Christopher Berarducci
About Christopher Berarducci
Christopher Berarducci serves as Treasurer and Principal Financial Officer (PFO) of Western Asset Mortgage Opportunity Fund Inc. (NYSE: DMO), effective September 27, 2019; he has been Vice President, Fund Administration and Reporting at Franklin Templeton since 2020, and previously held leadership roles at Legg Mason & Co. (Managing Director in 2020; Director 2015–2020; Vice President 2011–2015) . His birth year is 1974, and he continues to serve as DMO’s Treasurer and PFO through the latest proxy; fund officers are elected annually and serve until successors are elected . As context for operating performance under his financial stewardship, DMO reported for the quarter ended March 31, 2025: NAV $12.08, market price $11.82 (2.15% discount), total net investment income $2.99M (EPS $0.26), and net increase in net assets from operations $4.98M (EPS $0.44) . Earlier, the Board highlighted DMO’s position as a top performer versus its Lipper mortgage closed-end fund peers over 3- and 5-year periods through June 30, 2019, trading at a persistent premium to NAV and delivering attractive distributions (pre-conversion to a perpetual fund) .
Past Roles
| Organization | Role | Years | Strategic Impact / Notes |
|---|---|---|---|
| Franklin Templeton | Vice President, Fund Administration and Reporting | 2020–present | Senior fund administration leadership supporting reporting, treasury and control functions across the fund complex . |
| Legg Mason & Co. | Managing Director | 2020 | Executive leadership transition through Franklin Templeton acquisition; continued oversight of fund financial operations . |
| Legg Mason & Co. | Director | 2015–2020 | Led fund finance functions across multiple closed-end and registered funds . |
| Legg Mason & Co. | Vice President | 2011–2015 | Advanced responsibilities in fund financial reporting and administration . |
| Western Asset Mortgage Opportunity Fund Inc. (DMO) | Treasurer; Principal Financial Officer | Treasurer since 2019; PFO since 2019 | Elected officer; serves at the pleasure of the Board; officers receive no compensation from the Fund . |
External Roles
| Organization | Role | Years | Evidence |
|---|---|---|---|
| Western Asset Global Corporate Opportunity Fund Inc. (GDO) | Principal Financial Officer | Certification dated June 23, 2025 | SOX 906 officer certification signed with CEO for Form N-CSR . |
| Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) | Principal Financial Officer | Certification dated July 26, 2023 | SOX 906 officer certification signed with CEO for Form N-CSR . |
| ClearBridge MLP and Midstream Total Return Fund Inc. (CTR) | Principal Financial Officer | Certification dated July 25, 2024 | SOX 906 officer certification signed with CEO for Form N-CSR . |
| BrandywineGLOBAL – Global Income Opportunities Fund Inc. (BWG) | Principal Financial Officer | Certifications dated June 25, 2021; June 26, 2023 | SOX 906 officer certifications signed with CEO for Forms N-CSR . |
| Putnam Managed Municipal Income Trust (PMM) | Principal Financial Officer | Signature dated June 26, 2025 | Signed as PFO in N-CSR signature block . |
Fixed Compensation
- Officers of DMO receive no compensation from the Fund; they may be reimbursed for reasonable out-of-pocket travel expenses to attend Board meetings. Compensation, including salary/bonus/equity, if any, is paid by the adviser (Franklin Templeton), and is not disclosed at the Fund level .
Performance Compensation
- No Fund-level incentive plans (cash or equity) are disclosed for executive officers. As officers are not compensated by DMO, there are no Fund-level performance metrics, weights, targets, payouts, or vesting schedules applicable to Mr. Berarducci disclosed in the proxy statements .
Equity Ownership & Alignment
- Fund proxies disclose security ownership ranges for Directors, and state that the nominees, Directors and officers as a group beneficially owned less than 1% of outstanding shares in recent years. Individual officer ownership (including Mr. Berarducci), vesting, pledging, and guideline compliance are not itemized at the Fund level .
| Group Ownership (Directors and Officers as a Group) | As of | Disclosure |
|---|---|---|
| <1% of outstanding shares | Dec 31, 2020 | “At September 1, 2021, the nominees, Directors and officers of the Fund as a group beneficially owned less than 1%...” . |
| <1% of outstanding shares | Dec 31, 2021 | “At September 1, 2022, … less than 1%...” . |
| <1% of outstanding shares | Dec 31, 2022 | “At August 31, 2023, … less than 1%...” . |
| <1% of outstanding shares | Dec 31, 2023 | “At August 30, 2024, … less than 1%...” . |
| <1% of outstanding shares | Dec 31, 2024 | “At August 29, 2025, … less than 1%...” . |
- Section 16(a) reporting compliance for Directors and officers is affirmed in multiple proxies, with the Fund noting required filings were met for the relevant fiscal years; no insider ownership tables for officers or pledging disclosures specific to officers are provided in the Fund’s proxy .
