Who owns HFRO
Which tracked institutional funds hold HFRO, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See HFRO company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-08-19). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
18 tracked funds added or opened HFRO while 7 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
HFRO’s largest tracked holder by dollar value, Saba Capital Management, L.P., sizes it at 1.3% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 1.3pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in HFRO divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 90 tracked filers holding HFRO, 39 increased or opened the position and 45 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in HFRO between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 2
- Atlas Wealth LLC$7M
- GRATIA CAPITAL, LLC$889K
Full exits 6
- Cambridge Investment Research Advisors, Inc.$6M
- Marex Group plc$1M
- PARK AVENUE SECURITIES LLC$1M
- Concorde Asset Management, LLC$949K
- Arlington Capital Management, Inc.$881K
- HighTower Advisors, LLC$651K
Largest adds
- Saba Capital Management, L.P.$13M
- NEXPOINT ASSET MANAGEMENT, L.P.$9M
- RAYMOND JAMES FINANCIAL INC$6M
- Thomas J. Herzfeld Advisors, Inc.$4M
- ENVESTNET ASSET MANAGEMENT INC$3M
- MORGAN STANLEY$3M
Largest trims
- HARBOUR INVESTMENTS, INC.$348K
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| Saba Capital Management, L.P. added | 5,976,204 | $43M | 18.3% | 2026-Q2 |
| NEXPOINT ASSET MANAGEMENT, L.P. added | 4,599,295 | $33M | 14.1% | 2026-Q2 |
| RAYMOND JAMES FINANCIAL INC added | 3,979,624 | $28M | 12.2% | 2026-Q2 |
| Thomas J. Herzfeld Advisors, Inc. trimmed | 2,676,474 | $19M | 8.2% | 2026-Q2 |
| MORGAN STANLEY trimmed | 2,487,826 | $18M | 7.6% | 2026-Q2 |
| ENVESTNET ASSET MANAGEMENT INC added | 2,183,464 | $16M | 6.7% | 2026-Q2 |
| Invesco Ltd. trimmed | 1,161,203 | $8M | 3.6% | 2026-Q2 |
| Atlas Wealth LLC new | 1,030,976 | $7M | 3.2% | 2026-Q2 |
| Matisse Capital | 617,000 | $4M | 1.9% | 2026-Q2 |
| LPL Financial LLC trimmed | 615,069 | $4M | 1.9% | 2026-Q2 |
| ROYAL BANK OF CANADA trimmed | 544,380 | $4M | 1.7% | 2026-Q2 |
| OPPENHEIMER & CO INC added | 532,264 | $4M | 1.6% | 2026-Q2 |
| Geneos Wealth Management Inc. trimmed | 525,538 | $4M | 1.6% | 2026-Q2 |
| Altium Capital Management LLC added | 317,055 | $2M | 1.0% | 2026-Q2 |
| Camelot Portfolios, LLC trimmed | 310,043 | $2M | 0.9% | 2026-Q2 |
| Private Capital Management, LLC added | 129,205 | $2M | 0.9% | 2026-Q2 |
| Closed-End Fund Advisors, Inc. added | 237,067 | $2M | 0.7% | 2026-Q2 |
| CHOREO, LLC trimmed | 206,145 | $1M | 0.6% | 2026-Q2 |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | 181,396 | $1M | 0.6% | 2026-Q2 |
| BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC added | 176,264 | $1M | 0.5% | 2026-Q2 |
| NewEdge Advisors, LLC added | 173,066 | $1M | 0.5% | 2026-Q2 |
