Vault-13

HIGHLAND OPPORTUNITIES HFRO

HIGHLAND INCOME · Closed-End Fund · CUSIP 43010E404

106 institutional holders -1 vs Q3 2023
30,406,24530.4m shares reported held*
$233.6mreported value*
11 new 42 added 27 reduced 14 sold out net bought ≈ $42.4m (+5.5m 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 ≈ $7.68.

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 95Q4 22: 102Q1 23: 100Q2 23: 98Q3 23: 107Q4 23: 106106Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 202295
Q4 2022102
Q1 2023100
Q2 202398
Q3 2023107
Q4 2023106

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q4 22: 52 bought or addedQ4 22: 35 cut or sold outQ4 22Q1 23: 49 bought or addedQ1 23: 42 cut or sold outQ1 23Q2 23: 46 bought or addedQ2 23: 41 cut or sold outQ2 23Q3 23: 54 bought or addedQ3 23: 33 cut or sold outQ3 23Q4 23: 53 bought or addedQ4 23: 41 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 20225235
Q1 20234942
Q2 20234641
Q3 20235433
Q4 20235341

Biggest buyers

MORGAN STANLEY Added +4,608,866+4.6m
RAYMOND JAMES & ASSOCIATES Added +590,402+590.4k
ENVESTNET ASSET MANAGEMENT INC Added +432,353+432.4k
Advisor Resource Council New +221,064+221.1k
Camelot Portfolios, LLC Added +168,844+168.8k
Thomas J. Herzfeld Advisors, Inc. Added +152,421+152.4k
LANDSCAPE CAPITAL MANAGEMENT, L.L.C. Added +118,094+118.1k
Matisse Capital Added +115,000+115.0k
Creative Planning New +105,714+105.7k
Cambridge Investment Research Advisors, Inc. Added +88,941+88.9k

Biggest sellers

Atlas Wealth LLC Sold out -879,966-880.0k
OSAIC HOLDINGS, INC. Reduced -134,334-134.3k
ROYAL BANK OF CANADA Reduced -67,698-67.7k
Arlington Capital Management, Inc. Sold out -51,261-51.3k
LPL Financial LLC Reduced -45,223-45.2k
ICON ADVISERS INC/CO Reduced -43,700-43.7k
Bulldog Investors, LLP Reduced -41,864-41.9k
Aristides Capital LLC Reduced -30,000-30.0k
WELLS FARGO & COMPANY/MN Reduced -21,956-22.0k
Geneos Wealth Management Inc. Reduced -21,128-21.1k

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.

HolderStakeChangeShares Last filed
Saba Capital Management, L.P. 13D · may seek influence +1.1 pts · filed 2026-06-04
Stated purposeNot Applicable. Full filing
 10.5% +1.1 pts 5.8m≈ $41.3m 2026-06-04
DONDERO JAMES D 13D · may seek influence +1.1 pts · filed 2026-07-29 9.6% +1.1 pts 5.2m≈ $37.2m 2026-07-29
MORGAN STANLEY 13G · institution -1.2 pts · filed 2026-02-11 5.1% -1.2 pts 2.8m≈ $20.1m 2026-02-11
Thomas J. Herzfeld Advisors, Inc. 13G · institution new · filed 2025-10-29 5.0% new 2.8m≈ $19.9m 2025-10-29

Insider purchases and sales in Q4 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
101Q1 22: 0 buyingQ1 22: 0 sellingQ2 22: 0 buyingQ2 22: 0 sellingQ2 22Q3 22: 0 buyingQ3 22: 0 sellingQ4 22: 0 buyingQ4 22: 1 sellingQ4 22Q1 23: 0 buyingQ1 23: 0 sellingQ2 23: 0 buyingQ2 23: 0 sellingQ2 23Q3 23: 0 buyingQ3 23: 0 sellingQ4 23: 0 buyingQ4 23: 0 sellingQ4 23
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q1 20220—0——
Q2 20220—0——
Q3 20220—0——
Q4 20220—1$8.6k—
Q1 20230—0——
Q2 20230—0——
Q3 20230—0——
Q4 20230—0——

None reported in Q4 2023.

