMZ | $237.7K | 15,802 | - | new | NEW | |
| ISHARES TR | TFLO | $226.3K | 4,469 | -1.30pp | 14q | -94.4%-$3.8M | |
| INVESCO QQQ TR | QQQ | $198.8K | 270 | +0.01pp | 31q | HELD | |
| ABRDN LIFE SCIENCES INVESTOR | HQL | $183.9K | 9,191 | flat | 2q | -17.0%-$37.7K | |
| DESTINY TECH100 INC | DXYZ | $169.7K | 6,588 | -0.70pp | 2q | -92.0%-$2.0M | |
| STATE STR SPDR S&P MIDCAP 40 | MDY | $105.5K | 150 | flat | 31q | HELD | |
| NETFLIX INC | NFLX | $71.4K | 1,000 | -0.01pp | 25q | HELD | |
| TMC THE METALS COMPANY INC | TMC | $57.2K | 12,911 | flat | 18q | HELD | |
| META PLATFORMS INC | META | $56.3K | 100 | flat | 25q | HELD | |
| WESTERN AST INFL LKD OPP & I | WIW | $55.0K | 6,546 | flat | 2q | HELD | |
| BARINGS CORPORATE INVS | MCI | $36.5K | 2,081 | - | new | NEW | |
| FIRST TR INTER DURATN PFD & | FPF | $36.1K | 1,985 | flat | 7q | +12.7%+$4.1K | |
| FLAHERTY & CRUMRINE PFD INCO | PFO | $34.0K | 3,679 | flat | 8q | -1.2% | |
| INVESCO CURRENCYSHARES | FXY | $33.9K | 600 | flat | 16q | HELD | |
| PIMCO GLOBAL STOCKPLUS INCOM | PGP | $27.1K | 3,144 | - | new | NEW | |
| AIRJOULE TECHNOLOGIES CORP | AIRJW | $19.9K | 15,307 | flat | 9q | HELD | |
| ABRDN EMERGING MARKETS EX CH | AEF | $19.6K | 2,046 | flat | 31q | +206.7%+$13.2K | |
| TEMPLETON DRAGON FD INC | TDF | $16.7K | 1,533 | flat | 8q | +97.8%+$8.3K | |
| TEMPLETON EMERGING MKTS FD | EMF | $15.1K | 649 | flat | 4q | +51.3%+$5.1K | |
| RICE ACQUISITION CORP 3 | KRSPWS | $14.8K | 14,946 | flat | 2q | +207.7%+$10.0K | |
| TCW STRATEGIC INCOME FD INC | TSI | $14.7K | 3,258 | flat | 31q | HELD | |
| MORGAN STANLEY CHINA A SH FD | CAF | $14.4K | 684 | - | new | NEW | |
| NUVEEN MULTI ASSET INCOME FU | NMAI | $14.4K | 1,013 | flat | 4q | +12.8%+$1.6K | |
| MEXICO EQUITY & INCOME FD | MXE | $14.3K | 1,103 | flat | 13q | +93.5%+$6.9K | |
| SPARK I ACQUISITION CORP | SPKLW | $14.2K | 6,000 | - | new | NEW | |
| MEXICO FD INC | MXF | $13.1K | 600 | flat | 26q | +69.5%+$5.4K | |
| PROSHARES TR II | SVXY | $12.6K | 220 | flat | 31q | HELD | |
| ARCHIMEDES TECH SPAC PARTNER | ATIIW | $10.9K | 5,000 | - | new | NEW | |
| EUROPEAN EQUITY FD INC | EEA | $10.9K | 993 | flat | 31q | +28.6%+$2.4K | |
| MORGAN STANLEY EMKT DBT FD I | MSD | $10.3K | 1,412 | -0.41pp | 3q | -99.2%-$1.2M | |
| NET POWER INC | NPWRWS | $9.5K | 32,771 | flat | 13q | HELD | |
| PRINCIPAL REAL ESTATE INCOME | PGZ | $9.3K | 908 | flat | 3q | HELD | |
| JAPAN SMALLER CAPITALIZATION | JOF | $9.2K | 783 | flat | 31q | -31.9%-$4.3K | |
| CORNERSTONE STRATEGIC INVEST | CLM | $9.0K | 1,187 | flat | 31q | +6.0% | |
| THE CENTRAL AND EASTERN EU I | CEE | $8.8K | 428 | - | new | NEW | |
| ABRDN GLOBAL INFRA INCOME FU | ASGI | $8.6K | 371 | - | new | NEW | |
| ADAMS DIVERSIFIED EQUITY FD | ADX | $8.2K | 320 | flat | 31q | +1.9% | |
| ROYCE SMALL CAP TRUST INC | RVT | $7.6K | 409 | flat | 31q | +1.7% | |
| GABELLI DIVID & INCOME TR | GDV | $7.3K | 248 | -0.47pp | 31q | -99.5%-$1.5M | |
| GAMCO GLOBAL GOLD NAT RES & | GGN | $7.2K | 1,496 | flat | 2q | HELD | |
| BLACKROCK ENHANCED EQUITY DI | BDJ | $7.0K | 728 | flat | 31q | +2.0% | |
| NUVEEN NASDAQ 100 DYNAMIC OV | QQQX | $6.9K | 230 | flat | 31q | +2.2% | |
| TRI CONTL CORP | TY | $6.9K | 200 | flat | 31q | +2.6% | |
| SRH TOTAL RETURN FUND INC | STEW | $6.8K | 380 | -0.62pp | 31q | -99.6%-$1.9M | |
