Daniel Bradshaw
About Daniel Bradshaw
Daniel W. Bradshaw (born May 1990) is an Interested Director of Cornerstone Total Return Fund, Inc. (CRF) since 2021 and serves as Assistant Secretary; he is also Chief Investment Officer of Cornerstone Advisors, LLC (the Fund’s investment adviser) since May 2023 and a director/assistant secretary of Cornerstone Strategic Investment Fund, Inc. within the same fund complex . His background includes research leadership and portfolio management with experience developing trading strategies; he holds a B.S. in Finance and Banking (Appalachian State University) and an MBA in Investment Management (Rice University) . CRF’s proxy does not disclose TSR, revenue, or EBITDA performance metrics tied to Mr. Bradshaw; the Fund’s board and committee activity and governance structure are disclosed separately (see “Board Governance”) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cornerstone Advisors, LLC (current adviser) | Chief Investment Officer | Since May 2023 | Oversees research; portfolio management responsibilities for CRF . |
| Cornerstone Advisors, LLC | Vice President | May 2019 – Apr 2023 | Research oversight; trading strategy implementation at adviser . |
| Cornerstone Advisors, Inc. (former adviser) | Vice President | Feb 2018 – Apr 2019 | Investment and trading responsibilities at former adviser . |
| Cornerstone Advisors, Inc. (former adviser) | Associate | 2016 – Jan 2018 | Early investing/wealth management responsibilities . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Cornerstone Strategic Investment Fund, Inc. (fund complex) | Director; Assistant Secretary | Current | Affiliated fund in same complex . |
| Outside public company boards | None disclosed | — | CRF proxy lists “None” for directorships outside the fund complex . |
Fixed Compensation
CRF is a closed-end fund under the 1940 Act. Director compensation is disclosed by the Fund; Interested Directors (including Daniel W. Bradshaw) are shown as receiving $0 from the Fund. The Fund states it has no bonus, profit sharing, pension or retirement plans for directors .
| Director Compensation (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Daniel W. Bradshaw – Aggregate Compensation From CRF | $0 | $0 | $0 |
| Daniel W. Bradshaw – Total From Fund Complex | $0 | $0 | $0 |
Notes:
- Compensation to portfolio managers/officers employed by Cornerstone Advisors, LLC (the external adviser) is not disclosed by CRF’s proxy; compensation is paid by the adviser, not the Fund .
Performance Compensation
CRF discloses no annual incentive plan, performance metrics, or equity awards for directors; the Fund notes no bonus/profit sharing/pension/retirement plans for directors. Compensation for adviser-employed officers (e.g., CIO) is not disclosed by CRF .
| Metric/Plan Element | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual bonus (Fund-level, directors/officers) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| PSUs/RSUs/Options (Fund-level, directors/officers) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Equity Ownership & Alignment
- Security ownership ranges by year (as of December 31 each year) :
| Ownership Indicator | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Dollar Range of Equity Securities in CRF | $51,001 – $100,000 | $10,001 – $50,000 | $10,001 – $50,000 | $50,001 – $100,000 |
| Aggregate Dollar Range Across Fund Complex | $51,001 – $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
- Initial Section 16 filing: Form 3 reported 5,313.56 CRF shares beneficially owned (direct) as of 11/05/2021 .
- Insider trading activity: Our search returned no Form 4 filings for Daniel W. Bradshaw in 2018–2025; absence of filings in search results is not definitive of no activity.
- Pledging/hedging policies and any share pledges by Daniel W. Bradshaw are not disclosed in the CRF proxies reviewed .
- Ownership guidelines (director/executive multiples) and compliance status are not disclosed in CRF proxies; ownership is reported only in dollar ranges .
Employment Terms
- Employment relationship: Daniel W. Bradshaw serves as CIO of Cornerstone Advisors, LLC; compensation, employment agreements, severance, change-in-control and clawback terms (if any) would be with the adviser and are not disclosed in CRF’s proxy .
- CRF proxies do not disclose any employment contracts, severance multiples, change-of-control triggers, tax gross-ups, deferred comp, pensions/SERP, or perquisites for Daniel W. Bradshaw at the Fund level .
Board Governance (service history, committees, dual-role implications)
- Board service history: Director of CRF since 2021; Assistant Secretary; also serves as CIO of the adviser and as a director/assistant secretary of the affiliated CSIF in the fund complex .
- Committee roles: The Audit and Nominating & Corporate Governance Committees are comprised solely of independent (non-interested) directors. As an Interested Director, Daniel W. Bradshaw is not listed as a member of these committees .
- Independence and leadership: Daniel W. Bradshaw is an “interested person” under the 1940 Act due to affiliation with the adviser. The Chairman (Ralph W. Bradshaw) is also an Interested Director; the Board states it does not have a lead independent director .
- Board size and attendance: The Board consisted of nine directors in 2023 and ten in 2024; the Board convened four times in each year, with each director attending at least 75% of Board and committee meetings .
Investment Implications
- Pay-for-performance visibility is low: As an externally managed fund, compensation for Mr. Bradshaw is paid by the adviser and is not disclosed at the Fund level, limiting investor insight into performance metrics, vesting schedules, and retention incentives .
- Alignment via personal stake: Mr. Bradshaw reports a personal CRF holding (dollar range $50k–$100k as of 12/31/2024) and previously filed Form 3 with 5,313.56 shares, suggesting some “skin in the game,” though exact share count and pledged/hedged status are not disclosed .
- Low near-term selling signal from filings: Our search did not return any Form 4 transactions for Mr. Bradshaw during 2018–2025, implying no disclosed insider sales/purchases in that period based on available filings; this reduces near-term insider-selling overhang but should be monitored.
- Governance concentration risk: Multiple “interested” Bradshaw family members on the Board and no lead independent director could present perceived independence concerns and potential conflicts (typical for external-adviser structures), though the Board asserts the structure facilitates information flow and oversight .
- Data gaps to watch: Any future 8-K 5.02 items (appointments/departures), proxy updates on ownership ranges, and any adviser-level disclosures that shed light on Mr. Bradshaw’s incentive metrics, clawbacks, or change-in-control economics.
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