Thomas J. Herzfeld Advisors, Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Thomas J. Herzfeld Advisors, Inc. reported 144 stock positions worth $311.9 million. Its top holding was PIMCO Dynamic Income Strat (PDX) at 12.5% of the portfolio, followed by FS Credit Opportunities (FSCO, 7.1%) and Highland Opport & Income (HFRO, 4.6%). Compared with Q3 2024, it opened 11 new positions, sold out of 18, added to 63 and reduced 39. The biggest buy was Saba Capital Income & Opp II (SABA, shares +152%) and the biggest sale an exit from High Income Securities Fund (PCF).
- Most Recent 13F
- Q2 2026
- Location
- MIAMI BEACH, FL
- CIK
- 0001509510
- Portfolio Value
- $311.9M (Q4 2024)
- SEC Filing
- 0001398344-25-002553 ↗ filed Feb 12, 2025
Holdings Value
Holdings 144 stocks · $311.9M
| PDX PIMCO Dynamic Income Strat | 12.51% | 1,493,089 | $39.0M | Reduce -2.6% |
| FSCO FS Credit Opportunities Corp. | 7.08% | 3,237,249 | $22.1M | Reduce -24.6% |
| HFRO Highland Opport & Income | 4.59% | 2,760,778 | $14.3M | Reduce -8.6% |
| SABA Saba Capital Income & Opp II | 4.17% | 1,436,590 | $13.0M | Add +152.0% |
| NPFD Nuveen Var RT Pref & Inc. | 3.74% | 640,133 | $11.7M | Add +0.8% |
| NSLR Neostellar Capital Corp. filed as SURO CAPITAL CORP | 2.56% | 1,357,409 | $8.0M | Add +24.7% |
| RA Brookfield Real Assets Incom | 2.54% | 594,984 | $7.9M | Add +92.3% |
| PSEC Prospect Capital Corp. | 2.53% | 1,828,411 | $7.9M | New |
| SPMC Sound Point Meridian Capital | 2.24% | 334,544 | $7.0M | Reduce -20.7% |
| XAI OCTAGN FLT RAT & ALT INM | 2.21% | 1,036,151 | $6.9M | New |
| JFR Nuveen Floating Rate Income | 1.91% | 668,591 | $6.0M | Add +3.2% |
| DMA Destra Multi-Alternative | 1.87% | 689,580 | $5.8M | Add +3.0% |
| HERZ Herzfeld Credit Income Fund | 1.87% | 2,497,386 | $5.8M | Reduce -1.4% |
| XFFCX Flaherty & Crumrine Pref Inc. | 1.83% | 368,225 | $5.7M | Add +60.7% |
| NCLH Norwegian Cruise Line Holdin | 1.76% | 213,207 | $5.5M | Reduce -12.3% |
| PAXS PIMCO Access Income Fund | 1.75% | 358,285 | $5.5M | Add +17.3% |
| TYG Tortoise Energy Infrastruct | 1.72% | 127,580 | $5.4M | Add +28.8% |
| EMO Clearbridge Energy Midstream | 1.58% | 105,647 | $4.9M | Add +30.4% |
| MTZ Mastec Inc. | 1.52% | 34,872 | $4.7M | No change |
| BSTZ BlackRock Sci & Tech TRM TR | 1.50% | 226,339 | $4.7M | Reduce -0.6% |
| NBXG Neuberger Next Generation Co. | 1.47% | 359,056 | $4.6M | Reduce -0.4% |
| DIAX Nuveen Dow 30 Dynamic Overwr | 1.35% | 279,234 | $4.2M | Add +4.2% |
| KYN Kayne Anderson Energy Infra | 1.31% | 321,240 | $4.1M | Add +30.8% |
| RCL Royal Caribbean Cruises Ltd. | 1.31% | 17,666 | $4.1M | Reduce -27.4% |
| LDP Cohen & Steers Limited Durat | 1.21% | 186,703 | $3.8M | Add +11.8% |
| CET Central Securities Corp. | 1.20% | 82,237 | $3.8M | Add +0.5% |
