Thomas J. Herzfeld Advisors, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Thomas J. Herzfeld Advisors, Inc. reported 104 stock positions worth $295.6 million. Its top holding was FS Specialty Lending Fund (FSSL) at 9.8% of the portfolio, followed by PIMCO Dynamic Income Strat (PDX, 8.3%) and Highland Opport & Income (HFRO, 5.0%). Compared with Q3 2025, it opened 18 new positions, sold out of 15, added to 46 and reduced 21. The biggest buy was a new position in FS Specialty Lending Fund (FSSL) and the biggest sale PIMCO Dynamic Income Strat (PDX, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- MIAMI BEACH, FL
- CIK
- 0001509510
- Portfolio Value
- $295.6M (Q4 2025)
- SEC Filing
- 0001398344-26-003154 ↗ filed Feb 13, 2026
Holdings Value
Holdings 104 stocks · $295.6M
| FSSL FS Specialty Lending Fund | 9.81% | 2,050,866 | $29.0M | New |
| PDX PIMCO Dynamic Income Strat | 8.30% | 1,305,721 | $24.5M | Reduce -16.8% |
| HFRO Highland Opport & Income | 4.97% | 2,457,285 | $14.7M | Reduce -12.1% |
| SABA Saba Capital Income & Opp II | 4.44% | 1,590,092 | $13.1M | Reduce -11.0% |
| HERZ Herzfeld Credit Income Fund | 4.39% | 5,841,928 | $13.0M | Reduce -4.2% |
| BRW Saba Capital Income & Opport | 4.35% | 1,834,714 | $12.9M | Add +56.1% |
| BPRE Bluerock Private Real Estate | 4.34% | 854,779 | $12.8M | New |
| FSCO FS Credit Opportunities Corp. | 4.05% | 1,899,781 | $12.0M | Add +97.2% |
| GOF Guggenheim Strategic Opport | 4.04% | 927,245 | $11.9M | New |
| PAXS PIMCO Access Income Fund | 3.87% | 747,910 | $11.4M | Add +55.4% |
| RA Brookfield Real Assets Incom | 3.39% | 772,267 | $10.0M | Add +6.6% |
| ASA ASA Gold and Precious Metals | 2.71% | 134,342 | $8.0M | Reduce -25.6% |
| STEW SRH Total Return Fund Inc. | 2.40% | 382,005 | $7.1M | Add +1.7% |
| JFR Nuveen Floating Rate Income | 2.32% | 876,956 | $6.9M | Reduce -31.9% |
| DPG Duff & Phelps Utility & Inc. | 2.02% | 469,477 | $6.0M | Add +11.5% |
| NBXG Neuberger Next Generation Co. | 2.01% | 412,390 | $6.0M | Add +4.6% |
| OXLC Oxford Lane Capital Corp. | 1.98% | 399,466 | $5.8M | Add +75.3% |
| SDHY Pgim SHRT Durat Hi YLD | 1.84% | 329,953 | $5.4M | Add +2.7% |
| BSTZ BlackRock Sci & Tech TRM TR | 1.65% | 215,176 | $4.9M | Add +2.6% |
| PDO PIMCO Dynamic Income Opport | 1.62% | 345,432 | $4.8M | Add +8.6% |
| TBLD Thornburg Income Builder Opp | 1.58% | 231,757 | $4.7M | Add +1.7% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 1.49% | 82,666 | $4.4M | Reduce -2.3% |
| RFMZ Rivernorth Flex Muni II | 1.37% | 319,486 | $4.0M | Add +6.3% |
| BTX BlackRock Tech & Priv Eqty | 1.21% | 543,195 | $3.6M | New |
| EIC Eagle Point Income Co.-USA Inc. | 1.20% | 310,811 | $3.5M | New |
| XAI OCTAGN FLT RAT & ALT INM | 1.04% | 638,082 | $3.1M | New |
