Highland Opportunities and Income Fund
HFRO
94 hedge funds and large institutions have $177M invested in Highland Opportunities and Income Fund in 2025 Q3 according to their latest regulatory filings, with 16 funds opening new positions, 21 increasing their positions, 31 reducing their positions, and 12 closing their positions.
100% more funds holding in top 10
Funds holding in top 10: 1 → 2 (+1)
33% more first-time investments, than exits
New positions opened: 16 | Existing positions closed: 12
28% more capital invested
Capital invested by funds: $138M → $177M (+$38.8M)
2.38% more ownership
Funds ownership: 48.02% → 50.4% (+2.4%)
2% more funds holding
Funds holding: 92 → 94 (+2)
32% less repeat investments, than reductions
Existing positions increased: 21 | Existing positions reduced: 31
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
NAM
Nexpoint Asset Management
Dallas,
Texas
|
+$11.1M |
| 2 |
SCM
Saba Capital Management
New York
|
+$8.55M |
| 3 |
Commonwealth Equity Services
Waltham,
Massachusetts
|
+$1.51M |
| 4 |
TJHA
Thomas J. Herzfeld Advisors
Miami Beach,
Florida
|
+$1.15M |
| 5 |
Envestnet Asset Management
Chicago,
Illinois
|
+$559K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Raymond James Financial
St Petersburg,
Florida
|
-$3.11M |
| 2 |
LCM
Landscape Capital Management
Englewood,
New Jersey
|
-$2.91M |
| 3 |
Invesco
Atlanta,
Georgia
|
-$2.43M |
| 4 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$1.78M |
| 5 |
Morgan Stanley
New York
|
-$1.72M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
SCM
101
Sage Capital Management
Stockton,
New Jersey
| – | -$78.7K | -15,129 | Closed |
|
102
Stifel Financial
St. Louis,
Missouri
| – | -$59.8K | -11,497 | Closed |
|
103
Truist Financial
Charlotte,
North Carolina
| – | -$54.5K | -10,488 | Closed |
|
|
IA
104
IFP Advisors
Tampa,
Florida
| – | -$6.06K | -1,166 | Closed |
|
|
AAP
105
Arax Advisory Partners
Denver,
Colorado
| – | -$5.2K | -1,000 | Closed |
|
|
PS
106
Principal Securities
Des Moines,
Iowa
| – | -$874 | -168 | Closed |
|
HFRO Hedge Fund Activity: Q3 2025 in Review
94 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in Highland Opportunities and Income Fund (HFRO) for Q3 2025, worth a combined $177M — up 28% from $138M a quarter earlier.
Buyers outnumbered sellers: 16 funds opened new HFRO positions and 12 closed out — a net gain of 4 holders — while 21 added to existing stakes and 31 trimmed.
The largest buyer was Nexpoint Asset Management, adding an estimated $11.1M. The largest seller was Raymond James Financial, cutting an estimated $3.11M.
- 94 institutional investors held Highland Opportunities and Income Fund (HFRO) as of Q3 2025, up from 92 in Q2 2025.
- Funds reported $177M of Highland Opportunities and Income Fund stock for Q3 2025, up 28% quarter-over-quarter.
- 16 funds opened new Highland Opportunities and Income Fund positions in Q3 2025 and 12 closed out, a net change of +4 holders.
- The largest Highland Opportunities and Income Fund buyer in Q3 2025 was Nexpoint Asset Management, an estimated $11.1M added.
- The largest Highland Opportunities and Income Fund seller in Q3 2025 was Raymond James Financial, an estimated $3.11M sold.
Based on aggregated 13F filings for Q3 2025.