Employment Terms
| Term | Detail |
|---|---|
| Election and Term | Officers are chosen annually at a regular Board meeting and serve until their successors are duly elected and qualified . |
| Compensation Source | Officers receive no compensation from DMO; any compensation is paid by the adviser (Franklin Templeton) . |
| Effective Date in Role | Effective September 27, 2019, Mr. Berarducci became Treasurer and Principal Financial Officer of DMO . |
| Severance / Change-in-Control | No Fund-level severance, change-in-control provisions, or accelerated vesting terms for officers are disclosed; DMO officers are not paid by the Fund . |
| Reimbursement | Officers may be reimbursed for reasonable out-of-pocket travel expenses related to Board meetings . |
Fund Operating Snapshot (Context Under PFO Oversight)
| Metric | Mar 31, 2024 | Dec 31, 2024 | Mar 31, 2025 |
|---|---|---|---|
| Total Assets ($) | $254,467,425 | $256,499,793 | $260,545,359 |
| Total Net Assets ($) | $138,632,504 | $136,974,483 | $137,517,798 |
| NAV per Share ($) | $12.18 | $12.03 | $12.08 |
| Market Price per Share ($) | $11.71 | $11.80 | $11.82 |
| Premium/(Discount) | (3.86)% | (1.91)% | (2.15)% |
| Total Net Investment Income ($) – quarterly | $3,517,202 | $3,122,439 | $2,989,789 |
| EPS – Net Investment Income ($) – quarterly | $0.31 | $0.27 | $0.26 |
| Net Inc./(Dec.) in Net Assets from Operations ($) – quarterly | $5,621,746 | $1,564,819 | $4,983,937 |
| EPS – Net Inc./(Dec.) from Operations ($) – quarterly | $0.49 | $0.13 | $0.44 |
| Reverse Repurchase Agreements ($) | $109,713,000 | $115,354,000 | $117,497,000 |
Historical performance context: prior to the 2019 conversion to a perpetual structure, DMO outperformed its Lipper peer group over the 3- and 5-year periods ended June 30, 2019, traded at a premium to NAV since 2015 (with only one day at a discount), and delivered attractive distributions; management also outlined rationale for conversion and capital raising to scale the strategy .
Investment Implications
- Compensation alignment and selling pressure: At the Fund level, Mr. Berarducci does not receive salary/bonus/equity from DMO, and there are no Fund-level equity grants, options, or vesting schedules—reducing fund-specific insider selling pressure or forced selling from vesting events; insider ownership by Directors and officers as a group is consistently <1% of shares outstanding .
- Retention and transition risk: Officers are elected annually and are employees of the adviser; retention risk is tied to Franklin Templeton’s employment terms, not Fund contracts. No Fund-level severance or change-in-control economics are disclosed for officers .
- Governance and controls: Mr. Berarducci’s repeated designation as PFO across multiple registered funds indicates broad scope in financial controls, reporting, and certification under SOX, a positive signal for process integrity; Section 16(a) compliance statements indicate timely reporting for Directors and officers in the referenced periods .
- Trading signals and execution context: Near-par NAV/price dynamics with a modest discount (≈2%) and steady reverse repo leverage underscore a stable financing profile; quarterly NII and operating EPS support ongoing distributions, though quarter-to-quarter variability persists .
- Key unknowns: Adviser-level pay structure (salary/bonus metrics, clawbacks, ownership guidelines, pledging prohibitions) is not disclosed at the Fund, limiting visibility into individual incentive alignment; monitor adviser disclosures or public filings for policy updates.
Note: DMO does not provide officer-by-officer compensation or equity award detail because officers are compensated by the adviser and not the Fund. The analysis above relies on Fund proxies and public releases for governance, ownership, and performance context .