Alberto Osorio
About Alberto Osorio
Alberto Osorio (age 57) is President and Chief Executive Officer of The Mexico Fund, Inc. (since March 2014) and a Class II director (director since 2016; re‑elected March 4, 2025). He is Director General and Chairman of the Board of the Fund’s investment adviser, Impulsora del Fondo México, S.C., where he is the controlling shareholder . Under his tenure, the Fund maintained its Managed Distribution Plan (MDP) and increased the quarterly distribution to $0.25 per share and repurchased 305,113 shares (2.07% of shares at period start) in 1H FY2025; management also highlights long‑term benchmark outperformance . He is deemed an “interested” director given his affiliation with the adviser; the Board maintains an independent Chair and a majority of independent directors with executive sessions without management .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| The Mexico Fund, Inc. | Senior Vice President; Treasurer | 2002 – Mar 2014 | Stewarded finance/treasury ahead of appointment as CEO . |
| The Mexico Fund, Inc. | President & Chief Executive Officer | Mar 2014 – Present | Leads Fund operations; extensive investment management experience cited by Board . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Impulsora del Fondo México, S.C. (Fund’s adviser) | Director General and Chairman; controlling shareholder | 1991 – Present (involved since 1991) | Oversees adviser; economic exposure via advisory fee (includes performance‑based component tied to MSCI Mexico Index) . |
Fixed Compensation
| Component | Payer | FY2024/FY2025 Disclosure |
|---|---|---|
| CEO salary/bonus | Adviser (not the Fund) | Fund states it does not pay its officers; CEO is solely compensated by the adviser (amounts not disclosed in Fund filings) . |
| Director cash fees (MXF Board) | The Mexico Fund | $0 – Mr. Osorio is not compensated for his services as Director . |
Performance Compensation
- Advisory fee structure (Osorio’s economic incentive as adviser owner)
- The Fund pays the adviser a tiered Base Fee on average daily net assets plus a symmetric performance adjustment versus the MSCI Mexico Index: if Fund NAV outperforms/underperforms the index by ≥2 percentage points over 12 months, the Base Fee is adjusted by 0.025% per percentage point of (out)/(under)performance, capped at ±0.20% .
| Metric | Target/Formula | Notes |
|---|---|---|
| Relative NAV performance vs MSCI Mexico Index | ±0.025% fee adjustment per 1% beyond a ±2% threshold; cap ±0.20% | Applied daily on trailing 12‑month basis . |
| Advisory Fee (FY2024) | Amount |
|---|---|
| Base Fee | $3,031,169 |
| Performance Adjustment | +$2,707 |
| Net Advisory Fee | $3,033,876 |
Implication: As controlling shareholder of the adviser, Osorio’s economics are directly tied to assets and relative performance, aligning him to NAV growth and sustained outperformance vs. the MSCI Mexico Index .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (12/31/2024) | 110,098 shares; <1% of shares outstanding (14,680,148) . |
| Dollar range owned | Over $100,000 (based on $13.20 price on 12/31/2024) . |
| Director ownership policy | Directors must use half of annual retainer to buy Fund shares until $100,000 threshold is reached; retain during tenure (Board may grant waivers) . |
| Compliance vs. guideline | Osorio receives no director retainer but holds over $100K; policy purchase mechanism tied to retainers thus not applicable to him . |
| Pledging/hedging | Not disclosed in the proxy; no pledging noted . |
| Options/RSUs | Not disclosed for Fund officers; Fund does not grant options/comp plans to its officers . |
Employment Terms
| Term | Disclosure |
|---|---|
| Start date as CEO | March 2014 . |
| Director since | 2016; re‑elected March 4, 2025 (Class II, term to 2028) . |
| Employment agreement, severance/CoC | Not disclosed by the Fund; officers are paid by the adviser . |
| Clawback, tax gross‑ups, deferred comp, pensions | Not disclosed by the Fund . |
| CFO/Financial Officer functions | Osorio signed Section 906 and 302‑related certifications and performed CFO/PFO functions solely for certification purposes; Treasurer is Principal Financial Officer . |
Board Governance
| Attribute | Detail |
|---|---|
| Independence | Board ≥75% independent; Chairman (Emilio Carrillo Gamboa) is independent . |
| Committees (members/chairs) | Audit (all independent; Chair and Financial Expert: Jonathan Davis) ; Valuation (Chair: Richard Vaughan; Osorio is an alternate member) ; Contract Review (Chair: Claudia Jañez) ; Nominating & Corporate Governance (Chair: Claudio X. González) . |
| Executive sessions | Board and committees hold executive sessions without management; independent counsel advises the Board/Independent Directors . |
| Meetings and attendance (FY2024) | Board held 4 regular meetings; Audit (2), Valuation (1), Contract Review (1), Nominating & Governance (2); each Director attended ≥75% of applicable meetings . |
| Director pay | Annual retainer $26,000; additional retainers for Chair ($7,000) and Audit Chair ($5,250); per‑meeting fees; fees capped at 0.11% of AUM policy; Osorio not paid as Director . |
Dual‑role implications: Osorio is an “interested” director (adviser affiliate) and CEO; however, an independent Chair, independent committee structure (including contract review), and executive sessions mitigate independence concerns .
