Vault-13

HIGHLAND OPPORTUNITIES HFRO

HIGHLAND INCOME · Closed-End Fund · CUSIP 43010E404

93 institutional holders -4 vs Q1 2025
27,573,94727.6m shares reported held*
$143.4mreported value*
9 new 32 added 26 reduced 12 sold out net bought ≈ $6.9m (+1.3m 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 ≈ $5.20.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 95Q4 22: 102Q1 23: 100Q2 23: 98Q3 23: 107Q4 23: 106Q1 24: 108Q2 24: 102Q3 24: 102Q4 24: 113Q1 25: 97Q2 25: 9393Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202295
Q4 2022102
Q1 2023100
Q2 202398
Q3 2023107
Q4 2023106
Q1 2024108
Q2 2024102
Q3 2024102
Q4 2024113
Q1 202597
Q2 202593

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q3 23: 54 bought or addedQ3 23: 33 cut or sold outQ4 23: 53 bought or addedQ4 23: 41 cut or sold outQ4 23Q1 24: 61 bought or addedQ1 24: 42 cut or sold outQ2 24: 54 bought or addedQ2 24: 44 cut or sold outQ2 24Q3 24: 47 bought or addedQ3 24: 46 cut or sold outQ4 24: 42 bought or addedQ4 24: 48 cut or sold outQ4 24Q1 25: 35 bought or addedQ1 25: 65 cut or sold outQ2 25: 41 bought or addedQ2 25: 38 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20235433
Q4 20235341
Q1 20246142
Q2 20245444
Q3 20244746
Q4 20244248
Q1 20253565
Q2 20254138

Biggest buyers

Saba Capital Management, L.P. New +2,271,159+2.3m
ROYAL BANK OF CANADA Added +575,632+575.6k
Verition Fund Management LLC New +262,820+262.8k
LANDSCAPE CAPITAL MANAGEMENT, L.L.C. Added +147,597+147.6k
UBS Group AG Added +97,244+97.2k
Arlington Capital Management, Inc. Added +85,373+85.4k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +45,352+45.4k
Matisse Capital Added +33,613+33.6k
LifeWealth Investments, LLC New +29,250+29.2k
Abel Hall, LLC New +20,000+20.0k

Biggest sellers

Geneos Wealth Management Inc. Reduced -1,060,895-1.1m
RAYMOND JAMES FINANCIAL INC Reduced -256,573-256.6k
NATIONS FINANCIAL GROUP INC, /IA/ /ADV Reduced -212,329-212.3k
CHOREO, LLC Reduced -151,561-151.6k
NWF Advisory Services Inc. Reduced -150,600-150.6k
SFI Advisors, LLC Sold out -81,254-81.3k
Thomas J. Herzfeld Advisors, Inc. Reduced -77,194-77.2k
Yakira Capital Management, Inc. Reduced -59,560-59.6k
Marex Group Ltd Sold out -51,480-51.5k
HighTower Advisors, LLC Reduced -36,696-36.7k

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 Q2 2025

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.

