Closed-End Fund Advisors, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Closed-End Fund Advisors, Inc. reported 185 stock positions worth $169.3 million. Its top holding was Nuveen Churchill Direct Lend (NCDL) at 4.4% of the portfolio, followed by Bain Capital Specialty Finan (BCSF, 3.5%) and Golub Capital BDC (GBDC, 3.3%).
- Most Recent 13F
- Q2 2026
- Location
- RICHMOND, VA
- CIK
- 0002103520
- Portfolio Value
- $169.3M (Q4 2025)
- SEC Filing
- 0001214659-26-001467 ↗ filed Feb 11, 2026
Holdings Value
Holdings 185 stocks · $169.3M
| NCDL Nuveen Churchill Direct Lend | 4.36% | 552,804 | $7.4M | — |
| BCSF Bain Capital Specialty Finan | 3.47% | 422,810 | $5.9M | — |
| GBDC Golub Capital BDC Inc. | 3.35% | 417,665 | $5.7M | — |
| TRIN Trinity Capital Inc. | 3.24% | 374,924 | $5.5M | — |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 3.19% | 586,070 | $5.4M | — |
| MSDL Morgan Stanley Direct Lendin | 2.84% | 291,456 | $4.8M | — |
| OBDC Blue Owl Capital Corp. | 2.72% | 370,782 | $4.6M | — |
| CION Cion Investment Corp. | 2.72% | 475,908 | $4.6M | — |
| SLRC SLR Investment Corp. | 2.38% | 260,893 | $4.0M | — |
| GSBD Goldman Sachs BDC Inc. | 2.28% | 415,746 | $3.9M | — |
| SAR Saratoga Investment Corp. | 2.17% | 159,499 | $3.7M | — |
| ARCC Ares Capital Corp. | 2.04% | 170,922 | $3.5M | — |
| CGBD Carlyle Secured Lending Inc. | 1.88% | 255,435 | $3.2M | — |
| CCAP Crescent Capital BDC Inc. | 1.87% | 225,312 | $3.2M | — |
| KYN Kayne Anderson Energy Infra | 1.83% | 250,916 | $3.1M | — |
| TYG Tortoise Energy Infrastruct | 1.77% | 73,348 | $3.0M | — |
| PSBD Palmer Square Capital BDC Inc. | 1.59% | 220,334 | $2.7M | — |
| CSWC Capital Southwest Corp. | 1.49% | 113,731 | $2.5M | — |
| BXSL Blackstone Secured Lending F | 1.39% | 89,689 | $2.4M | — |
| MFIC Midcap Financial Investment | 1.24% | 183,892 | $2.1M | — |
| EOD Allspring Global Dividend Op | 1.23% | 358,410 | $2.1M | — |
| CPZ Calamos LNG/SHRT Eqty & DYN | 1.22% | 141,572 | $2.1M | — |
| SDHY Pgim SHRT Durat Hi YLD | 1.10% | 113,402 | $1.9M | — |
| BPRE Bluerock Private Real Estate | 1.09% | 122,645 | $1.8M | — |
| DMA Destra Multi-Alternative | 1.06% | 200,829 | $1.8M | — |
| BBDC Barings BDC Inc. | 1.05% | 193,447 | $1.8M | — |
| FSCO FS Credit Opportunities Corp. | 1.02% | 274,422 | $1.7M | — |
| GUG Guggenheim Active Allocation | 1.00% | 110,396 | $1.7M | — |
| FINS Angel Oak Financ Strat Inc. | 0.95% | 121,264 | $1.6M | — |
| RFMZ Rivernorth Flex Muni II | 0.92% | 122,653 | $1.6M | — |
| SABA Saba Capital Income & Opp II | 0.91% | 186,283 | $1.5M | — |
| BANX Arrowmark Financial Corp. | 0.89% | 69,337 | $1.5M | — |
| NPFD Nuveen Var RT Pref & Inc. | 0.88% | 78,578 | $1.5M | — |
| RA Brookfield Real Assets Incom | 0.86% | 112,905 | $1.5M | — |
| VFL Abrdn National Municipal Inc. | 0.85% | 140,906 | $1.4M | — |
| MFM Aberdeen Municipal Income | 0.85% | 265,652 | $1.4M | — |
| HFRO Highland Opport & Income | 0.83% | 235,136 | $1.4M | — |
| RWAY Runway Growth Finance Corp. | 0.74% | 141,041 | $1.3M | — |
| WIW Western Asst Infl-LNK Opp | 0.70% | 138,451 | $1.2M | — |
| XAI OCTAGN FLT RAT & ALT INM | 0.66% | 232,964 | $1.1M | — |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.66% | 80,944 | $1.1M | — |
