Mark J. Czarniecki
About Mark J. Czarniecki
Mark J. Czarniecki (born 1979) serves as Vice President and Assistant Secretary for Nuveen S&P 500 Buy‑Write Income Fund (BXMX), a role he has held since 2013. He is a Managing Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC, and a Managing Director and Associate General Counsel of Nuveen; he also holds associate general counsel/assistant secretary roles at Nuveen Asset Management, Teachers Advisors, LLC, and TIAA‑CREF Investment Management, LLC . Officers receive no compensation from the Fund and are elected annually to serve until successors are elected and qualified . As contextual performance for the vehicle he helps administer, BXMX’s average annual total returns as of June 30, 2024 were 7.81% (10‑yr) and 9.35% (5‑yr) on NAV; price returns were 7.72% (10‑yr) and 7.58% (5‑yr) . He signs certain fund complex regulatory filings (e.g., Rule 17g‑1 bond and management agreement continuances), evidencing executive authority in fund governance and compliance .
Past Roles
| Organization | Role | Years | Strategic Impact/Notes |
|---|---|---|---|
| Nuveen Fund Advisors, LLC | Managing Director; Assistant Secretary | Past 5 years (as disclosed) | Legal/secretary functions supporting Nuveen funds . |
| Nuveen Securities, LLC | Managing Director; Assistant Secretary | Past 5 years (as disclosed) | Corporate secretary roles for broker/dealer affiliate . |
| Nuveen (parent) | Managing Director; Associate General Counsel | Past 5 years (as disclosed) | Legal leadership across Nuveen enterprise . |
| Nuveen Asset Management, LLC | Managing Director; Assistant Secretary; Associate General Counsel | Past 5 years (as disclosed) | Legal/secretary support for adviser entity . |
| BXMX (Nuveen S&P 500 Buy‑Write Income Fund) | Vice President; Assistant Secretary | Since 2013 | Fund officer; elected annually; no fund‑level compensation . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Teachers Advisors, LLC (TIAA) | Managing Director; Associate General Counsel; Assistant Secretary | Past 5 years (as disclosed) | Affiliate roles within TIAA’s asset management complex . |
| TIAA‑CREF Investment Management, LLC | Managing Director; Associate General Counsel; Assistant Secretary | Past 5 years (as disclosed) | Affiliate roles within TIAA’s asset management complex . |
Fixed Compensation
- Officers receive no compensation from the Fund; any salary/bonus would be paid by Nuveen/TIAA affiliates and is not disclosed in the fund’s proxy .
Performance Compensation
- No fund‑level performance metrics (revenue/EBITDA/TSR targets) or incentive plan details are disclosed for officers; compensation is not paid by the Fund and is not detailed in Fund filings .
Equity Ownership & Alignment
- Section 16 compliance: the proxy states Fund officers, trustees, and affiliated persons complied with applicable Section 16(a)/30(h) filing requirements during the last fiscal year .
- Officer beneficial ownership filings: Our search did not locate Form 3/4 filings for Mark J. Czarniecki specific to BXMX; Forms 3 for other officers/affiliates often show “No securities are beneficially owned,” indicating minimal officer share ownership in the Funds .
- Fund officers do not receive equity from the Fund, reducing direct vesting‑related selling pressure at the fund level .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Officer positions | Vice President and Assistant Secretary | |
| Length of service | Since 2013 (officer of a fund in the Nuveen complex) | |
| Election/term | Elected annually by the Board; term indefinite; serves until successor is elected and qualified | |
| Compensation from Fund | None (officers receive no compensation from the Funds) | |
| Evidence of authority | Signs regulatory and governance filings (e.g., 40‑17G fidelity bond materials; management agreement continuance/amendments) |
BXMX Performance Context (as of 6/30/2024)
| Measure | 10-Year | 5-Year | 1-Year | 6-Month |
|---|---|---|---|---|
| BXMX Total Return (NAV) | 7.81% | 9.35% | 14.99% | 9.68% |
| BXMX Total Return (Price) | 7.72% | 7.58% | 8.53% | 8.99% |
| Cboe S&P 500 BuyWrite Index (BXM) | 5.77% | 5.56% | 8.91% | 7.59% |
| BXMX NAV/NAV Premium(Discount) | — | — | — | NAV $14.81; Price $13.50; Discount (8.85%); Avg Discount (9.95%) |
Notes: Fund returns reflect portfolio management outcomes; officers like Vice President/Assistant Secretary are administrative/legal executives, not portfolio managers .
Investment Implications
- Alignment and incentives: With no fund‑level compensation or equity awards to officers, there is limited direct pay‑for‑performance linkage or vesting‑driven selling pressure originating from BXMX; compensation and incentives, if any, are set by Nuveen/TIAA affiliates and not disclosed in Fund filings .
- Retention risk: Officer roles are elected annually with indefinite terms. Continuity since 2013 and repeated signature authority on key filings suggest stability; retention is more a function of Nuveen/TIAA policies than Fund economics .
- Trading signals: Absence of disclosed fund‑level equity awards and lack of officer beneficial ownership in similar filings (others often report none) indicate low likelihood of forced selling from vesting schedules; monitor Section 16 for any new filings, but the proxy indicates compliance with reporting requirements .
- Governance/controls: His legal/secretarial roles and execution of 40‑17G fidelity bond and management agreement continuances underscore focus on compliance and fund governance rather than investment strategy—portfolio performance is primarily attributable to investment teams, not fund officers .