Welcome to our dedicated page for Herzfeld Caribbean Basin news (Ticker: CUBA), a resource for investors and traders seeking the latest updates and insights on Herzfeld Caribbean Basin stock.
Herzfeld Caribbean Basin Fund Inc (CUBA) provides investors with a centralized hub for tracking corporate developments in this Caribbean-focused closed-end fund. This resource aggregates official press releases, regulatory filings, and market analyses related to the fund's equity investments and strategic initiatives.
Users gain immediate visibility into earnings announcements, portfolio adjustments, and management commentary. The page serves institutional and individual investors seeking to monitor the fund's performance in emerging Caribbean Basin markets, dividend distributions, and responses to regional economic trends.
Content spans quarterly results, shareholder communications, leadership changes, and operational updates. Bookmark this page for streamlined access to Herzfeld Caribbean Basin Fund's verified financial disclosures and position-specific developments within its diversified investment strategy.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) has announced a significant strategic shift, with its Board of Directors approving a change from Caribbean Basin investments to a CLO Equity Strategy. The Fund will modify its primary objective to focus on total returns and high current income through investments in equity and junior debt tranches of collateralized loan obligations (CLOs).
The change comes after 30 years of Caribbean-focused investment, with management citing opportunities in Cuba relations. The Fund will be renamed to Herzfeld Credit Income Fund and implement a new fee structure: 1.25% management fee and 10% incentive fee with a 9% hurdle rate, replacing the previous 1.45% flat management fee.
The changes require shareholder approval at an upcoming special meeting. While pivoting away from Caribbean investments, the Fund maintains rights to the CUBA ticker symbol for potential future opportunities. Thomas J. Herzfeld Advisors currently manages approximately $950 million in assets and has maintained a Morningstar 5-star performance rating for 40 consecutive quarters.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) has announced a distribution of $0.2325 per share paid on January 13, 2025, under its Managed Distribution Policy. The distribution represents a 15% annual rate based on the Fund's June 30, 2024 net asset value.
The Board recently modified the Policy to maintain the 15% annual distribution rate but with flexible distribution periods (quarterly, semi-annual, or annual) to accommodate year-end regulatory capital gains distributions. The current distribution consists entirely of return of capital. The Fund reports a -4.50% average annual return over the past 5 years, with a current annualized distribution rate of 15.15% of NAV. The Fund's cumulative total return for the fiscal year through December 31, 2024, stands at 6.53%.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) has announced a cash distribution of $0.2325 per share, to be paid on January 13, 2025, to stockholders of record as of December 31, 2024. This distribution reflects 9.69% of the Fund's market price and 7.22% of its net asset value as of December 19, 2024.
The distribution is part of the Fund's managed distribution policy, which aims to maintain an annual rate of 15% of the Fund's net asset value. The Board recently modified the policy to allow for quarterly, semi-annual, or annual distribution periods. The current distribution is expected to consist entirely of return of capital, which may affect the Fund's total assets and expense ratio.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) announced significant leadership changes effective December 31, 2024. Thomas J. Herzfeld, the Fund's Chairman since its 1994 launch, will retire from the Board of Directors and his position as Portfolio Manager, becoming Chairman Emeritus with non-voting participation in board meetings.
Cecilia Gondor, a board member since 2014 and former Executive VP of Thomas J. Herzfeld Advisors, will succeed as Chairperson. Additionally, Brigitta Herzfeld, current member of the investment manager's executive committee, will join the Board. She brings experience from Goldman Sachs and Lehman Brothers Japan, along with advanced degrees from prestigious institutions.
The Herzfeld Caribbean Basin Fund (Nasdaq: CUBA) has announced the final results of its cash tender offer. The Fund offered to purchase up to 5% (827,416 shares) of its outstanding common shares at 97.5% of its NAV. The purchase price was set at $3.2273 per share. Due to oversubscription with 11,685,770 shares tendered, the Fund will purchase shares on a pro-rata basis with a factor of 7.08052%. After the tender offer completion, the Fund will have 15,720,897 outstanding common shares.
The Herzfeld Caribbean Basin Fund announced preliminary results of its cash tender offer to purchase up to 5% (827,416 shares) of outstanding common shares at 97.5% of NAV. According to preliminary data, 11,696,106 shares were properly tendered at a purchase price of $3.2273 per share. Due to oversubscription, the Fund will purchase shares on a pro-rata basis. The tender offer expired on November 15, 2024, with final results expected around November 21, 2024.
Thomas J. Herzfeld Advisors, Inc. has announced the commencement of a Tender Offer by The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA). The Fund is offering to purchase up to 5% of its outstanding common shares at 97.5% of NAV per share. The NAV will be determined as of the close of ordinary trading on the NASDAQ Capital Market on November 15, 2024.
The Tender Offer was initially announced on October 3, 2024, and the official Offer to Purchase is dated October 15, 2024. Shareholders are advised to read the Offer to Purchase, Letter of Transmittal, and related exhibits for important information. These documents are available on the SEC website and the Fund's website. For additional information, shareholders can contact EQ Fund Solutions, , the Information Agent for the Tender Offer.
Thomas J. Herzfeld Advisors, Inc. has announced that The Herzfeld Caribbean Basin Fund, Inc. (Nasdaq: CUBA) will commence a Tender Offer on October 14, 2024. This offer is part of the Fund's ongoing plan to address its trading price discount to net asset value (NAV) per share. The plan, initially announced in May 2019 and extended to June 30, 2025, includes a Self-Tender Policy.
Under this policy, the Fund will offer to purchase up to 5% of its outstanding shares at 97.5% of NAV if the average discount was greater than 10% for the previous fiscal year. The formal offer and detailed terms will be announced soon. Shareholders will be notified according to SEC requirements and should review the offer documents carefully when available.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) has paid its quarterly distribution of $0.135375 per share on July 15, 2024. The distribution was made under the Fund's Managed Distribution Policy, with 20% paid in cash and 80% in stock. Stockholders who didn't elect a preference received about 0.058 shares for each share owned. The Fund's primary goal is to provide a fixed minimum distribution rate each quarter, currently set at an annual rate of 15% of the Fund's NAV.
The distribution included $0.119929 (88.59%) from net realized long-term capital gains and $0.015446 (11.41%) as return of capital. The Fund's 5-year average annual total return is -3.70%, with a current annualized distribution rate of 17.47% of NAV. The Board has flexibility to adjust distribution timing to account for year-end regulatory capital gains distributions.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) announced a corrected schedule for its upcoming distribution in stock and cash. The revised Ex-Date is 06/03/2024. The distribution will be paid on 07/15/2024, with a per-share amount of $0.135375. Stockholders may choose to receive their distribution in cash or stock, with the total cash portion to 20%. The rest will be distributed as common stock. The average stock price on June 27, 28, and July 1, 2024, will determine the number of shares issued. This distribution aims to strengthen the Fund's balance sheet and capitalize on future investment opportunities. The distribution includes a return of capital, meaning part of the stockholder's original investment is paid back. The Fund's policy ensures a 15% annual rate of distribution, reviewed quarterly. The policy may be amended or terminated, impacting the market price of the Fund's shares. The current distribution is solely from capital returns and not investment income or capital gains.