| RFMZ Rivernorth Flex Muni II | 1.10% | 255,434 | $3.4M | Add +0.7% |
| PFN PIMCO Income Strategy FD II | 1.06% | 444,945 | $3.3M | Add +11.5% |
| BCAT BlackRock Capital Alloc TR | 1.03% | 212,086 | $3.2M | Reduce -0.8% |
| XTEAX Tortoise Sust&social Imp Ter | 1.02% | 265,279 | $3.2M | Add +134.8% |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 1.02% | 117,169 | $3.2M | Add +3.0% |
| TBLD Thornburg Income Builder Opp | 0.96% | 184,536 | $3.0M | Reduce -2.6% |
| MFM Aberdeen Municipal Income | 0.90% | 526,027 | $2.8M | Reduce -3.9% |
| PFIX Simplify Interest Rate Hedge | 0.89% | 53,202 | $2.8M | New |
| XEXGX Eaton Vance Tax-Managed Glob | 0.86% | 326,929 | $2.7M | Add +6.3% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.85% | 68,717 | $2.7M | Add +5.8% |
| SDHY Pgim SHRT Durat Hi YLD | 0.85% | 164,559 | $2.7M | New |
| CCL Carnival Corp. | 0.82% | 102,657 | $2.6M | Add +24.1% |
| PLYA Playa Hotels & Resorts NV | 0.82% | 202,058 | $2.6M | No change |
| JRS Nuveen Real Estate Income | 0.81% | 291,923 | $2.5M | New |
| MUC BlackRock Munihold Ca QLTY | 0.74% | 215,693 | $2.3M | Reduce -3.6% |
| NFE New Fortress Energy Inc. | 0.65% | 133,602 | $2.0M | No change |
| BGB Blackstone Strategic Credit | 0.65% | 165,122 | $2.0M | Add +8.5% |
| OSW Onespaworld Holdings Ltd. | 0.64% | 100,000 | $2.0M | Add +5.7% |
| NEE Nextera Energy Inc. | 0.61% | 26,697 | $1.9M | No change |
| MLM Martin Marietta Materials | 0.60% | 3,640 | $1.9M | Reduce -5.2% |
| OFG Ofg Bancorp | 0.59% | 43,454 | $1.8M | Reduce -18.7% |
| ECC Eagle Point Credit Co. | 0.59% | 206,460 | $1.8M | Add +66.0% |
| FTF Franklin Ltd. Dur Inc. TR | 0.57% | 270,295 | $1.8M | Reduce -34.4% |
| BPOP Popular Inc. | 0.56% | 18,598 | $1.7M | No change |
| ADX Adams Diversified Equity | 0.53% | 83,059 | $1.7M | Add +6.7% |
| FBP First Bancorp Puerto Rico | 0.53% | 88,690 | $1.6M | No change |
| DMO Western Asset Mort Def Opp | 0.51% | 134,792 | $1.6M | Add +9.2% |
| JLS Nuveen Mortgage & Income | 0.50% | 87,331 | $1.6M | Add +8.0% |
| CLM Cornerstone Strategic Invest | 0.47% | 171,852 | $1.5M | Reduce -77.3% |
| XPHTX Pioneer High Income Fund | 0.45% | 179,982 | $1.4M | Add +4.6% |
| NAD Nuveen Quality Municipal Inc. | 0.43% | 115,117 | $1.3M | Reduce -35.3% |
| CPA Copa Holdings SA Class A | 0.43% | 15,250 | $1.3M | No change |
| ERC Allspring Multi-Sector Inc. | 0.43% | 145,328 | $1.3M | Add +12.3% |
| XHNWX Pioneer Diversified High | 0.41% | 109,456 | $1.3M | Add +7.7% |
| VMC Vulcan Materials Co. | 0.41% | 5,019 | $1.3M | Reduce -3.8% |
| LEN Lennar Corp. Class A | 0.41% | 9,450 | $1.3M | No change |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.35% | 42,412 | $1.1M | Reduce -12.4% |
| XMUIX BlackRock Municipal Income | 0.34% | 86,319 | $1.0M | Add +93.9% |
| XCMUX MFS High Yield Municipal TR | 0.32% | 284,360 | $1.0M | Add +76.3% |
