Thomas J. Herzfeld Advisors, Inc.
- Regulatory AUM
- $890M
- Discretionary
- $870M
- Clients
- 300
- Avg AUM / client
- $3.0M
- Accounts
- 349
- Employees
- 15
AUM over time
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Investments (13F portfolio — 115 positions, $294,049,993)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Fs Specialty Lending Fund | COM SH BEN INT | $35,137,175 | 2,808,727 | 11.9% | 3.95% |
| 2 | Pimco Dynamic Income Strategy Fund | COM SH BEN INT | $27,648,857 | 1,253,348 | 9.4% | 3.11% |
| 3 | Fs Credit Opportunities Corp | COM | $18,767,669 | 3,679,935 | 6.38% | 2.11% |
| 4 | Highland Floating Rate Opportunities Fund | SHS BEN INT | $15,506,424 | 2,715,661 | 5.27% | 1.74% |
| 5 | Herzfeld Credit Income Fund, Inc. | COM | $12,511,833 | 807,215 | 4.26% | 1.41% |
| 6 | Pro Shares Tr | Shrt High Yield | $12,344,123 | 796,652 | 4.2% | 1.39% |
| 7 | Guggenheim Strategic Opp Fund | COM SBI | $11,189,708 | 1,015,400 | 3.81% | 1.26% |
| 8 | Saba Capital Income & Opport | SHS NEW | $9,551,854 | 1,417,189 | 3.25% | 1.07% |
| 9 | Pro Shares Ultra Short S&P500 | ULTRASHRT S&P500 | $8,170,946 | 108,584 | 2.78% | 0.92% |
| 10 | Asa Gold And Precious Metals Ltd | SHS | $7,808,647 | 125,885 | 2.66% | 0.88% |
| 11 | Saba Capital Income & Opport Ii | COM | $6,443,990 | 774,518 | 2.19% | 0.72% |
| 12 | Pimco Access Income Fund | SHS BENFIN INT | $6,340,322 | 439,995 | 2.16% | 0.71% |
| 13 | Bluerock Private Real Estate Fund | COM | $6,021,191 | 362,504 | 2.05% | 0.68% |
| 14 | Duff & Phelps Utility And Infrastructure Fund Inc. | COM | $5,653,217 | 391,497 | 1.92% | 0.63% |
| 15 | Simplify Exchange Traded Fun | Simplify Interst | $5,429,194 | 117,701 | 1.85% | 0.61% |
| 16 | Nuveen Floating Rate Income | COM | $5,363,971 | 713,294 | 1.82% | 0.6% |
| 17 | Brookfield Real Assets Incom | SHS BEN INT | $4,380,643 | 340,641 | 1.49% | 0.49% |
| 18 | I Shares Tr | TRS FLT RT BD | $4,023,465 | 79,468 | 1.37% | 0.45% |
| 19 | Eagle Pointe Income Company | COM | $3,719,360 | 394,000 | 1.26% | 0.42% |
| 20 | Neuberger Berman Mlp Income Fund Inc | COM | $3,400,258 | 323,526 | 1.16% | 0.38% |
| 21 | Kayne Anderson Energy Infrst | COM | $3,343,462 | 234,136 | 1.14% | 0.38% |
| 22 | Black Rock Energy And Resources Trust | COM | $3,135,118 | 181,116 | 1.07% | 0.35% |
| 23 | Clearbridge Energy Midstrm O | COM | $3,117,595 | 59,023 | 1.06% | 0.35% |
| 24 | Pimco Corporate & Income Opp Fund | COM | $3,014,711 | 249,976 | 1.03% | 0.34% |
| 25 | Direxion Shares Etf Tr | DAILY GOLD MINER | $2,957,401 | 58,011 | 1.01% | 0.33% |
Top 25 of 115 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 15 | $5.2M | 0.58% |
| High net worth individuals | 125 | $141M | 15.8% |
| Investment companies | 1 | $41.7M | 4.68% |
| Pooled investment vehicles (non-investment companies) | 8 | $485M | 54.5% |
| Pension and profit sharing plans | 3 | $1.1M | 0.13% |
| Charitable organizations | 11 | $47.0M | 5.28% |
| Corporations and other businesses | 10 | $44.7M | 5.02% |
| Other | 127 | $125M | 14.1% |
Private funds (3)
Reported in Form ADV Section 7.B.(1), filing of Dec 2024 · $357M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| The Hcm Master Fund Limited master | Hedge Fund | Cayman Islands | $340M | 47 |
| Hcm Co Investment Ii, Llc | Hedge Fund | Delaware | $9.0M | 2 |
| Hcm Co Investment I Llc | Hedge Fund | Delaware | $8.5M | 4 |
People (5)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Herzfeld, Thomas, Jay | Chairman And Sole Director | Feb 1984 (43y) | 75% or more | |
| Erik Mervin Herzfeld | President, Secretary, Treasurer | Oct 2008 (18y) | Less than 5% | |
| Morgan, Thomas, Kenneth | Chief Compliance Officer And Chief Operating Officer | Sep 2018 (8y) | Less than 5% | |
| Ryan Mark Paylor | Registered representative | Dec 2025 (1y) | ||
| Alexander Nathan Knapp | Registered representative | CFA | Dec 2025 (1y) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (3, $357M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| The Hcm Master Fund Limited | Hedge Fund | $340M | $10.0M | 47 |
| Hcm Co Investment Ii, Llc | Hedge Fund | $9.0M | $0 | 2 |
| Hcm Co Investment I Llc | Hedge Fund | $8.5M | $0 | 4 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 2.31 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
- • Other fees
- • LICENSING FEES
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Other services
Custody
Reported custodians
- Charles Schwab & Co. $113M (13% of AUM) Mar 2026
- RBC $102M (11% of AUM) Mar 2026
- Merrill Lynch $66.0M (17% of AUM) Dec 2020
- Morgan Stanley $58.5M (7% of AUM) Mar 2026
- U.S. Bancorp Investments, Inc. $25.8M (4% of AUM) Dec 2024
- Wells Fargo $19.4M (5% of AUM) Dec 2020
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