Field Notes on
Closed-End Funds

Investment insights and market analysis for institutional investors

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

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
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.

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
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.

News
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
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...
Read more

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.

All Posts

News
All
5 min read
ThinkAdvisor Interviews Erik Herzfeld on CEF Opportunities
ThinkAdvisor's Jane Wollman Rusoff interviews President/Portfolio Manager Erik Herzfeld...
Read more

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

News
All
5 min read
Bloomberg Interviews Portfolio Manager Ryan Paylor on Ackman's CEF
Bloomberg's Miles Weiss interviews Portfolio Manager Ryan Paylor on Bill Ackman's Persh...
Read more

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"

News
All
5 min read
Bloomberg Interviews Portfolio Manager Ryan Paylor on Muni-Bonds
Bloomberg's Martin Z. Braun interviews Portfolio Manager, Ryan Paylor, on the CEF muni...
Read more

Bloomberg's Martin Z. Braun interviews Portfolio Manager, Ryan Paylor, on the CEF muni bond market "Fire Sale for Closed-End Muni Funds Means Only Brave Should Buy"

News
All
5 min read
Pensions & Investments: Herzfeld Top Manager
P&I's Special Report names Herzfeld Top Performing Managers of Domestic Intermediate-Du...
Read more

P&I's Special Report names Herzfeld Top Performing Managers of Domestic Intermediate-Duration Fixed Income.  Pensions & Investments' Trilbe Wynne interviews Portfolio Managers Erik Herzfeld and Ryan Paylor, after the firm's Fixed Income strategy places in Morningstar's Top-performing mangers list for overall U.S. bonds category.

News
All
5 min read
Secret Stars: The Quiet but Mighty Mixed Asset Managers
Citywire reports "Funds don’t have to be in the limelight to deliver strong performance...
Read more

Citywire reports "Funds don’t have to be in the limelight to deliver strong performance, as those at the top of the flexible sector ranking show."

News
All
5 min read
Citywire: Boutique of the week: How Herzfeld hunts for discounts
Citywire showcases "a lesser-known manager from a smaller shop running a unique or impr...
Read more

Citywire showcases "a lesser-known manager from a smaller shop running a unique or impressive strategy. Erik Herzfeld explains how he seeks out underpriced closed-end funds."

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.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.