| CX Cemex Sab-Spons ADR Part Cer | 0.28% | 155,581 | $877K | No change |
| MMD Nylim Mackay Definedterm Mun filed as NYLI MACKAY DEFINEDTERM MUNI | 0.27% | 56,328 | $841K | New |
| CXH MFS Investment Grade Muni | 0.25% | 97,088 | $776K | Add +36.5% |
| XPCKX PIMCO California Municipa II | 0.24% | 130,893 | $749K | Add +40.3% |
| NMCO Nuveen Municipal Credit Opp | 0.23% | 67,828 | $720K | Reduce -2.1% |
| ASR Grupo Aeroportuario Sur-ADR | 0.23% | 2,775 | $715K | No change |
| DMF BNYM Municipal Income filed as BNY MELLON MUN INCOME INC | 0.21% | 91,732 | $651K | Reduce -2.1% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 0.20% | 107,273 | $623K | Add +7.6% |
| FMX Fomento Economico Mex-SP ADR | 0.19% | 6,859 | $586K | Reduce -50.6% |
| EVTC Evertec Inc. | 0.19% | 16,956 | $585K | No change |
| XENWX Eaton Vance New York Municip | 0.18% | 58,444 | $557K | Reduce -5.6% |
| NZF Nuveen Municipal Credit Inc. | 0.17% | 43,095 | $524K | Reduce -30.9% |
| XMIOX Pioneer Muni High Inc. Opp | 0.16% | 42,844 | $508K | Add +14.8% |
| XMVTX BlackRock Munivest Fund II | 0.15% | 43,122 | $455K | Reduce -13.3% |
| NUW Nuveen Amt-Free Muni Val | 0.14% | 33,256 | $452K | New |
| NAC Nuveen Ca QLTY Muni Inc. | 0.14% | 38,256 | $432K | Add +16.8% |
| VGM Invesco Trust for Investmen | 0.13% | 38,798 | $392K | Add +18.1% |
| PFO Flaherty & Crumrine P&I Opp | 0.12% | 39,919 | $360K | Add +77.1% |
| CEFS Saba Opport Hedg Cef ETF-Usd | 0.11% | 16,448 | $352K | Reduce -9.2% |
| GLD SPDR Gold Shares | 0.11% | 1,398 | $338K | No change |
| SEB Seaboard Corp. | 0.11% | 137 | $333K | No change |
| LEO BNY Mellon Strategic Muni | 0.10% | 49,145 | $297K | Add +37.3% |
| XPMAX Pioneer Municipal High Inc. | 0.09% | 34,950 | $295K | Add +15.9% |
| CXE MFS High Income Municipal TR | 0.09% | 76,036 | $280K | Add +28.7% |
| PMM Franklin Managed Municipal I | 0.08% | 43,341 | $259K | Add +21.1% |
| ASA ASA Gold and Precious Metals | 0.08% | 12,602 | $255K | New |
| VFL Abrdn National Municipal Inc. | 0.08% | 25,115 | $254K | New |
| VTN Invesco TR for Invest GRD NY | 0.08% | 24,132 | $253K | Reduce -41.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.07% | 390 | $229K | No change |
| STEW SRH Total Return Fund Inc. | 0.06% | 12,341 | $198K | Add +0.0% |
| CWCO Consolidated Water Co.-Ord SH | 0.05% | 6,092 | $158K | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.04% | 270 | $138K | No change |
| STK Columbia Slgmn Prem Tech GR | 0.04% | 3,997 | $128K | Add +16.7% |
| TFLO iShares Treasury Floating Ra | 0.04% | 2,168 | $109K | Reduce -51.5% |
| BMEZ BlackRock HLTH Sci TRM TR II | 0.03% | 6,862 | $99K | Reduce -2.4% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $154K (not counted above)
Total filed on the 13F, all lines: $312.1M.
