Vault-13

HIGHLAND GLOBAL ALLOCATION F HGLB

COM · Closed-End Fund · CUSIP 43010T104

31 institutional holders -5 vs Q1 2025
6,007,9336.0m shares reported held*
$52.3mreported value*
5 new 11 added 7 reduced 10 sold out net sold ≈ $1.6m (-183.8k 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 ≈ $8.70.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 42Q4 22: 42Q1 23: 44Q2 23: 42Q3 23: 40Q4 23: 42Q1 24: 40Q2 24: 40Q3 24: 32Q4 24: 37Q1 25: 36Q2 25: 3131Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202242
Q4 202242
Q1 202344
Q2 202342
Q3 202340
Q4 202342
Q1 202440
Q2 202440
Q3 202432
Q4 202437
Q1 202536
Q2 202531

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 27 bought or addedQ3 23: 8 cut or sold outQ4 23: 21 bought or addedQ4 23: 11 cut or sold outQ4 23Q1 24: 23 bought or addedQ1 24: 16 cut or sold outQ2 24: 16 bought or addedQ2 24: 21 cut or sold outQ2 24Q3 24: 15 bought or addedQ3 24: 20 cut or sold outQ4 24: 16 bought or addedQ4 24: 18 cut or sold outQ4 24Q1 25: 18 bought or addedQ1 25: 17 cut or sold outQ2 25: 16 bought or addedQ2 25: 17 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023278
Q4 20232111
Q1 20242316
Q2 20241621
Q3 20241520
Q4 20241618
Q1 20251817
Q2 20251617

Biggest buyers

OSAIC HOLDINGS, INC. Added +71,742+71.7k
NWF Advisory Services Inc. Added +47,250+47.2k
RAYMOND JAMES FINANCIAL INC Added +33,750+33.8k
ROYAL BANK OF CANADA Added +21,037+21.0k
LPL Financial LLC Added +14,515+14.5k
JANE STREET GROUP, LLC New +12,715+12.7k
MORGAN STANLEY Added +12,485+12.5k
INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC New +11,500+11.5k
UBS Group AG Added +11,072+11.1k
NewEdge Advisors, LLC New +10,309+10.3k

Biggest sellers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -78,341-78.3k
Shaker Financial Services, LLC Sold out -72,983-73.0k
LANDSCAPE CAPITAL MANAGEMENT, L.L.C. Reduced -54,379-54.4k
FORTRESS PRIVATE LEDGER, LLC Sold out -51,261-51.3k
Cambridge Investment Research Advisors, Inc. Reduced -33,375-33.4k
Arete Wealth Advisors, LLC Sold out -27,942-27.9k
AQR Arbitrage LLC Sold out -23,214-23.2k
Arlington Capital Management, Inc. Sold out -23,188-23.2k
Cetera Investment Advisers Reduced -17,290-17.3k
HighTower Advisors, LLC Sold out -12,774-12.8k

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
RAYMOND JAMES & ASSOCIATES 13G · institution -0.6 pts · filed 2026-08-03 9.5% -0.6 pts 2.2m≈ $16.7m 2026-08-03

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.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q3 23: 0 buyingQ3 23: 0 sellingQ4 23: 0 buyingQ4 23: 0 sellingQ4 23Q1 24: 0 buyingQ1 24: 0 sellingQ2 24: 1 buyingQ2 24: 0 sellingQ2 24Q3 24: 0 buyingQ3 24: 0 sellingQ4 24: 0 buyingQ4 24: 0 sellingQ4 24Q1 25: 0 buyingQ1 25: 0 sellingQ2 25: 0 buyingQ2 25: 0 sellingQ2 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q3 20230—0——
Q4 20230—0——
Q1 20240—0——
Q2 20241$50.4k0——
Q3 20240—0——
Q4 20240—0——
Q1 20250—0——
Q2 20250—0——

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 2,490,1342.5m $21.7m $21.7m 0.01% Added +33.8k +33,750
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 836,236836.2k $7.3m $7.3m 0.00% Added +12.5k +12,485
3 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 743,350743.4k $6.5m $6.5m 0.00% Added +14.5k +14,515
4 Matisse Capital 1.62% of their portfolio PORTLAND, OR 393,000393.0k $3.4m $3.4m 1.62% Unchanged
5 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 309,856309.9k $2.7m $2.7m 0.00% Added +71.7k +71,742
6 NWF Advisory Services Inc. 0.24% of their portfolio Los Angeles, CA 234,981235.0k $2.0m $2.0m 0.24% Added +47.2k +47,250
7 Quantedge Capital Pte Ltd 1.19% of their portfolio Singapore, U0 149,487149.5k $1.3m $1.3m 1.19% Reduced -6.7k -6,700
8 Sovereign Financial Group, Inc. 0.21% of their portfolio STAMFORD, CT 116,923116.9k $1.0m $1.0m 0.21% Reduced -3.1k -3,103
9 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 116,829116.8k $1.0m $1.0m 0.01% Added +1.1k +1,077
10 LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.06% of their portfolio Englewood, NJ 93,15893.2k $810.8k $810.8k 0.06% Reduced -54.4k -54,379
11 NEXPOINT ASSET MANAGEMENT, L.P. 0.07% of their portfolio Dallas, TX 86,24686.2k $750.7k $750.7k 0.07% Unchanged
12 UBS Group AG 0.00% of their portfolio ZURICH, V8 81,42181.4k $708.7k $708.7k 0.00% Added +11.1k +11,072
13 OPPENHEIMER & CO INC 0.01% of their portfolio NEW YORK, NY 50,07550.1k $435.9k $435.9k 0.01% Added +5.4k +5,432
14 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 45,00045.0k $391.7k $391.7k 0.00% Unchanged
15 Capital Investment Advisors, LLC 0.01% of their portfolio ATLANTA, GA 42,28542.3k $368.0k $368.0k 0.01% Added +64 +64
16 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 42,07442.1k $366.0k $366.0k 0.00% Added +21.0k +21,037
17 Total Wealth Planning & Management, Inc. 0.27% of their portfolio Ponte Vedra Beach, FL 35,68935.7k $310.6k $310.6k 0.27% Reduced -6.9k -6,904
18 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 33,80233.8k $294.0k $294.0k 0.00% Reduced -33.4k -33,375
19 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 22,01022.0k $191.6k $191.6k 0.00% Reduced -17.3k -17,290
20 Bay Colony Advisory Group, Inc d/b/a Bay Colony Advisors 0.03% of their portfolio CONCORD, MA 21,72721.7k $189.1k $189.1k 0.03% Reduced -8.3k -8,258
21 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.02% of their portfolio BLUE BELL, PA 15,96216.0k $138.9k $138.9k 0.02% Added +307 +307
22 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 12,71512.7k $110.7k $110.7k 0.00% New
23 INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio ORLANDO, FL 11,50011.5k $94.0k $94.0k 0.01% New
24 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 10,30910.3k $89.7k $89.7k 0.00% New
25 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 5,3855.4k $46.9k $46.9k 0.00% Unchanged
26 NFSG Corp 0.01% of their portfolio BOCA RATON, FL 5,1045.1k $44.4k $44.4k 0.01% New
27 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 2,0672.1k $17.0k $17.0k 0.00% Unchanged
28 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 465465 $4.0k $4.0k 0.00% Unchanged
29 COMERICA BANK 0.00% of their portfolio DALLAS, TX 142142 $1.2k $1.2k 0.00% New
30 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11 $5 $5 0.00% Unchanged
31 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged