HIGHLAND OPPORTUNITIES & INCOME FUND (HFRO) — Institutional Holders, Q2 2026
92 institutional investment managers reported a HFRO position on SEC Form 13F-HR for the quarter ended June 30, 2026, with a combined reported value of $226.5M. Every filer is listed below, ranked by position value. Put and call option positions are excluded, and a firm filing several lots or share classes is shown once with its total.
HFRO in Q2 2026: what funds did
Funds that filed a 13F for both Q1 2026 and Q2 2026, by what they did with the common stock. Share counts are adjusted for any split between the two quarters; dollar figures are the change in shares at this quarter’s price.
Biggest buyers
- Atlas WealthNew · +1,030,976 sh+$7.4M
- Saba Capital Management, L.P.Added · +828,967 sh+$5.9M
- NEXPOINT ASSET MANAGEMENT, L.P.Added · +470,400 sh+$3.4M
- GRATIA CAPITALNew · +124,725 sh+$889.3K
- OPPENHEIMERAdded · +72,042 sh+$513.7K
Biggest sellers
- Invesco Ltd.Trimmed · -247,603 sh-$1.8M
- Marex Group plcSold out · -205,000 sh-$1.5M
- Concorde Asset ManagementSold out · -166,190 sh-$1.2M
- Arlington Capital ManagementSold out · -154,306 sh-$1.1M
- Geneos Wealth ManagementTrimmed · -147,262 sh-$1.0M
HFRO 13F holders ranked 1–92 of 92
| # | Institution | Shares | Value | % of portfolio | QoQShares vs Q1 2026 |
|---|---|---|---|---|---|
| 1 | Saba Capital Management, L.P.#1 · 5,976,204 sh | 5,976,204 | $42.6M | 1.09% | +16.1% |
| 2 | NEXPOINT ASSET MANAGEMENT, L.P.#2 · 4,599,295 sh | 4,599,295 | $32.8M | 2.19% | +11.4% |
| 3 | RAYMOND JAMES FINANCIAL#3 · 3,979,624 sh | 3,979,624 | $28.4M | <0.01% | +1.5% |
| 4 | Thomas J. Herzfeld Advisors#4 · 2,676,474 sh | 2,676,474 | $19.1M | 5.86% | -1.4% |
| 5 | MORGAN STANLEY#5 · 2,487,826 sh | 2,487,826 | $17.7M | <0.01% | -2.2% |
| 6 | ENVESTNET ASSET MANAGEMENT#6 · 2,183,464 sh | 2,183,464 | $15.6M | <0.01% | +1.7% |
| 7 | Invesco Ltd.#7 · 1,161,203 sh | 1,161,203 | $8.3M | <0.01% | -17.6% |
| 8 | Atlas Wealth#8 · 1,030,976 sh | 1,030,976 | $7.4M | 1.05% | New |
| 9 | Cambridge Investment Research Advisors#9 · 944,693 sh | 944,693 | $6.7M | 0.02% | -2.2% |
| 10 | Matisse Capital#10 · 617,000 sh | 617,000 | $4.4M | 1.76% | 0.0% |
| 11 | LPL Financial#11 · 615,069 sh | 615,069 | $4.4M | <0.01% | -1.2% |
| 12 | ROYAL BANK OF CANADA#12 · 544,380 sh | 544,380 | $3.9M | <0.01% | -13.8% |
| 13 | OPPENHEIMER#13 · 532,264 sh | 532,264 | $3.8M | — | +15.7% |
| 14 | Geneos Wealth Management#14 · 525,538 sh | 525,538 | $3.7M | 0.08% | -21.9% |
| 15 | Altium Capital Management#15 · 317,055 sh | 317,055 | $2.3M | 4.76% | +14.4% |
| 16 | Camelot Portfolios#16 · 310,043 sh | 310,043 | $2.2M | 1.55% | -2.2% |
| 17 | Closed-End Fund Advisors#17 · 237,067 sh | 237,067 | $1.7M | 1.65% | +0.7% |
| 18 | CHOREO#18 · 206,145 sh | 206,145 | $1.5M | 0.02% | -5.4% |
| 19 | LANDSCAPE CAPITAL MANAGEMENT, L.L.C.#19 · 181,396 sh | 181,396 | $1.3M | 0.08% | 0.0% |
| 20 | PARK AVENUE SECURITIES#20 · 176,281 sh | 176,281 | $1.3M | — | -3.0% |
| 21 | BLUE BELL PRIVATE WEALTH MANAGEMENT#21 · 176,264 sh | 176,264 | $1.3M | 0.16% | +26.6% |
| 22 | NewEdge Advisors#22 · 173,066 sh | 173,066 | $1.2M | <0.01% | +4.1% |
| 23 | Aristides Capital#23 · 143,706 sh | 143,706 | $1.0M | 0.20% | +4.1% |
| 24 | IHT Wealth Management#24 · 137,401 sh | 137,401 | $979.7K | 0.02% | -2.3% |
| 25 | GRATIA CAPITAL#25 · 124,725 sh | 124,725 | $889.3K | 0.54% | New |
