Field Notes on
Closed-End Funds

Investment insights and market analysis for institutional investors

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Essential Reading

Industry Insights
5 min read

Investing Principles Issue #5: The Portfolio Is the Foundation

In 1979, our founder, Thomas J. Herzfeld, wrote the first of 7 textbooks on the subject of
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In 1979, our founder, Thomas J. Herzfeld, wrote the first of 7 textbooks on the subject of closed-end fund investing.  As a result, he has since then been widely regarded as “The Father of Closed End Fund Investing” and the asset management firm he launched, Thomas J. Herzfeld Advisors, Inc. (“Herzfeld Advisors”), remains a leading authority on CEFs to this day.  In honor of Mr. Herzfeld’s celebration of 50 years in the industry, we are launching a series of papers that look back at his original investment ideas and demonstrate how we continue to use those investment themes for the benefit of our clients to this day.  We hope you enjoy this series.  Of course, we are always happy to provide additional information on our services.

Contact us at info@herzfeld.com for more information.

‍

Industry Insights
5 min read
The Discount Perspective - August 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
5 min read
The Discount Perspective - July 2026
We’re pleased to share Herzfeld’s latest edition of The Discount Perspective, a new monthl
Read more

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.

‍

Industry Insights
5 min read
Investing Principles Issue #4: The Double-Edged Sword
In 1979, our founder, Thomas J. Herzfeld, wrote the first of 7 textbooks on the subject of
Read more

In 1979, our founder, Thomas J. Herzfeld, wrote the first of 7 textbooks on the subject of closed-end fund investing.  As a result, he has since then been widely regarded as “The Father of Closed End Fund Investing” and the asset management firm he launched, Thomas J. Herzfeld Advisors, Inc. (“Herzfeld Advisors”), remains a leading authority on CEFs to this day.  In honor of Mr. Herzfeld’s celebration of 50 years in the industry, we are launching a series of papers that look back at his original investment ideas and demonstrate how we continue to use those investment themes for the benefit of our clients to this day.  We hope you enjoy this series.  Of course, we are always happy to provide additional information on our services.

Contact us at info@herzfeld.com for more information.

‍

All Posts

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Morningstar Ratings™ are out for Q1/2025: Thomas J. Herzfeld Advisors, Inc received 5-S...
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Morningstar Ratings™ are out for Q1/2025: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for three investment strategies.

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Thomas J. Herzfeld Advisors, Inc. is excited to announce it received four 5-Star Overal...
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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
All
5 min read
★★★★★ 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 June 30, 2024.

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Read more

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

News
All
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
All
5 min read
Bloomberg: Leveraged Closed-End Poised for Gains
Muni Bond Funds Poised for 20% Gains Even After November’s Surge
Read more

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.

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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