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 #2: Unlocking Value in Closed-End Funds

In 1979, our founder, Thomas J. Herzfeld, wrote the first of7 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.

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Industry Insights
5 min read
The Discount Perspective - April 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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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.

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News
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Bloomberg: Muni Buyers Can Find Bargains in Unlevered Closed-End Funds
Investors looking for bargains in the municipal-bond market may find opportunities in clos
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Investors looking for bargains in the municipal-bond market may find opportunities in closed-end funds that don’t borrow to boost returns.

Unlevered municipal bond closed-end funds traded at a discount to their net asset value of as much 12.6%, according to data compiled by Bloomberg. The biggest, Nuveen LLC’s $1.9 billion Municipal Value Fund, is trading at a 7.2% discount with a tax-exempt yield of 3.97%. Over 20 years, its average discount is 2.3%.

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Best Financial Advisory 2023 Award Recipient!
We are thrilled to share that Thomas J. Herzfeld Advisors has been recognized for excel...
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We are thrilled to share that Thomas J. Herzfeld Advisors has been recognized for excellence and achievement with USA TODAY. Best Financial Advisory Firms of 2023 Award Recipient.

News
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5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Thomas J. Herzfeld Advisors, Inc. is excited to announce it received three 5-Star Overa...
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Thomas J. Herzfeld Advisors, Inc. is excited to announce it received three 5-Star Overall Morningstar Ratings™ for the quarter ended June 30, 2023.

News
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5 min read
Pensions & Investments: Herzfeld strategies make Top-Performing Managers list for Q1/2023
While bonds rallied in the first quarter of 2023 amid falling yields and hopes that the...
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News
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5 min read
★★★★★ 5-Star Overall Morningstar Rating™ 
Morningstar Ratings™ Q4/2022: Thomas J. Herzfeld Advisors, Inc received 5-Star Overal...
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Morningstar Ratings™ Q4/2022: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for three investment strategies.  

News
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5 min read
Bloomberg: World’s Top Junk-Muni Fund Is Loaded With a Rarely Traded Stock
Energy Harbor shares are top holding in 15 of Nuveen’s funds Received in debt workout...
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Energy Harbor shares are top holding in 15 of Nuveen’s funds Received in debt workout, shares deliver boon — and a risk.

The biggest holding in the world’s biggest high-yield municipal bond fund isn’t a municipal bond.

It’s a $1.5 billion stake in shares of Energy Harbor Corp., a thinly traded power company that’s not listed on any US stock exchange. The Nuveen High Yield Municipal Bond Fund — like many others run by the investment giant — received the stock three years ago after the company’s precursor, FirstEnergy Solutions, restructured its debts in bankruptcy.

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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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