Thomas J. Herzfeld Advisors —

Alternative Investment Advisory Firm. Founded 1984.

Offering a variety of investment strategies to Individuals, Institutions and Investment Professionals— we seek to uncover overlooked segments of the market to capture value in unexpected areas.

Herzfeld Advisors refers to Thomas J. Herzfeld Advisors, Inc., a Registered Investment Advisor (RIA) with the U.S. Securities and Exchange Commission.

Measuring
what matters

Since our founding in 1984, we have built trusted relationships with our clients and garnered a reputation for insight in the industry.  We focus on uncovering distinctive opportunities and providing innovative strategies to protect capital and deliver quality returns for our investors, with lower correlation to the broader markets.

25
Years of GIPS® Certification
50+
Years of investing experience
$1B+
Assets under management
15
Consecutive years with a 5-star rated strategy

CHANGE PHOTOS here...The research firm that got too curious...

Thomas Morgan and Thomas J. Herzfeld out on a walk in Miami, Florida.
The Herzfeld Advisors team gathered in a board roomThe Herzfeld Advisors team gathered in a board room

We are a pioneer in the space. We wrote the book on closed-end fund trading and arbitrage; we published the first textbooks and encyclopedias in the industry and issued the most comprehensive monthly research report for nearly three decades. We consulted for large financial institutions and governmental organizations on high-level strategy advice, and advised companies going public. Our seminal research got cited by a Nobel Prize Laureate for Economics. Then someone asked: "What if instead of giving away your insights, you applied them to your client's investments?"

That question changed everything.

A time-tested system honed over more than half a century of experience

Expertise

With over 25 years of independent third-party (GIPS®) verification, and 15+ years of Morningstar 5-Star Ratings, we have a proven track record with a honed methodology. Our strategies have outperformed their respective benchmarks in both annualized and cumulative net returns since 2000.*

Insight

We are recognized pioneers in the industry. We created the closed-end fund industry's benchmark (posted weekly in Barron's since 1987), published numerous textbooks, cornered industry research, and have been featured in thousands of interviews . Our deep market insight sets us apart from the competition.

Specialization

We offer customized account management designed for investors looking to diversify across asset classes and gain unique exposure across industries. Our historical performance demonstrates high‑quality, risk‑adjusted returns and lower correlation to broader markets.

Finding Opportunity—our Competitive Advantage

Too many investment advisers rely on a templated approach based on algorithms and formulaic allocations. We take a different path. We identify opportunities that others overlook because our methodology has been crafted and refined continuously over the last four decades. This has allowed us to not only stay ahead of the curve, but also offer a disciplined underwriting process designed to deliver quality results with lower correlations to broader markets.

Explore Our Strategies
Alex Knapp showing Kevin Carey-Trickett something on a screen. The dual monitors in front of them appear to display graphs.

"Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat."

Name Surname Copy 2
Position

"Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat."

Name Surname Copy
Position

"Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat."

Name Surname
Position
An older black and white photo of Thomas J. Herzfeld sitting at a desk with an open binder, holding a pen and smiling.

When we founded the firm in 1984, our intention was to provide the best research possible for those interested in the closed-end fund industry.  Investors, regulators, academics and others relied on us to provide reliable information on what was then a little known and even less understood industry. Through hard work and a commitment to comprehensive research, we earned our reputation as closed-end fund experts.  After decades in the industry, we transitioned our business and put our research capabilities to work to provide asset management services directly to our investment advisory clients.

Fast forward from those humble beginnings to where we are today, I am proud of our team and the performance we are able to generate across our different closed-end fund strategies.  We count among our client base some of the world’s most discerning investors- large pension plans, state treasuries, university endowments, insurance companies, family offices and ultra-high net worth individuals, among others.

Most importantly, I am excited for what is on the horizon. Our firm has established an investment advisory business designed to continue our mission well into the future, providing thoughtful investment expertise to clients seeking exposure to opportunities through closed-end funds.

Thomas J. Herzfeld
Founder

Herzfeld in the News

Making headlines for nearly half a century...
News
Read time
★★★★★ 5-Star Overall Morningstar Rating™
Thomas J. Herzfeld Advisors, Inc. is excited to announce it received four 5-Star Overal...
Read more

Thomas J. Herzfeld Advisors, Inc. is excited to announce it received four 5-Star Overall Morningstar Ratings™ for the quarter ended December 31, 2024.

News
Read time
Bloomberg: Muni Bond Funds Set Up for 20% Gains Even After November’s Surge
Leveraged closed-end funds rallied with broader market Steep discount, Fed cuts, activi...
Read more

Leveraged closed-end funds rallied with broader market Steep discount, Fed cuts, activism seen powering returns

Municipal bond funds that use borrowing as a way to juice returns had a banner month in November, surging almost 12%. Some market watchers say that’s only just the start.

Leveraged closed-end muni funds rallied along with the broader market as evidence of slowing job growth and cooling inflation convinced traders that the Federal Reserve’s rate-rise cycle is over. Further gains may be in store should the central bank pivot to cutting rates next next year, as many now expect.

News
Read time
Confessions Of A Closed-End Fund Bargain Hunter
Forbes' William Baldwin interviews Erik Herzfeld about opportunities in the closed-end...
Read more

Forbes' William Baldwin interviews Erik Herzfeld about opportunities in the closed-end fund space that are often missed by investors.

Explore More News