| 26 | NATIONS FINANCIAL GROUP , /IA#26 · 122,317 sh | 122,317 | $872.1K | 0.04% | 0.0% |
| 27 | HighTower Advisors#27 · 109,907 sh | 109,907 | $783.6K | <0.01% | -3.6% |
| 28 | Baird Financial Group#28 · 95,804 sh | 95,804 | $683.1K | <0.01% | -15.7% |
| 29 | OSAIC#29 · 95,535 sh | 95,535 | $681.2K | <0.01% | -13.6% |
| 30 | Calamos Advisors#30 · 80,201 sh | 80,201 | $571.8K | <0.01% | +7.1% |
| 31 | GILPIN WEALTH MANAGEMENT#31 · 76,546 sh | 76,546 | $545.8K | — | -16.5% |
| 32 | Creative Planning#32 · 68,552 sh | 68,552 | $488.8K | <0.01% | 0.0% |
| 33 | HARBOUR INVESTMENTS#33 · 65,120 sh | 65,120 | $464.3K | <0.01% | -54.2% |
| 34 | Samalin Investment Counsel#34 · 56,009 sh | 56,009 | $399.3K | — | -27.6% |
| 35 | Ariadne Wealth Management#35 · 52,914 sh | 52,914 | $377.3K | 0.17% | 0.0% |
| 36 | Cetera Investment Advisers#36 · 50,969 sh | 50,969 | $363.4K | <0.01% | -0.3% |
| 37 | XTX Topco Ltd#37 · 48,570 sh | 48,570 | $346.3K | <0.01% | +143.0% |
| 38 | Financial Solutions Advisory Group#38 · 44,734 sh | 44,734 | $341.3K | 0.04% | New |
| 39 | AEGON USA Investment Management#39 · 47,619 sh | 47,619 | $339.5K | 0.24% | -40.0% |
| 40 | SUSQUEHANNA INTERNATIONAL GROUP, LLP#40 · 43,426 sh | 43,426 | $309.6K | 0.00% | +16.6% |
| 41 | JANE STREET GROUP#41 · 40,661 sh | 40,661 | $289.9K | 0.00% | +25.0% |
| 42 | MERCER GLOBAL ADVISORS#42 · 35,831 sh | 35,831 | $255.5K | <0.01% | 0.0% |
| 43 | CSS#43 · 32,516 sh | 32,516 | $231.8K | <0.01% | 0.0% |
| 44 | Abel Hall#44 · 30,000 sh | 30,000 | $213.9K | — | 0.0% |
| 45 | Papamarkou Wellner Asset Management#45 · 30,000 sh | 30,000 | $213.9K | 0.13% | -33.3% |
| 46 | UBS Group AG#46 · 29,943 sh | 29,943 | $213.5K | 0.00% | +60.6% |
| 47 | INTEGRATED CAPITAL MANAGEMENT#47 · 29,285 sh | 29,285 | $208.8K | — | -13.8% |
| 48 | EVOLVE PRIVATE WEALTH#48 · 28,887 sh | 28,887 | $206.0K | 0.01% | -7.5% |
| 49 | INDEPENDENT FINANCIAL GROUP#49 · 28,881 sh | 28,881 | $205.9K | — | +4.2% |
| 50 | B. Riley Wealth Advisors#50 · 25,815 sh | 25,815 | $186.9K | — | +20.1% |
| 51 | Mariner#51 · 25,112 sh | 25,112 | $179.0K | <0.01% | -17.0% |
| 52 | North Ground Capital#52 · 24,731 sh | 24,731 | $176.3K | 0.21% | +12.0% |
| 53 | MELFA WEALTH MANAGEMENT#53 · 18,856 sh | 18,856 | $134.4K | 0.07% | -35.3% |
| 54 | MML INVESTORS SERVICES#54 · 18,683 sh | 18,683 | $133.2K | <0.01% | +14.4% |
| 55 | One Charles Private Wealth Services#55 · 17,248 sh | 17,248 | $123.0K | 0.03% | 0.0% |
| 56 | Kestra Advisory Services#56 · 15,591 sh | 15,591 | $111.2K | <0.01% | -55.8% |
| 57 | GOLDMAN SACHS GROUP#57 · 15,148 sh | 15,148 | $108.0K | 0.00% | New |
| 58 | NOMURA#58 · 15,000 sh | 15,000 | $107.0K | <0.01% | New |
| 59 | Keystone Wealth Services#59 · 14,704 sh | 14,704 | $104.8K | 0.02% | -31.1% |
| 60 | Diversify Advisory Services#60 · 13,015 sh | 13,015 | $94.7K | — | New |
| 61 | DIVERSIFY WEALTH MANAGEMENT#61 · 13,015 sh | 13,015 | $94.7K | — | New |
| 62 | Capital Investment Advisory Services#62 · 13,076 sh | 13,076 | $93.2K | <0.01% | +1.6% |
| 63 | STEPHENS#63 · 12,743 sh | 12,743 | $90.9K | <0.01% | 0.0% |
| 64 | COMMONWEALTH EQUITY SERVICES#64 · 12,689 sh | 12,689 | $90.5K | <0.01% | +1.3% |
| 65 | Koshinski Asset Management#65 · 11,625 sh | 11,625 | $82.9K | <0.01% | 0.0% |
| 66 | Janney Montgomery Scott#66 · 11,530 sh | 11,530 | $82.0K | <0.01% | -43.1% |