| NUVEEN CORE EQUITY ALPHA FD | JCE | $6.6K | 402 | flat | 31q | +2.3% | |
| GABELLI EQUITY TR INC | GAB | $6.4K | 1,127 | flat | 31q | +2.6% | |
| LIBERTY ALL-STAR GROWTH FD I | ASG | $6.3K | 1,151 | flat | 31q | +2.1% | |
| LIBERTY ALL STAR EQUITY FD | USA | $5.2K | 894 | flat | 31q | +2.6% | |
| MORGAN STANLEY EMERGING MKTS | EDD | $4.3K | 739 | -0.23pp | 3q | -99.5%-$798.7K | |
| GRAF GLOBAL CORP | GRAFU | $3.8K | 10,000 | - | new | NEW | |
| VIKING ACQUISITION CORP I | VACIWS | $3.6K | 4,000 | - | new | NEW | |
| VIRTUS TOTAL RETURN FD INC | ZTR | $3.2K | 468 | flat | 27q | +2.4% | |
| SPACE EXPLORATION TECHN CORP | SPCX | $2.9K | 17 | - | new | NEW | |
| NEXPOINT DIVERSIFIED REL ET | NXDT | $1.5K | 285 | flat | 3q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Funds & ETFs | $308.2M | 94.6% |
| Other sectors | $1.1M | 0.3% |
| Not classified | $16.5M | 5.1% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -0.5% | +14.8% | -15.4% | 100% |
| Q1 2026 | -2.6% | -4.6% | +2.0% | 93% |
| Q4 2025 | -5.3% | +2.4% | -7.7% | 98% |
| Q3 2025 | +1.2% | +7.8% | -6.6% | 99% |
| Q2 2025 | +3.8% | +10.5% | -6.7% | 99% |
| Q1 2025 | -3.3% | -4.6% | +1.3% | 100% |
| Q4 2024 | +2.3% | +2.1% | +0.2% | 98% |
| Q3 2024 | +3.2% | +5.4% | -2.3% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $325.8M | 129 | 33 | 57 | 21 | 19 | 49.8% | 41 |
| Q1 2026 | $294.0M | 115 | 27 | 28 | 46 | 19 | 53.9% | 42 |
| Q4 2025 | $295.6M | 107 | 18 | 47 | 21 | 15 | 52.5% | 44 |
| Q3 2025 | $291.7M | 104 | 13 | 48 | 25 | 17 | 49.8% | 43 |
| Q2 2025 | $280.4M | 108 | 16 | 46 | 28 | 36 | 54.9% | 44 |
| Q1 2025 | $294.0M | 128 | 8 | 60 | 39 | 27 | 51.6% | 44 |
| Q4 2024 | $312.1M | 147 | 11 | 59 | 38 | 19 | 44.1% | 43 |
| Q3 2024 | $300.3M | 155 | 15 | 58 | 33 | 98 | 45.3% | 43 |
| Q2 2024 | $285.1M | 238 | 97 | 61 | 39 | 10 | 46.2% | 44 |
| Q1 2024 | $282.8M | 151 | 9 | 54 | 43 | 13 | 46.5% | 43 |
| Q4 2023 | $272.4M | 155 | 27 | 41 | 59 | 208 | 47.4% | 45 |
| Q3 2023 | $258.9M | 336 | 12 | 68 | 53 | 7 | 47.5% | 44 |
| Q2 2023 | $251.1M | 331 | 35 | 58 | 81 | 26 | 47.6% | 47 |
| Q1 2023 | $247.2M | 322 | 30 | 82 | 49 | 25 | 51.3% | 46 |
| Q4 2022 | $244.0M | 317 | 29 | 97 | 48 | 20 | 47.1% | 45 |
| Q3 2022 | $234.5M | 308 | 26 | 52 | 50 | 40 | 57.0% | 45 |
| Q2 2022 | $241.5M | 322 | 21 | 78 | 55 | 25 | 46.2% | 41 |
| Q1 2022 | $266.9M | 326 | 16 | 80 | 43 | 51 | 44.1% | 46 |
| Q4 2021 | $275.4M | 361 | 54 | 122 | 32 | 42 | 37.9% | 45 |
| Q3 2021 | $226.5M | 349 | 36 | 57 | 53 | 42 | 42.7% | 43 |
| Q2 2021 | $239.7M | 355 | 24 | 146 | 51 | 31 | 40.6% | 47 |
| Q1 2021 | $220.4M | 362 | 93 | 89 | 40 | 29 | 40.9% | 44 |
| Q4 2020 | $214.3M | 298 | 61 | 67 | 45 | 17 | 43.5% | 47 |
| Q3 2020 | $148.9M | 254 | 17 | 59 | 52 | 53 | 53.7% | 43 |
| Q2 2020 | $204.0M | 290 | 108 | 49 | 67 | 63 | 49.1% | 43 |
| Q1 2020 | $187.4M | 245 | 34 | 67 | 56 | 26 | 46.6% | 43 |
| Q4 2019 | $279.8M | 237 | 16 | 69 | 70 | 36 | 44.9% | 45 |
| Q3 2019 | $271.1M | 257 | 21 | 79 | 63 | 30 | 44.4% | 39 |
| Q2 2019 | $262.5M | 266 | 23 | 70 | 76 | 49 | 43.0% | 44 |
| Q1 2019 | $272.7M | 292 | 29 | 103 | 56 | 31 | 37.0% | 44 |
| Q4 2018 | $250.7M | 294 | 0 | 0 | 0 | 0 | 38.3% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.