Tofi Dayan
About Tofi Dayan
Tofi Dayan is Treasurer of The Mexico Fund, Inc. (NYSE: MXF) and has served in this role since November 2020; he previously was a Senior Analyst at Impulsora del Fondo México, S.C., the Fund’s investment adviser, starting in 2013. His age is disclosed as 33 (2021), 34 (2022), 35 (2023), 36 (2024), and 37 (2025), with the Fund stating that the Treasurer is solely compensated by the Adviser and the Fund does not grant options or compensation plans to its officers . Fund performance during his tenure is disclosed periodically; for fiscal 2025 first half (ended April 30, 2025), NAV total return was 13.22% and market price return was 14.21% versus 15.23% for the MSCI Mexico Index .
Officer Profile by Proxy Year
| Proxy Year | Role | Age | Tenure Note |
|---|---|---|---|
| 2021 | Treasurer | 33 | Serving since November 2020 |
| 2022 | Treasurer | 34 | Serving since November 2020 |
| 2023 | Treasurer | 35 | Serving since November 2020 |
| 2024 | Treasurer | 36 | Serving since November 2020 |
| 2025 | Treasurer | 37 | Serving since November 2020 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Impulsora del Fondo México, S.C. (Adviser) | Senior Analyst | 2013–2020 | Not disclosed |
External Roles
No external directorships or roles are disclosed for Tofi Dayan in the Fund’s proxies .
Fixed Compensation
- The Fund does not pay the Treasurer for services rendered; the Treasurer (and CEO) are solely compensated by the Adviser. The Fund does not grant options or any compensation plans to its officers .
- The Fund directly pays only the Chief Compliance Officer’s compensation; other officers receive expense reimbursements tied to meetings as applicable .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Fund equity or option awards to officers | None | — | — | — | — | — |
The Fund explicitly states it does not grant options or compensation plans to its officers; the Treasurer’s compensation is set and paid by the Adviser, with no Fund-disclosed performance metrics, targets, or vesting schedules .
Equity Ownership & Alignment
- Beneficial ownership for officers (including the Treasurer) is not disclosed in the Fund’s proxies; there is no officer-specific breakdown of shares owned, vested vs. unvested stock, options, or pledging .
- Director ownership policy (not applicable to officers): Directors are required to use half of their annual retainer to purchase Fund shares until $100,000 of “Retained Shares” is achieved, and retain those shares during Board tenure . No officer stock ownership guidelines are disclosed .
- Public insider trackers show no recent Form 4 transactions filed by Tofi Dayan over the past 18 months (external source) .
Employment Terms
- Employment agreements, severance, change-of-control provisions, clawbacks, non-compete/non-solicit, or tax gross-ups for the Treasurer are not disclosed by the Fund; officers (Treasurer, CEO) are employees of the Adviser, and the Fund does not report their contractual terms .
- No Item 5.02 8‑K disclosures (appointments/departures or compensation agreements) were identified for the Treasurer; routine 8‑Ks are signed by Dayan in his capacity as Treasurer .
8‑K Signature Log (Selected)
| Filing Date | Doc ID | Period | Note |
|---|---|---|---|
| 2023-05-05 | 33 | Q2 2023 | Signed as Treasurer |
| 2024-04-05 | 21 | Q1 2024 | Signed as Treasurer |
| 2024-07-08 | 18 | Q2 2024 | Signed as Treasurer |
| 2025-03-07 | 9 | Q1 2025 | Signed as Treasurer |
| 2025-05-07 | 7 | Q2 2025 | Signed as Treasurer |
| 2025-06-06 | 6 | Q2 2025 | Signed as Treasurer |
| 2025-08-07 | 4 | Q3 2025 | Signed as Treasurer |
| 2025-10-07 | 2 | Q3 2025 | Signed as Treasurer |
Performance & Track Record
| Period | NAV Total Return | Market Price Return | MSCI Mexico Index Return |
|---|---|---|---|
| FY2025 H1 (ended Apr 30, 2025) | 13.22% | 14.21% | 15.23% |
Returns are Fund-level outcomes; the Treasurer’s pay and performance metrics are not disclosed by the Adviser or Fund in SEC proxy materials .
Board Governance
- Dayan is an officer (Treasurer), not a Director; no Board committee roles or director governance metrics apply .
Say-on-Pay & Shareholder Feedback
- No executive say‑on‑pay framework is applicable because the Fund does not pay compensation to the Treasurer; no say‑on‑pay voting outcomes specific to officers are disclosed .
Expertise & Qualifications
- Background: Employee of the Adviser since 2013; Treasurer since November 2020. Education and certifications are not disclosed in the Fund’s proxies .
Work History & Career Trajectory
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Mexico Fund, Inc. | Treasurer | Nov 2020–present | Officer of the Fund; signs periodic 8‑Ks |
| Impulsora del Fondo México, S.C. | Senior Analyst | 2013–2020 | Employee of Adviser |
Compensation Committee Analysis
- Not applicable to Dayan (officer, not director). The Compensation of Officers section in proxies specifies no Fund-paid officer compensation beyond CCO; CEO and Treasurer compensated by Adviser .
Related Party Transactions and Red Flags
- No related-party transactions involving Tofi Dayan are disclosed in proxies. No officer pledging or hedging disclosures were identified; Fund-level director ownership policy exists but does not cover officers .
- External trackers indicate no recent insider Form 4 activity by Dayan over the last 18 months (informational) .
Investment Implications
- Compensation alignment: The absence of Fund-paid compensation and equity awards for the Treasurer eliminates typical vesting/selling pressures and obscures pay-for-performance linkage; compensation is set by the Adviser and not disclosed, limiting analysis of economic incentives .
- Ownership alignment: With no officer ownership disclosures and no officer ownership guidelines, there is limited visibility into Dayan’s “skin in the game”; director ownership policies do not extend to officers .
- Retention risk: No employment agreement, severance, or change-of-control terms are disclosed by the Fund; tenure since 2020 suggests continuity, but retention depends on Adviser policies not included in Fund filings .
- Trading signals: The lack of equity awards and disclosed insider holdings reduces insider‑driven selling pressure; routine 8‑K signings confirm operational role but do not signal trading intent . External sources show no recent Form 4 activity by Dayan, indicating minimal direct trading signal (informational) .