None reported in Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 3,766,7283.8m $19.6m $19.6m 0.01% Reduced -256.6k -256,573
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,480,6373.5m $18.1m $18.1m 0.00% Reduced -31.1k -31,057
3 Thomas J. Herzfeld Advisors, Inc. 4.82% of their portfolio MIAMI BEACH, FL 2,600,1092.6m $13.5m $13.5m 4.82% Reduced -77.2k -77,194
4 Saba Capital Management, L.P. 0.32% of their portfolio NEW YORK, NY 2,271,1592.3m $11.8m $11.8m 0.32% New
5 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,012,0122.0m $10.5m $10.5m 0.00% Added +575.6k +575,632
6 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 1,745,1181.7m $9.1m $9.1m 0.00% Reduced -16.8k -16,759
7 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 1,727,0101.7m $9.0m $9.0m 0.00% Added +2.2k +2,246
8 Geneos Wealth Management Inc. 0.13% of their portfolio ENGLEWOOD, CO 1,007,9891.0m $5.2m $5.2m 0.13% Reduced -1.1m -1,060,895
9 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 939,421939.4k $4.9m $4.9m 0.01% Reduced -9.8k -9,763
10 NEXPOINT ASSET MANAGEMENT, L.P. 0.45% of their portfolio Dallas, TX 918,047918.0k $4.8m $4.8m 0.45% Unchanged
11 LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.28% of their portfolio Englewood, NJ 677,550677.5k $3.5m $3.5m 0.28% Added +147.6k +147,597
12 Matisse Capital 1.52% of their portfolio PORTLAND, OR 617,000617.0k $3.2m $3.2m 1.52% Added +33.6k +33,613
13 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 601,063601.1k $3.1m $3.1m 0.00% Reduced -9.0k -8,955
14 OPPENHEIMER & CO INC 0.03% of their portfolio NEW YORK, NY 466,955467.0k $2.4m $2.4m 0.03% Added +9.6k +9,561
15 Camelot Portfolios, LLC 1.34% of their portfolio Maumee, OH 429,619429.6k $2.2m $2.2m 1.34% Reduced -28.1k -28,079
16 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 339,048339.0k $1.8m $1.8m 0.00% Added +6.6k +6,630
17 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 307,417307.4k $1.6m $1.6m 0.00% Added +2.4k +2,393
18 Verition Fund Management LLC 0.01% of their portfolio GREENWICH, CT 262,820262.8k $1.4m $1.4m 0.01% New
19 PARK AVENUE SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 222,769222.8k $1.2m $1.2m 0.01% Added +1.9k +1,912
20 CHOREO, LLC 0.02% of their portfolio ROCKFORD, IL 211,561211.6k $1.1m $1.1m 0.02% Reduced -151.6k -151,561
21 North Ground Capital 1.32% of their portfolio Cohasset, MA 198,000198.0k $1.0m $1.0m 1.32% Reduced -22.0k -22,000
22 IHT Wealth Management, LLC 0.03% of their portfolio Chicago, IL 192,715192.7k $1.0m $1.0m 0.03% Reduced -14.2k -14,235
23 Arlington Capital Management, Inc. 0.79% of their portfolio ARLINGTON HEIGHTS, IL 175,047175.0k $910.2k $910.2k 0.79% Added +85.4k +85,373
24 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 174,710174.7k $908.5k $908.5k 0.00% Reduced -36.7k -36,696
25 NATIONS FINANCIAL GROUP INC, /IA/ /ADV 0.05% of their portfolio CEDAR RAPIDS, IA 145,986146.0k $759.1k $759.1k 0.05% Reduced -212.3k -212,329
26 Aristides Capital LLC 0.22% of their portfolio LOUISVILLE, KY 133,496133.5k $694.2k $694.2k 0.22% Unchanged
27 UBS Group AG 0.00% of their portfolio ZURICH, V8 129,363129.4k $672.7k $672.7k 0.00% Added +97.2k +97,244
28 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 121,872121.9k $633.7k $633.7k 0.00% Added +4.1k +4,139
29 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 116,349116.3k $605.0k $605.0k 0.00% Unchanged
30 GatePass Capital, LLC 0.40% of their portfolio INDEPENDENCE, OH 116,100116.1k $603.7k $603.7k 0.40% Added +6.3k +6,300
