HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P.

HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. is an institution based in Dallas, TX led by Dustin David Norris, reporting $2.5B in AUM as of Q3 2025 with 56% concentrated in top 10 holdings.

PresidentDustin David Norris

Portfolio Value: $1.1B
Positions: 89
Top Holding: NREF at 10.94%
Last Reported: Q3 2025

Address300 Crescent Court, Suite 700, Dallas, TX, 75201, United States

Top Holdings

Largest long holdings in HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P.'s portfolio (55.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 NexPoint Real Estate Finance NREF	REIT - Mortgage Real Estate	$121.8M	10.94%	—	48.46% 8.6M shares	Q1 2020 Held for 5y 8m
2 WNS Holdings Limited WNS	Information Technology Services Technology	$96.9M	8.71%	+$96.9M New	2.96% 1.3M shares	Q3 2025 Held for 2 months
3 AvidXchange Holdings, Inc. AVDX	Software - Infrastructure Technology	$88.2M	7.93%	+$37.7M Bought	4.27% 8.9M shares	Q2 2025 Held for 5 months
4 VRNA Verona Pharma VRNA	Unknown Unknown	$62.4M	5.60%	+$62.4M New	— 584.6K shares	Q3 2025 Held for 2 months
5 Frontier Communications Parent, Inc. FYBR	Telecommunications Services Communication Services	$50.9M	4.57%	+$12.2M Bought	0.54% 1.4M shares	Q3 2024 Held for 1y 2m
6 Air Lease AL	Rental & Leasing Services Industrials	$48.7M	4.37%	+$48.7M New	0.68% 764.9K shares	Q3 2025 Held for 2 months
7 TXNM Energy TXNM	Unknown Unknown	$41.0M	3.69%	-$2.8M Sold	0.69% 725.7K shares	Q2 2024 Held for 1y 5m
8 Mr. Cooper Group Inc. COOP	Financial - Mortgages Financial Services	$40.3M	3.62%	+$40.3M New	0.30% 191.1K shares	Q3 2025 Held for 2 months
9 Chart Industries GTLS	Industrial - Machinery Industrials	$38.2M	3.43%	+$35.3M Bought	0.42% 190.7K shares	Q4 2022 Held for 2y 11m
10 ProAssurance PRA	Insurance - Property & Casualty Financial Services	$31.9M	2.86%	+$31.9M New	2.58% 1.3M shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P.'s latest filing

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Market Value

$1.1B

Prior: $1.0B

Q/Q Change

+6.98%

+$72.6M

Net Flows % of MV

+0.112%

Turnover Ratio

56.33%

New Purchases

31 stocks

$482.9M

Added To

12 stocks

+$114.1M

Sold Out Of

34 stocks

$545.8M

Reduced Holdings

14 stocks

-$49.9M

Increased Positions

Position	Shares Δ	Change
1 WNS Holdings Limited WNS	New	0 → 1.3M +$96.9M
2 VRNA Verona Pharma VRNA	New	0 → 584.6K +$62.4M
3 Air Lease AL	New	0 → 764.9K +$48.7M
4 Mr. Cooper Group Inc. COOP	New	0 → 191.1K +$40.3M
5 ProAssurance PRA	New	0 → 1.3M +$31.9M

Decreased Positions

Position	Shares Δ	Change
1 Skechers SKX	Sold	1.2M → 0 −$76.7M
2 SpringWorks Therapeutics, Inc. SWTX	Sold	1.6M → 0 −$74.4M
3 Juniper Networks JNPR	Sold	1.6M → 0 −$63.3M
4 Blueprint Medicines BPMC	Sold	476.7K → 0 −$61.1M
5 Walgreens Boots Alliance WBA	Sold	4.4M → 0 −$50.5M