Field Notes on
Closed-End Funds

Investment insights and market analysis for institutional investors

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Essential Reading

News
5 min read

★★★★★ 5-Star Overall Morningstar Rating™

Morningstar Ratings™ are out for Q4/2025: Thomas J. Herzfeld Advisors, Inc received 5-S...
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Morningstar Ratings™ are out for Q4/2025: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for four investment strategies.

News
5 min read
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...
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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
5 min read
Confessions Of A Closed-End Fund Bargain Hunter
Forbes' William Baldwin interviews Erik Herzfeld about opportunities in the closed-end...
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Forbes' William Baldwin interviews Erik Herzfeld about opportunities in the closed-end fund space that are often missed by investors.

News
5 min read
Barron's: Skyward, Mr. Closed-End Fund
Read Article: Thomas J. Herzfeld is interviewed by Barron's and called Mr. Closed-End Fund
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Read Article: Thomas J. Herzfeld is interviewed by Barron's and called Mr. Closed-End Fund.

All Posts

Industry Insights
All
5 min read
The Discount Perspective - February 2026
We’re pleased to share Herzfeld’s latest edition of The Discount Perspective, a new monthl
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We’re pleased to share Herzfeld’s latest edition of The Discount Perspective, a monthly update focused on discount and premium levels across the closed-end fund universe. Each edition highlights key trends we’re observing and provides context around how market dynamics are evolving.

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Industry Insights
All
5 min read
The Discount Perspective - January 2026
We’re pleased to introduce Herzfeld’s Discount Perspective, a new monthly update focused o
Read more

We’re pleased to introduce Herzfeld’s Discount Perspective, a new monthly update focused on discount and premium levels across the closed-end fund universe. Each edition highlights key trends we’re observing and provides context around how market dynamics are evolving.

‍

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Morningstar Ratings™ are out for Q4/2025: Thomas J. Herzfeld Advisors, Inc received 5-S...
Read more

Morningstar Ratings™ are out for Q4/2025: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for four investment strategies.

News
All
5 min read
Money Life with Chuck Jaffe Featuring Our Portfolio Manager Ryan Paylor
Last month our Portfolio Manager, Ryan Paylor, spoke on the Money Life podcast (Chuck Jaf
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Last month our Portfolio Manager, Ryan Paylor, spoke on the Money Life podcast (Chuck Jaffe, “Seafarer’s Foster: We’re still in ‘the bottom of the first’ on tariff impacts”, Money Life, Nov. 20, 2025) as part of the Active Investment Company Alliance Round Table in New York City. Ryan discussed our Herzfeld Credit Income Fund, Inc. (NASDAQ: HERZ) which recently transitioned from a strategy focused on investment in the Caribbean Basin under its former ticker symbol CUBA into a strategy centered on investment in collateralized loan obligations (CLOs). He walked through the rationale behind the unique strategy shift and offered insight into how shareholders have responded to the fund’s evolution.

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Morningstar Ratings™ are out for Q3/2025: Thomas J. Herzfeld Advisors, Inc received 5-S...
Read more

Morningstar Ratings™ are out for Q3/2025: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for four investment strategies.

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Morningstar Ratings™ are out for Q2/2025: Thomas J. Herzfeld Advisors, Inc received 5-S...
Read more

Morningstar Ratings™ are out for Q2/2025: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for three investment strategies.

From our desk
to yours.

We share exclusive insights on closed-end fund opportunities and market trends. A quick, valuable read for institutional investors and family offices.

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