Russ Shupak
About Russ Shupak
Russ Shupak (born 1973) serves as Treasurer and Principal Accounting Officer of PGIM Global High Yield Fund, Inc. (GHY) and is a Vice President within PGIM Investments Fund Administration; he has been a fund officer for the PGIM retail fund complex since October 2019 and assumed Treasurer/PAO responsibilities across PGIM funds in 2023–2024 . He is not a Director of GHY (board comprises independent and interested directors listed separately) . The proxy does not disclose education; his disclosed credentials are fund administration and accounting leadership roles across PGIM’s retail, alternatives, annuities, ETF trust, private credit, and private real estate fund complexes .
GHY performance context (TSR)
Recent total returns for GHY (to 1/31/2025):
| Metric | Ten Years | Five Years | One Year | Six Months |
|---|---|---|---|---|
| NAV Total Return (%) | 5.75 | 4.66 | 13.46 | 6.58 |
| Market Price Total Return (%) | 6.95 | 7.30 | 26.13 | 9.89 |
| Bloomberg Global High Yield 2% Issuer Constrained (USD Hedged) Index (%) | 5.34 | 4.14 | 12.06 | 6.13 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PGIM Investments Fund Administration | Vice President | Since 2017 | Fund administration leadership and oversight of accounting controls |
| PGIM Retail Funds (incl. closed-end funds such as GHY) | Treasurer & Principal Accounting Officer | Since March 2023 | Principal accounting oversight, treasury functions for retail fund complex |
| PGIM Credit Income Fund | Treasurer & Principal Accounting Officer | Since September 2023 | Accounting and treasury oversight for credit income vehicle |
| PGIM Private Real Estate Fund, Inc. | Treasurer & Principal Accounting Officer; previously Assistant Treasurer | T/PAO since July 2022; AT Mar 2022–Jul 2022 | Accounting leadership for private real estate fund operations |
| PGIM Rock ETF Trust | Assistant Treasurer | Since September 2023 | Fund administration across ETF platform |
| PGIM Private Credit Fund | Assistant Treasurer | Since September 2022 | Administration support for private credit fund |
| Prudential Annuities Funds | Assistant Treasurer | Since October 2019 | Annuities fund administration |
| PGIM Investments Fund Administration | Director | 2013–2017 | Prior leadership within fund administration |
External Roles
No external public company directorships or committee roles are disclosed for Russ Shupak in the GHY proxy/officer biographies .
Fixed Compensation
| Element | Disclosure |
|---|---|
| Officer compensation source | Pursuant to the Management Agreement, PGIM Investments (the Manager) pays all compensation and expenses of officers and employees of the Fund (officers do not receive compensation from PGIM Investments–managed funds directly) . |
Implication: The fund does not disclose base salary, bonus targets, or equity awards for officers; these are set and paid by the Manager, not the Fund .
Performance Compensation
No Fund-linked performance metrics (e.g., TSR/EBITDA targets tied to officer pay), vesting schedules, or incentive payout details for officers are disclosed; officer pay is handled by the Manager and not detailed in the Fund’s proxy .
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Officer beneficial ownership (GHY) | The proxy identifies >5% beneficial owners; it does not present officer-specific ownership for Russ Shupak . |
| Section 16 holdings/insider trades | Available Section 16 filings for GHY name other individuals (e.g., Form 3 for Brian Lalli; Form 5 for Michael Lillard); no Forms 3/4/5 naming Russ Shupak appear in GHY’s filings returned by search . |
| >5% beneficial owners (as of record date) | First Trust (18.94%; 7,752,381 shares); Morgan Stanley (7.0%; 2,877,350); Parametric (6.0%; 2,447,024) . |
| Shares outstanding (record date) | 40,923,879 shares (Record Date Feb 27, 2025) . |
Employment Terms
| Term | Detail |
|---|---|
| Length of service as Fund officer | Since October 2019 (PGIM retail funds complex) . |
| Current GHY role | Treasurer & Principal Accounting Officer (officer of the Fund) . |
| Term limits | No set limit on number of terms for officers (Fund practice) . |
| Retirement policy | Retirement policy disclosed applies to Directors (retire at 75); not applicable to officers . |
Fund Operating and Performance Metrics (context for role)
| Metric | Value |
|---|---|
| NAV (1/31/2025) | $13.28 |
| Market Price (1/31/2025) | $12.97 |
| Distribution rate at market price (1/31/2025) | 9.71% |
| Duration / Avg. maturity (1/31/2025) | 4.8 years / 6.3 years |
| Leverage (borrowings and % leveraged; as of 1/31/2025) | $135 million; 19.90% leveraged |
| Net assets (1/31/2025) | $543,427,166 |
The Fund noted that leverage and credit index derivatives contributed positively to performance over the period, while certain futures/swaps had negative effects; average leverage during the period was ~20.72% . The Manager pays officers and interested Directors; independent Directors’ compensation is disclosed separately .
Investment Implications
- Pay-for-performance linkage not observable: Officer compensation is paid by PGIM Investments and not disclosed at the Fund level, limiting direct assessment of incentive alignment to Fund TSR or distribution stability; absence of fund-linked metrics/vesting details reduces transparency into management confidence signals .
- Trading signals limited: No Section 16 ownership or insider trading activity disclosed for Russ Shupak; >5% ownership rests with institutions like First Trust, Morgan Stanley, and Parametric, reducing “skin-in-the-game” signals from officers .
- Retention risk appears contained: Long-tenured fund administration roles across PGIM complexes (since 2013; fund officer since 2019), with expanding Treasurer/PAO scope since 2022–2023, suggest institutional continuity in accounting/treasury oversight; no officer term limits exist and no contractual severance/change-in-control terms are disclosed at the Fund level .
- Operational context supportive: GHY’s 1-year market price return of 26.13% and NAV return of 13.46% vs. 12.06% for the benchmark, with positive leverage contribution and a 9.71% distribution rate at market price, indicate a constructive backdrop for income-focused investors; however, performance attribution is at the adviser level (PGIM Fixed Income) rather than fund officers .