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

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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5 min read
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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5 min read
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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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.

News
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ThinkAdvisor Interviews Erik Herzfeld on CEF Opportunities
ThinkAdvisor's Jane Wollman Rusoff interviews President/Portfolio Manager Erik Herzfeld...
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ThinkAdvisor's Jane Wollman Rusoff interviews President/Portfolio Manager Erik Herzfeld on current opportunities in the municipals CEF space.

News
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Bloomberg Interviews Portfolio Manager Ryan Paylor on Ackman's CEF
Bloomberg's Miles Weiss interviews Portfolio Manager Ryan Paylor on Bill Ackman's Persh...
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Bloomberg's Miles Weiss interviews Portfolio Manager Ryan Paylor on Bill Ackman's Pershing Square, in "Ackman to Put Gains From Luxury Apartments Into Pershing Buyback"

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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