Thomas J. Herzfeld Advisors, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Thomas J. Herzfeld Advisors, Inc. reported 105 stock positions worth $280.4 million. Its top holding was PIMCO Dynamic Income Strat (PDX) at 13.9% of the portfolio, followed by FS Credit Opportunities (FSCO, 8.3%) and Herzfeld Credit Income Fund (HERZ, 5.9%). Compared with Q1 2025, it opened 16 new positions, sold out of 36, added to 49 and reduced 29. The biggest buy was a new position in Proshares Short High Yield (SJB) and the biggest sale an exit from Prospect Capital (PSEC).
- Most Recent 13F
- Q2 2026
- Location
- MIAMI BEACH, FL
- CIK
- 0001509510
- Portfolio Value
- $280.4M (Q2 2025)
- SEC Filing
- 0001398344-25-015319 ↗ filed Aug 13, 2025
Holdings Value
Holdings 105 stocks · $280.4M
| PDX PIMCO Dynamic Income Strat | 13.94% | 1,585,816 | $39.1M | Reduce -3.4% |
| FSCO FS Credit Opportunities Corp. | 8.35% | 3,223,806 | $23.4M | Add +2.5% |
| HERZ Herzfeld Credit Income Fund | 5.86% | 6,501,517 | $16.4M | Add +7.6% |
| SABA Saba Capital Income & Opp II | 5.74% | 1,750,772 | $16.1M | Add +2.9% |
| HFRO Highland Opport & Income | 4.82% | 2,600,109 | $13.5M | Reduce -2.9% |
| JFR Nuveen Floating Rate Income | 4.02% | 1,331,047 | $11.3M | Add +13.5% |
| RA Brookfield Real Assets Incom | 3.44% | 720,534 | $9.6M | Add +8.1% |
| SJB Proshares Short High Yield | 3.19% | 573,034 | $8.9M | New |
| CLM Cornerstone Strategic Invest | 3.11% | 1,074,966 | $8.7M | Add +1109.3% |
| PROSHARES TR | 2.45% | 412,904 | $6.9M | Add +760.1% |
| PAXS PIMCO Access Income Fund | 2.35% | 435,309 | $6.6M | Add +14.4% |
| XFFCX Flaherty & Crumrine Pref Inc. | 2.24% | 386,181 | $6.3M | Add +8.6% |
| NPFD Nuveen Var RT Pref & Inc. | 2.11% | 307,485 | $5.9M | Reduce -25.0% |
| STEW SRH Total Return Fund Inc. | 2.05% | 325,726 | $5.8M | Add +90128.8% |
| TFLO iShares Treasury Floating Ra | 1.96% | 108,689 | $5.5M | Add +2332.1% |
| NBXG Neuberger Next Generation Co. | 1.64% | 314,974 | $4.6M | Reduce -9.6% |
| TYG Tortoise Energy Infrastruct | 1.57% | 100,229 | $4.4M | Reduce -5.2% |
| LDP Cohen & Steers Limited Durat | 1.50% | 200,918 | $4.2M | Add +8.0% |
| TBLD Thornburg Income Builder Opp | 1.50% | 214,693 | $4.2M | Add +17.0% |
| DPG Duff & Phelps Utility & Inc. | 1.41% | 318,277 | $3.9M | New |
| RFMZ Rivernorth Flex Muni II | 1.37% | 303,069 | $3.8M | Add +0.1% |
| BSTZ BlackRock Sci & Tech TRM TR | 1.34% | 181,310 | $3.8M | Reduce -10.6% |
| KYN Kayne Anderson Energy Infra | 1.33% | 292,877 | $3.7M | Reduce -13.1% |
| XJQCX Nuveen Credit Strategies Inc. | 1.30% | 676,389 | $3.6M | New |
| BRW Saba Capital Income & Opport | 1.28% | 446,455 | $3.6M | New |
| EMO Clearbridge Energy Midstream | 1.26% | 73,828 | $3.5M | Reduce -17.8% |