| FINS Angel Oak Financ Strat Inc. | 0.97% | 216,513 | $2.9M | Add +4.3% |
| DIAX Nuveen Dow 30 Dynamic Overwr | 0.95% | 183,190 | $2.8M | Add +1.2% |
| CET Central Securities Corp. | 0.94% | 54,569 | $2.8M | Add +4.5% |
| BGX Blackstone Long-Short Credit | 0.92% | 233,050 | $2.7M | Add +46.4% |
| PDI PIMCO Dynamic Income Fund | 0.92% | 152,852 | $2.7M | New |
| XJQCX Nuveen Credit Strategies Inc. | 0.90% | 531,122 | $2.7M | Reduce -22.4% |
| NCV Virtus Convertible & Income | 0.89% | 174,319 | $2.6M | New |
| LDP Cohen & Steers Limited Durat | 0.89% | 124,038 | $2.6M | Reduce -43.9% |
| MSD Morgan Stanley Emrg MKT Debt | 0.81% | 322,893 | $2.4M | New |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 0.71% | 341,091 | $2.1M | Add +0.7% |
| XCMUX MFS High Yield Municipal TR | 0.66% | 558,611 | $2.0M | Add +2.2% |
| CEFS Saba Opport Hedg Cef ETF-Usd | 0.66% | 84,021 | $1.9M | Reduce -14.7% |
| XPCQX PIMCO California Muni Inc. FD | 0.65% | 221,201 | $1.9M | Add +1.1% |
| CXH MFS Investment Grade Muni | 0.65% | 242,426 | $1.9M | Add +0.8% |
| XGDVX Gabelli Dividend & Income TR | 0.64% | 68,091 | $1.9M | Reduce -28.4% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 0.53% | 113,493 | $1.6M | Reduce -33.7% |
| JLS Nuveen Mortgage & Income | 0.50% | 80,720 | $1.5M | Reduce -17.1% |
| MMD Nylim Mackay Definedterm Mun filed as NYLI MACKAY DEFINEDTERM MUNI | 0.49% | 97,226 | $1.4M | Add +0.8% |
| DMO Western Asset Mort Def Opp | 0.46% | 121,852 | $1.3M | Reduce -11.4% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.38% | 49,685 | $1.1M | Add +0.8% |
| CCIF Carlyle Credit Income Fund | 0.32% | 201,113 | $943K | Add +497.1% |
| MFM Aberdeen Municipal Income | 0.25% | 137,475 | $746K | Add +1.5% |
| PTY PIMCO Corporate & Income Opp | 0.24% | 55,818 | $720K | New |
| ECC Eagle Point Credit Co. | 0.24% | 124,736 | $718K | New |
| GNT Gamco Natural Resources Gold | 0.23% | 90,459 | $674K | Reduce -61.5% |
| CXE MFS High Income Municipal TR | 0.21% | 166,696 | $617K | Add +36.7% |
| LEO BNY Mellon Strategic Muni | 0.20% | 94,265 | $600K | Add +0.7% |
| GLD SPDR Gold Shares | 0.19% | 1,398 | $554K | No change |
| XMVTX BlackRock Munivest Fund II | 0.17% | 46,375 | $501K | Add +0.6% |
| VFL Abrdn National Municipal Inc. | 0.12% | 35,909 | $369K | Add +36.2% |
| FMN Federated Herm Prem Muni Inc. | 0.11% | 29,727 | $330K | New |
| NBH Neuberger Municipal Fund Inc. | 0.11% | 32,348 | $327K | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 390 | $266K | No change |
| DMB BNY Mellon Muni BND Infra | 0.09% | 23,503 | $258K | Add +0.8% |
| TFLO iShares Treasury Floating Ra | 0.08% | 4,469 | $226K | Reduce -95.8% |
| STK Columbia Slgmn Prem Tech GR | 0.07% | 5,834 | $215K | Add +74.4% |
