Highland Opportunities and Income Fund

HFRO • NYSE

Highland Opportunities and Income Fund is a publicly traded company on NYSE. As of Q3 2025, 85 institutional investors hold shares in this company, with total holdings valued at $160.9M. Saba Capital Management, L.P. is the largest holder with a position valued at $23.7M.

Websitenexpointassetmgmt.com

Overview

Overview of institutional ownership in HFRO as of Q3 2025

All Institutions

Institutions: 85
Value Held: $160.9M
Shares Held: 25.4M
Avg Position: $1.9M
Median Position: $190.5K

Hedge Funds

Hedge Funds: 8
Value Held: $26.8M
Shares Held: 4.2M
Avg Position: $3.3M
Median Position: $249.2K

Biggest Investors

Institutions with the largest positions in HFRO as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
S Saba Capital Management, L.P. Hedge Fund•Multi-Strategy	Boaz Ronald Weinstein Founder	$23.7M 0.80% of portfolio	0.00% 3.7M shares	Q2 2025 Held for 5 months	$3.0B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$20.5M 0.01% of portfolio	0.00% 3.2M shares	Q4 2024 Held for 11 months	$310.43B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$20.2M 0.00% of portfolio	0.00% 3.2M shares	Q4 2022 Held for 2y 11m	$1.65T
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. Institution	Dustin David Norris President	$17.9M 1.61% of portfolio	0.00% 2.8M shares	Q4 2022 Held for 2y 11m	$1.1B
Thomas J. Herzfeld Advisors, Inc. Long Only Manager	Thomas Jay Herzfeld Chairman	$17.8M 6.09% of portfolio	0.00% 2.8M shares	Q4 2022 Held for 2y 11m	$291.7M
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$11.6M 0.00% of portfolio	0.00% 1.8M shares	Q4 2022 Held for 2y 11m	$341.99B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$8.5M 0.00% of portfolio	0.00% 1.3M shares	Q4 2022 Held for 2y 11m	$633.08B
Geneos Wealth Management Inc. RIA/Wealth	Ryan Wesley Diachok CEO	$6.2M 0.16% of portfolio	0.00% 981.7K shares	Q4 2022 Held for 2y 11m	$3.9B
L LPL Financial LLC Institution	-	$4.2M 0.00% of portfolio	0.00% 663.0K shares	Q4 2022 Held for 2y 11m	$340.07B
Deschutes Portfolio Strategy, LLC RIA/Wealth	Bryn Torkelson President	$3.9M 1.76% of portfolio	0.00% 617.0K shares	Q4 2022 Held for 2y 11m	$222.2M

Net Capital Flow

Institutional buying and selling activity for HFRO in Q3 2025

Traded: +$10.6M
Buyers: 35
Sellers: 37
Total Bought: +$26.5M
Total Sold: −$15.9M
Avg Position: $1.7M

Biggest Buyers

Institution	Net Bought	Current Position
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. Institution	+$12.1M +1.9M shares	$17.9M 2.8M shares
S Saba Capital Management, L.P. Hedge Fund•Multi-Strategy	+$9.3M +1.5M shares	$23.7M 3.7M shares
Thomas J. Herzfeld Advisors, Inc. Long Only Manager	+$1.2M +196.2K shares	$17.8M 2.8M shares
A Alpine Partners VI, LLC Institution	+$658.4K +103.7K shares	$658.4K 103.7K shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$605.2K +95.3K shares	$11.6M 1.8M shares
L LPL Financial LLC Institution	+$393.6K +62.0K shares	$4.2M 663.0K shares
J JANE STREET GROUP, LLC Institution	+$342.0K +53.9K shares	$342.0K 53.9K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$271.7K +42.8K shares	$271.7K 42.8K shares
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC RIA/Wealth	+$263.8K +41.5K shares	$758.5K 119.5K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$226.8K +35.7K shares	$226.8K 35.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$3.4M −530.7K shares	$20.5M 3.2M shares
LANDSCAPE CAPITAL MANAGEMENT, L.L.C. Hedge Fund•Market Neutral	−$3.2M −496.2K shares	$1.2M 181.4K shares
Invesco Ltd. ETF Provider	−$2.6M −414.4K shares	$8.5M 1.3M shares
MORGAN STANLEY RIA/Wealth	−$1.9M −293.0K shares	$20.2M 3.2M shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	−$1.4M −262.8K shares	Sold Off 0 shares
UBS Group AG Institution	−$616.6K −97.1K shares	$204.8K 32.3K shares
Y Yakira Capital Management, Inc. Hedge Fund•Event Driven	−$471.3K −74.2K shares	$99.4K 15.7K shares
Envestnet Portfolio Solutions, Inc. Long Only Manager	−$348.2K −67.0K shares	Sold Off 0 shares
HighTower Advisors, LLC RIA/Wealth	−$316.6K −49.9K shares	$792.8K 124.9K shares
Geneos Wealth Management Inc. RIA/Wealth	−$166.8K −26.3K shares	$6.2M 981.7K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited HFRO in Q3 2025

