Highland Opportunities and Income Fund
HFRO
105 hedge funds and large institutions have $177M invested in Highland Opportunities and Income Fund in 2025 Q4 according to their latest regulatory filings, with 22 funds opening new positions, 25 increasing their positions, 29 reducing their positions, and 11 closing their positions.
100% more first-time investments, than exits
New positions opened: 22 | Existing positions closed: 11
12% more funds holding
Funds holding: 94 → 105 (+11)
3.24% more ownership
Funds ownership: 50.37% → 53.61% (+3.2%)
0% more capital invested
Capital invested by funds: $177M → $177M (+$489K)
0% more funds holding in top 10
Funds holding in top 10: 2 → 2 (0)
14% less repeat investments, than reductions
Existing positions increased: 25 | Existing positions reduced: 29
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SCM
Saba Capital Management
New York
|
+$5.91M |
| 2 |
NAM
Nexpoint Asset Management
Dallas,
Texas
|
+$5.36M |
| 3 |
Raymond James Financial
St Petersburg,
Florida
|
+$3.48M |
| 4 |
Envestnet Asset Management
Chicago,
Illinois
|
+$1.74M |
| 5 |
MG
Marex Group
London,
|
+$1.3M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Commonwealth Equity Services
Waltham,
Massachusetts
|
-$3.65M |
| 2 |
Morgan Stanley
New York
|
-$2.28M |
| 3 |
TJHA
Thomas J. Herzfeld Advisors
Miami Beach,
Florida
|
-$2.12M |
| 4 |
Osaic Holdings
Scottsdale,
Arizona
|
-$1.22M |
| 5 |
GWM
Geneos Wealth Management
Englewood,
Colorado
|
-$334K |
HFRO Hedge Fund Activity: Q4 2025 in Review
105 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in Highland Opportunities and Income Fund (HFRO) for Q4 2025, worth a combined $177M — up 0.28% from $177M a quarter earlier.
Buyers outnumbered sellers: 22 funds opened new HFRO positions and 11 closed out — a net gain of 11 holders — while 25 added to existing stakes and 29 trimmed.
The largest buyer was Saba Capital Management, adding an estimated $5.91M. The largest seller was Commonwealth Equity Services, cutting an estimated $3.65M.
- 105 institutional investors held Highland Opportunities and Income Fund (HFRO) as of Q4 2025, up from 94 in Q3 2025.
- Funds reported $177M of Highland Opportunities and Income Fund stock for Q4 2025, up 0.28% quarter-over-quarter.
- 22 funds opened new Highland Opportunities and Income Fund positions in Q4 2025 and 11 closed out, a net change of +11 holders.
- The largest Highland Opportunities and Income Fund buyer in Q4 2025 was Saba Capital Management, an estimated $5.91M added.
- The largest Highland Opportunities and Income Fund seller in Q4 2025 was Commonwealth Equity Services, an estimated $3.65M sold.
Based on aggregated 13F filings for Q4 2025.