HIGHLAND OPPORTUNITIES HFRO
HIGHLAND INCOME · Closed-End Fund · CUSIP 43010E404
100
institutional holders
-2 vs Q4 2022
24.6m
shares reported held*
$216.3mreported value*
8 new
41 added
32 reduced
10 sold out
net sold ≈ $422.1k (-48.0k shares)
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $8.79.
Trends to Q1 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 95 |
| Q4 2022 | 102 |
| Q1 2023 | 100 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Bought or addedCut or sold out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 52 | 35 |
| Q1 2023 | 49 | 42 |
Biggest buyers
| Thomas J. Herzfeld Advisors, Inc. | Added | +475.6k |
| LPL Financial LLC | Added | +462.4k |
| ICON ADVISERS INC/CO | New | +227.1k |
| NEXPOINT ASSET MANAGEMENT, L.P. | Added | +190.0k |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | Added | +126.9k |
| AQR Arbitrage LLC | Added | +116.1k |
| Walleye Capital LLC | Added | +72.2k |
| Invesco Ltd. | Added | +58.3k |
| Bulldog Investors, LLP | Added | +53.9k |
| COMMONWEALTH EQUITY SERVICES, LLC | Added | +43.2k |
Biggest sellers
| Quantedge Capital Pte Ltd | Reduced | -399.6k |
| Raymond James Financial Services Advisors, Inc. | Reduced | -295.4k |
| OSAIC HOLDINGS, INC. | Reduced | -195.3k |
| ROYAL BANK OF CANADA | Reduced | -169.5k |
| TRUIST FINANCIAL CORP | Reduced | -161.3k |
| MORGAN STANLEY | Reduced | -152.4k |
| Cambridge Investment Research Advisors, Inc. | Reduced | -133.3k |
| Matisse Capital | Reduced | -130.0k |
| Atlas Wealth LLC | Reduced | -94.9k |
| ENVESTNET ASSET MANAGEMENT INC | Reduced | -78.3k |
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
Saba Capital Management, L.P.
13D · may seek influence
+1.1 pts · filed 2026-06-04
Stated purposeNot Applicable. Full filing |
10.5% |
| DONDERO JAMES D 13D · may seek influence +1.1 pts · filed 2026-07-29 | 9.6% |
| MORGAN STANLEY 13G · institution -1.2 pts · filed 2026-02-11 | 5.1% |
| Thomas J. Herzfeld Advisors, Inc. 13G · institution new · filed 2025-10-29 | 5.0% |
Insider purchases and sales in Q1 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
BuyingSelling
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2021 | 0 | — | 0 | — | — |
| Q3 2021 | 0 | — | 0 | — | — |
| Q4 2021 | 0 | — | 0 | — | — |
| Q1 2022 | 0 | — | 0 | — | — |
| Q2 2022 | 0 | — | 0 | — | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 1 | $8.6k | — |
| Q1 2023 | 0 | — | 0 | — | — |
None reported in Q1 2023.
Holders, Q1 2023
| Manager | Shares | Change |
|---|---|---|
| MORGAN STANLEY 0.00% of their portfolio | 4.5m $39.2m | Reduced -152.4k |
| Thomas J. Herzfeld Advisors, Inc. 10.44% of their portfolio | 2.9m $25.8m | Added +475.6k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 1.8m $16.2m | Reduced -169.5k |
| LPL Financial LLC 0.01% of their portfolio | 1.5m $13.1m | Added +462.4k |
| Invesco Ltd. 0.00% of their portfolio | 1.4m $12.2m | Added +58.3k |
| Atlas Wealth LLC 1.62% of their portfolio | 940.1k $8.3m | Reduced -94.9k |
| NEXPOINT ASSET MANAGEMENT, L.P. 0.87% of their portfolio | 918.0k $8.1m | Added +190.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 803.6k $7.1m | Reduced -78.3k |
| Penserra Capital Management LLC 0.14% of their portfolio | 767.7k $6.7m | Added +16.1k |
| OPPENHEIMER & CO INC 0.11% of their portfolio | 568.4k $5.0m | Added +42.4k |
| Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio | 555.5k $4.9m | Reduced -133.3k |
| Camelot Portfolios, LLC 3.14% of their portfolio | 512.8k $4.5m | Added +16.5k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 490.3k $4.3m | Reduced -9.1k |
| IHT Wealth Management, LLC 0.24% of their portfolio | 487.9k $4.3m | Added +13.4k |
