David Grumhaus Jr.
About David Grumhaus Jr.
David D. Grumhaus Jr. is President and Chief Executive Officer of DNP Select Income Fund Inc. (and sister funds DPG, DTF) since 2021, and President and Chief Investment Officer of Duff & Phelps Investment Management Co. (the Adviser) since 2021; he previously served as Co-Chief Investment Officer in 2020 and Senior Portfolio Manager from 2014–2020. He is age 58 and is based at the Adviser’s Chicago address; officers are elected annually by the Board and receive no compensation from the Funds (they are compensated by the Adviser) . He signed DNP’s 2025 Form N-PX as “President and Chief Investment Officer,” confirming executive authority . Fund performance during his tenure is shown below (market value and NAV total returns) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DNP Select Income Fund Inc. | President & CEO | Since 2021 | Not disclosed in proxy |
| Duff & Phelps Investment Management Co. | President & CIO | Since 2021 | Not disclosed in proxy |
| Duff & Phelps Investment Management Co. | Co-Chief Investment Officer | 2020 | Not disclosed in proxy |
| Duff & Phelps Investment Management Co. | Senior Portfolio Manager | 2014–2020 | Not disclosed in proxy |
External Roles
Not disclosed in DNP/DPG/DTF proxy materials for Mr. Grumhaus .
Fixed Compensation
- Officers (including Mr. Grumhaus) receive no compensation from the Funds; they are employees of the Adviser or Fund administrators and are compensated in those capacities .
- The Funds do not have a pension or retirement plan applicable to their directors or officers .
Performance Compensation
- No disclosure of Mr. Grumhaus’s specific compensation metrics (bonus targets, equity awards, vesting schedules, clawbacks, or change-of-control terms) in Fund proxy materials; officers are paid by the Adviser, not the Funds .
Equity Ownership & Alignment
Directors and officers beneficial ownership (group):
| Holder | As-of Date | DNP Common Shares | Ownership vs. Outstanding | Notes |
|---|---|---|---|---|
| Directors and executive officers as a group | Nov 30, 2024 | 223,267 | Less than 1% of 370,030,932 outstanding | Group-level disclosure only; individual officer holdings not broken out |
Significant holders of DNP (context):
| Beneficial Owner | Class | Shares | % of Class | Source |
|---|---|---|---|---|
| Corebridge Financial, Inc. | Preferred stock | 660 | 50.0% | |
| MetLife, Inc. (and subsidiaries) | Preferred stock | 538 | 40.76% |
Ownership guidelines, pledging, hedging:
- No officer stock ownership guidelines, pledging, or hedging disclosures for Mr. Grumhaus in Fund proxy materials .
Employment Terms
- Officers are elected at the annual meeting of the Board in connection with the annual meeting of shareholders .
- Mandatory retirement policy (age 78) applies to directors; no officer-specific retirement policy is disclosed .
- No employment contracts, severance, change-of-control provisions, non-compete/non-solicit, or garden leave terms are disclosed for officers in Fund proxy materials .
Performance & Track Record
DNP total return (market value and NAV) during Mr. Grumhaus’s tenure:
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 | 6M FY 2025 |
|---|---|---|---|---|---|
| Total return on market value (%) | 17.36 | 5.83 | -8.50 | 16.03 | 5.08 |
| Total return on NAV (%) | 18.70 | -0.63 | -6.14 | 32.62 | 8.40 |
Longer-term as of April 30, 2025:
| Metric | 1-Year | 5-Year (annualized) | 10-Year (annualized) |
|---|---|---|---|
| DNP Market Value Total Return (%) | 20.4 | 5.8 | 7.0 |
| DNP NAV Total Return (%) | 31.0 | 10.6 | 8.4 |
Capital structure context:
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 | 6M FY 2025 |
|---|---|---|---|---|---|
| Net assets applicable to common ($000s) | 3,066,911 | 2,660,567 | 2,684,320 | 3,300,437 | 3,457,122 |
| Total borrowings ($000s) | 898,000 | 700,000 | 973,000 | 973,000 | 973,000 |
| Preferred stock outstanding ($000s) | 207,000 | 300,000 | 132,000 | 132,000 | 132,000 |
Board Governance
- Governance details in proxy focus on directors; officers (including Mr. Grumhaus) receive no Fund compensation and are not covered by director fee schedules. The director fee framework and retirement policy are disclosed, but are not applicable to officers .
Investment Implications
- Compensation alignment visibility is limited: officers are compensated by the Adviser, and the Fund does not disclose officer-level pay structures, equity awards, vesting schedules, severance, or change-of-control terms—reducing transparency on pay-for-performance and retention incentives for Mr. Grumhaus .
- Insider alignment via Fund equity appears modest: directors and executive officers as a group hold less than 1% of DNP common shares, with individual officer ownership not broken out; major control sits with preferred holders (Corebridge and MetLife), which may influence governance outcomes more than common insider holdings .
- Execution track record: FY 2024 NAV total return of 32.62% and 1-year NAV return of 31.0% as of April 30, 2025 indicate strong recent performance; however, performance was volatile in FY 2022–2023, and market value returns lagged NAV in several periods, highlighting discount/premium dynamics important for trading decisions .
- Absence of disclosed officer contracts, severance or ownership guidelines suggests lower near-term insider selling pressure visibility; but without Adviser-level disclosures, investors should monitor external sources for any Form 4 activity or adviser-related announcements that could indicate retention or incentive changes .