Portfolio Sells Q3 2024 → Q4 2024
| PCF High Income Securities Fund | Sold out | 0.00% | −3.58 |
| FSCO FS Credit Opportunities Corp. | Reduce -24.6% | 7.08% | −2.00 |
| HFRO Highland Opport & Income | Reduce -8.6% | 4.59% | −1.57 |
| JPC Nuveen Prefered & Income Opp | Sold out | 0.00% | −1.52 |
| CLM Cornerstone Strategic Invest | Reduce -77.3% | 0.47% | −1.46 |
| XTPZX Tortoise Power & Enrgy Infra | Sold out | 0.00% | −1.01 |
| XNDPX Tortoise Energy Independence | Sold out | 0.00% | −0.80 |
| SPMC Sound Point Meridian Capital | Reduce -20.7% | 2.24% | −0.54 |
| FTF Franklin Ltd. Dur Inc. TR | Reduce -34.4% | 0.57% | −0.34 |
| JAAA Janus Henderson Aaa Clo ETF | Sold out | 0.00% | −0.32 |
| NAD Nuveen Quality Municipal Inc. | Reduce -35.3% | 0.43% | −0.30 |
| ESRT Empire State Realty Trust-A | Sold out | 0.00% | −0.27 |
| FMX Fomento Economico Mex-SP ADR | Reduce -50.6% | 0.19% | −0.27 |
| OFG Ofg Bancorp | Reduce -18.7% | 0.59% | −0.21 |
| TBLD Thornburg Income Builder Opp | Reduce -2.6% | 0.96% | −0.16 |
| BCAT BlackRock Capital Alloc TR | Reduce -0.8% | 1.03% | −0.14 |
| MFM Aberdeen Municipal Income | Reduce -3.9% | 0.90% | −0.14 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -27.4% | 1.31% | −0.13 |
| MUC BlackRock Munihold Ca QLTY | Reduce -3.6% | 0.74% | −0.12 |
| VCV Invesco Ca Val Muni Inc. TR | Sold out | 0.00% | −0.12 |
| NZF Nuveen Municipal Credit Inc. | Reduce -30.9% | 0.17% | −0.10 |
| FMN Federated Herm Prem Muni Inc. | Sold out | 0.00% | −0.09 |
| XMHIX Pioneer Muni High Inc. TR | Sold out | 0.00% | −0.09 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Reduce -12.4% | 0.35% | −0.09 |
| MLM Martin Marietta Materials | Reduce -5.2% | 0.60% | −0.09 |
| FXY Invesco Currencyshares Japan | Reduce -85.7% | 0.01% | −0.08 |
| VTN Invesco TR for Invest GRD NY | Reduce -41.9% | 0.08% | −0.08 |
| NBXG Neuberger Next Generation Co. | Reduce -0.4% | 1.47% | −0.07 |
| CEF Sprott Physical Gold and Sil | Sold out | 0.00% | −0.07 |
| XWIAX Western Asset Infl-Link Sec | Sold out | 0.00% | −0.06 |
| AMX America Movil Sab DE CV | Sold out | 0.00% | −0.06 |
| XMVTX BlackRock Munivest Fund II | Reduce -13.3% | 0.15% | −0.04 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Sold out | 0.00% | −0.04 |
| TFLO iShares Treasury Floating Ra | Reduce -51.5% | 0.04% | −0.04 |
| XTTPX Tortoise Pipeline & Energy | Sold out | 0.00% | −0.04 |
