Herzfeld Caribbean Basin Fund, Inc.
Schedule of Investments as of September 30, 2023 (Unaudited)
Shares or Principal Amount | Description | Fair Value |
Common Stocks – 99.64% of net assets
Aerospace and Defense – 4.55%
99,206 | Aersale Corp.* | $1,482,138 |
Airlines – 3.63%
13,250 | Copa Holdings, S.A. | 1,180,840 |
Banking and finance – 18.11%
42,089 | Banco Latinoamericano de Comercio Exterior, S.A. | 892,287 |
16,956 | Evertec, Inc. | 630,424 |
160,604 | First BanCorp. (Puerto Rico) | 2,161,730 |
11,541 | OFG Bancorp | 344,614 |
29,702 | Popular, Inc. | 1,871,523 |
Communications – 1.45%
10,698 | América Móvil, S.A.B. de C.V. Class B ADR | 185,289 |
209,144 | América Móvil, S.A.B. de C.V. | 180,576 |
479,175 | Fuego Enterprises, Inc.*1 | 20,652 |
207,034 | Grupo Radio Centro S.A.B. de C.V.* | 39,789 |
2 | Sitios LatinoAmerica S.A.B. de C.V. | 1 |
31,172 | Spanish Broadcasting System, Inc.* | 19,638 |
33,226 | Operadora de Sites Mexicanos, S.A. de C.V. | 27,429 |
Construction and related– 20.13%
155,645 | Cemex, S.A.B. de C.V. ADR* | 1,011,693 |
20 | Ceramica Carabobo Class A ADR*1 | -- |
4,000 | Martin Marietta Materials, Inc. | 1,641,920 |
23,568 | MasTec, Inc.* | 1,696,189 |
43,117 | PGT Innovations, Inc.* | 1,196,497 |
5,000 | Vulcan Materials Company | 1,010,100 |
Shares or Principal Amount | Description | Fair Value |
Food, beverages and tobacco – 7.91%
393,164 | Becle, S.A.B. de C.V. | 938,758 |
18,900 | Fomento Económico Mexicano, S.A.B. de C.V. Series UBD | 205,991 |
13,110 | Fomento Económico Mexicano, S.A.B. de C.V. ADR | 1,430,956 |
Housing – 3.62%
10,500 | Lennar Corporation | 1,178,415 |
Investment companies - 0.08%
70,000 | Waterloo Investment Holdings Ltd.*1 | 24,500 |
Leisure - 17.20%
6,745 | Marriott Vacations Worldwide Corporation | 678,749 |
116,578 | Norwegian Cruise Line Holdings Ltd.* | 1,921,205 |
98,605 | Playa Hotels and Resorts N.V.* | 713,900 |
24,863 | Royal Caribbean Cruises Ltd.* | 2,290,877 |
Machinery – 0.75%
170,625 | Grupo Rotoplas S.A.B. de C.V | 245,694 |
Mining – 0.06%
3,872 | Grupo México, S.A.B. de C.V. Series B | 18,295 |
Oil & Gas Services & Equipment – 1.09%
27,000 | SBM Offshore N.V. | 354,805 |
Retail - 2.69%
1,270 | Grupo Elektra, S.A.B. de C.V. Series CPO | 83,956 |
210,222 | Wal-Mart de México, S.A.B. de C.V. Series V | 793,322 |
Transportation infrastructure – 3.15%
4,175 | Grupo Aeroportuario ADR | 1,025,839 |
Trucking and marine freight – 1.58%
137 | Seaboard Corporation | 514,161 |
Shares or Principal Amount | Description | Fair Value |
Utilities – 12.27%
23,200 | Caribbean Utilities Ltd. Class A | 273,041 |
6,092 | Consolidated Water Company Ltd. | 173,256 |
700 | Cuban Electric Company*1 | -- |
19,854 | NextEra Energy, Inc | 1,137,436 |
73,602 | New Fortress Energy, Inc., Class A | 2,412,674 |
Other – 1.37%
55,921 | Margo Caribe, Inc.* | 447,368 |
79 | Siderurgica Venezolana Sivensa, S.A. Series B*1 | -- |
Total common stocks (cost $21,480,626) | 32,456,527 |
Bonds – 0.00% of net assets
$ 165,000 | Republic of Cuba - 4.5%, 1977 - in default*1 | -- |
Total bonds (cost $63,038) | -- |
Money Market Funds – 0.25%
82,482 | Federated Hermes Government
Obligations Fund, Institutional Class, 5.20%2 |
82,482 |
Total money market funds (cost $82,482) | 82,482 |
Total investments (cost $21,626,146) – 99.89% of net assets | $ 32,539,009 |
Assets in excess of other liabilities – 0.11% of net asset | 36,097 |
Net assets - 100% | $ 32,575,106 |
1 | Securities have been fair valued in good faith using fair value methodology approved by the Board of Directors. Fair valued securities comprised 0.14% of net assets. |
2 | Rate disclosed is the seven day effective yield as of September 30, 2023. |
* | Non-income producing |
ADR – American Depositary Receipt