Thomas J. Herzfeld Advisors, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Thomas J. Herzfeld Advisors, Inc. reported 101 stock positions worth $291.7 million. Its top holding was PIMCO Dynamic Income Strat (PDX) at 13.4% of the portfolio, followed by Highland Opport & Income (HFRO, 6.1%) and Saba Capital Income & Opp II (SABA, 5.6%). Compared with Q2 2025, it opened 12 new positions, sold out of 16, added to 50 and reduced 27. The biggest buy was a new position in Pgim Aaa Clo ETF (PAAA) and the biggest sale FS Credit Opportunities (FSCO, shares −70%).
- Most Recent 13F
- Q2 2026
- Location
- MIAMI BEACH, FL
- CIK
- 0001509510
- Portfolio Value
- $291.7M (Q3 2025)
- SEC Filing
- 0001398344-25-020702 ↗ filed Nov 12, 2025
Holdings Value
Holdings 101 stocks · $291.7M
| PDX PIMCO Dynamic Income Strat | 13.42% | 1,569,891 | $39.1M | Reduce -1.0% |
| HFRO Highland Opport & Income | 6.09% | 2,796,339 | $17.8M | Add +7.5% |
| SABA Saba Capital Income & Opp II | 5.59% | 1,787,446 | $16.3M | Add +2.1% |
| HERZ Herzfeld Credit Income Fund | 4.98% | 6,100,753 | $14.5M | Reduce -6.2% |
| PAAA Pgim Aaa Clo ETF | 3.63% | 205,593 | $10.6M | New |
| JFR Nuveen Floating Rate Income | 3.61% | 1,287,853 | $10.5M | Reduce -3.3% |
| RA Brookfield Real Assets Incom | 3.32% | 724,706 | $9.7M | Add +0.6% |
| PFIX Simplify Interest Rate Hedge | 3.16% | 191,613 | $9.2M | New |
| BRW Saba Capital Income & Opport | 3.13% | 1,175,007 | $9.1M | Add +163.2% |
| ASA ASA Gold and Precious Metals | 2.84% | 180,645 | $8.3M | Add +1455.3% |
| PAXS PIMCO Access Income Fund | 2.69% | 481,437 | $7.8M | Add +10.6% |
| STEW SRH Total Return Fund Inc. | 2.34% | 375,454 | $6.8M | Add +15.3% |
| FSCO FS Credit Opportunities Corp. | 2.28% | 963,509 | $6.7M | Reduce -70.1% |
| XFFCX Flaherty & Crumrine Pref Inc. | 2.22% | 382,783 | $6.5M | Reduce -0.9% |
| NBXG Neuberger Next Generation Co. | 2.08% | 394,211 | $6.1M | Add +25.2% |
| TFLO iShares Treasury Floating Ra | 1.86% | 107,519 | $5.4M | Reduce -1.1% |
| DPG Duff & Phelps Utility & Inc. | 1.86% | 420,950 | $5.4M | Add +32.3% |
| SDHY Pgim SHRT Durat Hi YLD | 1.84% | 321,346 | $5.4M | Add +85.2% |
| NPFD Nuveen Var RT Pref & Inc. | 1.79% | 261,335 | $5.2M | Reduce -15.0% |
| LDP Cohen & Steers Limited Durat | 1.64% | 221,196 | $4.8M | Add +10.1% |
| BSTZ BlackRock Sci & Tech TRM TR | 1.59% | 209,711 | $4.6M | Add +15.7% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 1.57% | 84,582 | $4.6M | Add +34.0% |
| TBLD Thornburg Income Builder Opp | 1.55% | 227,958 | $4.5M | Add +6.2% |
| PDO PIMCO Dynamic Income Opport | 1.54% | 318,125 | $4.5M | New |
| KYN Kayne Anderson Energy Infra | 1.36% | 321,171 | $4.0M | Add +9.7% |
| PROSHARES TR | 1.35% | 271,755 | $3.9M | Reduce -34.2% |