| NMCO Nuveen Municipal Credit Opp | Reduce -2.1% | 0.23% | −0.04 |
| HERZ Herzfeld Credit Income Fund | Reduce -1.4% | 1.87% | −0.04 |
| PEO Adams Natural Resources Fund | Reduce -72.6% | 0.01% | −0.03 |
| XENWX Eaton Vance New York Municip | Reduce -5.6% | 0.18% | −0.03 |
| USO United States Oil Fund LP | Sold out | 0.00% | −0.03 |
| PROSHARES TR | Sold out | 0.00% | −0.02 |
| VMC Vulcan Materials Co. | Reduce -3.8% | 0.41% | −0.02 |
| CEFS Saba Opport Hedg Cef ETF-Usd | Reduce -9.2% | 0.11% | −0.02 |
| DMF BNYM Municipal Income | Reduce -2.1% | 0.21% | −0.02 |
| WIW Western Asst Infl-LNK Opp | Sold out | 0.00% | −0.02 |
| BMEZ BlackRock HLTH Sci TRM TR II | Reduce -2.4% | 0.03% | −0.01 |
| XBGYX BlackRock Enh Intl DVD TR | Reduce -7.3% | 0.01% | −0.00 |
| BTX BlackRock Tech & Priv Eqty | Reduce -64.7% | 0.00% | −0.00 |
| XAGDX Abrdn GLBL DYNM Divid | Reduce -0.8% | 0.00% | −0.00 |
| MXE Mexico Equity and Income FD | Reduce -2.2% | 0.00% | −0.00 |
Portfolio Buys Q3 2024 → Q4 2024
| SABA Saba Capital Income & Opp II | Add +152.0% | 4.17% | +2.56 |
| PSEC Prospect Capital Corp. | New | 2.53% | +2.53 |
| XAI OCTAGN FLT RAT & ALT INM | New | 2.21% | +2.21 |
| RA Brookfield Real Assets Incom | Add +92.3% | 2.54% | +1.13 |
| NSLR Neostellar Capital Corp. | Add +24.7% | 2.56% | +1.09 |
| PFIX Simplify Interest Rate Hedge | New | 0.89% | +0.89 |
| SDHY Pgim SHRT Durat Hi YLD | New | 0.85% | +0.85 |
| JRS Nuveen Real Estate Income | New | 0.81% | +0.81 |
| XFFCX Flaherty & Crumrine Pref Inc. | Add +60.7% | 1.83% | +0.58 |
| XTEAX Tortoise Sust&social Imp Ter | Add +134.8% | 1.02% | +0.53 |
| EMO Clearbridge Energy Midstream | Add +30.4% | 1.58% | +0.44 |
| TYG Tortoise Energy Infrastruct | Add +28.8% | 1.72% | +0.42 |
| KYN Kayne Anderson Energy Infra | Add +30.8% | 1.31% | +0.41 |
| CCL Carnival Corp. | Add +24.1% | 0.82% | +0.31 |
| MMD Nylim Mackay Definedterm Mun | New | 0.27% | +0.27 |
| ECC Eagle Point Credit Co. | Add +66.0% | 0.59% | +0.18 |
| XMUIX BlackRock Municipal Income | Add +93.9% | 0.34% | +0.15 |
| NUW Nuveen Amt-Free Muni Val | New | 0.14% | +0.14 |
| XCMUX MFS High Yield Municipal TR | Add +76.3% | 0.32% | +0.12 |
| OSW Onespaworld Holdings Ltd. | Add +5.7% | 0.64% | +0.12 |
| ASA ASA Gold and Precious Metals | New | 0.08% | +0.08 |
| VFL Abrdn National Municipal Inc. | New | 0.08% | +0.08 |
| QQQX Nuveen Nasdaq 100 DYN Overwr | Add +3.0% | 1.02% | +0.06 |
