Highland Opportunities and Income Fund
HFRO
92 hedge funds and large institutions have $138M invested in Highland Opportunities and Income Fund in 2025 Q2 according to their latest regulatory filings, with 11 funds opening new positions, 31 increasing their positions, 26 reducing their positions, and 12 closing their positions.
19% more repeat investments, than reductions
Existing positions increased: 31 | Existing positions reduced: 26
7.78% more ownership
Funds ownership: 40.24% → 48.02% (+7.8%)
1% more capital invested
Capital invested by funds: $137M → $138M (+$1.57M)
8% less first-time investments, than exits
New positions opened: 11 | Existing positions closed: 12
3% less funds holding
Funds holding: 95 → 92 (-3)
50% less funds holding in top 10
Funds holding in top 10: 2 → 1 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SCM
Saba Capital Management
New York
|
+$11.5M |
| 2 |
Verition Fund Management
Greenwich,
Connecticut
|
+$1.33M |
| 3 |
LCM
Landscape Capital Management
Englewood,
New Jersey
|
+$746K |
| 4 |
UBS Group
Zurich,
Switzerland
|
+$492K |
| 5 |
ACM
Arlington Capital Management
Arlington Heights,
Illinois
|
+$432K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
GWM
Geneos Wealth Management
Englewood,
Colorado
|
-$5.36M |
| 2 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$2.18M |
| 3 |
Raymond James Financial
St Petersburg,
Florida
|
-$1.3M |
| 4 |
NFG
Nations Financial Group
Cedar Rapids,
Iowa
|
-$1.07M |
| 5 |
CL
Choreo LLC
Rockford,
Illinois
|
-$766K |
HFRO Hedge Fund Activity: Q2 2025 in Review
92 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Highland Opportunities and Income Fund (HFRO) for Q2 2025, worth a combined $138M — up 1.2% from $137M a quarter earlier.
Sellers outnumbered buyers: 12 funds closed out of HFRO and 11 opened new positions — a net loss of 1 holder — while 26 trimmed existing stakes and 31 added.
The largest buyer was Saba Capital Management, opening a new position worth an estimated $11.5M. The largest seller was Geneos Wealth Management, cutting an estimated $5.36M.
- 92 institutional investors held Highland Opportunities and Income Fund (HFRO) as of Q2 2025, down from 95 in Q1 2025.
- Funds reported $138M of Highland Opportunities and Income Fund stock for Q2 2025, up 1.2% quarter-over-quarter.
- 11 funds opened new Highland Opportunities and Income Fund positions in Q2 2025 and 12 closed out, a net change of -1 holder.
- The largest Highland Opportunities and Income Fund buyer in Q2 2025 was Saba Capital Management, an estimated $11.5M added.
- The largest Highland Opportunities and Income Fund seller in Q2 2025 was Geneos Wealth Management, an estimated $5.36M sold.
Based on aggregated 13F filings for Q2 2025.