| RFMZ Rivernorth Flex Muni II | 1.34% | 300,513 | $3.9M | Reduce -0.8% |
| OXLC Oxford Lane Capital Corp. | 1.32% | 227,872 | $3.9M | New |
| XJQCX Nuveen Credit Strategies Inc. | 1.24% | 684,381 | $3.6M | Add +1.2% |
| XTEAX Tortoise Sust&social Imp Ter | 0.95% | 234,542 | $2.8M | Add +20.1% |
| FINS Angel Oak Financ Strat Inc. | 0.93% | 207,513 | $2.7M | Add +2.0% |
| DIAX Nuveen Dow 30 Dynamic Overwr | 0.92% | 180,969 | $2.7M | Reduce -25.9% |
| CET Central Securities Corp. | 0.92% | 52,228 | $2.7M | Reduce -0.8% |
| XGDVX Gabelli Dividend & Income TR | 0.89% | 95,140 | $2.6M | Add +40732.6% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.86% | 171,242 | $2.5M | Add +1097.2% |
| PFN PIMCO Income Strategy FD II | 0.83% | 319,586 | $2.4M | Add +3.5% |
| TYG Tortoise Energy Infrastruct | 0.78% | 53,109 | $2.3M | Reduce -47.0% |
| CEFS Saba Opport Hedg Cef ETF-Usd | 0.77% | 98,498 | $2.2M | Add +12.3% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 0.69% | 338,579 | $2.0M | Reduce -7.5% |
| BGX Blackstone Long-Short Credit | 0.65% | 159,161 | $1.9M | Add +5781.8% |
| XPCQX PIMCO California Muni Inc. FD | 0.65% | 218,743 | $1.9M | Add +1.6% |
| XCMUX MFS High Yield Municipal TR | 0.65% | 546,440 | $1.9M | Reduce -0.7% |
| CXH MFS Investment Grade Muni | 0.65% | 240,371 | $1.9M | Reduce -0.6% |
| JLS Nuveen Mortgage & Income | 0.62% | 97,359 | $1.8M | Reduce -0.0% |
| HQL Abrdn Life Sciences Investor | 0.62% | 116,937 | $1.8M | New |
| HQH Abrdn Healthcare Investors | 0.60% | 94,616 | $1.7M | New |
| GNT Gamco Natural Resources Gold | 0.57% | 235,268 | $1.7M | New |
| DMO Western Asset Mort Def Opp | 0.55% | 137,559 | $1.6M | Reduce -1.7% |
| MMD Nylim Mackay Definedterm Mun filed as NYLI MACKAY DEFINEDTERM MUNI | 0.50% | 96,504 | $1.5M | Reduce -0.0% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.38% | 49,300 | $1.1M | Add +36.8% |
| MFM Aberdeen Municipal Income | 0.25% | 135,397 | $730K | Reduce -68.5% |
| LEO BNY Mellon Strategic Muni | 0.20% | 93,605 | $585K | Add +6.6% |
| GLD SPDR Gold Shares | 0.17% | 1,398 | $497K | No change |
| XMVTX BlackRock Munivest Fund II | 0.17% | 46,110 | $490K | Reduce -50.1% |
| CXE MFS High Income Municipal TR | 0.16% | 121,948 | $454K | Add +0.3% |
| VFL Abrdn National Municipal Inc. | 0.09% | 26,366 | $271K | Reduce -34.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 390 | $260K | No change |
| DMB BNY Mellon Muni BND Infra | 0.09% | 23,321 | $250K | No change |
| CCIF Carlyle Credit Income Fund | 0.07% | 33,684 | $196K | New |
| QID Proshares Ultrashort QQQ | 0.06% | 8,522 | $183K | Add +13.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.06% | 270 | $162K | No change |
| NFLX Netflix Inc. | 0.04% | 100 | $120K | No change |