| SPMC Sound Point Meridian Capital | 0.06% | 13,720 | $189K | New |
| QQQ Invesco QQQ Trust Series 1 | 0.06% | 270 | $166K | No change |
| NFLX Netflix Inc. | 0.03% | 1,000 | $94K | No change |
| MDY State Street SPDR S&P Midcap | 0.03% | 150 | $90K | No change |
| TMC TMC the Metals Co. Inc. | 0.03% | 12,911 | $80K | No change |
| META Meta Platforms Inc. Class A | 0.02% | 100 | $66K | No change |
| EMO Clearbridge Energy Midstream | 0.02% | 1,016 | $45K | New |
| FXY Invesco Currencyshares Japan | 0.01% | 600 | $35K | No change |
| FPF First TR Interm Dur & Inc. | 0.01% | 1,792 | $33K | Reduce -3.5% |
| PFO Flaherty & Crumrine P&I Opp | 0.01% | 3,345 | $32K | Add +4.1% |
| ANGX Angel Studios Inc. | 0.01% | 5,699 | $27K | No change |
| KF Korea Fund Inc. | 0.01% | 602 | $22K | No change |
| JOF Japan Smaller Capitalization | 0.01% | 1,851 | $21K | No change |
| EEA The European Equity Fund Inc. | 0.01% | 1,681 | $17K | No change |
| MXE Mexico Equity and Income FD | 0.01% | 1,380 | $17K | Add +20.6% |
| XEMDX Western Asset Emrg MRKT DBT | 0.01% | 1,554 | $17K | Add +11.1% |
| TDF Templeton Dragon Fund Inc. | 0.01% | 1,416 | $16K | Add +0.6% |
| MXF Mexico Fund Inc. | 0.01% | 770 | $16K | Add +9.2% |
| AEF Abrdn Emerging Markets Ex CH | 0.01% | 2,124 | $15K | Add +6.5% |
| NMAI Nuveen Multi-Asset Income | 0.00% | 1,096 | $14K | Add +12.1% |
| SVXY Proshares Short Vix St Futur | 0.00% | 220 | $12K | No change |
| EMF Templeton Emerging Markets | 0.00% | 660 | $11K | No change |
| EDF VSH Emerging Markets Income filed as VIRTUS STONE HBR EMRG MKTS I | 0.00% | 2,052 | $10K | No change |
| PGZ Principal Real Estate Income | 0.00% | 992 | $10K | New |
| TSI TCW Strategic Income Fund | 0.00% | 2,000 | $10K | No change |
| IIF Morgan Stanley India Invest | 0.00% | 391 | $10K | No change |
| CLM Cornerstone Strategic Invest | 0.00% | 1,060 | $9K | Reduce -88.9% |
| GF The New Germany Fund Inc. | 0.00% | 689 | $8K | Reduce -44.8% |
| GAM General American Investors | 0.00% | 124 | $7K | Add +10.7% |
| ADX Adams Diversified Equity | 0.00% | 308 | $7K | Add +2.3% |
| BDJ BlackRock Enhanced Eqty DVD | 0.00% | 700 | $7K | Add +3.2% |
| GAB Gabelli Equity Trust | 0.00% | 1,070 | $7K | Add +2.5% |
| EDD Morgan Stanley Emrg MRK Dom | 0.00% | 1,185 | $6K | New |
| RVT Royce Small-Cap Trust Inc. | 0.00% | 395 | $6K | Add +3.4% |
| TY Tri-Continental Corp. | 0.00% | 194 | $6K | Add +7.2% |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 0.00% | 221 | $6K | Add +2.3% |
| JCE Nuveen Core Equity Alpha | 0.00% | 393 | $6K | Add +4.0% |
| XAODX Abrdn Total Dynamic Dividend | 0.00% | 590 | $6K | Reduce -49.2% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $34K (not counted above)
Total filed on the 13F, all lines: $295.6M.