| DIAX Nuveen Dow 30 Dynamic Overwr | 1.25% | 244,209 | $3.5M | Reduce -14.5% |
| DMA Destra Multi-Alternative | 1.20% | 385,907 | $3.4M | Reduce -36.8% |
| SDHY Pgim SHRT Durat Hi YLD | 1.04% | 173,562 | $2.9M | Add +5.5% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 1.01% | 63,101 | $2.8M | Reduce -14.8% |
| FINS Angel Oak Financ Strat Inc. | 0.94% | 203,446 | $2.6M | New |
| CET Central Securities Corp. | 0.90% | 52,665 | $2.5M | Reduce -25.3% |
| XTEAX Tortoise Sust&social Imp Ter | 0.85% | 195,307 | $2.4M | Reduce -27.4% |
| PFN PIMCO Income Strategy FD II | 0.81% | 308,727 | $2.3M | Reduce -14.9% |
| MFM Aberdeen Municipal Income | 0.79% | 430,567 | $2.2M | Reduce -26.8% |
| NSLR Neostellar Capital Corp. filed as SURO CAPITAL CORP | 0.77% | 264,336 | $2.2M | Reduce -84.6% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 0.73% | 366,054 | $2.0M | Add +186.6% |
| CEFS Saba Opport Hedg Cef ETF-Usd | 0.70% | 87,700 | $2.0M | Reduce -35.5% |
| CXH MFS Investment Grade Muni | 0.66% | 241,702 | $1.8M | Add +100.5% |
| XCMUX MFS High Yield Municipal TR | 0.65% | 550,525 | $1.8M | Add +55.8% |
| JLS Nuveen Mortgage & Income | 0.65% | 97,391 | $1.8M | Add +5.8% |
| XPCKX PIMCO California Municipa II | 0.62% | 322,989 | $1.7M | Add +44.2% |
| DMO Western Asset Mort Def Opp | 0.60% | 139,971 | $1.7M | Reduce -0.7% |
| MMD Nylim Mackay Definedterm Mun filed as NYLI MACKAY DEFINEDTERM MUNI | 0.51% | 96,544 | $1.4M | Add +34.4% |
| ACP Abrdn Income Credit Strat | 0.41% | 196,259 | $1.2M | New |
| SPMC Sound Point Meridian Capital | 0.40% | 62,921 | $1.1M | Reduce -72.0% |
| MUC BlackRock Munihold Ca QLTY | 0.35% | 94,734 | $980K | Reduce -59.5% |
| XMVTX BlackRock Munivest Fund II | 0.34% | 92,462 | $954K | Add +26.5% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.28% | 36,048 | $789K | New |
| NUW Nuveen Amt-Free Muni Val | 0.25% | 51,476 | $704K | New |
| NCLH Norwegian Cruise Line Holdin | 0.22% | 30,000 | $608K | Reduce -68.2% |
| LEO BNY Mellon Strategic Muni | 0.19% | 87,795 | $520K | Add +23.1% |
| CXE MFS High Income Municipal TR | 0.16% | 121,587 | $435K | Add +29.5% |
| GLD SPDR Gold Shares | 0.15% | 1,398 | $426K | No change |
| VFL Abrdn National Municipal Inc. | 0.14% | 40,029 | $387K | Add +27.8% |
| ASA ASA Gold and Precious Metals | 0.13% | 11,615 | $367K | Reduce -3.9% |
| EIC Eagle Point Income Co.-USA Inc. | 0.12% | 23,784 | $325K | New |
| PNI PIMCO NY Muni Inc. II FND | 0.12% | 48,376 | $325K | New |
| XPNFX PIMCO New York Muni Inc. FD | 0.11% | 45,917 | $321K | New |
| PYN PIMCO New York Muni FND III | 0.11% | 60,500 | $317K | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 390 | $241K | No change |
| DMB BNY Mellon Muni BND Infra | 0.09% | 23,321 | $238K | New |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.07% | 14,304 | $203K | Add +2.1% |
