Thomas J. Herzfeld Advisors, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Thomas J. Herzfeld Advisors, Inc. reported 125 stock positions worth $293.9 million. Its top holding was PIMCO Dynamic Income Strat (PDX) at 13.7% of the portfolio, followed by FS Credit Opportunities (FSCO, 7.5%) and Herzfeld Credit Income Fund (HERZ, 5.5%). Compared with Q4 2024, it opened 8 new positions, sold out of 27, added to 61 and reduced 40. The biggest buy was Herzfeld Credit Income Fund (HERZ, shares +142%) and the biggest sale Norwegian Cruise Line Holdin (NCLH, shares −56%).
- Most Recent 13F
- Q2 2026
- Location
- MIAMI BEACH, FL
- CIK
- 0001509510
- Portfolio Value
- $293.9M (Q1 2025)
- SEC Filing
- 0001398344-25-009442 ↗ filed May 14, 2025
Holdings Value
Holdings 125 stocks · $293.9M
| PDX PIMCO Dynamic Income Strat | 13.70% | 1,641,558 | $40.3M | Add +9.9% |
| FSCO FS Credit Opportunities Corp. | 7.54% | 3,144,864 | $22.2M | Reduce -2.9% |
| HERZ Herzfeld Credit Income Fund | 5.49% | 6,043,689 | $16.1M | Add +142.0% |
| SABA Saba Capital Income & Opp II | 5.04% | 1,701,210 | $14.8M | Add +18.4% |
| HFRO Highland Opport & Income | 4.74% | 2,677,303 | $13.9M | Reduce -3.0% |
| JFR Nuveen Floating Rate Income | 3.38% | 1,172,900 | $9.9M | Add +75.4% |
| PSEC Prospect Capital Corp. | 3.23% | 2,315,582 | $9.5M | Add +26.6% |
| RA Brookfield Real Assets Incom | 2.98% | 666,668 | $8.8M | Add +12.1% |
| NSLR Neostellar Capital Corp. filed as SURO CAPITAL CORP | 2.90% | 1,714,062 | $8.5M | Add +26.3% |
| NPFD Nuveen Var RT Pref & Inc. | 2.62% | 410,089 | $7.7M | Reduce -35.9% |
| XAI OCTAGN FLT RAT & ALT INM | 2.53% | 1,258,025 | $7.4M | Add +21.4% |
| PAXS PIMCO Access Income Fund | 2.08% | 380,600 | $6.1M | Add +6.2% |
| XFFCX Flaherty & Crumrine Pref Inc. | 1.93% | 355,738 | $5.7M | Reduce -3.4% |
| DMA Destra Multi-Alternative | 1.76% | 611,015 | $5.2M | Reduce -11.4% |
| TYG Tortoise Energy Infrastruct | 1.55% | 105,767 | $4.6M | Reduce -17.1% |
| SPMC Sound Point Meridian Capital | 1.53% | 225,137 | $4.5M | Reduce -32.7% |
| EMO Clearbridge Energy Midstream | 1.52% | 89,770 | $4.5M | Reduce -15.0% |
| KYN Kayne Anderson Energy Infra | 1.47% | 337,162 | $4.3M | Add +5.0% |
| NBXG Neuberger Next Generation Co. | 1.45% | 348,571 | $4.3M | Reduce -2.9% |
| DIAX Nuveen Dow 30 Dynamic Overwr | 1.41% | 285,536 | $4.1M | Add +2.3% |
| RFMZ Rivernorth Flex Muni II | 1.38% | 302,810 | $4.1M | Add +18.6% |
| LDP Cohen & Steers Limited Durat | 1.29% | 186,043 | $3.8M | Reduce -0.3% |
| BSTZ BlackRock Sci & Tech TRM TR | 1.22% | 202,849 | $3.6M | Reduce -10.4% |
| MTZ Mastec Inc. | 1.19% | 29,872 | $3.5M | Reduce -14.3% |
| NEE Nextera Energy Inc. | 1.13% | 46,697 | $3.3M | Add +74.9% |
| TBLD Thornburg Income Builder Opp | 1.12% | 183,561 | $3.3M | Reduce -0.5% |