| STK Columbia Slgmn Prem Tech GR | 0.04% | 3,345 | $118K | Reduce -3.0% |
| MDY State Street SPDR S&P Midcap | 0.03% | 150 | $89K | No change |
| TMC TMC the Metals Co. Inc. | 0.03% | 12,911 | $82K | No change |
| CLM Cornerstone Strategic Invest | 0.03% | 9,539 | $79K | Reduce -99.1% |
| META Meta Platforms Inc. Class A | 0.03% | 100 | $73K | No change |
| DMA Destra Multi-Alternative | 0.02% | 8,086 | $70K | Reduce -97.9% |
| FXY Invesco Currencyshares Japan | 0.01% | 600 | $37K | No change |
| FPF First TR Interm Dur & Inc. | 0.01% | 1,857 | $36K | Add +105.0% |
| ANGX Angel Studios Inc. | 0.01% | 5,699 | $33K | New |
| PFO Flaherty & Crumrine P&I Opp | 0.01% | 3,214 | $31K | Add +12.1% |
| JOF Japan Smaller Capitalization | 0.01% | 1,851 | $20K | Add +9.5% |
| KF Korea Fund Inc. | 0.01% | 602 | $18K | Add +61.0% |
| EEA The European Equity Fund Inc. | 0.01% | 1,681 | $18K | Add +21.4% |
| TDF Templeton Dragon Fund Inc. | 0.01% | 1,408 | $16K | Add +20.9% |
| GF The New Germany Fund Inc. | 0.01% | 1,249 | $14K | Reduce -28.2% |
| XEMDX Western Asset Emrg MRKT DBT | 0.01% | 1,399 | $14K | New |
| MXF Mexico Fund Inc. | 0.00% | 705 | $14K | Add +5.4% |
| MXE Mexico Equity and Income FD | 0.00% | 1,144 | $14K | Add +1.9% |
| AEF Abrdn Emerging Markets Ex CH | 0.00% | 1,994 | $13K | Add +53.7% |
| NMAI Nuveen Multi-Asset Income | 0.00% | 978 | $13K | New |
| SVXY Proshares Short Vix St Futur | 0.00% | 220 | $11K | No change |
| EMF Templeton Emerging Markets | 0.00% | 660 | $11K | New |
| XAODX Abrdn Total Dynamic Dividend | 0.00% | 1,161 | $11K | Add +5.3% |
| EDF VSH Emerging Markets Income filed as VIRTUS STONE HBR EMRG MKTS I | 0.00% | 2,052 | $10K | Add +12.6% |
| IIF Morgan Stanley India Invest | 0.00% | 391 | $10K | Reduce -44.6% |
| TSI TCW Strategic Income Fund | 0.00% | 2,000 | $10K | No change |
| GAM General American Investors | 0.00% | 112 | $7K | No change |
| XBGYX BlackRock Enh Intl DVD TR | 0.00% | 1,211 | $7K | Reduce -50.3% |
| ADX Adams Diversified Equity | 0.00% | 301 | $7K | Add +2.0% |
| BCAT BlackRock Capital Alloc TR | 0.00% | 435 | $6K | Add +2.4% |
| GAB Gabelli Equity Trust | 0.00% | 1,044 | $6K | Add +2.4% |
| BDJ BlackRock Enhanced Eqty DVD | 0.00% | 678 | $6K | Add +2.1% |
| RVT Royce Small-Cap Trust Inc. | 0.00% | 382 | $6K | Add +1.9% |
| TY Tri-Continental Corp. | 0.00% | 181 | $6K | Add +1.1% |
| ASG Liberty All-Star Growth FD | 0.00% | 1,077 | $6K | Add +2.2% |
| JCE Nuveen Core Equity Alpha | 0.00% | 378 | $6K | Add +2.2% |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 0.00% | 216 | $6K | Add +1.9% |
| USA Liberty All Star Equity Fund | 0.00% | 823 | $5K | Add +2.8% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $55K (not counted above)
Total filed on the 13F, all lines: $291.7M.