| QID Proshares Ultrashort QQQ | 0.07% | 7,488 | $190K | New |
| QQQ Invesco QQQ Trust Series 1 | 0.05% | 270 | $149K | No change |
| NFLX Netflix Inc. | 0.05% | 100 | $134K | No change |
| STK Columbia Slgmn Prem Tech GR | 0.04% | 3,448 | $105K | Reduce -0.1% |
| TMC TMC the Metals Co. Inc. | 0.03% | 12,911 | $85K | Add +44.1% |
| MDY State Street SPDR S&P Midcap | 0.03% | 150 | $85K | No change |
| META Meta Platforms Inc. Class A | 0.03% | 100 | $74K | No change |
| FXY Invesco Currencyshares Japan | 0.01% | 600 | $38K | No change |
| BGX Blackstone Long-Short Credit | 0.01% | 2,706 | $34K | New |
| PFO Flaherty & Crumrine P&I Opp | 0.01% | 2,868 | $27K | Add +0.1% |
| GF The New Germany Fund Inc. | 0.01% | 1,739 | $21K | Add +1.4% |
| IIF Morgan Stanley India Invest | 0.01% | 706 | $20K | No change |
| FPF First TR Interm Dur & Inc. | 0.01% | 906 | $17K | Reduce -10.6% |
| JOF Japan Smaller Capitalization | 0.01% | 1,691 | $16K | Add +1.4% |
| EEA The European Equity Fund Inc. | 0.01% | 1,385 | $14K | Add +7.1% |
| XBGYX BlackRock Enh Intl DVD TR | 0.01% | 2,435 | $14K | Add +121.4% |
| ASGI Abrdn Global Infrastructure | 0.00% | 638 | $13K | Add +23.6% |
| MXE Mexico Equity and Income FD | 0.00% | 1,123 | $12K | Add +1.1% |
| MXF Mexico Fund Inc. | 0.00% | 669 | $12K | Add +0.5% |
| TDF Templeton Dragon Fund Inc. | 0.00% | 1,165 | $12K | Reduce -1.4% |
| KF Korea Fund Inc. | 0.00% | 374 | $10K | Add +8.1% |
| EDD Morgan Stanley Emrg MRK Dom | 0.00% | 1,917 | $10K | Add +26.7% |
| XAODX Abrdn Total Dynamic Dividend | 0.00% | 1,103 | $10K | Add +0.8% |
| TSI TCW Strategic Income Fund | 0.00% | 2,000 | $10K | No change |
| SVXY Proshares Short Vix St Futur | 0.00% | 220 | $9K | No change |
| EDF VSH Emerging Markets Income filed as VIRTUS STONE HBR EMRG MKTS I | 0.00% | 1,822 | $9K | Add +4.1% |
| AEF Abrdn Emerging Markets Ex CH | 0.00% | 1,297 | $8K | Add +2.4% |
| BCAT BlackRock Capital Alloc TR | 0.00% | 425 | $6K | Reduce -1.2% |
| ADX Adams Diversified Equity | 0.00% | 295 | $6K | Reduce -99.6% |
| GAM General American Investors | 0.00% | 112 | $6K | No change |
| CHPT Chargepoint Holdings Inc. | 0.00% | 445 | $6K | New |
| XGDVX Gabelli Dividend & Income TR | 0.00% | 233 | $6K | Add +1.8% |
| GAB Gabelli Equity Trust | 0.00% | 1,020 | $6K | Add +2.6% |
| BDJ BlackRock Enhanced Eqty DVD | 0.00% | 664 | $6K | Add +2.1% |
| ASG Liberty All-Star Growth FD | 0.00% | 1,054 | $6K | Add +1.9% |
| JCE Nuveen Core Equity Alpha | 0.00% | 370 | $6K | Add +2.2% |
| TY Tri-Continental Corp. | 0.00% | 179 | $6K | Add +2.9% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $44K (not counted above)
Total filed on the 13F, all lines: $280.4M.