| PAXS PIMCO Access Income Fund | Add +17.3% | 1.75% | +0.06 |
| CXH MFS Investment Grade Muni | Add +36.5% | 0.25% | +0.05 |
| PFN PIMCO Income Strategy FD II | Add +11.5% | 1.06% | +0.05 |
| XPCKX PIMCO California Municipa II | Add +40.3% | 0.24% | +0.04 |
| PFO Flaherty & Crumrine P&I Opp | Add +77.1% | 0.12% | +0.04 |
| BGB Blackstone Strategic Credit | Add +8.5% | 0.65% | +0.02 |
| DIAX Nuveen Dow 30 Dynamic Overwr | Add +4.2% | 1.35% | +0.02 |
| DMO Western Asset Mort Def Opp | Add +9.2% | 0.51% | +0.02 |
| LEO BNY Mellon Strategic Muni | Add +37.3% | 0.10% | +0.02 |
| TPZ Tort Electf Infra ETF-Usd Inc. | New | 0.02% | +0.02 |
| ERC Allspring Multi-Sector Inc. | Add +12.3% | 0.43% | +0.02 |
| CXE MFS High Income Municipal TR | Add +28.7% | 0.09% | +0.01 |
| VGM Invesco Trust for Investmen | Add +18.1% | 0.13% | +0.01 |
| XMIOX Pioneer Muni High Inc. Opp | Add +14.8% | 0.16% | +0.01 |
| NAC Nuveen Ca QLTY Muni Inc. | Add +16.8% | 0.14% | +0.01 |
| JFR Nuveen Floating Rate Income | Add +3.2% | 1.91% | +0.01 |
| JLS Nuveen Mortgage & Income | Add +8.0% | 0.50% | +0.01 |
| FPF First TR Interm Dur & Inc. | New | 0.01% | +0.01 |
| XPMAX Pioneer Municipal High Inc. | Add +15.9% | 0.09% | +0.01 |
| PMM Franklin Managed Municipal I | Add +21.1% | 0.08% | +0.01 |
| STK Columbia Slgmn Prem Tech GR | Add +16.7% | 0.04% | +0.00 |
| AEF Abrdn Emerging Markets Ex CH | Add +24.7% | 0.00% | +0.00 |
| JCE Nuveen Core Equity Alpha | Add +4.0% | 0.00% | +0.00 |
| CHINA FUND INC | Add +11.7% | 0.00% | 0.00 |
| GAM General American Investors | Add +7.8% | 0.00% | 0.00 |
| NXDT Nexpoint Diversified Real Es | Add +1.2% | 0.00% | 0.00 |
| RVT Royce Small-Cap Trust Inc. | Add +3.1% | 0.00% | 0.00 |
Notes & Other Activity Q3 2024 → Q4 2024
| AIIOW NWTN Inc. -CW27 | *W EXP 11/11/202 | Sold out | 26,327 | $1Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 123 | $325.7M | FSSL, PDX, FSCO, HFRO, GOF |
| Q1 2026 | 110 | $294.0M | FSSL, PDX, FSCO, HFRO, HERZ |
| Q4 2025 | 104 | $295.6M | FSSL, PDX, HFRO, SABA, HERZ |
| Q3 2025 | 101 | $291.7M | PDX, HFRO, SABA, HERZ, PAAA |
| Q2 2025 | 105 | $280.4M | PDX, FSCO, HERZ, SABA, HFRO |
| Q1 2025 | 125 | $293.9M | PDX, FSCO, HERZ, SABA, HFRO |
| Q4 2024 | 144 | $311.9M | PDX, FSCO, HFRO, SABA, NPFD |
| Q3 2024 | 151 | $300.2M | PDX, FSCO, HFRO, NPFD, PCF |
| Q2 2024 | 234 | $285.0M | PDX, FSCO, HFRO, NPFD, SPMC |
| Q1 2024 | 148 | $282.7M | PDX, FSCO, HFRO, NXDT, OCCI |