| Bulldog Investors, LLP 1.28% of their portfolio | 451.6k $4.0m | Added +53.9k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 422.2k $3.7m | Added +43.2k |
| Geneos Wealth Management Inc. 0.21% of their portfolio | 401.4k $3.5m | Reduced -13.7k |
| NATIONS FINANCIAL GROUP INC, /IA/ /ADV 0.36% of their portfolio | 392.3k $3.4m | Reduced -4.8k |
| RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio | 369.6k $3.2m | Added +5.2k |
| Amundi 0.00% of their portfolio | 367.2k $3.2m | Reduced -23.6k |
| OSAIC HOLDINGS, INC. 0.01% of their portfolio | 319.7k $2.8m | Reduced -195.3k |
| ICON ADVISERS INC/CO 0.51% of their portfolio | 227.1k $2.0m | New |
| BOKF, NA 0.04% of their portfolio | 206.7k $1.8m | Unchanged |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.22% of their portfolio | 184.3k $1.6m | Added +126.9k |
| LVZ, Inc. 0.22% of their portfolio | 173.1k $1.5m | Added +36.4k |
| Aristides Capital LLC 0.91% of their portfolio | 164.6k $1.4m | Unchanged |
| AQR Arbitrage LLC 0.04% of their portfolio | 144.3k $1.3m | Added +116.1k |
| UBS Group AG 0.00% of their portfolio | 143.6k $1.3m | Added +2.4k |
| Matisse Capital 0.79% of their portfolio | 140.0k $1.2m | Reduced -130.0k |
| Walleye Capital LLC 0.02% of their portfolio | 131.4k $1.2m | Added +72.2k |
| Marks Group Wealth Management, Inc 0.13% of their portfolio | 118.8k $1.0m | Reduced -3.4k |
| Quantedge Capital Pte Ltd 0.38% of their portfolio | 110.5k $971.3k | Reduced -399.6k |
| PARK AVENUE SECURITIES LLC 0.02% of their portfolio | 108.7k $955.0k | Reduced -3.8k |
| Janney Montgomery Scott LLC 0.00% of their portfolio | 101.7k $894.0k | Added +129 |
| Pinnacle Wealth Planning Services, Inc. 0.14% of their portfolio | 95.6k $840.4k | Reduced -2.9k |
| KNIGHTSBRIDGE ASSET MANAGEMENT, LLC 0.14% of their portfolio | 93.0k $818.0k | Added +2.2k |
| TRUIST FINANCIAL CORP 0.00% of their portfolio | 91.3k $802.8k | Reduced -161.3k |
| NWF Advisory Services Inc. 0.19% of their portfolio | 90.4k $816.3k | First filing |
| Arete Wealth Advisors, LLC 0.06% of their portfolio | 90.3k $794.0k | Added +1.1k |
| HighTower Advisors, LLC 0.00% of their portfolio | 87.6k $766.0k | Reduced -1.4k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 83.3k $732.4k | Added +20.2k |
| Steward Partners Investment Advisory, LLC 0.01% of their portfolio | 77.0k $677.2k | Reduced -5.6k |
| Kingsview Wealth Management, LLC 0.03% of their portfolio | 72.6k $638.2k | Added +1.1k |
| Cetera Advisor Networks LLC 0.00% of their portfolio | 53.6k $471.0k | Reduced -2.1k |
| Baird Financial Group, Inc. 0.00% of their portfolio | 53.0k $465.9k | Reduced -37.2k |
| Wealth Management Solutions, LLC 0.27% of their portfolio | 52.6k $462.6k | Added +5.3k |
| MONECO ADVISORS, LLC 0.13% of their portfolio | 48.8k $429.2k | Added +938 |
| CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio | 48.6k $426.8k | Added +946 |
| Atria Wealth Solutions, Inc. 0.01% of their portfolio | 47.8k $420.2k | Reduced -217 |
| INDEPENDENT FINANCIAL GROUP, LLC 0.03% of their portfolio | 41.7k $366.9k | Reduced -2.7k |
| MIdWestOne Financial Group, Inc. 0.07% of their portfolio | 36.6k $321.5k | New |
| B. Riley Wealth Advisors, Inc. 0.01% of their portfolio | 36.3k $319.4k | Reduced -1.1k |
| Cetera Investment Advisers 0.00% of their portfolio | 35.0k $308.0k | Added +10.6k |
| STEPHENS INC /AR/ 0.01% of their portfolio | 32.3k $283.9k | Added +1.0k |
| Claybrook Capital, LLC 0.15% of their portfolio | 31.5k $276.5k | Added +12.6k |
| MELFA WEALTH MANAGEMENT, INC. 0.27% of their portfolio | 30.9k $271.4k | Added +58 |
