Vault-13

HIGHLAND OPPORTUNITIES HFRO

HIGHLAND INCOME · Closed-End Fund · CUSIP 43010E404

92 institutional holders -3 vs Q1 2026
32,705,87232.7m shares reported held*
$233.2mreported value*
11 new 27 added 30 reduced 13 sold out net bought ≈ $17.0m (+2.4m 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 ≈ $7.13.

Trends to Q2 2026

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: 93Q3 25: 94Q4 25: 105Q1 26: 95Q2 26: 9292Q3 22Q3 23Q3 24Q3 25Q2 26
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
Q3 202594
Q4 2025105
Q1 202695
Q2 202692

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q3 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 25Q3 25: 36 bought or addedQ3 25: 43 cut or sold outQ4 25: 40 bought or addedQ4 25: 41 cut or sold outQ4 25Q1 26: 35 bought or addedQ1 26: 43 cut or sold outQ2 26: 38 bought or addedQ2 26: 43 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20244746
Q4 20244248
Q1 20253565
Q2 20254138
Q3 20253643
Q4 20254041
Q1 20263543
Q2 20263843

Biggest buyers

Atlas Wealth LLC New +1,030,976+1.0m
Cambridge Investment Research Advisors, Inc. Added +923,507+923.5k
Saba Capital Management, L.P. Added +828,967+829.0k
NEXPOINT ASSET MANAGEMENT, L.P. Added +470,400+470.4k
GRATIA CAPITAL, LLC New +124,725+124.7k
OPPENHEIMER & CO INC Added +72,042+72.0k
RAYMOND JAMES FINANCIAL INC Added +58,645+58.6k
Financial Solutions Advisory Group, Inc. New +44,734+44.7k
Altium Capital Management LLC Added +39,987+40.0k
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC Added +37,061+37.1k

Biggest sellers

Invesco Ltd. Reduced -247,603-247.6k
Marex Group Ltd Sold out -205,000-205.0k
Concorde Asset Management, LLC Sold out -166,190-166.2k
Arlington Capital Management, Inc. Sold out -154,306-154.3k
Geneos Wealth Management Inc. Reduced -147,262-147.3k
ROYAL BANK OF CANADA Reduced -86,832-86.8k
HARBOUR INVESTMENTS, INC. Reduced -77,123-77.1k
MORGAN STANLEY Reduced -56,567-56.6k
Thomas J. Herzfeld Advisors, Inc. Reduced -39,187-39.2k
AEGON USA Investment Management, LLC Reduced -31,812-31.8k

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.

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 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.

DateInsiderTradeSharesPrice ValueTheir holding
2026-06-09 Saba Capital Management, L.P. 10% owner Bought 123,589 $6.88 $850.3k123.6k shares +2%
2026-06-05 Saba Capital Management, L.P. 10% owner Bought 6,759 $6.69 $45.2k6.8k shares +<1%
2026-06-04 Saba Capital Management, L.P. 10% owner Bought 18,017 $6.73 $121.3k18.0k shares +<1%
2026-06-03 Saba Capital Management, L.P. 10% owner Bought 28,440 $6.66 $189.4k28.4k shares +0%
2026-06-02 Saba Capital Management, L.P. 10% owner Bought 78,346 $6.71 $525.7k78.3k shares +1%
2026-06-01 Saba Capital Management, L.P. 10% owner Bought 5,520 $6.55 $36.2k5.5k shares +<1%
2026-05-29 Saba Capital Management, L.P. 10% owner Bought 31,928 $6.55 $209.1k31.9k shares +1%
2026-05-28 Saba Capital Management, L.P. 10% owner Bought 9,971 $6.50 $64.8k10.0k shares +<1%
2026-05-26 Saba Capital Management, L.P. 10% owner Bought 15,858 $6.27 $99.4k15.9k shares +<1%
2026-05-21 Saba Capital Management, L.P. 10% owner Bought 20,490 $6.25 $128.1k20.5k shares +<1%
2026-05-20 Saba Capital Management, L.P. 10% owner Bought 40,591 $6.23 $252.9k40.6k shares +1%
2026-05-19 Saba Capital Management, L.P. 10% owner Bought 22,385 $6.18 $138.3k22.4k shares +<1%
2026-05-18 Saba Capital Management, L.P. 10% owner Bought 16,100 $6.18 $99.5k16.1k shares +<1%

