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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5 min read
Bloomberg: Pimco Slashes Payouts Up to 45% on Muni Closed-End Funds
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Asset manager cuts monthly payouts on 9 muni closed-end funds Distribution cuts range from 20% to 45% as leverage costs soar.

Pacific Investment Management Co. cut monthly payouts on nine municipal bond closed-end funds by as much as 45% after a sharp jump in short-term rates increased borrowing costs.

The money manager cut the distributions on the $199 million Pimco California Municipal Income Fund to 3.6 cents per share from 6.5 cents per share, according to a statement Tuesday. Short term-borrowing costs on the fund surged as high as 8.25% in December. The fund trades at a 29% premium to its net asset value while the yield on the closed-end fund’s portfolio is about 4%, according to data compiled by Bloomberg.

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Pensions & Investments: Herzfeld strategies make top-performing fixed income list for Q2/2022
Fixed income: Investors keep eye on economy and Federal Reserve action on interest rate...
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Fixed income: Investors keep eye on economy and Federal Reserve action on interest rates.

Read the article to find out more.

News
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5 min read
WSJ: The Oil Crash is Hitting this Investment Hard
The Wall Street Journal's Sarah Toy interviews Portfolio Manager Erik Herzfeld on energ...
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The Wall Street Journal's Sarah Toy interviews Portfolio Manager Erik Herzfeld on energy closed-end funds, as Goldman, Kayne and Tortoise products slide.

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Bloomberg Prep: Credit's Mixed Signals
Portfolio Manager Alex Knapp, CFA, explores the mixed signals behind the credit market...
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Portfolio Manager Alex Knapp, CFA, explores the mixed signals behind the credit market. Published by Bloomberg Prep.

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Pensions & Investments: Herzfeld Top Performing Manager Q1/2019
Pensions & Investments ranks two Herzfeld strategies #1 on Top-Performing Managers list...
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Pensions & Investments ranks two Herzfeld strategies #1 on Top-Performing Managers list for one and five-year returns, Q1/2019.

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See rankings and interview with Portfolio Manager Ryan Paylor here.

News
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5 min read
Pensions & Investments: Herzfeld Top Performing Manager Q3/2018
Pensions & Investments' Trilbe Wynne interviews the firm for the fifth consecutive quar...
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Pensions & Investments' Trilbe Wynne interviews the firm for the fifth consecutive quarter, after making P&I's Top Performing Manager list again for Q3/2018.  Herzfeld's Fixed Income strategy ranks #1 for 5-year returns in High Yield bond category on Morningstar. Contact us for full report and rankings.

From our desk
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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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