Holders, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 9,028,7109.0m $69.4m $69.4m 0.00% Added +4.6m +4,608,866
2 Thomas J. Herzfeld Advisors, Inc. 8.54% of their portfolio MIAMI BEACH, FL 3,024,0923.0m $23.3m $23.3m 8.54% Added +152.4k +152,421
3 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,843,4671.8m $14.2m $14.2m 0.00% Reduced -67.7k -67,698
4 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 1,443,3501.4m $11.1m $11.1m 0.01% Reduced -45.2k -45,223
5 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 1,393,2581.4m $10.7m $10.7m 0.00% Added +432.4k +432,353
6 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 1,234,6641.2m $9.5m $9.5m 0.00% Reduced -20.5k -20,480
7 RAYMOND JAMES & ASSOCIATES 0.01% of their portfolio ST PETERSBURG, FL 1,055,1281.1m $8.1m $8.1m 0.01% Added +590.4k +590,402
8 Penserra Capital Management LLC 0.14% of their portfolio ORINDA, CA 984,333984.3k $7.6m $7.6m 0.14% Added +68.1k +68,125
9 NEXPOINT ASSET MANAGEMENT, L.P. 1.07% of their portfolio Dallas, TX 918,047918.0k $7.1m $7.1m 1.07% Unchanged
10 OPPENHEIMER & CO INC 0.10% of their portfolio NEW YORK, NY 674,116674.1k $5.2m $5.2m 0.10% Added +1.7k +1,712
11 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 624,905624.9k $4.8m $4.8m 0.02% Added +88.9k +88,941
12 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 578,293578.3k $4.4m $4.4m 0.01% Added +41.5k +41,539
13 Camelot Portfolios, LLC 2.49% of their portfolio Maumee, OH 548,053548.1k $4.2m $4.2m 2.49% Added +168.8k +168,844
14 IHT Wealth Management, LLC 0.17% of their portfolio Chicago, IL 509,630509.6k $3.9m $3.9m 0.17% Added +10.4k +10,420
15 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 458,043458.0k $3.5m $3.5m 0.00% Reduced -22.0k -21,956
16 LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.27% of their portfolio Englewood, NJ 397,800397.8k $3.1m $3.1m 0.27% Added +118.1k +118,094
17 Geneos Wealth Management Inc. 0.15% of their portfolio ENGLEWOOD, CO 385,175385.2k $3.0m $3.0m 0.15% Reduced -21.1k -21,128
18 NATIONS FINANCIAL GROUP INC, /IA/ /ADV 0.27% of their portfolio CEDAR RAPIDS, IA 380,882380.9k $2.9m $2.9m 0.27% Added +5.4k +5,352
19 Amundi 0.00% of their portfolio Paris, I0 367,181367.2k $2.6m $2.6m 0.00% Unchanged
20 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 342,067342.1k $2.6m $2.6m 0.00% Added +17.2k +17,190
21 Bulldog Investors, LLP 0.78% of their portfolio SADDLE BROOK, NJ 310,059310.1k $2.4m $2.4m 0.78% Reduced -41.9k -41,864
22 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 285,341285.3k $2.2m $2.2m 0.00% Reduced -134.3k -134,334
23 Matisse Capital 1.17% of their portfolio PORTLAND, OR 285,000285.0k $2.2m $2.2m 1.17% Added +115.0k +115,000
24 Advisor Resource Council 0.20% of their portfolio DALLAS, TX 221,064221.1k $1.7m $1.7m 0.20% New
25 AQR Arbitrage LLC 0.07% of their portfolio Greenwich, CT 212,709212.7k $1.6m $1.6m 0.07% Added +22.2k +22,181
26 BOKF, NA 0.03% of their portfolio TULSA, OK 204,628204.6k $1.6m $1.6m 0.03% Unchanged
27 Sage Capital Management, LLC 0.79% of their portfolio Stockton, NJ 170,712170.7k $1.3m $1.3m 0.79% First filing
28 PARK AVENUE SECURITIES LLC 0.02% of their portfolio NEW YORK, NY 150,400150.4k $1.2m $1.2m 0.02% Added +20.0k +19,980
29 Aristides Capital LLC 0.52% of their portfolio LOUISVILLE, KY 134,616134.6k $1.0m $1.0m 0.52% Reduced -30.0k -30,000
30 ICON ADVISERS INC/CO 0.23% of their portfolio GREENWOOD VILLAGE, CO 128,733128.7k $990.0k $990.0k 0.23% Reduced -43.7k -43,700
31 Marks Group Wealth Management, Inc 0.10% of their portfolio MINNETONKA, MN 118,805118.8k $913.6k $913.6k 0.10% Unchanged
32 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 105,714105.7k $812.9k $812.9k 0.00% New
33 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 99,955100.0k $769.0k $769.0k 0.00% Added +3.4k +3,395