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

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Saba Capital Management, L.P. 1.30% of their portfolio NEW YORK, NY 5,976,2046.0m $42.6m $42.6m 1.30% Added +829.0k +828,967
2 NEXPOINT ASSET MANAGEMENT, L.P. 2.19% of their portfolio Dallas, TX 4,599,2954.6m $32.8m $32.8m 2.19% Added +470.4k +470,400
3 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 3,979,6244.0m $28.4m $28.4m 0.01% Added +58.6k +58,645
4 Thomas J. Herzfeld Advisors, Inc. 5.86% of their portfolio MIAMI BEACH, FL 2,676,4742.7m $19.1m $19.1m 5.86% Reduced -39.2k -39,187
5 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,487,8262.5m $17.7m $17.7m 0.00% Reduced -56.6k -56,567
6 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 2,183,4642.2m $15.6m $15.6m 0.00% Added +36.1k +36,125
7 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 1,889,3861.9m $13.5m $13.5m 0.02% Added +923.5k +923,507
8 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 1,161,2031.2m $8.3m $8.3m 0.00% Reduced -247.6k -247,603
9 Atlas Wealth LLC 1.05% of their portfolio CINCINNATI, OH 1,030,9761.0m $7.4m $7.4m 1.05% New
10 Matisse Capital 1.76% of their portfolio PORTLAND, OR 617,000617.0k $4.4m $4.4m 1.76% Unchanged
11 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 615,069615.1k $4.4m $4.4m 0.00% Reduced -7.6k -7,637
12 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 544,380544.4k $3.9m $3.9m 0.00% Reduced -86.8k -86,832
13 OPPENHEIMER & CO INC 0.04% of their portfolio NEW YORK, NY 532,264532.3k $3.8m $3.8m 0.04% Added +72.0k +72,042
14 Geneos Wealth Management Inc. 0.08% of their portfolio ENGLEWOOD, CO 525,538525.5k $3.7m $3.7m 0.08% Reduced -147.3k -147,262
15 Altium Capital Management LLC 4.76% of their portfolio NEW YORK, NY 317,055317.1k $2.3m $2.3m 4.76% Added +40.0k +39,987
16 Camelot Portfolios, LLC 1.57% of their portfolio Maumee, OH 310,043310.0k $2.2m $2.2m 1.57% Reduced -7.0k -7,019
17 Closed-End Fund Advisors, Inc. 1.65% of their portfolio RICHMOND, VA 237,067237.1k $1.7m $1.7m 1.65% Added +1.7k +1,743
18 CHOREO, LLC 0.02% of their portfolio ROCKFORD, IL 206,145206.1k $1.5m $1.5m 0.02% Reduced -11.8k -11,817
19 LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.08% of their portfolio Englewood, NJ 181,396181.4k $1.3m $1.3m 0.08% Unchanged
20 PARK AVENUE SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 176,281176.3k $1.3m $1.3m 0.01% Reduced -5.4k -5,397
21 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.16% of their portfolio BLUE BELL, PA 176,264176.3k $1.3m $1.3m 0.16% Added +37.1k +37,061
22 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 173,066173.1k $1.2m $1.2m 0.00% Added +6.7k +6,748
23 Aristides Capital LLC 0.26% of their portfolio LOUISVILLE, KY 143,706143.7k $1.0m $1.0m 0.26% Added +5.6k +5,610
24 IHT Wealth Management, LLC 0.02% of their portfolio Chicago, IL 137,401137.4k $979.7k $979.7k 0.02% Reduced -3.2k -3,178
25 GRATIA CAPITAL, LLC 1.02% of their portfolio LOS ANGELES, CA 124,725124.7k $889.3k $889.3k 1.02% New
26 NATIONS FINANCIAL GROUP INC, /IA/ /ADV 0.04% of their portfolio CEDAR RAPIDS, IA 122,317122.3k $872.1k $872.1k 0.04% Unchanged
27 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 109,907109.9k $783.6k $783.6k 0.00% Reduced -4.1k -4,118
28 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 95,80495.8k $683.1k $683.1k 0.00% Reduced -17.9k -17,900
29 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 95,53595.5k $681.2k $681.2k 0.00% Reduced -15.0k -15,008