Portfolio Sells Q2 2025 → Q3 2025
| FSCO FS Credit Opportunities Corp. | Reduce -70.1% | 2.28% | −6.06 |
| SJB Proshares Short High Yield | Sold out | 0.00% | −3.19 |
| CLM Cornerstone Strategic Invest | Reduce -99.1% | 0.03% | −3.09 |
| EMO Clearbridge Energy Midstream | Sold out | 0.00% | −1.26 |
| DMA Destra Multi-Alternative | Reduce -97.9% | 0.02% | −1.18 |
| PROSHARES TR | Reduce -34.2% | 1.35% | −1.11 |
| HERZ Herzfeld Credit Income Fund | Reduce -6.2% | 4.98% | −0.88 |
| TYG Tortoise Energy Infrastruct | Reduce -47.0% | 0.78% | −0.78 |
| NSLR Neostellar Capital Corp. | Sold out | 0.00% | −0.77 |
| MFM Aberdeen Municipal Income | Reduce -68.5% | 0.25% | −0.54 |
| PDX PIMCO Dynamic Income Strat | Reduce -1.0% | 13.42% | −0.52 |
| ACP Abrdn Income Credit Strat | Sold out | 0.00% | −0.41 |
| JFR Nuveen Floating Rate Income | Reduce -3.3% | 3.61% | −0.41 |
| SPMC Sound Point Meridian Capital | Sold out | 0.00% | −0.40 |
| MUC BlackRock Munihold Ca QLTY | Sold out | 0.00% | −0.35 |
| NPFD Nuveen Var RT Pref & Inc. | Reduce -15.0% | 1.79% | −0.33 |
| DIAX Nuveen Dow 30 Dynamic Overwr | Reduce -25.9% | 0.92% | −0.33 |
| NUW Nuveen Amt-Free Muni Val | Sold out | 0.00% | −0.25 |
| NCLH Norwegian Cruise Line Holdin | Sold out | 0.00% | −0.22 |
| XMVTX BlackRock Munivest Fund II | Reduce -50.1% | 0.17% | −0.17 |
| EIC Eagle Point Income Co.-USA Inc. | Sold out | 0.00% | −0.12 |
| PNI PIMCO NY Muni Inc. II FND | Sold out | 0.00% | −0.12 |
| XPNFX PIMCO New York Muni Inc. FD | Sold out | 0.00% | −0.11 |
| PYN PIMCO New York Muni FND III | Sold out | 0.00% | −0.11 |
| TFLO iShares Treasury Floating Ra | Reduce -1.1% | 1.86% | −0.10 |
| VFL Abrdn National Municipal Inc. | Reduce -34.1% | 0.09% | −0.05 |
| DSM BNYM Strat Muni BND | Reduce -7.5% | 0.69% | −0.04 |
| DMO Western Asset Mort Def Opp | Reduce -1.7% | 0.55% | −0.04 |
| XFFCX Flaherty & Crumrine Pref Inc. | Reduce -0.9% | 2.22% | −0.03 |
| JLS Nuveen Mortgage & Income | Reduce -0.0% | 0.62% | −0.03 |
| RFMZ Rivernorth Flex Muni II | Reduce -0.8% | 1.34% | −0.02 |
| CXH MFS Investment Grade Muni | Reduce -0.6% | 0.65% | −0.01 |
| MMD Nylim Mackay Definedterm Mun | Reduce -0.0% | 0.50% | −0.01 |
| ASGI Abrdn Global Infrastructure | Sold out | 0.00% | −0.00 |
| XCMUX MFS High Yield Municipal TR | Reduce -0.7% | 0.65% | −0.00 |
| IIF Morgan Stanley India Invest | Reduce -44.6% | 0.00% | −0.00 |
| EDD Morgan Stanley Emrg MRK Dom | Sold out | 0.00% | −0.00 |
| XBGYX BlackRock Enh Intl DVD TR | Reduce -50.3% | 0.00% | −0.00 |
| GF The New Germany Fund Inc. | Reduce -28.2% | 0.01% | −0.00 |
| CHPT Chargepoint Holdings Inc. | Sold out | 0.00% | −0.00 |
| NXDT Nexpoint Diversified Real Es | Sold out | 0.00% | −0.00 |
| STK Columbia Slgmn Prem Tech GR | Reduce -3.0% | 0.04% | +0.00 |
| CET Central Securities Corp. | Reduce -0.8% | 0.92% | +0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| PAAA Pgim Aaa Clo ETF | New | 3.63% | +3.63 |
| PFIX Simplify Interest Rate Hedge | New | 3.16% | +3.16 |
| ASA ASA Gold and Precious Metals | Add +1455.3% | 2.84% | +2.71 |