31 AEGON USA Investment Management, LLC 0.41% of their portfolio CEDAR RAPIDS, IA 105,895105.9k $550.7k $550.7k 0.41% Unchanged
32 Samalin Investment Counsel, LLC 0.18% of their portfolio CHAPPAQUA, NY 90,49490.5k $470.6k $470.6k 0.18% Reduced -5.5k -5,519
33 Yakira Capital Management, Inc. 0.17% of their portfolio Westport, CT 89,87589.9k $467.4k $467.4k 0.17% Reduced -59.6k -59,560
34 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.07% of their portfolio BLUE BELL, PA 77,90777.9k $405.1k $405.1k 0.07% Added +15.1k +15,134
35 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 70,71670.7k $367.7k $367.7k 0.00% Added +5.4k +5,424
36 Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio BERWYN, PA 66,96467.0k $348.2k $348.2k 0.00% Added +5.1k +5,112
37 Atria Wealth Solutions, Inc. 0.01% of their portfolio NEW YORK, NY 60,56960.6k $315.0k $315.0k 0.01% Added +5.4k +5,440
38 NWF Advisory Services Inc. 0.03% of their portfolio Los Angeles, CA 55,40055.4k $288.1k $288.1k 0.03% Reduced -150.6k -150,600
39 INTEGRATED CAPITAL MANAGEMENT, INC. 0.22% of their portfolio JESSUP, PA 54,87254.9k $285.3k $285.3k 0.22% Added +1.4k +1,446
40 Ariadne Wealth Management, LP 0.15% of their portfolio SANTA BARBARA, CA 52,86252.9k $318.6k $318.6k 0.15% Added +16 +16
41 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 46,18246.2k $240.1k $240.1k 0.00% Added +4 +4
42 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 45,35245.4k $235.8k $235.8k 0.00% New
43 Mariner, LLC 0.00% of their portfolio Overland Park, KS 39,55639.6k $205.7k $205.7k 0.00% Added +9.5k +9,514
44 MIdWestOne Financial Group, Inc. 0.02% of their portfolio Iowa City, IA 36,57836.6k $190.2k $190.2k 0.02% Unchanged
45 CSS LLC/IL 0.01% of their portfolio CHICAGO, IL 32,51632.5k $169.1k $169.1k 0.01% Unchanged
46 Papamarkou Wellner Asset Management inc. 0.10% of their portfolio NEW YORK, NY 30,00030.0k $156.0k $156.0k 0.10% Unchanged
47 INDEPENDENT FINANCIAL GROUP, LLC 0.00% of their portfolio SAN DIEGO, CA 29,95530.0k $155.8k $155.8k 0.00% Added +1.4k +1,350
48 LifeWealth Investments, LLC 0.03% of their portfolio WINTER GARDEN, FL 29,25029.2k $152.1k $152.1k 0.03% New
49 MELFA WEALTH MANAGEMENT, INC. 0.10% of their portfolio WESTBOROUGH, MA 29,13529.1k $151.5k $151.5k 0.10% Unchanged
50 Kingsview Wealth Management, LLC 0.00% of their portfolio GRANTS PASS, OR 29,09129.1k $151.3k $151.3k 0.00% Added +2.3k +2,300
51 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 28,87528.9k $150.1k $150.1k 0.00% Reduced -1.2k -1,185
52 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 27,12627.1k $141.0k $141.0k 0.00% Added +24 +24
53 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 26,59226.6k $138.3k $138.3k 0.00% Reduced -2.3k -2,312
54 B. Riley Wealth Advisors, Inc. 0.01% of their portfolio MEMPHIS, TN 24,43024.4k $127.0k $127.0k 0.01% Reduced -560 -560
55 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 23,46623.5k $122.0k $122.0k 0.00% Added +396 +396
56 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 22,94622.9k $119.0k $119.0k 0.00% Added +1.8k +1,812
57 Keystone Wealth Services, LLC 0.03% of their portfolio PALM DESERT, CA 20,14720.1k $104.8k $104.8k 0.03% Added +447 +447
58 Abel Hall, LLC 0.05% of their portfolio BATON ROUGE, LA 20,00020.0k $104.0k $104.0k 0.05% New
59 One Charles Private Wealth Services, LLC 0.03% of their portfolio HINGHAM, MA 17,24817.2k $89.7k $89.7k 0.03% Unchanged