30 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 80,20180.2k $571.8k $571.8k 0.00% Added +5.3k +5,346
31 GILPIN WEALTH MANAGEMENT, LLC 0.38% of their portfolio DENVER, CO 76,54676.5k $545.8k $545.8k 0.38% Reduced -15.1k -15,096
32 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 68,55268.6k $488.8k $488.8k 0.00% Added +4 +4
33 HARBOUR INVESTMENTS, INC. 0.01% of their portfolio MADISON, WI 65,12065.1k $464.3k $464.3k 0.01% Reduced -77.1k -77,123
34 Samalin Investment Counsel, LLC 0.13% of their portfolio CHAPPAQUA, NY 56,00956.0k $399.3k $399.3k 0.13% Reduced -21.4k -21,379
35 Ariadne Wealth Management, LP 0.17% of their portfolio SANTA BARBARA, CA 52,91452.9k $377.3k $377.3k 0.17% Added +14 +14
36 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 50,96951.0k $363.4k $363.4k 0.00% Reduced -147 -147
37 XTX Topco Ltd 0.00% of their portfolio LONDON, X0 48,57048.6k $346.3k $346.3k 0.00% Added +28.6k +28,582
38 AEGON USA Investment Management, LLC 0.24% of their portfolio CEDAR RAPIDS, IA 47,61947.6k $339.5k $339.5k 0.24% Reduced -31.8k -31,812
39 Financial Solutions Advisory Group, Inc. 0.04% of their portfolio CHICAGO, IL 44,73444.7k $341.3k $341.3k 0.04% New
40 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 43,42643.4k $309.6k $309.6k 0.00% Added +6.2k +6,167
41 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 40,66140.7k $289.9k $289.9k 0.00% Added +8.1k +8,141
42 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 35,83135.8k $255.5k $255.5k 0.00% Unchanged
43 CSS LLC/IL 0.01% of their portfolio CHICAGO, IL 32,51632.5k $231.8k $231.8k 0.01% Unchanged
44 Abel Hall, LLC 0.04% of their portfolio BATON ROUGE, LA 30,00030.0k $213.9k $213.9k 0.04% Unchanged
45 Papamarkou Wellner Asset Management inc. 0.13% of their portfolio NEW YORK, NY 30,00030.0k $213.9k $213.9k 0.13% Reduced -15.0k -15,000
46 UBS Group AG 0.00% of their portfolio ZURICH, V8 29,94329.9k $213.5k $213.5k 0.00% Added +11.3k +11,295
47 INTEGRATED CAPITAL MANAGEMENT, INC. 0.15% of their portfolio JESSUP, PA 29,28529.3k $208.8k $208.8k 0.15% Reduced -4.7k -4,681
48 EVOLVE PRIVATE WEALTH, LLC 0.01% of their portfolio LOS ANGELES, CA 28,88728.9k $206.0k $206.0k 0.01% Reduced -2.3k -2,327
49 INDEPENDENT FINANCIAL GROUP, LLC 0.00% of their portfolio SAN DIEGO, CA 28,88128.9k $205.9k $205.9k 0.00% Added +251 +251
50 B. Riley Wealth Advisors, Inc. 0.01% of their portfolio MEMPHIS, TN 25,81525.8k $186.9k $186.9k 0.01% Added +4.3k +4,312
51 Mariner, LLC 0.00% of their portfolio Overland Park, KS 25,11225.1k $179.0k $179.0k 0.00% Reduced -5.1k -5,140
52 North Ground Capital 0.21% of their portfolio Cohasset, MA 24,73124.7k $176.3k $176.3k 0.21% Added +2.6k +2,650
53 MELFA WEALTH MANAGEMENT, INC. 0.07% of their portfolio WESTBOROUGH, MA 18,85618.9k $134.4k $134.4k 0.07% Reduced -10.3k -10,279
54 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 18,68318.7k $133.2k $133.2k 0.00% Added +2.4k +2,350
55 One Charles Private Wealth Services, LLC 0.03% of their portfolio HINGHAM, MA 17,24817.2k $123.0k $123.0k 0.03% Unchanged
56 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 15,59115.6k $111.2k $111.2k 0.00% Reduced -19.7k -19,694
57 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 15,14815.1k $108.0k $108.0k 0.00% New
58 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 15,00015.0k $107.0k $107.0k 0.00% New
59 Keystone Wealth Services, LLC 0.02% of their portfolio PALM DESERT, CA 14,70414.7k $104.8k $104.8k 0.02% Reduced -6.6k -6,626
60 Capital Investment Advisory Services, LLC 0.01% of their portfolio RALEIGH, NC 13,07613.1k $93.2k $93.2k 0.01% Added +200 +200
61 Diversify Advisory Services, LLC 0.00% of their portfolio SANDY, UT 13,01513.0k $94.7k $94.7k 0.00% New
62 DIVERSIFY WEALTH MANAGEMENT, LLC 0.00% of their portfolio SANDY, UT 13,01513.0k $94.7k $94.7k 0.00% New
63 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 12,74312.7k $90.9k $90.9k 0.00% Unchanged
64 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 12,68912.7k $90.5k $90.5k 0.00% Added +163 +163
65 Koshinski Asset Management, Inc. 0.00% of their portfolio DECATUR, IL 11,62511.6k $82.9k $82.9k 0.00% Unchanged
66 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 11,53011.5k $82.0k $82.0k 0.00% Reduced -8.7k -8,745
67 Bulldog Investors, LLP 0.02% of their portfolio SADDLE BROOK, NJ 10,71510.7k $76.4k $76.4k 0.02% Unchanged
68 Post Resch Tallon Group Inc. 0.05% of their portfolio PITTSFORD, NY 10,48510.5k $74.8k $74.8k 0.05% New
69 K2 PRINCIPAL FUND, L.P. 0.01% of their portfolio TORONTO, A6 10,03310.0k $71.5k $71.5k 0.01% Unchanged
70 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 9,3859.4k $66.9k $66.9k 0.00% Added +487 +487
71 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 6,9206.9k $49.3k $49.3k 0.00% New
72 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,5056.5k $46.4k $46.4k 0.00% Reduced -1.3k -1,344
73 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 6,1566.2k $43.9k $43.9k 0.00% Unchanged
74 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 5,0445.0k $36.0k $36.0k 0.00% New
75 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 3,8453.8k $27.4k $27.4k 0.00% Reduced -172 -172
76 Basepoint Wealth LLC 0.01% of their portfolio CEDAR RAPIDS, IA 3,6713.7k $26.2k $26.2k 0.01% Unchanged
77 Triumph Capital Management 0.00% of their portfolio DENVER, CO 3,3003.3k $23.5k $23.5k 0.00% Added +700 +700
78 Byrne Asset Management LLC 0.01% of their portfolio KINGSTON, NJ 1,8001.8k $12.8k $12.8k 0.01% Unchanged
79 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 1,2611.3k $9.0k $9.0k 0.00% Unchanged
80 Spire Wealth Management 0.00% of their portfolio MCLEAN, VA 500500 $3.6k $3.6k 0.00% Unchanged
81 HIGHLINE WEALTH PARTNERS LLC 0.00% of their portfolio SHERMAN OAKS, CA 414414 $3.0k $3.0k 0.00% Reduced -56 -56
82 CALDWELL SUTTER CAPITAL, INC. 0.00% of their portfolio SAUSALITO, CA 285285 $2.0k $2.0k 0.00% Unchanged
83 GABLES CAPITAL MANAGEMENT INC. 0.00% of their portfolio MIAMI, FL 269269 $1.9k $1.9k 0.00% Unchanged
84 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 226226 $1.6k $1.6k 0.00% New
85 SHP Wealth Management 0.00% of their portfolio PLYMOUTH, MA 211211 $1.5k $1.5k 0.00% Unchanged
86 Cedar Mountain Advisors, LLC 0.00% of their portfolio LAKE OSWEGO, OR 8282 $585 $585 0.00% Unchanged
87 Sunrise Financial Services, LLC 0.00% of their portfolio BURIEN, WA 7070 $499 $499 0.00% Unchanged
88 FMR LLC 0.00% of their portfolio BOSTON, MA 2323 $164 $164 0.00% Unchanged
89 Strategic Wealth Partners, Ltd. 0.00% of their portfolio INDEPENDENCE, OH 66 $43 $43 0.00% Unchanged
90 Vision Retirement, LLC 0.00% of their portfolio RIDGEWOOD, NJ 33 $19 $19 0.00% Unchanged
91 AdvisorNet Financial, Inc 0.00% of their portfolio MINNETONKA, MN 22 $11 $11 0.00% Added +1 +1
92 Kilter Group LLC 0.00% of their portfolio RHINEBECK, NY 11 $5 $5 0.00% Reduced -2.2k -2,218