Thomas J. Herzfeld Advisors, Inc.

CIK 0001509510 · Q2 2026

13F Equity AUM

$325.8M

+10.8% QoQ

Positions

129

+14 QoQ

AUM Rank

#4,767

Top 55%

Skill Alpha (FF)

-2.5%/yr^ns

No Clear Edge

Rank #6,447 · Top 78%

vs S&P -7.9%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 33.3%Top 10: 49.8%Top 20: 67.7%

FSSL9.9%

PDX7.0%

FSCO6.0%

HFRO5.9%

GOF4.5%

Herzfeld Credit Income Fund, Inc.4.3%

Pershing Square USA Ltd3.3%

BRW3.1%

SSSS3.0%

EIC2.8%

Others (119)50.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services78.6%

Fund11.1%

Unclassified8.7%

Other1.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 129Median: 0.20%Avg: 0.78%

0–0.5%

80(6.6%)

0.5–1%

15(10.4%)

1–3%

25(36.1%)

3–5%

5(18.2%)

5%+

4(28.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 129vs 20 funds

0%Low

129

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New33Increased59Decreased21Exited19

New Positions

Pershing Square USA …3.3%

+285K

TYG1.3%

+100K

NXG1.1%

+53K

XCHYX1.0%

+246K

NCV1.0%

+186K

NCZ1.0%

+206K

GHY0.8%

+215K

BTZ0.8%

+245K

ARDC0.6%

+151K

BGB0.4%

+113K

Increased

SSSS3.0%

+756K(+2325%)

EIC2.8%

+503K(+128%)

JFR2.6%

+399K(+56%)

GOF4.5%

+321K(+32%)

MFM0.6%

+284K(+459%)

FSCO6.0%

+242K(+7%)

BTX1.4%

+235K(+84%)

PDI2.0%

+234K(+151%)

PNI0.5%

+156K(+208%)

XAI Octagn Flt Rat &…1.1%

+139K(+234%)

Decreased

MSD0.0%

-171,004(-99%)

PDX7.0%

-158,273(-13%)

EDD0.0%

-135,845(-99%)

PAXS1.4%

-128,030(-29%)

STEW0.0%

-107,398(-100%)

DXYZ0.1%

-76,218(-92%)

TFLO0.1%

-74,999(-94%)

BPRE1.2%

-59,168(-16%)

ASA1.1%

-59,124(-47%)

DMO0.2%

-52,230(-45%)

Exited

SJB

-796,652

SDS

-108,584

PFIX

-117,701

Direxion Shares ETF …

-58,011

-116,263

-149,092

-98,083

-96,212

-109,973

-222,539

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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