Investment adviser · CRD 108369

THOMAS J. HERZFELD ADVISORS, INC.

Investment adviser filing (IA)

MIAMI BEACH, FL, United States · Form ADV filed Aug 18, 2026

Regulatory AUM: $890M
Client accounts: 349
Employees: 15
Advisory professionals: 6

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Pooled investment vehicles	8	$484,837,086	54.5%
High-net-worth individuals	125	$140,656,441	15.8%
Other clients	127	$125,152,953	14.1%
Charities	11	$47,039,339	5.3%
Corporations & businesses	10	$44,710,699	5.0%
Investment companies	1	$41,681,178	4.7%
Individuals	15	$5,202,724	0.6%
Retirement plans	3	$1,134,975	0.1%

Filing source

Form ADV 2119231 · Aug 18, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

9 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

THE HCM MASTER FUND LIMITEDHedge Fund · Last reported Aug 18, 2026$264MGross asset value

Feeder funds

HCM US FEEDER LP
HCM CAYMAN FEEDER LTD

Fund administrator MUFG FUND SERVICES (CAYMAN) LIMITED CAYMAN ISLANDS, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No

Fund administrator U.S. BANCORP FUND SERVICES, LLC (D/B/A U.S. BANK GLOBAL FUND SERVICES MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Fund administrator U.S. BANK GLOBAL FUND SERVICES (CAYMAN) MINNEAPOLIS, Minnesota, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS (CAYMAN) GEORGE TOWN, Cayman Islands

Custodian TD PRIME SERVICES LLC NEW YORK, New York, United States Related to adviser: No

Custodian U.S. BANK, N.A. MINNEAPOLIS, Minnesota, United States Related to adviser: No

Marketer DELPHOS MMJ L.P. NEW YORK, New York, United States Related to adviser: No

Marketer UMERGENCE LLC PLANTSVILLE, Connecticut, United States Related to adviser: No

Prime broker TD SECURITIES (USA) LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

PRICEWATERHOUSECOOPERS (CAYMAN)
PCAOB 1266

TD PRIME SERVICES LLC
SEC 8-3337

DELPHOS MMJ L.P.
CRD 137389 · SEC 8-67083

UMERGENCE LLC
CRD 284368 · SEC 8-69801

TD SECURITIES (USA) LLC
CRD 18476 · SEC 8-36747

Fund details & source

Fund ID: 805-9438084876
Reported beneficial owners: 57
Minimum commitment: $10M
Form D file number: 021-371308

Form ADV 2119231 · Aug 18, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

THE HCM PREFFERED EQUITY MASTER FUND LIMITEDHedge Fund · Last reported Aug 18, 2026$184MGross asset value

Feeder funds

HCM US FEEDER LP
HCM CAYMAN FEEDER LTD