Portfolio Sells Q3 2025 → Q4 2025
| PDX PIMCO Dynamic Income Strat | Reduce -16.8% | 8.30% | −5.12 |
| PAAA Pgim Aaa Clo ETF | Sold out | 0.00% | −3.63 |
| PFIX Simplify Interest Rate Hedge | Sold out | 0.00% | −3.16 |
| XFFCX Flaherty & Crumrine Pref Inc. | Sold out | 0.00% | −2.22 |
| TFLO iShares Treasury Floating Ra | Reduce -95.8% | 0.08% | −1.79 |
| NPFD Nuveen Var RT Pref & Inc. | Sold out | 0.00% | −1.79 |
| KYN Kayne Anderson Energy Infra | Sold out | 0.00% | −1.36 |
| PROSHARES TR | Sold out | 0.00% | −1.35 |
| JFR Nuveen Floating Rate Income | Reduce -31.9% | 2.32% | −1.29 |
| SABA Saba Capital Income & Opp II | Reduce -11.0% | 4.44% | −1.15 |
| HFRO Highland Opport & Income | Reduce -12.1% | 4.97% | −1.12 |
| XTEAX Tortoise Sust&social Imp Ter | Sold out | 0.00% | −0.95 |
| PFN PIMCO Income Strategy FD II | Sold out | 0.00% | −0.83 |
| TYG Tortoise Energy Infrastruct | Sold out | 0.00% | −0.78 |
| LDP Cohen & Steers Limited Durat | Reduce -43.9% | 0.89% | −0.76 |
| HQL Abrdn Life Sciences Investor | Sold out | 0.00% | −0.62 |
| HQH Abrdn Healthcare Investors | Sold out | 0.00% | −0.60 |
| HERZ Herzfeld Credit Income Fund | Reduce -4.2% | 4.39% | −0.59 |
| GNT Gamco Natural Resources Gold | Reduce -61.5% | 0.23% | −0.34 |
| XJQCX Nuveen Credit Strategies Inc. | Reduce -22.4% | 0.90% | −0.33 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Reduce -33.7% | 0.53% | −0.33 |
| XGDVX Gabelli Dividend & Income TR | Reduce -28.4% | 0.64% | −0.25 |
| JLS Nuveen Mortgage & Income | Reduce -17.1% | 0.50% | −0.13 |
| ASA ASA Gold and Precious Metals | Reduce -25.6% | 2.71% | −0.12 |
| CEFS Saba Opport Hedg Cef ETF-Usd | Reduce -14.7% | 0.66% | −0.11 |
| DMO Western Asset Mort Def Opp | Reduce -11.4% | 0.46% | −0.10 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | Reduce -2.3% | 1.49% | −0.08 |
| QID Proshares Ultrashort QQQ | Sold out | 0.00% | −0.06 |
| CLM Cornerstone Strategic Invest | Reduce -88.9% | 0.00% | −0.02 |
| DMA Destra Multi-Alternative | Sold out | 0.00% | −0.02 |
| XBGYX BlackRock Enh Intl DVD TR | Sold out | 0.00% | −0.00 |
| GF The New Germany Fund Inc. | Reduce -44.8% | 0.00% | −0.00 |
| BCAT BlackRock Capital Alloc TR | Sold out | 0.00% | −0.00 |
| XAODX Abrdn Total Dynamic Dividend | Reduce -49.2% | 0.00% | −0.00 |
| FPF First TR Interm Dur & Inc. | Reduce -3.5% | 0.01% | −0.00 |
| ZTR Virtus Total Return Fund Inc. | Reduce -35.4% | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| FSSL FS Specialty Lending Fund | New | 9.81% | +9.81 |
| BPRE Bluerock Private Real Estate | New | 4.34% | +4.34 |
| GOF Guggenheim Strategic Opport | New | 4.04% | +4.04 |
| FSCO FS Credit Opportunities Corp. | Add +97.2% | 4.05% | +1.77 |
| BRW Saba Capital Income & Opport | Add +56.1% | 4.35% | +1.22 |