| CET Central Securities Corp. | 1.08% | 70,484 | $3.2M | Reduce -14.3% |
| MFM Aberdeen Municipal Income | 1.06% | 587,872 | $3.1M | Add +11.8% |
| XTEAX Tortoise Sust&social Imp Ter | 1.04% | 268,982 | $3.1M | Add +1.4% |
| CEFS Saba Opport Hedg Cef ETF-Usd | 0.99% | 135,966 | $2.9M | Add +726.6% |
| PFN PIMCO Income Strategy FD II | 0.93% | 362,833 | $2.7M | Reduce -18.4% |
| SDHY Pgim SHRT Durat Hi YLD | 0.92% | 164,585 | $2.7M | Add +0.0% |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 0.90% | 111,162 | $2.6M | Reduce -5.1% |
| PFIX Simplify Interest Rate Hedge | 0.85% | 51,764 | $2.5M | Reduce -2.7% |
| MUC BlackRock Munihold Ca QLTY | 0.85% | 233,897 | $2.5M | Add +8.4% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.84% | 74,104 | $2.5M | Add +7.8% |
| JRS Nuveen Real Estate Income | 0.81% | 289,043 | $2.4M | Reduce -1.0% |
| RCL Royal Caribbean Cruises Ltd. | 0.68% | 9,666 | $2.0M | Reduce -45.3% |
| NCLH Norwegian Cruise Line Holdin | 0.61% | 94,207 | $1.8M | Reduce -55.8% |
| OFG Ofg Bancorp | 0.59% | 43,454 | $1.7M | No change |
| JLS Nuveen Mortgage & Income | 0.59% | 92,014 | $1.7M | Add +5.4% |
| BPOP Popular Inc. | 0.58% | 18,598 | $1.7M | No change |
| FBP First Bancorp Puerto Rico | 0.58% | 88,690 | $1.7M | No change |
| DMO Western Asset Mort Def Opp | 0.57% | 140,994 | $1.7M | Add +4.6% |
| NAD Nuveen Quality Municipal Inc. | 0.50% | 127,072 | $1.5M | Add +10.4% |
| XPHTX Pioneer High Income Fund | 0.47% | 178,792 | $1.4M | Reduce -0.7% |
| ADX Adams Diversified Equity | 0.46% | 71,378 | $1.4M | Reduce -14.1% |
| XPCKX PIMCO California Municipa II | 0.43% | 223,924 | $1.3M | Add +71.1% |
| PDO PIMCO Dynamic Income Opport | 0.42% | 89,425 | $1.2M | New |
| XCMUX MFS High Yield Municipal TR | 0.42% | 353,305 | $1.2M | Add +24.3% |
| VMC Vulcan Materials Co. | 0.40% | 5,019 | $1.2M | No change |
| MMD Nylim Mackay Definedterm Mun filed as NYLI MACKAY DEFINEDTERM MUNI | 0.37% | 71,859 | $1.1M | Add +27.6% |
| PROSHARES TR | 0.35% | 48,007 | $1.0M | New |
| CCL Carnival Corp. | 0.35% | 52,657 | $1.0M | Reduce -48.7% |
| PROSHARES TR | 0.35% | 86,805 | $1.0M | New |
| SKRE Tuttle Cap DLY 2X Inv Reg | 0.34% | 70,133 | $1.0M | New |
| PSQ Proshares Short QQQ | 0.34% | 24,606 | $1000K | New |
| CXH MFS Investment Grade Muni | 0.32% | 120,541 | $955K | Add +24.2% |
| MLM Martin Marietta Materials | 0.30% | 1,840 | $880K | Reduce -49.5% |
| NMCO Nuveen Municipal Credit Opp | 0.28% | 77,573 | $830K | Add +14.4% |
| XMVTX BlackRock Munivest Fund II | 0.26% | 73,069 | $772K | Add +69.5% |
| CPA Copa Holdings SA Class A | 0.26% | 8,250 | $763K | Reduce -45.9% |
| HDGE Advisorshares Active Bear Et | 0.26% | 42,063 | $750K | New |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 0.25% | 127,724 | $737K | Add +19.1% |
| CLM Cornerstone Strategic Invest | 0.22% | 88,892 | $660K | Reduce -48.3% |
| XMIOX Pioneer Muni High Inc. Opp | 0.21% | 52,597 | $620K | Add +22.8% |
| OSW Onespaworld Holdings Ltd. | 0.20% | 35,000 | $588K | Reduce -65.0% |
| VGM Invesco Trust for Investmen | 0.16% | 47,965 | $478K | Add +23.6% |
| LEO BNY Mellon Strategic Muni | 0.15% | 71,290 | $436K | Add +45.1% |
| GLD SPDR Gold Shares | 0.14% | 1,398 | $403K | No change |
| XPMAX Pioneer Municipal High Inc. | 0.13% | 44,032 | $368K | Add +26.0% |
| ASA ASA Gold and Precious Metals | 0.12% | 12,088 | $364K | Reduce -4.1% |
| XENWX Eaton Vance New York Municip | 0.12% | 36,969 | $351K | Reduce -36.7% |
| CXE MFS High Income Municipal TR | 0.12% | 93,879 | $346K | Add +23.5% |
| VFL Abrdn National Municipal Inc. | 0.11% | 31,321 | $318K | Add +24.7% |
| TFLO iShares Treasury Floating Ra | 0.08% | 4,469 | $226K | Add +106.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.07% | 390 | $218K | No change |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.06% | 14,009 | $186K | New |
| CWCO Consolidated Water Co.-Ord SH | 0.05% | 6,092 | $149K | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.04% | 270 | $127K | No change |
| STK Columbia Slgmn Prem Tech GR | 0.03% | 3,452 | $97K | Reduce -13.6% |
| NFLX Netflix Inc. | 0.03% | 100 | $93K | No change |
| MDY State Street SPDR S&P Midcap | 0.03% | 150 | $80K | No change |
| META Meta Platforms Inc. Class A | 0.02% | 100 | $58K | No change |
| FXY Invesco Currencyshares Japan | 0.01% | 600 | $37K | No change |
| PFO Flaherty & Crumrine P&I Opp | 0.01% | 2,865 | $26K | Reduce -92.8% |
| FPF First TR Interm Dur & Inc. | 0.01% | 1,013 | $19K | Reduce -4.0% |
| IIF Morgan Stanley India Invest | 0.01% | 706 | $17K | Add +22.6% |
| GF The New Germany Fund Inc. | 0.01% | 1,715 | $17K | Add +17.5% |
| TMC TMC the Metals Co. Inc. | 0.01% | 8,959 | $15K | No change |
| XAGDX Abrdn GLBL DYNM Divid | 0.01% | 1,487 | $15K | Add +2.7% |
| JOF Japan Smaller Capitalization | 0.00% | 1,668 | $14K | Add +7.1% |
| EEA The European Equity Fund Inc. | 0.00% | 1,293 | $12K | Add +73.8% |
| TDF Templeton Dragon Fund Inc. | 0.00% | 1,181 | $11K | Add +7.8% |
| XAWPX Abrdn Global Premier Propert | 0.00% | 2,795 | $11K | Add +13.6% |
| CHINA FUND INC | 0.00% | 833 | $11K | Add +1.1% |
| SVXY Proshares Short Vix St Futur | 0.00% | 220 | $10K | No change |
| TSI TCW Strategic Income Fund | 0.00% | 2,000 | $10K | No change |
| MXE Mexico Equity and Income FD | 0.00% | 1,111 | $10K | Reduce -1.2% |
| XJEQX Abrdn Japan Equity Fund Inc. | 0.00% | 1,479 | $10K | Add +1.2% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $27K (not counted above)
Total filed on the 13F, all lines: $294.0M.
