CUBA Herzfeld Caribbean Basin Fund Inc

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

 

 

 

 

 

 

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