% of shares outstanding is not shown for HFRO: this is a fund line, and we hold no cover-page share count for it at any quarter — a fund's shares outstanding move with creations and redemptions rather than with issuance and buybacks, and it is not the SEC cover-page count this percentage is defined against. The figure is withheld rather than computed against a count that does not exist. Holder share counts are shown as filed.
Crowding percentile withheld — no market cap for HFRO in the served universe — the cohort is size-matched, and an unmatched percentile would compare a micro-cap register to a mega-cap one.
Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.
| Holder | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| Saba Capital Management, L.P. | — | — | 2.3M | 3.7M | 4.7M | 5.1M | $29M |
| NEXPOINT ASSET MANAGEMENT, L.P. | 918K | 918K | 918K | 2.8M | 3.7M | 4.1M | $24M |
| RAYMOND JAMES FINANCIAL INC | 4.1M | 4.0M | 3.8M | 3.2M | 3.8M | 3.9M | $22M |
| Thomas J. Herzfeld Advisors, Inc. | 2.8M | 2.7M | 2.6M | 2.8M | 2.5M | 2.7M | $16M |
| MORGAN STANLEY | 3.3M | 3.5M | 3.5M | 3.2M | 2.8M | 2.5M | $15M |
| ENVESTNET ASSET MANAGEMENT INC | 1.7M | 1.7M | 1.7M | 1.8M | 2.1M | 2.1M | $12M |
| Invesco Ltd. | 1.8M | 1.8M | 1.7M | 1.3M | 1.4M | 1.4M | $8M |
| Cambridge Investment Research Advisors, Inc. | 737K | 949K | 939K | 935K | 950K | 966K | $6M |
| Geneos Wealth Management Inc. | 521K | 2.1M | 1.0M | 982K | 928K | 673K | $4M |
| ROYAL BANK OF CANADA | 2.2M | 1.4M | 2.0M | 702K | 668K | 631K | $4M |
| LPL Financial LLC | 741K | 610K | 601K | 663K | 636K | 623K | $4M |
| Matisse Capital | 509K | 583K | 617K | 617K | 617K | 617K | $4M |
| OPPENHEIMER & CO INC | 481K | 457K | 467K | 449K | 450K | 460K | $3M |
| Camelot Portfolios, LLC | 362K | 458K | 430K | 406K | 354K | 317K | $2M |
| Altium Capital Management LLC | — | — | — | — | 143K | 277K | $2M |
Shares reported each quarter by the largest current holders. Green = added vs the prior filing, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Holder count only — too few computable %-of-shares-outstanding quarters for a % pane. Line breaks are quarters with no 13F record, never interpolated.
Short interest has its own tab now — open SI →
Source: SEC Form 13F — every institution manager (≥ $100M in 13F securities) reporting a long US-listed position, across ~10,250 filers over 10 years of history. 13F is long-only, US-listed, filed up to 45 days after quarter-end.
| Biggest buyers | Δ shares | Δ value | |
|---|---|---|---|
| Saba Capital Management, L.P. | +473,221 | $3M | ADD |
| NEXPOINT ASSET MANAGEMENT, L.P. | +455,848 | $3M | ADD |
| Thomas J. Herzfeld Advisors, Inc. | +258,376 | $1M | ADD |
| HARBOUR INVESTMENTS, INC. | +142,243 | $812,208 | OPEN |
| Altium Capital Management LLC | +134,009 | $765,191 | ADD |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| MORGAN STANLEY | −278,543 | $2M | TRIM |
| Geneos Wealth Management Inc. | −255,673 | $1M | TRIM |
| North Ground Capital | −170,620 | $974,240 | TRIM |
| Concorde Asset Management, LLC | −139,460 | $796,317 | CLOSE |
| JANE STREET GROUP, LLC | −84,932 | $484,962 | TRIM |
The 2025-Q4 register is as-filed in ITS OWN share basis; every count below was rebased into the 2026-Q1 basis (no split in between, factor 1). Dollar figures value the SHARE delta at one price — the 2026-03-31 close — rather than differencing two filings' own reported values, which would mix the quarter's price move into the trade figure.
13Fs disclose LONG US-listed positions only — shorts, most derivatives, bonds and non-US listings are invisible here, and a filer's quarter-over-quarter change is not necessarily a trade (index rebalances, in-kind transfers and entity successions all read as flow).
| Quarter | Holders | Shares held | % shares out | Value held |
|---|---|---|---|---|
| 2026-Q1 | 94 | 30,168,906 | — | $171M |
| 2025-Q4 | 105 | 29,663,167 | — | $177M |
| 2025-Q3 | 94 | 27,884,811 | — | $177M |
| 2025-Q2 | 92 | 27,573,947 | — | $143M |
| 2025-Q1 | 95 | 26,279,865 | — | $137M |
| 2024-Q4 | 111 | 28,706,076 | — | $149M |
| 2024-Q3 | 100 | 29,137,913 | — | $179M |
| 2024-Q2 | 99 | 30,741,716 | — | $192M |
| 2024-Q1 | 105 | 36,367,290 | — | $255M |
| 2023-Q4 | 102 | 30,315,511 | — | $233M |
| 2023-Q3 | 104 | 24,708,805 | — | $198M |
| 2023-Q2 | 95 | 23,991,077 | — | $216M |
| 2023-Q1 | 99 | 24,601,801 | — | $216M |
| 2022-Q4 | 100 | 24,601,531 | — | $253M |
| 2022-Q3 | 93 | 23,240,938 | — | $226M |
| 2022-Q2 | 100 | 23,981,293 | — | $270M |
| 2022-Q1 | 97 | 23,472,331 | — | $280M |
| 2021-Q4 | 101 | 24,582,421 | — | $270M |
| 2021-Q3 | 98 | 27,209,628 | — | $293M |
| 2021-Q2 | 97 | 24,238,188 | — | $264M |
| 2021-Q1 | 94 | 26,903,656 | — | $299M |
| 2020-Q4 | 98 | 25,657,694 | — | $264M |
| 2020-Q3 | 97 | 28,628,750 | — | $238M |
| 2020-Q2 | 103 | 31,872,257 | — | $251M |
| 2020-Q1 | 111 | 32,832,154 | — | $274M |
| 2019-Q4 | 104 | 32,443,167 | — | $403M |
| 2019-Q3 | 85 | 32,476,072 | — | $434M |
| 2019-Q2 | 77 | 31,249,002 | — | $432M |
| 2019-Q1 | 81 | 29,939,458 | — | $416M |
| 2018-Q4 | 81 | 29,354,970 | — | $376M |
| 2018-Q3 | 70 | 25,966,901 | — | $400M |
| 2018-Q2 | 67 | 26,080,153 | — | $407M |
| 2018-Q1 | 62 | 24,402,745 | — | $390M |
| 2017-Q4 | 54 | 23,609,096 | — | $334M |
| 2016-Q1 | 1 | 2,954 | — | $41,000 |