Portfolio Sells Q1 2025 → Q2 2025
| PSEC Prospect Capital Corp. | Sold out | 0.00% | −3.23 |
| XAI OCTAGN FLT RAT & ALT INM | Sold out | 0.00% | −2.53 |
| NSLR Neostellar Capital Corp. | Reduce -84.6% | 0.77% | −2.12 |
| MTZ Mastec Inc. | Sold out | 0.00% | −1.19 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −1.13 |
| SPMC Sound Point Meridian Capital | Reduce -72.0% | 0.40% | −1.13 |
| QQQX Nuveen Nasdaq 100 DYN Overwr | Reduce -99.8% | 0.00% | −0.90 |
| PFIX Simplify Interest Rate Hedge | Sold out | 0.00% | −0.85 |
| JRS Nuveen Real Estate Income | Sold out | 0.00% | −0.81 |
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −0.68 |
| OFG Ofg Bancorp | Sold out | 0.00% | −0.59 |
| BPOP Popular Inc. | Sold out | 0.00% | −0.58 |
| FBP First Bancorp Puerto Rico | Sold out | 0.00% | −0.58 |
| DMA Destra Multi-Alternative | Reduce -36.8% | 1.20% | −0.56 |
| NPFD Nuveen Var RT Pref & Inc. | Reduce -25.0% | 2.11% | −0.50 |
| MUC BlackRock Munihold Ca QLTY | Reduce -59.5% | 0.35% | −0.50 |
| NAD Nuveen Quality Municipal Inc. | Sold out | 0.00% | −0.50 |
| XPHTX Pioneer High Income Fund | Sold out | 0.00% | −0.47 |
| ADX Adams Diversified Equity | Reduce -99.6% | 0.00% | −0.46 |
| PDO PIMCO Dynamic Income Opport | Sold out | 0.00% | −0.42 |
| VMC Vulcan Materials Co. | Sold out | 0.00% | −0.40 |
| NCLH Norwegian Cruise Line Holdin | Reduce -68.2% | 0.22% | −0.39 |
| CCL Carnival Corp. | Sold out | 0.00% | −0.35 |
| PROSHARES TR | Sold out | 0.00% | −0.35 |
| SKRE Tuttle Cap DLY 2X Inv Reg | Sold out | 0.00% | −0.34 |
| PSQ Proshares Short QQQ | Sold out | 0.00% | −0.34 |
| MLM Martin Marietta Materials | Sold out | 0.00% | −0.30 |
| CEFS Saba Opport Hedg Cef ETF-Usd | Reduce -35.5% | 0.70% | −0.29 |
| NMCO Nuveen Municipal Credit Opp | Sold out | 0.00% | −0.28 |
| MFM Aberdeen Municipal Income | Reduce -26.8% | 0.79% | −0.27 |
| CPA Copa Holdings SA Class A | Sold out | 0.00% | −0.26 |
| HDGE Advisorshares Active Bear Et | Sold out | 0.00% | −0.26 |
| EMO Clearbridge Energy Midstream | Reduce -17.8% | 1.26% | −0.25 |
| XMIOX Pioneer Muni High Inc. Opp | Sold out | 0.00% | −0.21 |
| OSW Onespaworld Holdings Ltd. | Sold out | 0.00% | −0.20 |
| XTEAX Tortoise Sust&social Imp Ter | Reduce -27.4% | 0.85% | −0.19 |
| CET Central Securities Corp. | Reduce -25.3% | 0.90% | −0.18 |
| VGM Invesco Trust for Investmen | Sold out | 0.00% | −0.16 |
| DIAX Nuveen Dow 30 Dynamic Overwr | Reduce -14.5% | 1.25% | −0.16 |
| KYN Kayne Anderson Energy Infra | Reduce -13.1% | 1.33% | −0.14 |
| XPMAX Pioneer Municipal High Inc. | Sold out | 0.00% | −0.13 |
| XENWX Eaton Vance New York Municip | Sold out | 0.00% | −0.12 |
| PFN PIMCO Income Strategy FD II | Reduce -14.9% | 0.81% | −0.12 |
| CWCO Consolidated Water Co.-Ord SH | Sold out | 0.00% | −0.05 |
| XAGDX Abrdn GLBL DYNM Divid | Sold out | 0.00% | −0.01 |
| XAWPX Abrdn Global Premier Propert | Sold out | 0.00% | −0.00 |
| CHINA FUND INC | Sold out | 0.00% | −0.00 |
| XJEQX Abrdn Japan Equity Fund Inc. | Sold out | 0.00% | −0.00 |
| ECC Eagle Point Credit Co. | Sold out | 0.00% | −0.00 |
| ECAT BlackRock ESG Cap All TRM TR | Sold out | 0.00% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| SJB Proshares Short High Yield | New | 3.19% | +3.19 |