| BTX BlackRock Tech & Priv Eqty | New | 1.21% | +1.21 |
| EIC Eagle Point Income Co.-USA Inc. | New | 1.20% | +1.20 |
| PAXS PIMCO Access Income Fund | Add +55.4% | 3.87% | +1.19 |
| XAI OCTAGN FLT RAT & ALT INM | New | 1.04% | +1.04 |
| PDI PIMCO Dynamic Income Fund | New | 0.92% | +0.92 |
| NCV Virtus Convertible & Income | New | 0.89% | +0.89 |
| MSD Morgan Stanley Emrg MKT Debt | New | 0.81% | +0.81 |
| OXLC Oxford Lane Capital Corp. | Add +75.3% | 1.98% | +0.66 |
| BGX Blackstone Long-Short Credit | Add +46.4% | 0.92% | +0.26 |
| CCIF Carlyle Credit Income Fund | Add +497.1% | 0.32% | +0.25 |
| PTY PIMCO Corporate & Income Opp | New | 0.24% | +0.24 |
| ECC Eagle Point Credit Co. | New | 0.24% | +0.24 |
| DPG Duff & Phelps Utility & Inc. | Add +11.5% | 2.02% | +0.16 |
| FMN Federated Herm Prem Muni Inc. | New | 0.11% | +0.11 |
| NBH Neuberger Municipal Fund Inc. | New | 0.11% | +0.11 |
| PDO PIMCO Dynamic Income Opport | Add +8.6% | 1.62% | +0.08 |
| RA Brookfield Real Assets Incom | Add +6.6% | 3.39% | +0.07 |
| SPMC Sound Point Meridian Capital | New | 0.06% | +0.06 |
| STEW SRH Total Return Fund Inc. | Add +1.7% | 2.40% | +0.06 |
| CXE MFS High Income Municipal TR | Add +36.7% | 0.21% | +0.05 |
| BSTZ BlackRock Sci & Tech TRM TR | Add +2.6% | 1.65% | +0.05 |
| FINS Angel Oak Financ Strat Inc. | Add +4.3% | 0.97% | +0.03 |
| STK Columbia Slgmn Prem Tech GR | Add +74.4% | 0.07% | +0.03 |
| VFL Abrdn National Municipal Inc. | Add +36.2% | 0.12% | +0.03 |
| DSM BNYM Strat Muni BND | Add +0.7% | 0.71% | +0.02 |
| RFMZ Rivernorth Flex Muni II | Add +6.3% | 1.37% | +0.02 |
| DIAX Nuveen Dow 30 Dynamic Overwr | Add +1.2% | 0.95% | +0.02 |
| TBLD Thornburg Income Builder Opp | Add +1.7% | 1.58% | +0.02 |
| CET Central Securities Corp. | Add +4.5% | 0.94% | +0.02 |
| EMO Clearbridge Energy Midstream | New | 0.02% | +0.02 |
| XCMUX MFS High Yield Municipal TR | Add +2.2% | 0.66% | +0.01 |
| CXH MFS Investment Grade Muni | Add +0.8% | 0.65% | +0.00 |
| BTT BlackRock 2030 Muni TRGT TRM | Add +0.8% | 0.38% | +0.00 |
| PGZ Principal Real Estate Income | New | 0.00% | +0.00 |
| MFM Aberdeen Municipal Income | Add +1.5% | 0.25% | +0.00 |
| LEO BNY Mellon Strategic Muni | Add +0.7% | 0.20% | +0.00 |
| EDD Morgan Stanley Emrg MRK Dom | New | 0.00% | +0.00 |
| DMB BNY Mellon Muni BND Infra | Add +0.8% | 0.09% | +0.00 |
| XMVTX BlackRock Munivest Fund II | Add +0.6% | 0.17% | +0.00 |
| MXE Mexico Equity and Income FD | Add +20.6% | 0.01% | +0.00 |
| AEF Abrdn Emerging Markets Ex CH | Add +6.5% | 0.01% | +0.00 |
| XEMDX Western Asset Emrg MRKT DBT | Add +11.1% | 0.01% | +0.00 |
| MXF Mexico Fund Inc. | Add +9.2% | 0.01% | +0.00 |
| NMAI Nuveen Multi-Asset Income | Add +12.1% | 0.00% | +0.00 |
| NXDT Nexpoint Diversified Real Es | 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 |