60 CHANNEL WEALTH LLC 0.02% of their portfolio SANTA BARBARA, CA 16,72216.7k $87.0k $87.0k 0.02% Unchanged
61 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 16,30816.3k $84.8k $84.8k 0.00% New
62 Sage Capital Management, LLC 0.04% of their portfolio Stockton, NJ 15,12915.1k $78.7k $78.7k 0.04% Reduced -11.0k -11,047
63 U.S. Capital Wealth Advisors, LLC 0.00% of their portfolio AUSTIN, TX 14,82714.8k $77.1k $77.1k 0.00% Unchanged
64 Capital Investment Advisory Services, LLC 0.01% of their portfolio RALEIGH, NC 12,94112.9k $67.3k $67.3k 0.01% Added +2.2k +2,238
65 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 12,74312.7k $66.3k $66.3k 0.00% Reduced -200 -200
66 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 11,68011.7k $60.0k $60.0k 0.00% New
67 Koshinski Asset Management, Inc. 0.00% of their portfolio DECATUR, IL 11,62511.6k $60.5k $60.5k 0.00% Unchanged
68 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 11,49711.5k $59.8k $59.8k 0.00% New
69 Bulldog Investors, LLP 0.01% of their portfolio SADDLE BROOK, NJ 10,71510.7k $55.7k $55.7k 0.01% Reduced -3 -3
70 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 10,48810.5k $54.5k $54.5k 0.00% Reduced -1.6k -1,551
71 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,4976.5k $33.8k $33.8k 0.00% Added +6.5k +6,496
72 COMERICA BANK 0.00% of their portfolio DALLAS, TX 6,4206.4k $33.4k $33.4k 0.00% Reduced -32 -32
73 Legacy Investment Solutions, LLC 0.01% of their portfolio BOISE, ID 5,2705.3k $27.4k $27.4k 0.01% First filing
74 Legacy Wealth Managment, LLC/ID 0.01% of their portfolio BOISE, ID 5,2705.3k $27.4k $27.4k 0.01% Unchanged
75 Spire Wealth Management 0.00% of their portfolio MCLEAN, VA 3,0003.0k $15.6k $15.6k 0.00% Unchanged
76 CREATIVE FINANCIAL DESIGNS INC /ADV 0.00% of their portfolio KOKOMO, IN 2,3632.4k $12.3k $12.3k 0.00% Unchanged
77 Byrne Asset Management LLC 0.01% of their portfolio KINGSTON, NJ 1,8001.8k $9.4k $9.4k 0.01% Unchanged
78 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 1,7751.8k $9.2k $9.2k 0.00% Added +1 +1
79 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 1,2611.3k $6.6k $6.6k 0.00% Unchanged
80 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 1,1661.2k $6.1k $6.1k 0.00% Added +8 +8
81 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 1,0001.0k $5.2k $5.2k 0.00% New
82 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 404404 $2.1k $2.1k 0.00% Added +8 +8
83 Sound Income Strategies, LLC 0.00% of their portfolio FT LAUDERDALE, FL 382382 $2.0k $2.0k 0.00% Unchanged
84 CALDWELL SUTTER CAPITAL, INC. 0.00% of their portfolio SAUSALITO, CA 285285 $1.5k $1.5k 0.00% Unchanged
85 PRINCIPAL SECURITIES, INC. 0.00% of their portfolio DES MOINES, IA 168168 $874 $874 0.00% Unchanged
86 Inlight Wealth Management, LLC 0.00% of their portfolio ATLANTA, GA 160160 $832 $832 0.00% Reduced -511 -511
87 Mountain Hill Investment Partners Corp. 0.00% of their portfolio ATLANTIC HIGHLANDS, NJ 118118 $615 $615 0.00% Added +2 +2
88 CWM, LLC 0.00% of their portfolio OMAHA, NE 9999 $1.0k $1.0k 0.00% Unchanged
89 Cedar Mountain Advisors, LLC 0.00% of their portfolio LAKE OSWEGO, OR 8282 $426 $426 0.00% Unchanged
90 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 5959 $307 $307 0.00% Unchanged
91 FMR LLC 0.00% of their portfolio BOSTON, MA 2323 $120 $120 0.00% Reduced -5 -5
92 AdvisorNet Financial, Inc 0.00% of their portfolio MINNETONKA, MN 11 $7 $7 0.00% Unchanged
93 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged