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HFRO

Highland Opportunities and Income Fund
HFRO

95 hedge funds and large institutions have $173M invested in Highland Opportunities and Income Fund in 2026 Q1 according to their latest regulatory filings, with 5 funds opening new positions, 30 increasing their positions, 31 reducing their positions, and 12 closing their positions.

New
Increased
Maintained
Reduced
Closed

1.21% more ownership

Funds ownership: 53.61% → 54.83% (+1.2%)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

2% less capital invested

Capital invested by funds: $177M → $173M (-$4.21M)

3% less repeat investments, than reductions

Existing positions increased: 30 | Existing positions reduced: 31

10% less funds holding

Funds holding: 105 → 95 (-10)

58% less first-time investments, than exits

New positions opened: 5 | Existing positions closed: 12

Holders
95
Holders Change
-10
Holders Change %
-9.52%
% of All Funds
1.17%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.02%
New
5
Increased
30
Reduced
31
Closed
12
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
SCM
Saba Capital Management
New York
+$2.88M
2
NAM
Nexpoint Asset Management
Texas
+$2.78M
3
TJHA
Thomas J. Herzfeld Advisors
Florida
+$1.57M
4
HI
Harbour Investments
Wisconsin
+$867K
5
ACM
Altium Capital Management
New York
+$817K

Top Sellers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
-$1.7M
2
GWM
Geneos Wealth Management
Colorado
-$1.56M
3
CC
CF Capital
Massachusetts
-$1.04M
4
Jane Street
Jane Street
New York
-$518K
5
MG
Marex Group
-$488K
Name Holding Trade Value Shares
Change 		Change in
Stake
TCM
76
Triumph Capital Management
Colorado
$14.8K +$10.4K +1,700 +189%
KG
77
Kilter Group
New York
$12.7K +$165 +27 +1%
BAM
78
Byrne Asset Management
New Jersey
$10.3K – – –
US Bancorp
79
US Bancorp
Minnesota
$10.1K – – –
SPIA
80
Steward Partners Investment Advisory
New York
$7.2K – – –
SWM
81
Spire Wealth Management
Virginia
$2.85K – – –
HWP
82
Highline Wealth Partners
California
$2.68K -$183 -30 -6%
CSC
83
Caldwell Sutter Capital
California
$1.63K – – –
GCM
84
Gables Capital Management
Florida
$1.54K – – –
HIC
85
Hamrick Investment Counsel
Washington
$1.43K +$1.52K +250 New
SWM
86
SHP Wealth Management
Massachusetts
$1.21K – – –
KFAS
87
Keating Financial Advisory Services
Kansas
$936 – – –
MHIP
88
Mountain Hill Investment Partners
New Jersey
$715 +$12 +2 +2%
CMA
89
Cedar Mountain Advisors
Oregon
$468 – – –
SFS
90
Sunrise Financial Services
Washington
$400 – – –
MCM
91
MAI Capital Management
Ohio
$337 – – –
Fidelity Investments
92
Fidelity Investments
Massachusetts
$131 – – –
SWP
93
Strategic Wealth Partners
Ohio
$34 – – –
VR
94
Vision Retirement
New Jersey
$15 – – –
AF
95
Advisornet Financial
Minnesota
$8 – – –
HWM
96
HB Wealth Management
Georgia
– -$195K -32,550 Closed
Millennium Management
97
Millennium Management
New York
– -$173K -28,850 Closed
YCM
98
Yakira Capital Management
Connecticut
– -$93.6K -15,655 Closed
LI
99
LifeWealth Investments
Florida
– -$87.5K -14,625 Closed
Nomura Holdings
100
Nomura Holdings
Japan
– -$59.8K -10,000 Closed
1 2 3
4
5

HFRO Hedge Fund Activity: Q1 2026 in Review

95 of the 8,126 institutional investors tracked by Wall St. Rank reported a position in Highland Opportunities and Income Fund (HFRO) for Q1 2026, worth a combined $173M — down 2.4% from $177M a quarter earlier.

Sellers outnumbered buyers: 12 funds closed out of HFRO and 5 opened new positions — a net loss of 7 holders — while 31 trimmed existing stakes and 30 added.

The largest buyer was Saba Capital Management, adding an estimated $2.88M. The largest seller was Morgan Stanley, cutting an estimated $1.7M.

  • 95 institutional investors held Highland Opportunities and Income Fund (HFRO) as of Q1 2026, down from 105 in Q4 2025.
  • Funds reported $173M of Highland Opportunities and Income Fund stock for Q1 2026, down 2.4% quarter-over-quarter.
  • 5 funds opened new Highland Opportunities and Income Fund positions in Q1 2026 and 12 closed out, a net change of -7 holders.
  • The largest Highland Opportunities and Income Fund buyer in Q1 2026 was Saba Capital Management, an estimated $2.88M added.
  • The largest Highland Opportunities and Income Fund seller in Q1 2026 was Morgan Stanley, an estimated $1.7M sold.

Based on aggregated 13F filings for Q1 2026.