Field Notes on
Closed-End Funds

Investment insights and market analysis for institutional investors

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Essential Reading

Publications
5 min read

Sample Publication

Read Article: Thomas J. Herzfeld is interviewed by Barron's and called Mr. Closed-End Fund
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Read Article: Thomas J. Herzfeld is interviewed by Barron's and called Mr. Closed-End Fund.

News
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Thomas J. Herzfeld Advisors, Inc. is excited to announce it received four 5-Star Overal...
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Thomas J. Herzfeld Advisors, Inc. is excited to announce it received four 5-Star Overall Morningstar Ratings™ for the quarter ended December 31, 2024.

News
5 min read
Bloomberg: Muni Bond Funds Set Up for 20% Gains Even After November’s Surge
Leveraged closed-end funds rallied with broader market Steep discount, Fed cuts, activi...
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Leveraged closed-end funds rallied with broader market Steep discount, Fed cuts, activism seen powering returns

Municipal bond funds that use borrowing as a way to juice returns had a banner month in November, surging almost 12%. Some market watchers say that’s only just the start.

Leveraged closed-end muni funds rallied along with the broader market as evidence of slowing job growth and cooling inflation convinced traders that the Federal Reserve’s rate-rise cycle is over. Further gains may be in store should the central bank pivot to cutting rates next next year, as many now expect.

News
5 min read
Confessions Of A Closed-End Fund Bargain Hunter
Forbes' William Baldwin interviews Erik Herzfeld about opportunities in the closed-end...
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Forbes' William Baldwin interviews Erik Herzfeld about opportunities in the closed-end fund space that are often missed by investors.

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News
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5 min read
Bloomberg: World’s Top Junk-Muni Fund Is Loaded With a Rarely Traded Stock
Energy Harbor shares are top holding in 15 of Nuveen’s funds Received in debt workout...
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Energy Harbor shares are top holding in 15 of Nuveen’s funds Received in debt workout, shares deliver boon — and a risk.

The biggest holding in the world’s biggest high-yield municipal bond fund isn’t a municipal bond.

It’s a $1.5 billion stake in shares of Energy Harbor Corp., a thinly traded power company that’s not listed on any US stock exchange. The Nuveen High Yield Municipal Bond Fund — like many others run by the investment giant — received the stock three years ago after the company’s precursor, FirstEnergy Solutions, restructured its debts in bankruptcy.

News
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5 min read
Bloomberg: Pimco Slashes Payouts Up to 45% on Muni Closed-End Funds
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Asset manager cuts monthly payouts on 9 muni closed-end funds Distribution cuts range from 20% to 45% as leverage costs soar.

Pacific Investment Management Co. cut monthly payouts on nine municipal bond closed-end funds by as much as 45% after a sharp jump in short-term rates increased borrowing costs.

The money manager cut the distributions on the $199 million Pimco California Municipal Income Fund to 3.6 cents per share from 6.5 cents per share, according to a statement Tuesday. Short term-borrowing costs on the fund surged as high as 8.25% in December. The fund trades at a 29% premium to its net asset value while the yield on the closed-end fund’s portfolio is about 4%, according to data compiled by Bloomberg.

News
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PSN Top Guns Rating for four Herzfeld SMA Strategies Q3/2022
Herzfeld Fixed Income- 3 Stars in Global Fixed Income Universe Herzfeld Muni Bond- 1, 2...
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Herzfeld Fixed Income- 3 Stars in Global Fixed Income Universe

Herzfeld Muni Bond- 1, 2, and 3 Stars in All Maturity/Variable and Muni Universe

Herzfeld Special Situations- Bull/Bear All Cap Universe

Herzfeld Preferred- 2 and 3 Stars All Maturity/Variable Uni and US Fixed Income Universe


Disclaimer: Note that readers should review the criteria for each award as reflected on the third party’s webpage. In addition, any awards reflect past performance and may not reflect the current performance or status of the firm and may no longer be applicable. Contact us for more information on how the ratings are apportioned and for full disclosures regarding third party news and awards.

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
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Morningstar Ratings™ Q3/2022: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for three investment strategies.  

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
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Morningstar Ratings™ Q2/2022: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for three investment strategies.  

News
All
5 min read
PSN Top Guns Rating for 5 Herzfeld SMA Strategies Q1/2022
Herzfeld Balanced- 2 Stars Global/International Balanced Universe Herzfeld Fixed Income...
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Herzfeld Balanced- 2 Stars Global/International Balanced Universe

Herzfeld Fixed Income- 1, 2, and 3 Stars in Global Fixed Income Universe

Herzfeld Muni Bond- 1, 2, and 3 Stars in All Maturity/Variable and Muni Universe

Herzfeld Special Situations- 2 Stars All Cap Universe

Herzfeld Preferred- 1, 2, and 3 Stars All Maturity/Variable Uni and US Fixed Income Universe


Disclaimer: Note that readers should review the criteria for each award as reflected on the third party’s webpage. In addition, any awards reflect past performance and may not reflect the current performance or status of the firm and may no longer be applicable. Contact us for more information on how the ratings are apportioned and for full disclosures regarding third party news and awards.

From our desk
to yours, monthly.

Every month we share exclusive insights on closed-end fund opportunities and market trends. A quick, valuable read for institutional investors and family offices.

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