| CLM Cornerstone Strategic Invest | Add +1109.3% | 3.11% | +2.89 |
| PROSHARES TR | Add +760.1% | 2.45% | +2.10 |
| STEW SRH Total Return Fund Inc. | Add +90128.8% | 2.05% | +2.05 |
| TFLO iShares Treasury Floating Ra | Add +2332.1% | 1.96% | +1.89 |
| DPG Duff & Phelps Utility & Inc. | New | 1.41% | +1.41 |
| XJQCX Nuveen Credit Strategies Inc. | New | 1.30% | +1.30 |
| BRW Saba Capital Income & Opport | New | 1.28% | +1.28 |
| FINS Angel Oak Financ Strat Inc. | New | 0.94% | +0.94 |
| FSCO FS Credit Opportunities Corp. | Add +2.5% | 8.35% | +0.81 |
| SABA Saba Capital Income & Opp II | Add +2.9% | 5.74% | +0.70 |
| JFR Nuveen Floating Rate Income | Add +13.5% | 4.02% | +0.64 |
| DSM BNYM Strat Muni BND | Add +186.6% | 0.73% | +0.48 |
| RA Brookfield Real Assets Incom | Add +8.1% | 3.44% | +0.45 |
| ACP Abrdn Income Credit Strat | New | 0.41% | +0.41 |
| TBLD Thornburg Income Builder Opp | Add +17.0% | 1.50% | +0.38 |
| HERZ Herzfeld Credit Income Fund | Add +7.6% | 5.86% | +0.37 |
| CXH MFS Investment Grade Muni | Add +100.5% | 0.66% | +0.33 |
| XFFCX Flaherty & Crumrine Pref Inc. | Add +8.6% | 2.24% | +0.32 |
| BTT BlackRock 2030 Muni TRGT TRM | New | 0.28% | +0.28 |
| PAXS PIMCO Access Income Fund | Add +14.4% | 2.35% | +0.27 |
| NUW Nuveen Amt-Free Muni Val | New | 0.25% | +0.25 |
| XCMUX MFS High Yield Municipal TR | Add +55.8% | 0.65% | +0.23 |
| LDP Cohen & Steers Limited Durat | Add +8.0% | 1.50% | +0.21 |
| XPCKX PIMCO California Municipa II | Add +44.2% | 0.62% | +0.19 |
| MMD Nylim Mackay Definedterm Mun | Add +34.4% | 0.51% | +0.14 |
| SDHY Pgim SHRT Durat Hi YLD | Add +5.5% | 1.04% | +0.12 |
| EIC Eagle Point Income Co.-USA Inc. | New | 0.12% | +0.12 |
| PNI PIMCO NY Muni Inc. II FND | New | 0.12% | +0.12 |
| XPNFX PIMCO New York Muni Inc. FD | New | 0.11% | +0.11 |
| PYN PIMCO New York Muni FND III | New | 0.11% | +0.11 |
| DMB BNY Mellon Muni BND Infra | New | 0.09% | +0.09 |
| XMVTX BlackRock Munivest Fund II | Add +26.5% | 0.34% | +0.08 |
| QID Proshares Ultrashort QQQ | New | 0.07% | +0.07 |
| JLS Nuveen Mortgage & Income | Add +5.8% | 0.65% | +0.06 |
| CXE MFS High Income Municipal TR | Add +29.5% | 0.16% | +0.04 |
| LEO BNY Mellon Strategic Muni | Add +23.1% | 0.19% | +0.04 |
| VFL Abrdn National Municipal Inc. | Add +27.8% | 0.14% | +0.03 |
| TMC TMC the Metals Co. Inc. | Add +44.1% | 0.03% | +0.03 |
| BGX Blackstone Long-Short Credit | New | 0.01% | +0.01 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Add +2.1% | 0.07% | +0.01 |
| XBGYX BlackRock Enh Intl DVD TR | Add +121.4% | 0.01% | +0.00 |
| CHPT Chargepoint Holdings Inc. | New | 0.00% | +0.00 |
| GF The New Germany Fund Inc. | Add +1.4% | 0.01% | +0.00 |
| ASGI Abrdn Global Infrastructure | Add +23.6% | 0.00% | +0.00 |
| KF Korea Fund Inc. | Add +8.1% | 0.00% | +0.00 |
| EEA The European Equity Fund Inc. | Add +7.1% | 0.01% | +0.00 |
| JOF Japan Smaller Capitalization | Add +1.4% | 0.01% | +0.00 |
| EDD Morgan Stanley Emrg MRK Dom | Add +26.7% | 0.00% | +0.00 |
| MXF Mexico Fund Inc. | Add +0.5% | 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 |