HIGHLAND OPPORTUNITIES HFRO
HIGHLAND INCOME · Closed-End Fund · CUSIP 43010E404
* 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 ≈ $7.13.
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 95 |
| Q4 2022 | 102 |
| Q1 2023 | 100 |
| Q2 2023 | 98 |
| Q3 2023 | 107 |
| Q4 2023 | 106 |
| Q1 2024 | 108 |
| Q2 2024 | 102 |
| Q3 2024 | 102 |
| Q4 2024 | 113 |
| Q1 2025 | 97 |
| Q2 2025 | 93 |
| Q3 2025 | 94 |
| Q4 2025 | 105 |
| Q1 2026 | 95 |
| Q2 2026 | 92 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 47 | 46 |
| Q4 2024 | 42 | 48 |
| Q1 2025 | 35 | 65 |
| Q2 2025 | 41 | 38 |
| Q3 2025 | 36 | 43 |
| Q4 2025 | 40 | 41 |
| Q1 2026 | 35 | 43 |
| Q2 2026 | 38 | 43 |
Biggest buyers
| Atlas Wealth LLC | New | +1.0m |
| Cambridge Investment Research Advisors, Inc. | Added | +923.5k |
| Saba Capital Management, L.P. | Added | +829.0k |
| NEXPOINT ASSET MANAGEMENT, L.P. | Added | +470.4k |
| GRATIA CAPITAL, LLC | New | +124.7k |
| OPPENHEIMER & CO INC | Added | +72.0k |
| RAYMOND JAMES FINANCIAL INC | Added | +58.6k |
| Financial Solutions Advisory Group, Inc. | New | +44.7k |
| Altium Capital Management LLC | Added | +40.0k |
| BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC | Added | +37.1k |
Biggest sellers
| Invesco Ltd. | Reduced | -247.6k |
| Marex Group Ltd | Sold out | -205.0k |
| Concorde Asset Management, LLC | Sold out | -166.2k |
| Arlington Capital Management, Inc. | Sold out | -154.3k |
| Geneos Wealth Management Inc. | Reduced | -147.3k |
| ROYAL BANK OF CANADA | Reduced | -86.8k |
| HARBOUR INVESTMENTS, INC. | Reduced | -77.1k |
| MORGAN STANLEY | Reduced | -56.6k |
| Thomas J. Herzfeld Advisors, Inc. | Reduced | -39.2k |
| AEGON USA Investment Management, LLC | Reduced | -31.8k |
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 since 1 Apr 2026
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.
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-06-09 | Saba Capital Management, L.P. 10% owner | Bought | $850.3k123.6k shares |
| 2026-06-05 | Saba Capital Management, L.P. 10% owner | Bought | $45.2k6.8k shares |
| 2026-06-04 | Saba Capital Management, L.P. 10% owner | Bought | $121.3k18.0k shares |
| 2026-06-03 | Saba Capital Management, L.P. 10% owner | Bought | $189.4k28.4k shares |
| 2026-06-02 | Saba Capital Management, L.P. 10% owner | Bought | $525.7k78.3k shares |
| 2026-06-01 | Saba Capital Management, L.P. 10% owner | Bought | $36.2k5.5k shares |
| 2026-05-29 | Saba Capital Management, L.P. 10% owner | Bought | $209.1k31.9k shares |
| 2026-05-28 | Saba Capital Management, L.P. 10% owner | Bought | $64.8k10.0k shares |
| 2026-05-26 | Saba Capital Management, L.P. 10% owner | Bought | $99.4k15.9k shares |
| 2026-05-21 | Saba Capital Management, L.P. 10% owner | Bought | $128.1k20.5k shares |
| 2026-05-20 | Saba Capital Management, L.P. 10% owner | Bought | $252.9k40.6k shares |
| 2026-05-19 | Saba Capital Management, L.P. 10% owner | Bought | $138.3k22.4k shares |
| 2026-05-18 | Saba Capital Management, L.P. 10% owner | Bought | $99.5k16.1k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| Saba Capital Management, L.P. 1.30% of their portfolio | 6.0m $42.6m | Added +829.0k |
| NEXPOINT ASSET MANAGEMENT, L.P. 2.19% of their portfolio | 4.6m $32.8m | Added +470.4k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 4.0m $28.4m | Added +58.6k |
| Thomas J. Herzfeld Advisors, Inc. 5.86% of their portfolio | 2.7m $19.1m | Reduced -39.2k |
| MORGAN STANLEY 0.00% of their portfolio | 2.5m $17.7m | Reduced -56.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 2.2m $15.6m | Added +36.1k |
| Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio | 1.9m $13.5m | Added +923.5k |
| Invesco Ltd. 0.00% of their portfolio | 1.2m $8.3m | Reduced -247.6k |
| Atlas Wealth LLC 1.05% of their portfolio | 1.0m $7.4m | New |
| Matisse Capital 1.76% of their portfolio | 617.0k $4.4m | Unchanged |
| LPL Financial LLC 0.00% of their portfolio | 615.1k $4.4m | Reduced -7.6k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 544.4k $3.9m | Reduced -86.8k |
| OPPENHEIMER & CO INC 0.04% of their portfolio | 532.3k $3.8m | Added +72.0k |
| Geneos Wealth Management Inc. 0.08% of their portfolio | 525.5k $3.7m | Reduced -147.3k |
| Altium Capital Management LLC 4.76% of their portfolio | 317.1k $2.3m | Added +40.0k |
| Camelot Portfolios, LLC 1.57% of their portfolio | 310.0k $2.2m | Reduced -7.0k |
| Closed-End Fund Advisors, Inc. 1.65% of their portfolio | 237.1k $1.7m | Added +1.7k |
| CHOREO, LLC 0.02% of their portfolio | 206.1k $1.5m | Reduced -11.8k |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.08% of their portfolio | 181.4k $1.3m | Unchanged |
| PARK AVENUE SECURITIES LLC 0.01% of their portfolio | 176.3k $1.3m | Reduced -5.4k |
| BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.16% of their portfolio | 176.3k $1.3m | Added +37.1k |
| NewEdge Advisors, LLC 0.00% of their portfolio | 173.1k $1.2m | Added +6.7k |
| Aristides Capital LLC 0.26% of their portfolio | 143.7k $1.0m | Added +5.6k |
| IHT Wealth Management, LLC 0.02% of their portfolio | 137.4k $979.7k | Reduced -3.2k |
| GRATIA CAPITAL, LLC 1.02% of their portfolio | 124.7k $889.3k | New |
| NATIONS FINANCIAL GROUP INC, /IA/ /ADV 0.04% of their portfolio | 122.3k $872.1k | Unchanged |
| HighTower Advisors, LLC 0.00% of their portfolio | 109.9k $783.6k | Reduced -4.1k |
| Baird Financial Group, Inc. 0.00% of their portfolio | 95.8k $683.1k | Reduced -17.9k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 95.5k $681.2k | Reduced -15.0k |
| Calamos Advisors LLC 0.00% of their portfolio | 80.2k $571.8k | Added +5.3k |
| GILPIN WEALTH MANAGEMENT, LLC 0.38% of their portfolio | 76.5k $545.8k | Reduced -15.1k |
| Creative Planning 0.00% of their portfolio | 68.6k $488.8k | Added +4 |
| HARBOUR INVESTMENTS, INC. 0.01% of their portfolio | 65.1k $464.3k | Reduced -77.1k |
| Samalin Investment Counsel, LLC 0.13% of their portfolio | 56.0k $399.3k | Reduced -21.4k |
| Ariadne Wealth Management, LP 0.17% of their portfolio | 52.9k $377.3k | Added +14 |
| Cetera Investment Advisers 0.00% of their portfolio | 51.0k $363.4k | Reduced -147 |
| XTX Topco Ltd 0.00% of their portfolio | 48.6k $346.3k | Added +28.6k |
| AEGON USA Investment Management, LLC 0.24% of their portfolio | 47.6k $339.5k | Reduced -31.8k |
| Financial Solutions Advisory Group, Inc. 0.04% of their portfolio | 44.7k $341.3k | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 43.4k $309.6k | Added +6.2k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 40.7k $289.9k | Added +8.1k |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 35.8k $255.5k | Unchanged |
| CSS LLC/IL 0.01% of their portfolio | 32.5k $231.8k | Unchanged |
| Abel Hall, LLC 0.04% of their portfolio | 30.0k $213.9k | Unchanged |
| Papamarkou Wellner Asset Management inc. 0.13% of their portfolio | 30.0k $213.9k | Reduced -15.0k |
| UBS Group AG 0.00% of their portfolio | 29.9k $213.5k | Added +11.3k |
| INTEGRATED CAPITAL MANAGEMENT, INC. 0.15% of their portfolio | 29.3k $208.8k | Reduced -4.7k |
| EVOLVE PRIVATE WEALTH, LLC 0.01% of their portfolio | 28.9k $206.0k | Reduced -2.3k |
