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Highland Funds I - Highland Income Fund (HFRO)

NYSE - Nasdaq Real Time Price. Currency in USD
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11.73+0.02 (+0.17%)
At close: 04:00PM EDT
11.73 0.00 (0.00%)
After hours: 04:01PM EDT
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  • J
    Joe
    HFRO down 15 cents, NAV up 10 cents. Go figure.
  • J
    Joe
    Getting a bid here. It's interesting that it has been almost 1 year since any update on the CS suit (July 23rd, 2021 was the last update). I wonder if the appeal decision is close?
  • K
    Kenneth
    Continue to buy, along with HGLB, and cover my 22 GT500 payments.
    Bullish
  • J
    Joe
    NAV up 25 cents today.
  • T
    Turbo
    June 22: Discount is over 28% now. This does seem like a good opportunity to pick up a few more shares. Anyone else looking to buy here?
  • D
    D. Man
    I am no expert on the legal system but the CS case is approaching a 10 year anniversary. Does that make any sense. There is an old saying that justice delayed is justice denied.
  • D
    Dave
    Investors is treating this as any other interest bearing stock. Selling it off. They don't care about the
    28% discount.
  • T
    Turbo
    Looking at a buying opportunity here at 25 percent discount from NAV. I just hope that management doesn't screw this up.
  • J
    Joe
    Off almost 3%. Again, just speculating, but even if they lose the lawsuit it really doesn't affect anything with the fund or its assets. And it's now at a 27% discount. This is kind of ridiculous.
  • D
    D. Man
    This is getting ridiculous. Pull up any CEF discount list and HFRO is the largest discount for a major investment fund. Only a couple of very small weird CEFs are slightly worse. The vast majority of CEF offerings are much lower discounts or at premiums than HFRO. How can Highland be serious about their responsibility to be good stewards for this fund. Is there anyone out there to poke these guys to do their job!
  • A
    Anonymous
    New to this fund. Hold just a small position so far. Question. Is the source of the massive discount to the NAV caused by shorting the "E-mini Russell 2000 Index Future Dec 21?
  • D
    Dave
    Now the discount is 28%+ Pretty ridiculous.
  • D
    Dave
    MIAMI BEACH, Fla., Aug. 26, 2021 (GLOBE NEWSWIRE) -- Thomas J. Herzfeld Advisors, Inc. (the “TJH”) today announced that it has submitted written materials pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. Those written materials consist of an open letter to shareholders of The Highland Income Fund(HFRO) urging shareholders of HFRO to vote AGAINST a management proposal to convert the closed end fund into an unregulated holding company.
  • D
    David
    Having held more than many shares of HGLB through the conversion to closed-end fund status, and now with the HFRO shares trading approx 24% discount to NAV, how can the board of directors unanimously vote to change the structure of HFRO to a diversified holding company in lieu of requesting a wind-down of HFRO by way of maturities and sales of existing holdings? Guggenheim currently in wind-down on their credit income fund and it's absolutely the only fair and equitable thing to do for shareholders versus taking a fund public or converting it to another structure. We hold many shares of HFRO and there's going to be further legal courses taken/filed arguing a wind-down is far and away the most advantageous way to end HFRO as it sits and that doing a conversion to a different structure is in violation of the board of directors role in being an advocate for shareholder interests. If HFRO nets an $80 million award from Credit Suisse litigation, there's more than $14 of value to each existing shareholder. Anything less than $13.50 in value netted in the next year by a shareholder is negligence, pure greed, and grounds for action against Highland, its executives and its board of directors.
  • D
    David
    As of yesterday the discount from net asset value (if you can believe their website) was 17.9%. Now with an additional decline of 7.7%, the discount from net asset value if 25.6%. If they were truthful about increasing shareholder value they would liquidate the fund at $13.51 per share minus minor expenses and return a 20% + to shareholders. But , in fact, what they apparently care most about are the high fees that go into their pockets.
  • r
    rick
    MGMT just postponed the special meeting vote on their proposal for a month so that shareholders can have more time to evaluate the last minute sweetener - buy back 5% if big proposal passes.
    Obviously they looked at thew voting results and saw shareholders rejected both of their proposals. Might be interesting to see how much management would personally benefit from the proposals going through vs benefits to shareholders - real benefits not just projections. Good news for shareholders.
  • J
    Joe
    So I will ask again. If the proposal to convert to a holding company is defeated, then what? What is the plan going forward (for the investment manager, trustees, and shareholders). So we stay a CEF, that's great, but the fact remains that the payout is 1/2 return of capital. And we all wish they would just liquidate and give us almost $14 per share, but that ain't gonna happen.
  • T
    Turbo
    Management and trustees of the fund have proposed a tender offer that will be implemented if the conversion is approved. Under the proposed tender offer, the Fund will purchase for cash up to $50 million in aggregate value of Common Shares at a price equal to 95% of the net asset value per Common Share.

    It appears that this offer would amount to the company buying back about 5% of the stock. Personally, I would rather get 100% of the NAV for all of my shares.
  • T
    Turbo
    On August 10th The Coalition of Concerned Stockholders of Highland Income Fund (NYSE: HFRO) issued a letter urging all stockholders to vote against the proposed conversion to a holding company. I suggest all stockholders to read the letter and consider their vote. You can find the letter by searching "Business Wire HFRO".
  • D
    Dennis
    I like this setup:
    -10.80 closing price yesterday
    -Fund NAV $14.02 (As of Oct 12, 2021). 23% discount.
    -Announced stock buyback ~5% of shares over next six months.

    What I look forward to:
    ~17% gain WHEN we make it back to 90% of NAV
    ~30% gain IF we make our way back to the 14.02 NAV
    ~8.5% dividend to collect while we wait

    The past 4 months were frustrating. The next 4 should be quite the opposite.
    Bullish
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