Jeffrey J. Jonas
About Jeffrey J. Jonas
Jeffrey J. Jonas, CFA (born 1981), has served as a Trustee of The Gabelli Healthcare & WellnessRx Trust (GRX) since February 23, 2016. He is a portfolio manager of the Fund and other Gabelli Fund Complex vehicles and previously joined Gabelli Asset Management (GAMI) as a research analyst in 2003, focusing on cardiovascular, healthcare services, and pharmacy benefits sectors; he was a Presidential Scholar at Boston College (B.S. in Finance and Management Information Systems) . As a portfolio manager affiliated with the Adviser, he is classified as an “interested person” of the Fund under the Investment Company Act of 1940, not an independent trustee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Gabelli Asset Management (GAMI) | Research Analyst | Joined 2003 | Coverage in cardiovascular, healthcare services, PBM sectors; foundational sector expertise |
| The Gabelli Healthcare & WellnessRx Trust (GRX) | Trustee | Since Feb 23, 2016 | Board oversight; classified as “interested person” due to Adviser affiliation |
| Gabelli Funds, LLC | Portfolio Manager | Ongoing | Portfolio management for GRX and other Fund Complex strategies |
| GAMCO Asset Management Inc. | Portfolio Manager | Ongoing | Institutional and HNW separate accounts portfolio management |
| Gabelli & Company Investment Advisers, Inc. | Portfolio Manager | Ongoing | Portfolio management responsibilities |
| Medical Opportunities Fund (hedge fund) | Portfolio Manager | Ongoing | Healthcare-focused hedge fund management |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Gabelli Funds, LLC | Portfolio Manager | Ongoing | Manages GRX and other funds in the Gabelli Fund Complex |
| GAMCO Asset Management Inc. | Portfolio Manager | Ongoing | Institutional and HNW accounts |
| Gabelli & Company Investment Advisers, Inc. | Portfolio Manager | Ongoing | Portfolio manager responsibilities |
| Medical Opportunities Fund | Portfolio Manager | Ongoing | Healthcare-focused hedge fund |
| Other public company boards (past 5 years, excluding other funds) | — | — | None disclosed for Jonas in proxy’s trustee table |
Board Governance
- Independence status: “Interested person” due to affiliation with the Fund’s Adviser; not classified as independent .
- Board structure: No Chair; James P. Conn serves as Lead Independent Trustee and presides over executive sessions; Independent Trustees chair all committees .
- Committee memberships: Audit Committee (Enright–Chair, Conn, Zizza), Nominating Committee (Enright–Chair, Conn, Zizza); Jonas is not listed as a member of these committees (committees composed of Independent Trustees) .
- Election cycle: Nominated to serve a three-year term expiring at the 2028 Annual Meeting (Board divided into three classes) .
- Meetings and attendance: Board met four times in FY2024; each Trustee attended at least 75% of Board and committee meetings of which they were a member .
- Shareholder meeting attendance policy: Fund does not expect Trustees to attend the Annual Meeting; no Trustee or nominee attended the May 13, 2024 meeting .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Trustees and certain Interested Trustees) | $3,000 | Paid by Fund |
| Per Board meeting attended | $1,000 | Paid by Fund; multi-fund meetings may allocate a single fee across funds |
| Committee meeting fee | $500 | Paid by Fund |
| Audit Committee Chair | $3,000 annual | Paid by Fund |
| Nominating Committee Chair | $2,000 annual | Paid by Fund |
| Lead Independent Trustee | $1,000 annual | Paid by Fund |
| Aggregate remuneration paid by Fund to Trustees (FY2024) | $65,000 | Excludes out-of-pocket expenses |
| Name | Aggregate Compensation from GRX (FY2024) | Aggregate Compensation from Fund Complex (FY2024) |
|---|---|---|
| Jeffrey J. Jonas (Trustee) | $0 | $0 (1 fund) |
Performance Compensation
| Metric/Vehicle | Target | Actual | Vesting/Terms |
|---|---|---|---|
| Bonus | None disclosed for Trustees; Jonas reported $0 compensation for FY2024 | None | N/A |
| Stock awards (RSUs/PSUs) | None disclosed for Trustees | None | N/A |
| Options | None disclosed for Trustees | None | N/A |
| Performance metrics (TSR, revenue, EBITDA, ESG) | Not applicable to Trustee compensation | N/A | N/A |
The proxy indicates trustee compensation is retainer/meeting-based with no performance-linked awards; Jonas received no fees in FY2024 .
Other Directorships & Interlocks
- Other public company directorships (past five years, excluding other funds): None disclosed for Jonas .
- Interlocks/affiliations:
- Portfolio manager for GRX; dual role as fiduciary and investment decision-maker within Adviser complex .
- “Interested person” classification due to Adviser affiliation .
Expertise & Qualifications
- CFA charterholder; sector specialization in cardiovascular, healthcare services, and pharmacy benefits; portfolio management across fund complex and hedge fund strategies .
- Education: Presidential Scholar at Boston College; Bachelor’s in Finance and Management Information Systems .
Equity Ownership
| Security | Amount and Nature of Beneficial Ownership | Percent of Class |
|---|---|---|
| GRX Common Shares | 15,667 | less than 1% (asterisk indicates <1%) |
| GRX Series G Preferred Shares | 25,000 | less than 1% |
- Dollar range of equity securities: “E” (Over $100,000) in GRX; “E” aggregate across Fund Complex .
Governance Assessment
- Board effectiveness: Jonas is not independent and is not on Audit or Nominating Committees, which are composed of Independent Trustees; this preserves financial reporting and nomination independence but limits Jonas’s committee-based oversight role .
- Conflicts and alignment:
- RED FLAG: Dual capacity as GRX portfolio manager and Trustee with Adviser affiliation (“interested person”) creates potential conflicts in oversight versus management; mitigated by independent committee structure and Lead Independent Trustee framework .
- Ownership alignment: Holds 15,667 common and 25,000 Series G preferred shares; dollar range “E” suggests meaningful economic alignment despite no trustee fees .
- Engagement signals:
- Board met four times in FY2024 with minimum 75% attendance by all Trustees, indicating baseline engagement; however, Trustees are not expected to attend annual shareholder meetings and none did on May 13, 2024—potential investor-relations engagement gap .
- Compensation structure:
- Jonas received $0 from GRX and Fund Complex in FY2024; overall trustee pay at GRX is modest and retainer/meeting based, with no performance incentives—reduces pay-risk but places emphasis on governance/process over pay-for-performance .
- Overall investor confidence implication:
- The independent committee architecture and Lead Independent Trustee help counterbalance Jonas’s “interested person” status. His dual role remains a structural conflict to monitor, particularly around valuation, compliance, and investment decisions; continued transparency on committee independence and executive sessions is supportive, but lack of shareholder meeting attendance is a modest governance concern .