34 PREVAIL INNOVATIVE WEALTH ADVISORS, LLC 0.35% of their portfolio LEAWOOD, KS 94,07994.1k $723.5k $723.5k 0.35% Added +35.9k +35,891
35 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 88,25388.3k $678.7k $678.7k 0.00% Reduced -2.9k -2,945
36 Arete Wealth Advisors, LLC 0.05% of their portfolio CHICAGO, IL 87,61387.6k $673.7k $673.7k 0.05% Reduced -6.9k -6,947
37 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 84,17984.2k $647.3k $647.3k 0.00% Unchanged
38 Kingsview Wealth Management, LLC 0.02% of their portfolio GRANTS PASS, OR 83,22383.2k $640.0k $640.0k 0.02% Reduced -2.9k -2,914
39 NWF Advisory Services Inc. 0.12% of their portfolio Los Angeles, CA 81,40081.4k $626.0k $626.0k 0.12% Reduced -7.7k -7,700
40 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 70,77570.8k $544.3k $544.3k 0.00% Added +2.4k +2,361
41 Samalin Investment Counsel, LLC 0.20% of their portfolio CHAPPAQUA, NY 51,46351.5k $395.8k $395.8k 0.20% Added +18.5k +18,512
42 KNIGHTSBRIDGE ASSET MANAGEMENT, LLC 0.11% of their portfolio NEWPORT BEACH, CA 50,55950.6k $388.8k $388.8k 0.11% Added +1.5k +1,485
43 INDEPENDENT FINANCIAL GROUP, LLC 0.02% of their portfolio SAN DIEGO, CA 46,56846.6k $358.1k $358.1k 0.02% Added +7.0k +7,025
44 SFI Advisors, LLC 0.30% of their portfolio Montclair, NJ 45,04645.0k $346.4k $346.4k 0.30% Added +18.7k +18,706
45 LYNX CAPITAL GROUP LTD /ADV 0.25% of their portfolio BEACHWOOD, OH 44,16644.2k $339.6k $339.6k 0.25% First filing
46 Marathon Trading Investment Management LLC 0.06% of their portfolio RADNOR, PA 42,50042.5k $326.8k $326.8k 0.06% New
47 Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio BERWYN, PA 40,98141.0k $315.1k $315.1k 0.00% Added +10.0k +10,033
48 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 40,86340.9k $314.2k $314.2k 0.00% Reduced -4.0k -4,041
49 Lido Advisors, LLC 0.00% of their portfolio Los Angeles, CA 40,31840.3k $310.0k $310.0k 0.00% New
50 Atria Wealth Solutions, Inc. 0.00% of their portfolio NEW YORK, NY 39,25839.3k $301.9k $301.9k 0.00% Added +12.9k +12,933
51 MIdWestOne Financial Group, Inc. 0.05% of their portfolio Iowa City, IA 36,57836.6k $281.3k $281.3k 0.05% New
52 B. Riley Wealth Advisors, Inc. 0.01% of their portfolio MEMPHIS, TN 33,20833.2k $255.4k $255.4k 0.01% Unchanged
53 RAYMOND JAMES TRUST N.A. 0.01% of their portfolio ST. PETERSBURG, FL 32,66232.7k $251.2k $251.2k 0.01% Unchanged
54 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 32,08632.1k $246.7k $246.7k 0.00% Unchanged
55 MELFA WEALTH MANAGEMENT, INC. 0.23% of their portfolio WESTBOROUGH, MA 31,84931.8k $244.9k $244.9k 0.23% Added +78 +78
56 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 31,41931.4k $241.6k $241.6k 0.00% Reduced -5.9k -5,891
57 AVANTAX ADVISORY SERVICES, INC. 0.00% of their portfolio DALLAS, TX 31,35531.4k $241.1k $241.1k 0.00% Added +173 +173
58 UBS Group AG 0.00% of their portfolio ZURICH, V8 29,23129.2k $224.8k $224.8k 0.00% Reduced -339 -339
59 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 28,74928.7k $221.1k $221.1k 0.00% Reduced -5.9k -5,852
60 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 27,72927.7k $213.2k $213.2k 0.00% Added +2.6k +2,579
61 MONECO ADVISORS, LLC 0.04% of their portfolio FAIRFIELD, CT 27,49127.5k $211.4k $211.4k 0.04% Reduced -17.4k -17,420
62 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 27,47927.5k $211.3k $211.3k 0.00% Added +2.5k +2,488
63 SCOTIA CAPITAL INC. 0.00% of their portfolio TORONTO, A6 26,79626.8k $206.0k $206.0k 0.00% Reduced -9.5k -9,526
64 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 25,28725.3k $194.5k $194.5k 0.00% Added +4.4k +4,424
65 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 25,16625.2k $193.5k $193.5k 0.00% Reduced -3.7k -3,732
