Thomas J. Herzfeld Advisors, Inc.

CIK 0001509510 · Q1 2026

13F Equity AUM

$294.0M

-0.5% QoQ

Positions

115

+8 QoQ

AUM Rank

#5,940

Top 48%

Skill Alpha (FF)

-2.6%/yr^ns

No Clear Edge

Rank #5,945 · Top 72%

vs S&P -14.0%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 37.3%Top 10: 54.0%Top 20: 71.2%

FSSL11.9%

PDX9.4%

FSCO6.4%

HFRO5.3%

Herzfeld Credit Income Fund, Inc.4.3%

SJB4.2%

GOF3.8%

BRW3.3%

SDS2.8%

ASA2.7%

Others (105)46.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services79.5%

Fund14.0%

Unclassified5.6%

Other0.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 115Median: 0.29%Avg: 0.87%

0–0.5%

69(7.5%)

0.5–1%

21(16.0%)

1–3%

17(28.0%)

3–5%

4(15.5%)

5%+

4(33.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

Loading summary cards...

Portfolio Overlap

Shared: 99Unique: 16vs 20 funds

1.4%Low

115

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

1.8%

BANK OF AMERICA CORP /DE/

1.3%

0.2%

0.2%

0.2%

0.2%

GEODE CAPITAL MANAGEMENT, LLC

0.1%

VANGUARD CAPITAL MANAGEMENT LLC

0.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

Loading overlap analysis...

Position Changes This Quarter

New27Increased28Decreased46Exited19

New Positions

Herzfeld Credit Inco…4.3%

+807K

SJB4.2%

+797K

SDS2.8%

+109K

PFIX1.9%

+118K

NML1.2%

+324K

KYN1.1%

+234K

BGR1.1%

+181K

Direxion Shares ETF …1.0%

+58K

QID0.9%

+116K

BCX0.9%

+217K

Increased

FSCO6.4%

+1.8M(+94%)

FSSL11.9%

+758K(+37%)

HFRO5.3%

+258K(+11%)

PTY1.0%

+194K(+348%)

EDD0.2%

+135K(+11426%)

GOF3.8%

+88K(+10%)

EIC1.3%

+83K(+27%)

TFLO1.4%

+75K(+1678%)

XEMDX0.2%

+67K(+4301%)

STK0.8%

+60K(+1035%)

Decreased

SABA2.2%

-815,574(-51%)

BPRE2.0%

-492,275(-58%)

RA1.5%

-431,626(-56%)

BRW3.3%

-417,525(-23%)

PAXS2.2%

-307,915(-41%)

PDO0.3%

-278,681(-81%)

STEW0.6%

-274,227(-72%)

BTX0.6%

-262,442(-48%)

CXH0.1%

-219,017(-90%)

SDHY0.6%

-216,376(-66%)

Exited

-5,841,928

-412,390

-638,082

-183,190

-531,122

-174,319

-558,611

-124,736

-90,459

-94,265

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

Loading position changes...

Holdings

Loading holdings...