| KBDC Kayne Anderson BDC Inc. | 0.62% | 73,202 | $1.0M | — |
| EMO Clearbridge Energy Midstream | 0.61% | 23,302 | $1.0M | — |
| ASGI Abrdn Global Infrastructure | 0.60% | 45,713 | $1.0M | — |
| NML Neuberger Energy Infrastruct | 0.59% | 118,163 | $1.0M | — |
| CXE MFS High Income Municipal TR | 0.59% | 269,342 | $997K | — |
| MINT PIMCO Enhanced Short Maturit | 0.57% | 9,665 | $970K | — |
| DFP Flaherty & Crumrine DYN Pref | 0.55% | 45,013 | $936K | — |
| RLTY Cohen & Steers RL Est Opprt | 0.55% | 62,769 | $923K | — |
| PFO Flaherty & Crumrine P&I Opp | 0.54% | 96,222 | $909K | — |
| PNNT Pennantpark Investment Corp. | 0.53% | 150,093 | $895K | — |
| JRI Nuveen Real Asset Inc. & GRW | 0.52% | 64,898 | $883K | — |
| NZF Nuveen Municipal Credit Inc. | 0.52% | 69,887 | $879K | — |
| BGX Blackstone Long-Short Credit | 0.52% | 75,299 | $878K | — |
| PBDC Putnam BDC Income ETF | 0.51% | 28,476 | $871K | — |
| XPCQX PIMCO California Muni Inc. FD | 0.50% | 96,355 | $841K | — |
| XAODX Abrdn Total Dynamic Dividend | 0.49% | 85,593 | $835K | — |
| JRS Nuveen Real Estate Income | 0.49% | 108,645 | $832K | — |
| PGZ Principal Real Estate Income | 0.49% | 82,598 | $827K | — |
| MSFT Microsoft Corp. | 0.49% | 1,700 | $822K | — |
| FLC Flaherty & Crumrine TTL RTRN | 0.47% | 45,067 | $789K | — |
| TBLD Thornburg Income Builder Opp | 0.46% | 39,027 | $784K | — |
| HQH Abrdn Healthcare Investors | 0.44% | 39,603 | $750K | — |
| FDUS Fidus Investment Corp. | 0.44% | 38,831 | $749K | — |
| TSLX Sixth Street Specialty Lendi | 0.44% | 34,249 | $744K | — |
| NMAI Nuveen Multi-Asset Income | 0.44% | 56,792 | $741K | — |
| TCPC BlackRock TCP Capital Corp. | 0.42% | 128,517 | $703K | — |
| OTF Blue Owl Technology Finance | 0.40% | 46,632 | $678K | — |
| LEO BNY Mellon Strategic Muni | 0.40% | 105,651 | $672K | — |
| MMU Western Asset Managed Munici | 0.39% | 62,541 | $653K | — |
| NBXG Neuberger Next Generation Co. | 0.37% | 43,397 | $627K | — |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 0.37% | 100,339 | $619K | — |
| BGB Blackstone Strategic Credit | 0.36% | 52,172 | $615K | — |
| NFJ Virtus DVD Intrst & PRM STR | 0.36% | 46,947 | $605K | — |
| XBOEX BlackRock Enh GLBL DVD TR | 0.35% | 50,822 | $595K | — |
| BTT BlackRock 2030 Muni TRGT TRM | 0.34% | 24,907 | $568K | — |
| RMMZ Rvrnrth MGD Dur Muni Inc. II filed as RIVERNORTH MANAGED DUR MUN I | 0.33% | 38,831 | $564K | — |
| FSSL FS Specialty Lending Fund | 0.33% | 39,242 | $555K | — |
| CET Central Securities Corp. | 0.33% | 10,927 | $554K | — |
| GLAD Gladstone Capital Corp. | 0.33% | 26,694 | $551K | — |
| AEF Abrdn Emerging Markets Ex CH | 0.32% | 77,299 | $541K | — |
| DIAX Nuveen Dow 30 Dynamic Overwr | 0.31% | 34,829 | $531K | — |
| ETW Eaton Vance T/M GLBL Buy-WR | 0.31% | 57,016 | $526K | — |
| BCAT BlackRock Capital Alloc TR | 0.31% | 36,623 | $519K | — |
| DPG Duff & Phelps Utility & Inc. | 0.30% | 40,553 | $515K | — |
| EIPI FT Energy Income ETF | 0.30% | 25,347 | $504K | — |
| HQL Abrdn Life Sciences Investor | 0.29% | 29,706 | $498K | — |
| NVG Nuveen Amt-FR Muni CRDT | 0.29% | 39,081 | $495K | — |
| XBGYX BlackRock Enh Intl DVD TR | 0.29% | 83,455 | $491K | — |