New Positions: 10
New Value: $893.7K
Exited Positions: 11
Exited Value: $2.3M

New Positions

Institution	Position Value
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$271.7K 42.8K shares
H HB Wealth Management, LLC Institution	$206.7K 32.6K shares
P Papamarkou Wellner Asset Management inc. Institution	$190.5K 30.0K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	$146.2K 23.0K shares
C Catalyst Funds Management Pty Ltd Institution	$68.6K 10.8K shares
Triumph Capital Management RIA/Wealth	$5.7K 900.0 shares
R Russell Investments Group, Ltd. RIA/Wealth	$2.5K 400.0 shares
GABLES CAPITAL MANAGEMENT INC. Hedge Fund•Long/Short	$1.7K 269.0 shares
Sontag Advisory, LLC RIA/Wealth	$44.0 7.0 shares
Strategic Wealth Partners, Ltd. RIA/Wealth	$38.0 6.0 shares

Exited Positions

Institution	Previous Position
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$1.4M 262.8K shares
Envestnet Portfolio Solutions, Inc. Long Only Manager	$348.2K 67.0K shares
Kingsview Wealth Management, LLC RIA/Wealth	$151.3K 29.1K shares
Private Advisor Group, LLC RIA/Wealth	$150.1K 28.9K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$84.8K 16.3K shares
Sage Capital Management, LLC RIA/Wealth	$78.7K 15.1K shares
S STIFEL FINANCIAL CORP Long Only Manager	$59.8K 11.5K shares
BB&T CORP Institution	$54.5K 10.5K shares
IFP Advisors, Inc RIA/Wealth	$6.1K 1.2K shares
SRS Capital Advisors, Inc. RIA/Wealth	$5.2K 1.0K shares

Options Activity

Institutions with the largest Call and Put options positions in HFRO as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with HFRO as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Thomas J. Herzfeld Advisors, Inc. Long Only Manager	Thomas Jay Herzfeld Chairman	6.09% $17.8M	0.00% 2.8M shares	Q4 2022 Held for 2y 11m	$291.7M
Deschutes Portfolio Strategy, LLC RIA/Wealth	Bryn Torkelson President	1.76% $3.9M	0.00% 617.0K shares	Q4 2022 Held for 2y 11m	$222.2M
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. Institution	Dustin David Norris President	1.61% $17.9M	0.00% 2.8M shares	Q4 2022 Held for 2y 11m	$1.1B
Camelot Portfolios, LLC RIA/Wealth	Darren Thaddaeus Munn CEO	1.53% $2.6M	0.00% 406.2K shares	Q4 2022 Held for 2y 11m	$168.3M
S Saba Capital Management, L.P. Hedge Fund•Multi-Strategy	Boaz Ronald Weinstein Founder	0.80% $23.7M	0.00% 3.7M shares	Q2 2025 Held for 5 months	$3.0B
CF Capital LLC Hedge Fund•Sector	Jenaro Cardona-Fox CIO	0.79% $1.3M	0.00% 197.0K shares	Q2 2025 Held for 5 months	$158.3M
A Arlington Capital Management, Inc. Institution	-	0.65% $1.0M	0.00% 158.4K shares	Q4 2022 Held for 2y 11m	$155.3M
AEGON USA Investment Management, LLC Insurance Manager	Christopher C Thompson CEO	0.59% $672.4K	0.00% 105.9K shares	Q3 2023 Held for 2y 2m	$114.0M
Aristides Capital LLC Real Assets	Marc Jeffrey Rowan CEO	0.26% $847.7K	0.00% 133.5K shares	Q4 2022 Held for 2y 11m	$331.2M
Samalin Investment Counsel, LLC RIA/Wealth	Andrew Evan Samalin Managing Partner	0.23% $662.6K	0.00% 104.4K shares	Q1 2023 Held for 2y 8m	$289.2M

Hedge Fund Spotlight

Discover hedge funds investing in HFRO

LANDSCAPE CAPITAL MANAGEMENT, L.L.C.

Hedge Fund • Market Neutral

Portfolio ManagerGeorge Demetrios Papadopoulos

Portfolio Value: $1.6B
Positions: 605
Last Reported: Q3 2025

Sector Allocation

Position in Highland Opportunities and Income Fund

Market Value: $1.2M
Shares Held: 181.4K
Portfolio Weight: 0.07%
Owned Since: 2022-Q4

Top Holding	Sector	Market Value	Weight
1 iShares 1-3 Year Treasury Bond SHY	ETF ETF	$48.4M	3.06%
2 Heico Corporation HEI.A	Aerospace & Defense Industrials	$27.5M	1.74%
3 Monster Beverage MNST	Beverages - Non-Alcoholic Consumer Defensive	$23.5M	1.48%