| BRW Saba Capital Income & Opport | Add +163.2% | 3.13% | +1.85 |
| PDO PIMCO Dynamic Income Opport | New | 1.54% | +1.54 |
| OXLC Oxford Lane Capital Corp. | New | 1.32% | +1.32 |
| HFRO Highland Opport & Income | Add +7.5% | 6.09% | +1.27 |
| XGDVX Gabelli Dividend & Income TR | Add +40732.6% | 0.89% | +0.88 |
| SDHY Pgim SHRT Durat Hi YLD | Add +85.2% | 1.84% | +0.80 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Add +1097.2% | 0.86% | +0.79 |
| BGX Blackstone Long-Short Credit | Add +5781.8% | 0.65% | +0.64 |
| HQL Abrdn Life Sciences Investor | New | 0.62% | +0.62 |
| HQH Abrdn Healthcare Investors | New | 0.60% | +0.60 |
| GNT Gamco Natural Resources Gold | New | 0.57% | +0.57 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | Add +34.0% | 1.57% | +0.56 |
| DPG Duff & Phelps Utility & Inc. | Add +32.3% | 1.86% | +0.45 |
| NBXG Neuberger Next Generation Co. | Add +25.2% | 2.08% | +0.44 |
| PAXS PIMCO Access Income Fund | Add +10.6% | 2.69% | +0.34 |
| STEW SRH Total Return Fund Inc. | Add +15.3% | 2.34% | +0.28 |
| BSTZ BlackRock Sci & Tech TRM TR | Add +15.7% | 1.59% | +0.25 |
| LDP Cohen & Steers Limited Durat | Add +10.1% | 1.64% | +0.14 |
| BTT BlackRock 2030 Muni TRGT TRM | Add +36.8% | 0.38% | +0.10 |
| XTEAX Tortoise Sust&social Imp Ter | Add +20.1% | 0.95% | +0.09 |
| CEFS Saba Opport Hedg Cef ETF-Usd | Add +12.3% | 0.77% | +0.07 |
| CCIF Carlyle Credit Income Fund | New | 0.07% | +0.07 |
| TBLD Thornburg Income Builder Opp | Add +6.2% | 1.55% | +0.05 |
| XPCQX PIMCO California Muni Inc. FD | Add +1.6% | 0.65% | +0.04 |
| KYN Kayne Anderson Energy Infra | Add +9.7% | 1.36% | +0.03 |
| PFN PIMCO Income Strategy FD II | Add +3.5% | 0.83% | +0.02 |
| LEO BNY Mellon Strategic Muni | Add +6.6% | 0.20% | +0.02 |
| ANGX Angel Studios Inc. | New | 0.01% | +0.01 |
| FPF First TR Interm Dur & Inc. | Add +105.0% | 0.01% | +0.01 |
| XEMDX Western Asset Emrg MRKT DBT | New | 0.01% | +0.01 |
| NMAI Nuveen Multi-Asset Income | New | 0.00% | +0.00 |
| EMF Templeton Emerging Markets | New | 0.00% | +0.00 |
| KF Korea Fund Inc. | Add +61.0% | 0.01% | +0.00 |
| AEF Abrdn Emerging Markets Ex CH | Add +53.7% | 0.00% | +0.00 |
| TDF Templeton Dragon Fund Inc. | Add +20.9% | 0.01% | +0.00 |
| PFO Flaherty & Crumrine P&I Opp | Add +12.1% | 0.01% | +0.00 |
| EEA The European Equity Fund Inc. | Add +21.4% | 0.01% | +0.00 |
| JOF Japan Smaller Capitalization | Add +9.5% | 0.01% | +0.00 |
| MXF Mexico Fund Inc. | Add +5.4% | 0.00% | +0.00 |
| MXE Mexico Equity and Income FD | Add +1.9% | 0.00% | +0.00 |
| XAODX Abrdn Total Dynamic Dividend | Add +5.3% | 0.00% | +0.00 |
| CXE MFS High Income Municipal TR | Add +0.3% | 0.16% | +0.00 |
| EDF VSH Emerging Markets Income | Add +12.6% | 0.00% | +0.00 |
| GAB Gabelli Equity Trust | Add +2.4% | 0.00% | +0.00 |
| RVT Royce Small-Cap Trust Inc. | Add +1.9% | 0.00% | +0.00 |
| TY Tri-Continental Corp. | Add +1.1% | 0.00% | +0.00 |
| ADX Adams Diversified Equity | Add +2.0% | 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 |