| LLY Eli Lilly & Co. | 0.25% | 400 | $430K | — |
| ABNB Airbnb Inc. Class A | 0.24% | 3,000 | $407K | — |
| ADX Adams Diversified Equity | 0.24% | 17,308 | $404K | — |
| STEW SRH Total Return Fund Inc. | 0.23% | 21,298 | $395K | — |
| JLS Nuveen Mortgage & Income | 0.22% | 20,810 | $379K | — |
| WDI Western Asset Divers Inc. | 0.22% | 27,348 | $378K | — |
| AFB Allianceberstein NTL Muni | 0.21% | 32,806 | $355K | — |
| IGA Voya Global Advan & Prem Opp | 0.20% | 35,232 | $342K | — |
| BTZ BlackRock Credit Allocation | 0.20% | 31,590 | $342K | — |
| ERC Allspring Multi-Sector Inc. | 0.20% | 36,682 | $341K | — |
| ARDC Ares Dynamic Credit All | 0.19% | 24,811 | $330K | — |
| GNT Gamco Natural Resources Gold | 0.18% | 41,834 | $312K | — |
| OPP Rivernrth/Doublelne STR Opp | 0.18% | 39,010 | $310K | — |
| EMF Templeton Emerging Markets | 0.18% | 17,991 | $306K | — |
| XEXGX Eaton Vance Tax-Managed Glob | 0.17% | 30,625 | $292K | — |
| FMN Federated Herm Prem Muni Inc. | 0.17% | 25,903 | $288K | — |
| WHF Whitehorse Finance Inc. | 0.17% | 41,157 | $286K | — |
| PFLT Pennantpark Floating Rate Ca | 0.17% | 30,683 | $284K | — |
| BCX BlackRock Resources & Commod | 0.17% | 25,802 | $283K | — |
| NBH Neuberger Municipal Fund Inc. | 0.17% | 27,931 | $283K | — |
| IIM Invesco Value Municipal Inco | 0.16% | 22,641 | $279K | — |
| FAX Abrdn Asia-Pacific Income | 0.16% | 18,092 | $278K | — |
| HTGC Hercules Capital Inc. | 0.16% | 14,211 | $267K | — |
| FBDC FT Conf BDC ETF | 0.16% | 13,562 | $263K | — |
| XGDVX Gabelli Dividend & Income TR | 0.15% | 9,433 | $262K | — |
| AMGN Amgen Inc. | 0.15% | 800 | $262K | — |
| EDD Morgan Stanley Emrg MRK Dom | 0.15% | 47,782 | $259K | — |
| MUJ BlackRock Munihold NJ QLTY | 0.15% | 21,504 | $256K | — |
| NRK Nuveen NY Amt-FR Muni Inc. | 0.15% | 25,352 | $256K | — |
| JFR Nuveen Floating Rate Income | 0.15% | 32,464 | $254K | — |
| ASA ASA Gold and Precious Metals | 0.15% | 4,217 | $252K | — |
| XJQCX Nuveen Credit Strategies Inc. | 0.14% | 48,856 | $245K | — |
| BFK BlackRock Municipal Inc. TRST | 0.14% | 24,435 | $245K | — |
| CEFS Saba Opport Hedg Cef ETF-Usd | 0.14% | 10,441 | $241K | — |
| ACP Abrdn Income Credit Strat | 0.14% | 43,953 | $238K | — |
| NCZ Virtus Convertible & Income | 0.14% | 16,956 | $234K | — |
| TPVG Triplepoint Venture Growth B | 0.14% | 35,503 | $232K | — |
| PMO Franklin Muncipl Opps Tst-Ui | 0.14% | 21,640 | $232K | — |
| BYM BlackRock Muni Inc. QLTY | 0.14% | 20,892 | $229K | — |
| FSK FS KKR Capital Corp. | 0.13% | 15,427 | $228K | — |
| BSTZ BlackRock Sci & Tech TRM TR | 0.13% | 10,070 | $228K | — |
| PTA Cohen & Steers Tax-Advantage | 0.13% | 11,674 | $225K | — |
| ETJ Eaton Vance RSK-MGD Divers | 0.13% | 25,416 | $224K | — |
| RFM Rivernorth Flexible Muni | 0.13% | 15,668 | $219K | — |
| NCLO Nuveen Aa-BBB Clo ETF | 0.13% | 8,705 | $218K | — |
| MLCI Mount Logan Capital Inc. | 0.13% | 25,844 | $213K | — |
| XMVTX BlackRock Munivest Fund II | 0.12% | 19,445 | $210K | — |
| NPCT Nuveen Core Plus Impact | 0.12% | 20,638 | $210K | — |
| DLY Doubleline Yield Opport | 0.12% | 14,349 | $209K | — |
| TY Tri-Continental Corp. | 0.12% | 6,338 | $207K | — |
