ADALBERTO ROQUE—AFP/GETTY IMAGES
While most managers talk about investing with long-term horizons, few are willing to stake large chunks of their fortune on an event that may never happen in the lifetime of their funds. But for the past 15 years, fund manager Thomas Herzfeld has been patiently waiting for the Cuba embargo to come crashing down. Along the way, Herzfeld has chosen stocks for this closed-end fund based largely on the companies’ prospects for success should the embargo be lifted. While he has significant positions in Mexico, Herzfeld is particularly keen on U.S. companies that could explode in value if the United States and Cuba begin trading.