| Aristides Capital LLC added | 143,706 | $1M | 0.4% | 2026-Q2 |
| IHT Wealth Management, LLC trimmed | 137,401 | $980K | 0.4% | 2026-Q2 |
| GRATIA CAPITAL, LLC new | 124,725 | $889K | 0.4% | 2026-Q2 |
| NATIONS FINANCIAL GROUP INC, /IA/ /ADV | 122,317 | $872K | 0.4% | 2026-Q2 |
| Baird Financial Group, Inc. trimmed | 95,804 | $683K | 0.3% | 2026-Q2 |
| OSAIC HOLDINGS, INC. trimmed | 95,535 | $681K | 0.3% | 2026-Q2 |
| Calamos Advisors LLC added | 80,201 | $572K | 0.2% | 2026-Q2 |
| GILPIN WEALTH MANAGEMENT, LLC trimmed | 76,546 | $546K | 0.2% | 2026-Q2 |
| Creative Planning added | 68,552 | $489K | 0.2% | 2026-Q2 |
| HARBOUR INVESTMENTS, INC. trimmed | 65,120 | $464K | 0.2% | 2026-Q2 |
| Samalin Investment Counsel, LLC trimmed | 56,009 | $399K | 0.2% | 2026-Q2 |
| Ariadne Wealth Management, LP added | 52,914 | $377K | 0.2% | 2026-Q2 |
| Cetera Investment Advisers trimmed | 50,969 | $363K | 0.2% | 2026-Q2 |
| XTX Topco Ltd added | 48,570 | $346K | 0.1% | 2026-Q2 |
| Financial Solutions Advisory Group, Inc. new | 44,734 | $341K | 0.1% | 2026-Q2 |
| AEGON USA Investment Management, LLC trimmed | 47,619 | $340K | 0.1% | 2026-Q2 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 43,426 | $310K | 0.1% | 2026-Q2 |
| JANE STREET GROUP, LLC added | 40,661 | $290K | 0.1% | 2026-Q2 |
| MERCER GLOBAL ADVISORS INC /ADV | 35,831 | $255K | 0.1% | 2026-Q2 |
| CSS LLC/IL | 32,516 | $232K | 0.1% | 2026-Q2 |
| Abel Hall, LLC | 30,000 | $214K | 0.1% | 2026-Q2 |
| Papamarkou Wellner Asset Management inc. trimmed | 30,000 | $214K | 0.1% | 2026-Q2 |
| UBS Group AG added | 29,943 | $213K | 0.1% | 2026-Q2 |
| INTEGRATED CAPITAL MANAGEMENT, INC. trimmed | 29,285 | $209K | 0.1% | 2026-Q2 |
| EVOLVE PRIVATE WEALTH, LLC trimmed | 28,887 | $206K | 0.1% | 2026-Q2 |
| INDEPENDENT FINANCIAL GROUP, LLC added | 28,881 | $206K | 0.1% | 2026-Q2 |
| B. Riley Wealth Advisors, Inc. added | 25,815 | $187K | 0.1% | 2026-Q2 |
| Mariner, LLC trimmed | 25,112 | $179K | 0.1% | 2026-Q2 |
| North Ground Capital added | 24,731 | $176K | 0.1% | 2026-Q2 |
| MELFA WEALTH MANAGEMENT, INC. trimmed | 18,856 | $134K | 0.1% | 2026-Q2 |
| MML INVESTORS SERVICES, LLC added | 18,683 | $133K | 0.1% | 2026-Q2 |
| One Charles Private Wealth Services, LLC | 17,248 | $123K | 0.1% | 2026-Q2 |
| Kestra Advisory Services, LLC trimmed | 15,591 | $111K | 0.0% | 2026-Q2 |
| GOLDMAN SACHS GROUP INC trimmed | 15,148 | $108K | 0.0% | 2026-Q2 |
| NOMURA HOLDINGS INC added | 15,000 | $107K | 0.0% | 2026-Q2 |
| Keystone Wealth Services, LLC trimmed | 14,704 | $105K | 0.0% | 2026-Q2 |
| Diversify Advisory Services, LLC new | 13,015 | $95K | 0.0% | 2026-Q2 |
| DIVERSIFY WEALTH MANAGEMENT, LLC new | 13,015 | $95K | 0.0% | 2026-Q2 |
| Capital Investment Advisory Services, LLC added | 13,076 | $93K | 0.0% | 2026-Q2 |
| STEPHENS INC /AR/ | 12,743 | $91K | 0.0% | 2026-Q2 |