Performance & Track Record (selected operational/capital allocation actions)
| Item | Detail | Date |
|---|---|---|
| Distribution increase under MDP | Quarterly distribution raised from $0.22 to $0.25 per share . | 2025 |
| Open‑market repurchases | 305,113 shares repurchased (2.07% of beginning shares) in 1H FY2025 . | 1H FY2025 |
| Long‑term relative performance | Fund states it has outperformed its benchmark over long‑term periods . | As of June 2025 |
| Activism engagement | Osorio (CEO) publicly acknowledged Saba Capital’s 8.35% stake and emphasized initiatives to reduce discount to NAV and enhance performance . | July 28, 2025 |
Director Compensation (for reference)
| Director | Aggregate compensation FY2024 |
|---|---|
| Alberto Osorio | $0 (not compensated as Director) . |
Risk Indicators & Red Flags
- Interested director and adviser control: Osorio is controlling shareholder of the adviser and an “interested” director—creates potential conflicts, partially mitigated by an independent Chair, committee structure (all independent), and executive sessions .
- Concentration of roles: CEO and certification‑period CFO/PFO functions performed by Osorio for Sarbanes‑Oxley purposes; Treasurer serves as Principal Financial Officer for filings .
- Activism/discount pressure: Saba Capital 13D and public engagement by management point to ongoing discount‑to‑NAV focus—potential for future capital actions or governance changes .
- Section 16 compliance: Fund reports all reporting persons complied with filing requirements in FY2024; no Form 4s identified in the tool results for Osorio (no additional selling signals disclosed) (ListDocuments returned no Form 4s).
Compensation Structure Analysis
- Pay‑for‑performance linkage exists at the adviser level (not the Fund): advisory fee includes a symmetric performance component vs MSCI Mexico Index (±0.025% per 1% beyond ±2%, capped at ±0.20%); FY2024 adjustment was de minimis (+$2,707), implying slight outperformance within the formula’s threshold bands .
- Guaranteed vs at‑risk: Fund pays no officer compensation; economic upside to Osorio comes from adviser fee revenues (AUM and relative performance), aligning incentives to grow NAV and sustain outperformance .
- Repricing/modifications: No equity award repricings or executive equity plans disclosed at the Fund level; Fund does not grant options/compensation plans to officers .
Equity Ownership & Alignment (detail)
| Holder | Shares | % of class |
|---|---|---|
| Alberto Osorio | 110,098 | <1% |
Additional alignment features: policy that Directors purchase shares with half of retainer until $100K ownership; Osorio is not paid a retainer but exceeds $100K ownership threshold .
Employment Terms (detail)
| Item | Status |
|---|---|
| Severance multiple / CoC triggers | Not disclosed by the Fund . |
| Non‑compete / non‑solicit / garden leave | Not disclosed by the Fund . |
| Clawback provisions | Not disclosed by the Fund . |
Board Governance (detail)
| Committee | Composition | Chair |
|---|---|---|
| Audit | All independent directors | Jonathan Davis (also Audit Committee Financial Expert) . |
| Valuation | Independent directors; Osorio is an alternate member | Richard B. Vaughan . |
| Contract Review | All independent directors | Claudia Jañez . |
| Nominating & Corporate Governance | All independent directors | Claudio X. González . |
Investment Implications
- Alignment: Osorio’s economic incentives are tied to adviser revenues that scale with assets and a relative performance fee vs MSCI Mexico, creating a clear link to NAV growth and sustained outperformance; his personal stake (110k shares) further aligns interests .
- Governance risk vs mitigants: Dual role (CEO; adviser controlling shareholder; “interested” director) is a structural conflict, mitigated by an independent Chair, independent committees (including Contract Review), and regular executive sessions .
- Trading signals: No Form 4 activity available; activism/discount dynamics (Saba 13D) increase probability of continued buybacks, distribution maintenance, or additional actions to narrow discount—potential catalysts around Board decisions or shareholder votes .
- Retention risk: Low near‑term risk given long tenure (CEO since 2014) and controlling interest in the adviser; however, activism could press for governance or contractual changes that affect adviser economics .