HERZ - Herzfeld Credit Income Fund
A closed-end fund run by Herzfeld. Invests in bonds. Listed on the Nasdaq.
Is anyone targeting this fund?
Not right now - Matisse was in this fund until May 14, 2025 and has since sold down.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
Matisse owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.
Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.
What happened, and when
-
Sept 11, 2026
The fund said it will offer to buy back up to 5% of its shares at 97.5% of value; the offer documents have not been filed yet.
Original document → -
July 13, 2026
The fund said it may sell new shares.
Original document → -
Oct 21, 2025
The buy-back ended; the fund paid $2.5935 a share.
Original document → -
Oct 16, 2025
The buy-back ended; the fund paid $2.5935 a share.
Original document → -
Oct 14, 2025
Herzfeld started a fight over the shareholder vote. The meeting is on Nov 20, 2025.
Original document →
Show all 15 events
-
Sept 17, 2025
The fund offered to buy back 5% of its shares at 97.5% of value, until Oct 15, 2025.
Original document → -
June 3, 2025
Herzfeld started a fight over the shareholder vote. The meeting is on June 17, 2025.
Original document → -
May 14, 2025
Matisse sold down below 5% and stopped reporting.
Original document → -
April 7, 2025
Bulldog sold down below 5% and stopped reporting.
Original document → -
Feb 7, 2025
Bulldog now owns 5%, as a passive investor.
Original document → -
Nov 21, 2024
The buy-back ended; the fund paid $3.2273 a share.
Original document → -
Nov 18, 2024
The buy-back ended; the fund paid $3.2273 a share.
Original document → -
Oct 15, 2024
The fund offered to buy back 10% of its shares at 97.5% of value, until Nov 15, 2024.
Original document → -
Sept 30, 2024
Herzfeld started a fight over the shareholder vote. The meeting is on Nov 14, 2024.
Original document → -
Feb 14, 2024
Matisse now owns 5.6%, as a passive investor.
Original document →
About this fund
- Run by Herzfeld. At its last yearly report (June 30, 2026) the fund was run by Thomas J. Herzfeld Advisors, Inc. As of June 30, 2026, from the fund's yearly report. Original document →
- Size: about $38.6 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 1.3% a year in management fees; 4.3% a year in total, including interest on borrowed money. Fiscal year ended June 30, 2026. As of June 30, 2026, from the fund's yearly report. Original document →
- Payouts: last fiscal year (ended June 30, 2026) the fund paid $7.38 a share. $0.51 of that was income; $6.87 came from gains. As of June 30, 2026, from the fund's annual report. Original document →
- Value of holdings per share at the last fiscal year end (June 30, 2026): $19.51. The shares traded at $17.20, about 11.8% below that.
As of June 30, 2026, from the fund's yearly report. Original document →
Over the last two years the gap ranged from 28.6% below to 3.7% above. As of June 30, 2026, from the fund's annual report. Original document → - How the holdings did: down 0.3% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: -1.7%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- How the share price did: the shares returned -8.3% over the last fiscal year (ended June 30, 2026), counting payouts and the change in the market price. As of June 30, 2026, from the fund's annual report. Original document →
- First reported to the regulator in 1995.
What the fund holds
Mostly shares (59%), the rest asset-backed bonds, cash and short-term holdings and preferred shares. About 87% issued in the U.S.
- Eagle Point Income Company, Inc. USD Class - 10.7%
- (unnamed), Dawson Partners Rated Fund (RD) LP - 8.7%
- Fs Specialty Lending Fund - 8.4%
- (unnamed), Evermore Secondary Offer 06/24/2024 - 6.9%
- PIMCO Dynamic Income Fund - 6.7%
- Cash and short-term - 5.9%
- FS Credit Opportunities Corporation - 5.7%
- Guggenheim Strategic Opportunities Fund - 5.1%
- PennantPark Enhanced Income Fund class I shares - 3.4%
- Eagle Point Credit Company, Inc. - 3.3%
Show all 25
- Ocp CLO 2025-46, Brtpt 2025-9A CLO - 3.1%
- XAI Octagon Floating Rate & Alternative Income Term Trust, XAI Octagon Floating Rate Alternative Income Trust USD Class - 2.7%
- Pioneer Ils Interval Fund, Victory Pioneer ILS Interval Fund - 2.7%
- Saba Capital Income & Opportunities Fund - 2.6%
- PIMCO Corporate & Income Opportunity Fund, Pty - 2.5%
- PIMCO Dynamic Income Opportunities Fund, PIMCO Dynamic Income Oprnts Fd Com Ben Shs - 2.3%
- Diameter Capital CLO 12, Diameter Capital CLO 2025-12 20381020 Flt . - 2.1%
- Ocp CLO 2025-46, OCP CLO Ltd 0.00% Due 10/15/2038 - 2.1%
- (unnamed), Garnet CLO Subord - 2%
- PIMCO Access Income Fund - 2%
- Barings Participation Investors, Carlyle Credit Income Fund USD Class - 1.9%
- PIMCO Dynamic Income Strategy Fund, Pimco Dynm Inc Strgy-USD Inc Opportunities Fund - 1.3%
- (unnamed), Garnet CLO F - 1.2%
- Goldentree Loan Management US CLO 22, GoldenTree Loan Management 11.80444%, Due 10/20/2037 - 1.2%
- Invesco CLO 2022-3. Ltd., Invesco CLO LTD 10/22/2037 - 1.2%
As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| May 14, 2025 | Matisse | 0% | Sold down below 5% |
| April 7, 2025 | Bulldog | 0% | Sold down below 5% |
| Feb 7, 2025 | Bulldog | 5% | Passive investor |
| Feb 14, 2024 | Matisse | 5.6% | Passive investor |
| Date | What | Deadline | Document |
|---|---|---|---|
| Sept 11, 2026 | Offer to buy back shares | none | Original document → |
| July 13, 2026 | May sell new shares | none | Original document → |
| Oct 21, 2025 | Buy-back results | none | Original document → |
| Oct 16, 2025 | Buy-back results | none | Original document → |
| Oct 14, 2025 | Fight over the shareholder vote with Herzfeld | Nov 20, 2025 | Original document → |
| Sept 17, 2025 | Offer to buy back shares | Oct 15, 2025 | Original document → |
| June 3, 2025 | Fight over the shareholder vote with Herzfeld | June 17, 2025 | Original document → |
| Nov 21, 2024 | Buy-back results | none | Original document → |
| Nov 18, 2024 | Buy-back results | none | Original document → |
| Oct 15, 2024 | Offer to buy back shares | Nov 15, 2024 | Original document → |
| Sept 30, 2024 | Fight over the shareholder vote with Herzfeld | Nov 14, 2024 | Original document → |
- Run by
- Thomas J. Herzfeld Advisors, Inc.
- Fund family
- Herzfeld
- Exchange
- Nasdaq
- Regulator's file number
- 811-06445
- Auditor
- Deloitte & Touche, LLP
- Fiscal year end
- June 30, 2026
- Number of holdings
- 36
- Preferred share classes
- none
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