Christopher Berarducci
About Christopher Berarducci
Christopher Berarducci (birth year: 1974) serves as Treasurer and Principal Financial Officer of Western Asset High Income Fund II Inc. (HIX) and has held these roles since 2019 . He is Vice President, Fund Administration and Reporting at Franklin Templeton (since 2020), with prior leadership roles at Legg Mason & Co. including Managing Director (2020), Director (2015–2020), and Vice President (2011–2015) . Fund proxies do not disclose executive performance metrics such as TSR, revenue growth, or EBITDA growth attributable to officers; the fund reports Section 16(a) compliance and general governance/oversight but does not tie officer pay to performance outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Legg Mason & Co. | Managing Director | 2020 | Senior leadership over fund administration/reporting functions for affiliated funds |
| Legg Mason & Co. | Director | 2015–2020 | Leadership in fund administration; precursor to Treasurer/PFO responsibilities |
| Legg Mason & Co. | Vice President | 2011–2015 | Fund administration and reporting responsibilities across fund complex |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | Vice President, Fund Administration & Reporting | Since 2020 | Oversees fund administration/reporting supporting HIX and related funds within the Franklin Templeton complex |
| HIX (Western Asset High Income Fund II Inc.) | Treasurer & Principal Financial Officer | Since 2019 | Principal financial officer and Treasurer of HIX; officer roles elected annually by the Board |
Fixed Compensation
Officers of HIX receive no compensation from the Fund; they may be reimbursed for reasonable out-of-pocket travel expenses to attend Board meetings .
| Component | Amount/Terms | Source |
|---|---|---|
| Base salary | None from HIX (officers receive no compensation from the Fund) | |
| Target bonus | Not applicable (no Fund-level officer compensation) | |
| Actual bonus | Not applicable (no Fund-level officer compensation) | |
| Perquisites | Reimbursement for reasonable out-of-pocket travel expenses to attend Board meetings |
Performance Compensation
No performance-based compensation (bonus, RSUs/PSUs, options) is disclosed for HIX officers; proxies state officers receive no compensation from the Fund and do not present performance metrics or payout schedules for officers .
Equity Ownership & Alignment
Fund proxies disclose director ownership ranges and group-level officer/director ownership, but do not break out individual officer holdings. The group beneficial ownership by nominees, directors, and officers was less than 1% of outstanding shares in both 2024 and 2025 .
| Metric | 2024-08-30 | 2025-07-31 |
|---|---|---|
| Beneficial ownership by nominees, Directors and officers (group) | Less than 1% of outstanding shares | Less than 1% of outstanding shares |
Top beneficial owners (context for trading dynamics and potential influence):
| Holder | Shares | % Outstanding | As-of Date | Source |
|---|---|---|---|---|
| First Trust Portfolios L.P. & affiliates | 6,107,516 | 9.05% | 2024-08-30 | |
| First Trust Portfolios L.P. & affiliates | 6,107,516 | 9.05% | 2025-07-31 | |
| Sit Investment Associates, Inc. | 9,419,784 | 10.46% | 2024-08-30 |
– The proxies do not disclose any shares pledged as collateral by officers or directors; no pledging information appears for officers .
– “Security Ownership of Management” tables present director dollar ranges, not officer-specific holdings .
Employment Terms
- Officers are elected annually by the Board and hold office until successors are duly elected and qualified .
- Officers receive no compensation from the Fund; reimbursement only for reasonable travel expenses to Board meetings .
- No employment contracts, severance, or change-of-control terms for officers are disclosed in HIX proxies; no accelerated vesting terms or tax gross-ups are presented for officers .
- Section 16(a) beneficial ownership reporting compliance: the Fund reports all filing requirements were met for fiscal years ended April 30, 2023–2025 .
Investment Implications
- Pay-for-performance alignment: With no Fund-level officer compensation (cash or equity) disclosed, there are no direct pay levers tied to HIX performance for Berarducci at the Fund level; compensation and incentives, if any, would be at Franklin Templeton or affiliate level and are not presented in HIX filings .
- Insider selling and vesting pressure: Proxies show Section 16(a) compliance and no officer equity grants; therefore, there are no disclosed vesting schedules or officer option/RSU overhang that would create selling pressure signals at HIX .
- Ownership alignment: Group beneficial ownership by nominees, directors, and officers is <1%, indicating limited direct “skin-in-the-game” among insiders at the Fund-level; any alignment likely flows through the adviser/complex rather than individual officer holdings in HIX .
- Retention/transition risk: Annual officer elections with multi-year continuity (Treasurer/PFO since 2019) suggest operational stability; absence of disclosed severance or change-of-control terms implies no Fund-level retention economics or parachute triggers affecting Berarducci .
- Trading signals: Influence rests more with large beneficial owners (e.g., First Trust, Sit Investment Associates) than with officers; monitoring 5% holders and discount/premium dynamics likely yields more actionable signals than insider transactions for HIX .