| SCOTIA CAPITAL INC. 0.00% of their portfolio | 28.2k $247.5k | Added +5.5k |
| AVANTAX ADVISORY SERVICES, INC. 0.00% of their portfolio | 27.7k $243.7k | Reduced -13.0k |
| RAYMOND JAMES TRUST N.A. 0.01% of their portfolio | 26.8k $235.0k | Added +10.0k |
| Kestra Advisory Services, LLC 0.00% of their portfolio | 25.9k $228.0k | Reduced -4.9k |
| Raymond James Financial Services Advisors, Inc. 0.00% of their portfolio | 23.5k $206.6k | Reduced -295.4k |
| CSS LLC/IL 0.01% of their portfolio | 22.1k $194.0k | Unchanged |
| Private Advisor Group, LLC 0.00% of their portfolio | 22.1k $193.9k | Added +33 |
| WASHINGTON TRUST Co 0.01% of their portfolio | 18.1k $159.5k | Unchanged |
| Pekin Hardy Strauss, Inc. 0.02% of their portfolio | 17.9k $157.6k | Unchanged |
| Cresset Asset Management, LLC 0.00% of their portfolio | 17.0k $149.4k | Unchanged |
| V Wealth Advisors LLC 0.03% of their portfolio | 16.9k $148.2k | Reduced -266 |
| Keystone Wealth Services, LLC 0.06% of their portfolio | 16.3k $143.6k | Added +364 |
| Samalin Investment Counsel, LLC 0.08% of their portfolio | 15.5k $135.9k | New |
| MML INVESTORS SERVICES, LLC 0.00% of their portfolio | 14.5k $127.0k | Reduced -874 |
| Beacon Financial Advisory LLC 0.08% of their portfolio | 14.3k $125.5k | Reduced -182 |
| CHANNEL WEALTH LLC 0.08% of their portfolio | 14.2k $125.0k | First filing |
| Capital Investment Advisory Services, LLC 0.01% of their portfolio | 13.3k $116.8k | Reduced -453 |
| Jackson Wealth Management, LLC 0.09% of their portfolio | 13.2k $116.4k | Unchanged |
| Advisor Resource Council 0.03% of their portfolio | 12.2k $103.9k | New |
| Koshinski Asset Management, Inc. 0.01% of their portfolio | 11.0k $96.5k | Added +333 |
| Spire Wealth Management 0.00% of their portfolio | 9.5k $83.7k | Added +29 |
| US BANCORP \DE\ 0.00% of their portfolio | 8.3k $73.1k | Unchanged |
| Ahrens Investment Partners LLC 0.03% of their portfolio | 7.5k $65.9k | Reduced -4.7k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 4.2k $37.2k | Reduced -6.4k |
| Advisory Services Network, LLC 0.00% of their portfolio | 4.1k $35.8k | Added +10 |
| IFP Advisors, Inc 0.00% of their portfolio | 3.0k $47.6k | Added +2.4k |
| BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.01% of their portfolio | 2.8k $24.3k | Unchanged |
| SALEM INVESTMENT COUNSELORS INC 0.00% of their portfolio | 2.5k $22.0k | New |
| CREATIVE FINANCIAL DESIGNS INC /ADV 0.00% of their portfolio | 2.4k $20.8k | Unchanged |
| Byrne Asset Management LLC 0.01% of their portfolio | 1.8k $16.0k | Unchanged |
| BESSEMER GROUP INC 0.00% of their portfolio | 1.7k $15.0k | Added +26 |
| Princeton Global Asset Management LLC 0.00% of their portfolio | 1.1k $9.9k | Unchanged |
| Raleigh Capital Management Inc. 0.00% of their portfolio | 950 $8.4k | Added +100 |
| AlphaMark Advisors, LLC 0.00% of their portfolio | 600 $5.0k | Added +200 |
| JNBA Financial Advisors 0.00% of their portfolio | 597 $5.2k | Added +14 |
| Tradewinds Capital Management, LLC 0.00% of their portfolio | 578 $5.1k | Unchanged |
| Ameritas Advisory Services, LLC 0.00% of their portfolio | 506 $4.5k | New |
| Concord Wealth Partners 0.00% of their portfolio | 499 $4.4k | Added +7 |
| Sound Income Strategies, LLC 0.00% of their portfolio | 382 $3.4k | Unchanged |
| Cedar Mountain Advisors, LLC 0.00% of their portfolio | 82 $721 | Unchanged |
| NewEdge Advisors, LLC 0.00% of their portfolio | 7 $61 | Unchanged |
| FMR LLC 0.00% of their portfolio | 2 $18 | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 1 $0 | New |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio | 0 $0 | Unchanged |