| 67 | Bulldog Investors, LLP#67 · 10,715 sh | 10,715 | $76.4K | 0.02% | 0.0% |
| 68 | Post Resch Tallon Group#68 · 10,485 sh | 10,485 | $74.8K | — | New |
| 69 | K2 PRINCIPAL FUND, L.P.#69 · 10,033 sh | 10,033 | $71.5K | <0.01% | 0.0% |
| 70 | Rockefeller Capital Management L.P.#70 · 9,385 sh | 9,385 | $66.9K | <0.01% | +5.5% |
| 71 | Integrated Wealth Concepts#71 · 6,920 sh | 6,920 | $49.3K | <0.01% | New |
| 72 | WELLS FARGO & COMPANY#72 · 6,505 sh | 6,505 | $46.4K | 0.00% | -17.1% |
| 73 | FIFTH THIRD BANCORP#73 · 6,156 sh | 6,156 | $43.9K | <0.01% | 0.0% |
| 74 | SRS Capital Advisors#74 · 5,044 sh | 5,044 | $36.0K | <0.01% | New |
| 75 | IFP Advisors#75 · 3,845 sh | 3,845 | $27.4K | — | -4.3% |
| 76 | Basepoint Wealth#76 · 3,671 sh | 3,671 | $26.2K | 0.01% | 0.0% |
| 77 | Triumph Capital Management#77 · 3,300 sh | 3,300 | $23.5K | — | +26.9% |
| 78 | Byrne Asset Management#78 · 1,800 sh | 1,800 | $12.8K | — | 0.0% |
| 79 | Steward Partners Investment Advisory#79 · 1,261 sh | 1,261 | $9.0K | 0.00% | 0.0% |
| 80 | Spire Wealth Management#80 · 500 sh | 500 | $3.6K | <0.01% | 0.0% |
| 81 | HIGHLINE WEALTH PARTNERS#81 · 414 sh | 414 | $3.0K | — | -11.9% |
| 82 | CALDWELL SUTTER CAPITAL#82 · 285 sh | 285 | $2.0K | <0.01% | 0.0% |
| 83 | GABLES CAPITAL MANAGEMENT#83 · 269 sh | 269 | $1.9K | <0.01% | 0.0% |
| 84 | ASSETMARK#84 · 226 sh | 226 | $1.6K | — | New |
| 85 | SHP Wealth Management#85 · 211 sh | 211 | $1.5K | <0.01% | 0.0% |
| 86 | Cedar Mountain Advisors#86 · 82 sh | 82 | $585.00 | — | 0.0% |
| 87 | Sunrise Financial Services#87 · 70 sh | 70 | $499.00 | — | 0.0% |
| 88 | FMR#88 · 23 sh | 23 | $164.00 | 0.00% | 0.0% |
| 89 | Strategic Wealth Partners, Ltd.#89 · 6 sh | 6 | $43.00 | 0.00% | 0.0% |
| 90 | Vision Retirement#90 · 3 sh | 3 | $19.00 | 0.00% | 0.0% |
| 91 | AdvisorNet Financial#91 · 2 sh | 2 | $11.00 | — | +100.0% |
| 92 | Kilter Group#92 · 1 sh | 1 | $5.00 | 0.00% | -100.0% |
Funds that sold out of HFRO in Q2 2026 (13)
Held HFRO at the end of Q1 2026 and filed a Q2 2026 13F without it. Not in the list above, because they no longer hold it. Largest prior position first.
| Institution | Shares sold | Value in Q1 2026 |
|---|---|---|
| Marex Group plc205,000 sh | 205,000 | $1.2M |
| Concorde Asset Management166,190 sh | 166,190 | $948.9K |
| Arlington Capital Management154,306 sh | 154,306 | $881.1K |
| CITADEL ADVISORS15,564 sh | 15,564 | $88.9K |
| NWF Advisory Services10,400 sh | 10,400 | $59.4K |
| CHANNEL WEALTH10,074 sh | 10,074 | $57.5K |
| Advisory Services Network7,458 sh | 7,458 | $42.6K |
| Legacy Wealth Managment5,237 sh | 5,237 | $29.9K |
| US BANCORP \DE\1,775 sh | 1,775 | $10.1K |
| Hamrick Investment Counsel250 sh | 250 | $1.4K |
| Keating Financial Advisory Services164 sh | 164 | $936.00 |
| Mountain Hill Investment Partners125 sh | 125 | $715.00 |
| MAI Capital Management59 sh | 59 | $337.00 |
Source: Form 13F-HR filings on SEC EDGAR, Q2 2026. Values are as reported by each manager at quarter end. “% of portfolio” is the position’s share of the manager’s total reported 13F value for the same quarter. “New” means the manager filed a 13F for Q1 2026 without this position; a dash means no comparison is available. Where a manager’s own filing is internally inconsistent its value is withheld and it is listed last. 13F data shows reported holdings, not recommendations.