Will Mabry
About Will Mabry
Will Mabry (born 7/2/1986) serves as Assistant Treasurer of Highland Global Allocation Fund (HGLB) with an indefinite term, in the role since April 2021 . He is Director, Fund Analysis at Skyview Group since February 2021; prior roles included Senior Fund Analyst, Manager – Fund Analysis, and Senior Manager – Fund Analysis at Highland Capital Management, L.P. (HCMLP) . The Fund discloses that executive officers receive no direct remuneration from the Fund; compensation for personnel providing services to the Fund is paid by the Adviser (NexPoint) and Skyview, not by HGLB . As of February 28, 2025, Trustees and officers as a group owned less than 0.01% of HGLB’s outstanding common shares, limiting direct pay-for-performance alignment via personal holdings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Highland Capital Management, L.P. (HCMLP) | Senior Fund Analyst; Manager – Fund Analysis; Senior Manager – Fund Analysis | Pre-2021 | Fund analysis responsibilities supporting investment and reporting functions |
| Skyview Group | Director, Fund Analysis | Since Feb 2021 | Provides administrative and operational support services to the Adviser serving HGLB |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Skyview Group | Director, Fund Analysis | Since Feb 2021 | Skyview provides support services to NexPoint; personnel are compensated by the Adviser/Skyview, not HGLB |
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Base salary | Not disclosed at HGLB level | Executive officers of the Fund receive no direct remuneration from HGLB |
| Target/Actual bonus | Not disclosed | Compensation for service providers (including Skyview personnel) is paid by the Adviser/Skyview, not HGLB |
| Cash retainer (officers) | N/A | Officers do not receive direct pay from HGLB |
| Perquisites | Not disclosed | No officer perquisites disclosed for HGLB |
| Pension/SERP | None disclosed | Trustees do not have any pension plan; no officer pension disclosures |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| RSUs/PSUs | Not disclosed | – | – | – | – | – |
| Options | Not disclosed | – | – | – | – | – |
| Annual incentive plan | Not disclosed | – | – | – | – | – |
The Fund explicitly states executive officers receive no direct remuneration from HGLB; no performance metrics or equity awards for officers are disclosed in the proxy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (individual) | Not individually disclosed for officers |
| Group ownership (Trustees + officers) | Less than 0.01% of outstanding common shares as of Feb 28, 2025 |
| Shares outstanding (context) | 23,182,517 common shares issued and outstanding as of the April 30, 2025 record date |
| Vested vs unvested shares | Not disclosed for officers |
| Options (exercisable/unexercisable) | Not disclosed for officers |
| Pledging/hedging | No pledging or hedging by officers disclosed; bylaws describe mechanics for pledged share certificates generally, not officer activity |
| Ownership guidelines for officers | Not disclosed |
Employment Terms
- Role and start date: Assistant Treasurer since April 2021; indefinite term; serves at the pleasure of the Trustees .
- Officership basis: The Board has appointed senior employees of service providers as officers to monitor/report operations; officers regularly report to the Board .
- Automatic termination: Tenure of any officer who is an employee of the administrator, investment adviser, or affiliates automatically terminates with termination of such employment/service (bylaws §3.3) .
- Indemnification: The Declaration of Trust provides broad indemnification of Trustees and officers, with exceptions for “Disabling Conduct” (e.g., bad faith, gross negligence, etc.) (Fifth Amendment) .
- Severance/change-of-control/clawbacks/gross-ups: Not disclosed in HGLB filings .
- Non-compete/non-solicit/garden leave/post-termination consulting: Not disclosed in HGLB filings .
Performance & Track Record
| Area | Disclosure |
|---|---|
| Stock performance during tenure | Not discussed in officer biography sections; performance oversight resides with Adviser and portfolio managers; Board receives performance reports . |
| Major achievements/initiatives | Not disclosed in officer sections . |
| Controversies/legal proceedings | HGLB reports Section 16 compliance for officers and Trustees; no delinquent filings noted for the past fiscal year . |
Governance and Committees (context)
- Board oversight of risk, audit, governance, and administration committees detailed; officers provide reports to Board; not specific to Mabry’s compensation .
Investment Implications
- Pay-for-performance alignment: Executive officers receive no direct pay from HGLB, and group ownership is <0.01%, limiting direct alignment and reducing compensation-driven trading signals tied to Fund-level officer incentives .
- Retention dynamics: Officer tenure is linked to employment with the Adviser/administrator; automatic termination upon cessation suggests retention risk is primarily within the NexPoint/Skyview employment relationship rather than HGLB-specific contracts .
- Insider selling pressure: No officer-level equity award or Form 4 disclosures for HGLB officers in the proxy; individual officer holdings are not disclosed, so ongoing insider selling pressure signals are not available from HGLB filings .
- Protection framework: Broad indemnification for officers reduces personal liability exposure, typical for ’40 Act funds, but does not create additional cash/equity incentives at the Fund level .
- Monitoring focus: With compensation and employment economics externalized to NexPoint/Skyview, investors should monitor Adviser performance, Skyview support arrangements, Board oversight quality, and Fund performance reports, rather than officer compensation triggers .