Portfolio Sells Q4 2024 → Q1 2025
| NCLH Norwegian Cruise Line Holdin | Reduce -55.8% | 0.61% | −1.15 |
| NPFD Nuveen Var RT Pref & Inc. | Reduce -35.9% | 2.62% | −1.12 |
| BCAT BlackRock Capital Alloc TR | Reduce -99.8% | 0.00% | −1.03 |
| XEXGX Eaton Vance Tax-Managed Glob | Sold out | 0.00% | −0.86 |
| PLYA Playa Hotels & Resorts NV | Sold out | 0.00% | −0.82 |
| SPMC Sound Point Meridian Capital | Reduce -32.7% | 1.53% | −0.71 |
| NFE New Fortress Energy Inc. | Sold out | 0.00% | −0.65 |
| BGB Blackstone Strategic Credit | Sold out | 0.00% | −0.65 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -45.3% | 0.68% | −0.63 |
| ECC Eagle Point Credit Co. | Reduce -99.4% | 0.00% | −0.58 |
| FTF Franklin Ltd. Dur Inc. TR | Sold out | 0.00% | −0.57 |
| CCL Carnival Corp. | Reduce -48.7% | 0.35% | −0.47 |
| OSW Onespaworld Holdings Ltd. | Reduce -65.0% | 0.20% | −0.44 |
| ERC Allspring Multi-Sector Inc. | Sold out | 0.00% | −0.43 |
| XHNWX Pioneer Diversified High | Sold out | 0.00% | −0.41 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.41 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Sold out | 0.00% | −0.35 |
| MTZ Mastec Inc. | Reduce -14.3% | 1.19% | −0.34 |
| XMUIX BlackRock Municipal Income | Sold out | 0.00% | −0.34 |
| MLM Martin Marietta Materials | Reduce -49.5% | 0.30% | −0.30 |
| CX Cemex Sab-Spons ADR Part Cer | Sold out | 0.00% | −0.28 |
| BSTZ BlackRock Sci & Tech TRM TR | Reduce -10.4% | 1.22% | −0.28 |
| CLM Cornerstone Strategic Invest | Reduce -48.3% | 0.22% | −0.25 |
| ASR Grupo Aeroportuario Sur-ADR | Sold out | 0.00% | −0.23 |
| DMF BNYM Municipal Income | Sold out | 0.00% | −0.21 |
| FMX Fomento Economico Mex-SP ADR | Sold out | 0.00% | −0.19 |
| EVTC Evertec Inc. | Sold out | 0.00% | −0.19 |
| CPA Copa Holdings SA Class A | Reduce -45.9% | 0.26% | −0.17 |
| TYG Tortoise Energy Infrastruct | Reduce -17.1% | 1.55% | −0.17 |
| NZF Nuveen Municipal Credit Inc. | Sold out | 0.00% | −0.17 |
| NUW Nuveen Amt-Free Muni Val | Sold out | 0.00% | −0.14 |
| NAC Nuveen Ca QLTY Muni Inc. | Sold out | 0.00% | −0.14 |
| PFN PIMCO Income Strategy FD II | Reduce -18.4% | 0.93% | −0.13 |
| CET Central Securities Corp. | Reduce -14.3% | 1.08% | −0.13 |
| QQQX Nuveen Nasdaq 100 DYN Overwr | Reduce -5.1% | 0.90% | −0.12 |
| DMA Destra Multi-Alternative | Reduce -11.4% | 1.76% | −0.11 |
| SEB Seaboard Corp. | Sold out | 0.00% | −0.11 |
| PFO Flaherty & Crumrine P&I Opp | Reduce -92.8% | 0.01% | −0.11 |
| PMM Franklin Managed Municipal I | Sold out | 0.00% | −0.08 |
| VTN Invesco TR for Invest GRD NY | Sold out | 0.00% | −0.08 |
| ADX Adams Diversified Equity | Reduce -14.1% | 0.46% | −0.07 |
| STEW SRH Total Return Fund Inc. | Reduce -97.1% | 0.00% | −0.06 |
| EMO Clearbridge Energy Midstream | Reduce -15.0% | 1.52% | −0.06 |
| XENWX Eaton Vance New York Municip | Reduce -36.7% | 0.12% | −0.06 |
| PFIX Simplify Interest Rate Hedge | Reduce -2.7% | 0.85% | −0.04 |
| BMEZ BlackRock HLTH Sci TRM TR II | Sold out | 0.00% | −0.03 |
| TPZ Tort Electf Infra ETF-Usd Inc. | Sold out | 0.00% | −0.02 |
| NBXG Neuberger Next Generation Co. | Reduce -2.9% | 1.45% | −0.01 |
| PEO Adams Natural Resources Fund | Sold out | 0.00% | −0.01 |
