A specialized asset management firm built for institutions

We started in 1984 as experts in the closed-end funds industry. Over four decades, we built on that expertise as Herzfeld Advisors became synonymous with closed-end fund investing. Today, we are proud of our reputation, our track record and our client base.

Now we’re looking ahead.

Today’s investors are smart, they know what they want, and they value real expertise. That’s exactly what we bring to the table as we build toward our next 40 years.

Herzfeld Advisors team gathered in a board room
What we believe in

Our values guide and inspire us in everything we do

Our values are more than just feel-good statements to put on our web site. We live and breathe them. We carry them with us when we talk with clients and when no one is looking.  This is quite simply who we are.

Integrity

We’ve been building trust since '84. Not because a consultant told us to, but because it's our name on the door. We lead with what's right. In every decision. Every day. No exceptions.

Intelligence

We started as researchers. Still are. Now we use our research skills with our investing experience to drive better investment choices. Numbers don't lie. That's why we let data lead. Not hunches. Not headlines.

Care

We value every single client, no matter how big or small—both old and new—and they enjoy working with us. That engagement is what makes our lives and our work more interesting and we never, ever take that for granted.

Herzfeld’s Impact throughout history

1984: Herzfeld Advisors began as the best source of research for the Closed-End Fund Industry.

Our founder, Thomas J. Herzfeld, saw a gap in the investment world and did something about it. He founded Herzfeld Advisors to provide closed-end fund data for investors, regulators, and other research firms.

1986: Launched research that investors couldn't ignore.

We created the industry's first comprehensive monthly research report for investors and financial houses. We published 5 definitive textbooks that established core principles for closed-end fund investing.

1991: Helped win a Nobel Prize.

Our research on investor behavior became the foundation for Richard Thaler's groundbreaking paper. This work was so significant it contributed to his Nobel Prize in Economics.

1994: Connected Wall Street to Caribbean growth potential.

We created the Herzfeld Caribbean Basin Fund (NASDAQ: CUBA), connecting investors to Caribbean market opportunities. This fund opened new pathways for investment in an emerging market.

1999: Chose accountability over empty promises.

We committed to full transparency through independent GIPS verification. This annual verification process ensures every performance claim is independently validated.

2014: Built a boardroom where excellence outweighed gender.

Herzfeld Caribbean Basin Fund built a female-majority board. In an industry where suits and ties still run the show, they proved leadership has nothing to do with gender and everything to do with talent.

2017: Became the best at growing fixed income.

We earned the #1 position as Top-Performing Fixed Income Bond manager from Pensions & Investments. This recognition came from consistently delivering superior returns.


2019: Created a new way to grow wealth.

We launched a private fund at the request of a client that expanded our strategy offering to meet evolving market demands. This fund represents our ongoing commitment to innovation on behalf of our clients.

2021: Stayed at the top for five straight years.

Making P&I's Top-Performing Managers list once? Could be luck. Five years straight? That's a statement. That's Herzfeld showing up, day after day, turning strategy into success.

2024: Forty years strong and still innovating.

Since its inception in 1984, Herzfeld Advisors has been at the forefront of closed-end fund investing. On our 40th anniversary, our innovative strategies have set industry standards and shaped the investment landscape for hundreds of clients and investors.

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An older black and white photo of Thomas J. Herzfeld sitting at a desk with an open binder, holding a pen and smiling.
A MESSAGE FROM OUR FOUNDER

When we founded the firm in 1984, our intention was to provide the best research possible for those interested in the closed-end fund industry.  Investors, regulators, academics and others relied on us to provide reliable information on what was then a little known and even less understood industry. Through hard work and a commitment to comprehensive research, we earned our reputation as closed-end fund experts.  After decades in the industry, we transitioned our business and put our research capabilities to work to provide asset management services directly to our investment advisory clients.

Fast forward from those humble beginnings to where we are today, I am proud of our team and the performance we are able to generate across our different closed-end fund strategies.  We count among our client base some of the world’s most discerning investors- large pension plans, state treasuries, university endowments, insurance companies, family offices and ultra-high net worth individuals, among others.

Most importantly, I am excited for what is on the horizon.  Our firm has established an investment advisory business designed to continue our mission well into the future, providing thoughtful investment expertise to clients seeking exposure to opportunities through closed-end funds.

Thomas J. Herzfeld
Founder

Our Vision: To be the most trusted asset management firm in the closed-end fund space and beyond.

At Herzfeld Advisors we are committed to a future of innovative investment solutions, leveraging our expertise in closed-end funds to create tailored solutions that meet the evolving needs of our clients.

Investment Strategies

Innovative investment strategies tailored for your unique financial goals

We offer a number of investment strategies, each designed to match our clients’ investment goals and risk tolerances. Within these strategies, clients can obtain exposure to a wide variety of assets classes, reflecting the diversity of the closed-end fund industry. Clients can obtain exposure to fixed income, municipal bonds, CLO equity, real estate, or a wide variety of other asset classes. The closed-end fund industry provides what we believe is a great structure for building diversified risk adjusted portfolios regardless of macro-economic conditions.

Learn about our strategies

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Fixed Income

US fixed income closed-end funds for risk-adjusted returns. Benchmark: iShares Core US Aggregate Bond ETF.

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Muni

US municipal bond closed-end funds for risk-adjusted returns. Benchmark: iShares National Municipal Bond ETF (MUB).

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Preferred

Preferred shares, baby bonds, & senior notes for risk-adjusted returns. Benchmark: S&P Preferred Stock Total Return Index.

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Balanced

Closed-end funds for risk-adjusted returns. Benchmark: 60/40 blend of S&P500TR/iShares Core US Aggregate Bond ETF.

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Short Duration Investment Grade

The objective of the strategy is to outperform broad investment grade credit indices with less volatility and a lower duration.

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Special Situations

Closed-end funds with corporate actions for risk-adjusted returns. Benchmark: HFRX Special Situations Index.

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Caribbean Basin

Issuers benefiting from Caribbean Basin economic, political, and technological developments for long-term growth.

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Meet the visionaries
behind our success

At Herzfeld Advisors, our leadership team is dedicated to driving innovative investment strategies and building a future for our clients and staff. Discover the expertise and commitment that sets us apart by exploring our full team.

Our Team
The Herzfeld Advisors team gathered in a board room

Est. 1984.
Still picking up the phone.

Some things never change – like our commitment to being accessible to our clients and partners. Whether you're a long-time friend or new to Herzfeld Advisors, we're here to talk.

info@herzfeld.com+1.305.777.1660