| INDEPENDENT FINANCIAL GROUP, LLC 0.00% of their portfolio | 28.9k $205.9k | Added +251 |
| B. Riley Wealth Advisors, Inc. 0.01% of their portfolio | 25.8k $186.9k | Added +4.3k |
| Mariner, LLC 0.00% of their portfolio | 25.1k $179.0k | Reduced -5.1k |
| North Ground Capital 0.21% of their portfolio | 24.7k $176.3k | Added +2.6k |
| MELFA WEALTH MANAGEMENT, INC. 0.07% of their portfolio | 18.9k $134.4k | Reduced -10.3k |
| MML INVESTORS SERVICES, LLC 0.00% of their portfolio | 18.7k $133.2k | Added +2.4k |
| One Charles Private Wealth Services, LLC 0.03% of their portfolio | 17.2k $123.0k | Unchanged |
| Kestra Advisory Services, LLC 0.00% of their portfolio | 15.6k $111.2k | Reduced -19.7k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 15.1k $108.0k | New |
| NOMURA HOLDINGS INC 0.00% of their portfolio | 15.0k $107.0k | New |
| Keystone Wealth Services, LLC 0.02% of their portfolio | 14.7k $104.8k | Reduced -6.6k |
| Capital Investment Advisory Services, LLC 0.01% of their portfolio | 13.1k $93.2k | Added +200 |
| Diversify Advisory Services, LLC 0.00% of their portfolio | 13.0k $94.7k | New |
| DIVERSIFY WEALTH MANAGEMENT, LLC 0.00% of their portfolio | 13.0k $94.7k | New |
| STEPHENS INC /AR/ 0.00% of their portfolio | 12.7k $90.9k | Unchanged |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 12.7k $90.5k | Added +163 |
| Koshinski Asset Management, Inc. 0.00% of their portfolio | 11.6k $82.9k | Unchanged |
| Janney Montgomery Scott LLC 0.00% of their portfolio | 11.5k $82.0k | Reduced -8.7k |
| Bulldog Investors, LLP 0.02% of their portfolio | 10.7k $76.4k | Unchanged |
| Post Resch Tallon Group Inc. 0.05% of their portfolio | 10.5k $74.8k | New |
| K2 PRINCIPAL FUND, L.P. 0.01% of their portfolio | 10.0k $71.5k | Unchanged |
| Rockefeller Capital Management L.P. 0.00% of their portfolio | 9.4k $66.9k | Added +487 |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 6.9k $49.3k | New |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 6.5k $46.4k | Reduced -1.3k |
| FIFTH THIRD BANCORP 0.00% of their portfolio | 6.2k $43.9k | Unchanged |
| Arax Advisory Partners 0.00% of their portfolio | 5.0k $36.0k | New |
| IFP Advisors, Inc 0.00% of their portfolio | 3.8k $27.4k | Reduced -172 |
| Basepoint Wealth LLC 0.01% of their portfolio | 3.7k $26.2k | Unchanged |
| Triumph Capital Management 0.00% of their portfolio | 3.3k $23.5k | Added +700 |
| Byrne Asset Management LLC 0.01% of their portfolio | 1.8k $12.8k | Unchanged |
| Steward Partners Investment Advisory, LLC 0.00% of their portfolio | 1.3k $9.0k | Unchanged |
| Spire Wealth Management 0.00% of their portfolio | 500 $3.6k | Unchanged |
| HIGHLINE WEALTH PARTNERS LLC 0.00% of their portfolio | 414 $3.0k | Reduced -56 |
| CALDWELL SUTTER CAPITAL, INC. 0.00% of their portfolio | 285 $2.0k | Unchanged |
| GABLES CAPITAL MANAGEMENT INC. 0.00% of their portfolio | 269 $1.9k | Unchanged |
| ASSETMARK, INC 0.00% of their portfolio | 226 $1.6k | New |
| SHP Wealth Management 0.00% of their portfolio | 211 $1.5k | Unchanged |
| Cedar Mountain Advisors, LLC 0.00% of their portfolio | 82 $585 | Unchanged |
| Sunrise Financial Services, LLC 0.00% of their portfolio | 70 $499 | Unchanged |
| FMR LLC 0.00% of their portfolio | 23 $164 | Unchanged |
| Strategic Wealth Partners, Ltd. 0.00% of their portfolio | 6 $43 | Unchanged |
| Vision Retirement, LLC 0.00% of their portfolio | 3 $19 | Unchanged |
| AdvisorNet Financial, Inc 0.00% of their portfolio | 2 $11 | Added +1 |
| Kilter Group LLC 0.00% of their portfolio | 1 $5 | Reduced -2.2k |