| NAC Nuveen Ca QLTY Muni Inc. | 0.12% | 17,428 | $206K | — |
| JPC Nuveen Prefered & Income Opp | 0.12% | 24,785 | $201K | — |
| EOT Eaton Vance National Municip | 0.12% | 11,837 | $200K | — |
| XMCRX MFS Charter Income Trust | 0.11% | 30,841 | $193K | — |
| DMB BNY Mellon Muni BND Infra | 0.11% | 16,625 | $183K | — |
| CHW Calamos Global Dynamic Incom | 0.11% | 24,641 | $183K | — |
| NCV Virtus Convertible & Income | 0.11% | 11,835 | $179K | — |
| RVT Royce Small-Cap Trust Inc. | 0.10% | 10,940 | $176K | — |
| BWG Brandywineglobal Global Inco | 0.10% | 20,586 | $172K | — |
| NAD Nuveen Quality Municipal Inc. | 0.10% | 14,125 | $170K | — |
| DTF DTF Tax-Free Income 2028 Ter | 0.10% | 14,433 | $165K | — |
| XEFRX Eaton Vance Sr FLTG Rate TR | 0.10% | 14,648 | $163K | — |
| XRMMX Rvrnrth MGD Dur Muni Inc. filed as RIVERNORTH MANAGED DUR MUN I | 0.10% | 11,904 | $162K | — |
| MMT Aberdeen Multimarket Income | 0.10% | 34,588 | $161K | — |
| XBXMX Nuveen S&P 500 Buy-WR Inc. | 0.09% | 10,353 | $152K | — |
| VGM Invesco Trust for Investmen | 0.09% | 14,663 | $152K | — |
| JGH Nuveen Global High Income | 0.09% | 11,769 | $148K | — |
| OCSL Oaktree Specialty Lending Co. | 0.09% | 11,604 | $148K | — |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.09% | 12,608 | $147K | — |
| RMT Royce Micro-Cap Trust Inc. | 0.09% | 13,807 | $144K | — |
| XNROX Neu Re Est Sec Inc. FD Inc.-US filed as NEUBERGER REAL ESTATE | 0.08% | 45,529 | $138K | — |
| BCIC BCP Investment Corp. | 0.08% | 11,650 | $138K | — |
| XNXJX Nuveen NJ QLTY Muni Inc. | 0.08% | 10,849 | $137K | — |
| MHN BlackRock Muniholding NY QLT | 0.08% | 13,196 | $135K | — |
| SBI Western Asset Intermediate | 0.08% | 17,477 | $134K | — |
| XIAEX Voya Asia Pac Hi DVD Eq Inc. | 0.08% | 18,349 | $134K | — |
| MUC BlackRock Munihold Ca QLTY | 0.08% | 12,509 | $133K | — |
| XIGDX Voya GLBL Eqty DVD & PRM Opp | 0.08% | 23,122 | $132K | — |
| LIEN Chicago Atlantic BDC Inc. | 0.08% | 12,718 | $131K | — |
| MHD BlackRock Muniholdings Fund | 0.08% | 10,831 | $127K | — |
| CXH MFS Investment Grade Muni | 0.07% | 15,498 | $123K | — |
| VVR Invesco Senior Income Trust | 0.07% | 34,683 | $113K | — |
| GRX Gabelli Healthcare & Well | 0.07% | 11,744 | $113K | — |
| XMYDX BlackRock Muniyield Fund | 0.07% | 10,718 | $112K | — |
| DHF BNYM High Yield Strategies filed as BNY MELLON HIGH YIELD STRATE | 0.06% | 44,008 | $109K | — |
| XMVFX BlackRock Munivest Fund | 0.06% | 15,007 | $104K | — |
| VGI Virtus Global Multi-Sector | 0.06% | 13,216 | $104K | — |
| BTX BlackRock Tech & Priv Eqty | 0.06% | 15,624 | $103K | — |
| BRW Saba Capital Income & Opport | 0.06% | 14,310 | $100K | — |
| PPT Franklin Premir Inc. Trust-Ui | 0.06% | 27,293 | $97K | — |
| GDL GDL Fund | 0.06% | 11,244 | $95K | — |
| GLV Clough Global Dividend & Inc. | 0.05% | 14,401 | $86K | — |
| MRCC Monroe Capital Corp. | 0.05% | 12,825 | $82K | — |
| ZTR Virtus Total Return Fund Inc. | 0.04% | 10,522 | $66K | — |
| HIX Western Asset High Inc. II | 0.03% | 12,020 | $50K | — |
| XCMUX MFS High Yield Municipal TR | 0.03% | 13,091 | $46K | — |
Portfolio Sells Q4 2025
No earlier filing to compare with.
Portfolio Buys Q4 2025
No earlier filing to compare with.