| OPFI Oppfi Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| HERZ Herzfeld Credit Income Fund | Add +142.0% | 5.49% | +3.62 |
| JFR Nuveen Floating Rate Income | Add +75.4% | 3.38% | +1.47 |
| PDX PIMCO Dynamic Income Strat | Add +9.9% | 13.70% | +1.20 |
| CEFS Saba Opport Hedg Cef ETF-Usd | Add +726.6% | 0.99% | +0.87 |
| SABA Saba Capital Income & Opp II | Add +18.4% | 5.04% | +0.86 |
| PSEC Prospect Capital Corp. | Add +26.6% | 3.23% | +0.70 |
| NEE Nextera Energy Inc. | Add +74.9% | 1.13% | +0.51 |
| RA Brookfield Real Assets Incom | Add +12.1% | 2.98% | +0.44 |
| PDO PIMCO Dynamic Income Opport | New | 0.42% | +0.42 |
| PROSHARES TR | New | 0.35% | +0.35 |
| PROSHARES TR | New | 0.35% | +0.35 |
| SKRE Tuttle Cap DLY 2X Inv Reg | New | 0.34% | +0.34 |
| PSQ Proshares Short QQQ | New | 0.34% | +0.34 |
| NSLR Neostellar Capital Corp. | Add +26.3% | 2.90% | +0.34 |
| PAXS PIMCO Access Income Fund | Add +6.2% | 2.08% | +0.33 |
| XAI OCTAGN FLT RAT & ALT INM | Add +21.4% | 2.53% | +0.32 |
| RFMZ Rivernorth Flex Muni II | Add +18.6% | 1.38% | +0.29 |
| HDGE Advisorshares Active Bear Et | New | 0.26% | +0.26 |
| XPCKX PIMCO California Municipa II | Add +71.1% | 0.43% | +0.19 |
| KYN Kayne Anderson Energy Infra | Add +5.0% | 1.47% | +0.16 |
| MFM Aberdeen Municipal Income | Add +11.8% | 1.06% | +0.16 |
| MUC BlackRock Munihold Ca QLTY | Add +8.4% | 0.85% | +0.12 |
| XMVTX BlackRock Munivest Fund II | Add +69.5% | 0.26% | +0.12 |
| MMD Nylim Mackay Definedterm Mun | Add +27.6% | 0.37% | +0.10 |
| XCMUX MFS High Yield Municipal TR | Add +24.3% | 0.42% | +0.10 |
| JLS Nuveen Mortgage & Income | Add +5.4% | 0.59% | +0.08 |
| CXH MFS Investment Grade Muni | Add +24.2% | 0.32% | +0.08 |
| SDHY Pgim SHRT Durat Hi YLD | Add +0.0% | 0.92% | +0.07 |
| NAD Nuveen Quality Municipal Inc. | Add +10.4% | 0.50% | +0.07 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | New | 0.06% | +0.06 |
| DIAX Nuveen Dow 30 Dynamic Overwr | Add +2.3% | 1.41% | +0.06 |
| DMO Western Asset Mort Def Opp | Add +4.6% | 0.57% | +0.06 |
| LEO BNY Mellon Strategic Muni | Add +45.1% | 0.15% | +0.05 |
| NMCO Nuveen Municipal Credit Opp | Add +14.4% | 0.28% | +0.05 |
| DSM BNYM Strat Muni BND | Add +19.1% | 0.25% | +0.05 |
| XMIOX Pioneer Muni High Inc. Opp | Add +22.8% | 0.21% | +0.05 |
| TFLO iShares Treasury Floating Ra | Add +106.1% | 0.08% | +0.04 |
| VGM Invesco Trust for Investmen | Add +23.6% | 0.16% | +0.04 |
| XPMAX Pioneer Municipal High Inc. | Add +26.0% | 0.13% | +0.03 |
| CXE MFS High Income Municipal TR | Add +23.5% | 0.12% | +0.03 |
| VFL Abrdn National Municipal Inc. | Add +24.7% | 0.11% | +0.03 |
| XTEAX Tortoise Sust&social Imp Ter | Add +1.4% | 1.04% | +0.02 |
| EEA The European Equity Fund Inc. | Add +73.8% | 0.00% | +0.00 |
| GF The New Germany Fund Inc. | Add +17.5% | 0.01% | +0.00 |
| BTX BlackRock Tech & Priv Eqty | Add +275.4% | 0.00% | +0.00 |
| IIF Morgan Stanley India Invest | Add +22.6% | 0.01% | +0.00 |
| JOF Japan Smaller Capitalization | Add +7.1% | 0.00% | +0.00 |
| TDF Templeton Dragon Fund Inc. | Add +7.8% | 0.00% | +0.00 |
| ASGI Abrdn Global Infrastructure | Add +15.7% | 0.00% | +0.00 |
| CSGP Costar Group Inc. | New | 0.00% | +0.00 |
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 |