| COMMONWEALTH EQUITY SERVICES, LLC added | 12,689 | $90K | 0.0% | 2026-Q2 |
| Koshinski Asset Management, Inc. | 11,625 | $83K | 0.0% | 2026-Q2 |
| Bulldog Investors, LLP | 10,715 | $76K | 0.0% | 2026-Q2 |
| Post Resch Tallon Group Inc. trimmed | 10,485 | $75K | 0.0% | 2026-Q2 |
| K2 PRINCIPAL FUND, L.P. | 10,033 | $72K | 0.0% | 2026-Q2 |
| Rockefeller Capital Management L.P. added | 9,385 | $67K | 0.0% | 2026-Q2 |
| Integrated Wealth Concepts LLC new | 6,920 | $49K | 0.0% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN trimmed | 6,505 | $46K | 0.0% | 2026-Q2 |
| FIFTH THIRD BANCORP | 6,156 | $44K | 0.0% | 2026-Q2 |
| Arax Advisory Partners added | 5,044 | $36K | 0.0% | 2026-Q2 |
| IFP Advisors, Inc trimmed | 3,845 | $27K | 0.0% | 2026-Q2 |
| Basepoint Wealth LLC | 3,671 | $26K | 0.0% | 2026-Q2 |
| Triumph Capital Management added | 3,300 | $24K | 0.0% | 2026-Q2 |
| Byrne Asset Management LLC | 1,800 | $13K | 0.0% | 2026-Q2 |
| Steward Partners Investment Advisory, LLC | 1,261 | $9K | 0.0% | 2026-Q2 |
| 10Elms LLP new | 372 | $6K | 0.0% | 2026-Q2 |
| Spire Wealth Management | 500 | $4K | 0.0% | 2026-Q2 |
| HIGHLINE WEALTH PARTNERS LLC trimmed | 414 | $3K | 0.0% | 2026-Q2 |
| CALDWELL SUTTER CAPITAL, INC. | 285 | $2K | 0.0% | 2026-Q2 |
| GABLES CAPITAL MANAGEMENT INC. | 269 | $2K | 0.0% | 2026-Q2 |
| ASSETMARK, INC trimmed | 226 | $2K | 0.0% | 2026-Q2 |
| SHP Wealth Management | 211 | $2K | 0.0% | 2026-Q2 |
| Cedar Mountain Advisors, LLC | 82 | $585 | 0.0% | 2026-Q2 |
| Sunrise Financial Services, LLC | 70 | $499 | 0.0% | 2026-Q2 |
| FMR LLC | 23 | $164 | 0.0% | 2026-Q2 |
| Strategic Wealth Partners, Ltd. | 6 | $43 | 0.0% | 2026-Q2 |
| Vision Retirement, LLC | 3 | $19 | 0.0% | 2026-Q2 |
| AdvisorNet Financial, Inc added | 2 | $11 | 0.0% | 2026-Q2 |
| Kilter Group LLC trimmed | 1 | $5 | 0.0% | 2026-Q2 |
| Cambridge Investment Research Advisors, Inc. added | 965,879 | $6M | 2.4% | 2026-Q1 stale (1 quarter behind) |
| Marex Group plc trimmed | 205,000 | $1M | 0.5% | 2026-Q1 stale (1 quarter behind) |
| PARK AVENUE SECURITIES LLC trimmed | 181,678 | $1M | 0.4% | 2026-Q1 stale (1 quarter behind) |
| Concorde Asset Management, LLC added | 166,190 | $949K | 0.4% | 2026-Q1 stale (1 quarter behind) |
| Arlington Capital Management, Inc. added | 154,306 | $881K | 0.4% | 2026-Q1 stale (1 quarter behind) |
| HighTower Advisors, LLC trimmed | 114,025 | $651K | 0.3% | 2026-Q1 stale (1 quarter behind) |
| Alpine Global Management, LLC trimmed | 99,974 | $598K | 0.3% | 2025-Q4 stale (2 quarters behind) |
| Verition Fund Management LLC new | 262,820 | $1M | 0.6% | 2025-Q2 stale (4 quarters behind) |
| GatePass Capital, LLC added | 116,100 | $604K | 0.3% | 2025-Q2 stale (4 quarters behind) |
| Envestnet Portfolio Solutions, Inc. added | 66,964 | $348K | 0.1% | 2025-Q2 stale (4 quarters behind) |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.