Hoyt Peters
About Hoyt Peters
Hoyt M. Peters serves as Secretary (since 2019) and Assistant Treasurer (since 2013) of Cornerstone Strategic Investment Fund, Inc. (CLM). He is also Vice President of Cornerstone Advisors, LLC, and Secretary and Assistant Treasurer of Cornerstone Total Return Fund, Inc.; his birth date is September 1963 . Fund-level officer compensation is not paid by CLM and no officer receives compensation from the Fund; CLM has no bonus, profit sharing, pension, or retirement plans . Fund performance during Mr. Peters’ tenure (total investment return at market value) has been 31.58% (2020), 47.04% (2021), -32.21% (2022), 21.40% (2023), and 43.57% (2024) ; NAV average annual returns were 15.63% (2020), 24.33% (2021), -16.75% (2022), 30.01% (2023), and 24.79% (2024) .
CLM Performance Summary (market value and NAV context)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Total investment return (market value, %) | 31.58% | 47.04% | -32.21% | 21.40% | 43.57% |
| NAV per share (year-end, $) | 9.93 | 10.23 | 6.48 | 6.77 | 7.03 |
| Net assets (year-end, $000) | 769,031 | 1,227,371 | 1,400,340 | 1,580,192 | 1,746,225 |
| Managed distribution per share ($) | 2.23 | 1.92 | 2.16 | 1.48 | 1.30 |
| NAV average annual return (%) | 15.63% | 24.33% | -16.75% | 30.01% | 24.79% |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cornerstone Strategic Investment Fund, Inc. (CLM) | Secretary | Since 2019 | Authorized signatory on corporate actions including 2025 rights offering subscription certificates and 2024 charter amendment filings |
| Cornerstone Strategic Investment Fund, Inc. (CLM) | Assistant Treasurer | Since 2013 | Ongoing fund administrative/financial officer responsibilities |
| Cornerstone Advisors, LLC | Vice President | Past 5 years (current) | Adviser-side leadership role supporting fund operations; adviser’s fees scale with AUM |
| Cornerstone Total Return Fund, Inc. | Secretary and Assistant Treasurer | Current | Officer across fund complex; operational continuity |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cornerstone Advisors, LLC | Vice President | Past 5 years (current) | Adviser economics align with AUM growth; Board disclosed adviser fee increases with rights offering proceeds |
Fixed Compensation
| Item | Disclosure |
|---|---|
| Fund-paid officer compensation | None; officers do not receive compensation from the Fund |
| Bonus/profit sharing/pension/retirement plans (Fund) | None; Fund has no bonus, profit sharing, pension, or retirement plans |
| Compensation caps noted | No person affiliated with the Fund receives compensation in excess of $60,000 from the Fund |
Performance Compensation
- CLM does not disclose officer incentive metrics, targets, vesting schedules, or equity awards for fund officers; officers are compensated by Cornerstone Advisors, LLC (the Investment Adviser), not by the Fund .
- Adviser fee alignment: management fees paid by CLM to the Investment Adviser were $13,199,630 (2022), $15,046,683 (2023), and $16,943,070 (2024) . The N-2/A details that if all rights in the 2025 offering were exercised, the Adviser’s annual compensation would increase by approximately $5,451,126 (basic) or $10,902,251 (including over-subscription shares) .
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Management fees paid to Investment Adviser ($) | 13,199,630 | 15,046,683 | 16,943,070 |
Implication: While Mr. Peters’ individual incentive design is not disclosed, the adviser-side economics benefit from AUM growth and rights offerings, potentially creating indirect incentives to pursue capital-raising activities .
Equity Ownership & Alignment
- Beneficial ownership disclosures in CLM’s N-2/A provide dollar-range holdings for Directors; officer-level beneficial ownership (including Mr. Peters) is not disclosed. As Secretary and Assistant Treasurer, Mr. Peters is not listed among Directors, and no officer ownership breakdown is provided .
- Stock ownership guidelines, pledging, hedging policies, and officer share pledges are not disclosed for Mr. Peters in the 2025 DEF 14A or N-2/A .
Employment Terms
- Employment contracts, severance, change-of-control terms, non-competes, non-solicits, garden leave, and consulting arrangements specific to Mr. Peters are not disclosed in the 2025 DEF 14A or N-2/N-2/A filings .
- CLM’s filings note management risk tied to key individuals at the Investment Adviser; departure of key personnel could impair fund objective attainment, which is relevant for retention risk considerations generally at the adviser level .
Investment Implications
- Pay-for-performance linkage at the Fund level is limited for Mr. Peters because officers do not receive compensation from CLM and the Fund has no bonus or pension plans; thus, direct Fund-level incentives are minimal .
- Adviser-side incentives are tied to AUM. Rights offerings explicitly increase the Investment Adviser’s annual fees (estimated +$5.45m to +$10.90m), which may indirectly shape executive priorities around capital raising and distribution maintenance; the Board acknowledged potential adviser benefit yet approved offerings as in stockholders’ best interests .
- Performance context: CLM delivered strong market-value returns in 2020, 2021, 2023, and 2024, with a drawdown in 2022; NAV average annual returns were solid across 2020–2024. Rising net assets and steady distributions support adviser economics and may reinforce AUM-centric strategies .
- Governance/operational signal: Mr. Peters is an authorized signatory on core corporate actions (e.g., rights certificate and charter amendment doubling authorized shares), evidencing administrative execution strength rather than portfolio decision-making authority .
- Monitoring: Without disclosed officer ownership, pledging, or contract terms, trading signals (e.g., insider sales) and retention risk must be inferred from adviser-level disclosures and rights offering cadence; continued rights activities can imply sustained AUM prioritization over near-term dilution optics .