66 INTEGRATED CAPITAL MANAGEMENT, INC. 0.14% of their portfolio JESSUP, PA 22,20022.2k $170.7k $170.7k 0.14% Added +496 +496
67 CSS LLC/IL 0.01% of their portfolio CHICAGO, IL 22,07222.1k $169.7k $169.7k 0.01% Unchanged
68 Catalina Capital Group, LLC 0.11% of their portfolio Torrance, CA 18,55218.6k $142.7k $142.7k 0.11% First filing
69 Keystone Wealth Services, LLC 0.05% of their portfolio PALM DESERT, CA 17,72617.7k $136.3k $136.3k 0.05% Added +509 +509
70 CTC Alternative Strategies, Ltd. 0.28% of their portfolio CHICAGO, IL 17,62417.6k $135.5k $135.5k 0.28% New
71 CHANNEL WEALTH LLC 0.06% of their portfolio SANTA BARBARA, CA 17,50517.5k $134.6k $134.6k 0.06% Added +1.0k +1,000
72 One Charles Private Wealth Services, LLC 0.07% of their portfolio HINGHAM, MA 17,24817.2k $132.6k $132.6k 0.07% Unchanged
73 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 17,00017.0k $130.7k $130.7k 0.00% Unchanged
74 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 15,91315.9k $122.0k $122.0k 0.00% Reduced -65 -65
75 Beacon Financial Advisory LLC 0.06% of their portfolio CLEVELAND, OH 15,48215.5k $119.1k $119.1k 0.06% Added +410 +410
76 Verition Fund Management LLC 0.00% of their portfolio GREENWICH, CT 15,00015.0k $115.3k $115.3k 0.00% Unchanged
77 Pekin Hardy Strauss, Inc. 0.02% of their portfolio CHICAGO, IL 14,60214.6k $112.3k $112.3k 0.02% Reduced -3.3k -3,331
78 Jackson Wealth Management, LLC 0.01% of their portfolio LAKE MARY, FL 13,23713.2k $102.0k $102.0k 0.01% Unchanged
79 Capital Investment Advisory Services, LLC 0.01% of their portfolio RALEIGH, NC 13,16813.2k $101.3k $101.3k 0.01% Added +986 +986
80 COMERICA BANK 0.00% of their portfolio DALLAS, TX 13,14613.1k $101.1k $101.1k 0.00% Reduced -802 -802
81 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 10,98811.0k $84.5k $84.5k 0.00% Reduced -1.8k -1,755
82 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 10,95010.9k $84.2k $84.2k 0.00% New
83 Spire Wealth Management 0.00% of their portfolio MCLEAN, VA 7,7587.8k $57.9k $57.9k 0.00% Reduced -1.8k -1,829
84 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 4,4034.4k $33.9k $33.9k 0.00% New
85 PRINCIPAL SECURITIES, INC. 0.00% of their portfolio DES MOINES, IA 4,1084.1k $31.6k $31.6k 0.00% First filing
86 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 2,5892.6k $19.9k $19.9k 0.00% New
87 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.00% of their portfolio BLUE BELL, PA 2,3692.4k $18.2k $18.2k 0.00% Reduced -395 -395
88 CREATIVE FINANCIAL DESIGNS INC /ADV 0.00% of their portfolio KOKOMO, IN 2,3632.4k $18.2k $18.2k 0.00% Unchanged
89 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,3392.3k $18.0k $18.0k 0.00% Unchanged
90 Byrne Asset Management LLC 0.01% of their portfolio KINGSTON, NJ 1,8001.8k $13.7k $13.7k 0.01% Unchanged
91 AlphaMark Advisors, LLC 0.01% of their portfolio FT. WRIGHT, KY 1,7921.8k $14.0k $14.0k 0.01% Added +51 +51
92 BESSEMER GROUP INC 0.00% of their portfolio WOODBRIDGE, NJ 1,5401.5k $12.0k $12.0k 0.00% Added +50 +50
93 Raleigh Capital Management Inc. 0.00% of their portfolio CARY, NC 1,1001.1k $8.5k $8.5k 0.00% Added +500 +500
94 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 1,0511.1k $8.1k $8.1k 0.00% Added +31 +31
95 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 811811 $6.2k $6.2k 0.00% Added +804 +804
96 JNBA Financial Advisors 0.00% of their portfolio BLOOMINGTON, MN 642642 $4.9k $4.9k 0.00% Added +18 +18
97 Concord Wealth Partners 0.00% of their portfolio ABINGDON, VA 543543 $4.2k $4.2k 0.00% Added +16 +16
98 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 459459 $3.5k $3.5k 0.00% Reduced -1.0k -1,020
99 Sound Income Strategies, LLC 0.00% of their portfolio FT LAUDERDALE, FL 382382 $2.9k $2.9k 0.00% Unchanged
100 CALDWELL SUTTER CAPITAL, INC. 0.00% of their portfolio SAUSALITO, CA 285285 $2.2k $2.2k 0.00% Unchanged