David Lamb
Chief Administrative Officer (Principal Executive Officer) at NUVEEN CALIFORNIA MUNICIPAL VALUE FUND
Executive
About David Lamb
David J. Lamb (year of birth: 1963) serves as Chief Administrative Officer and Principal Executive Officer of Nuveen California Municipal Value Fund (NCA), with an indefinite term and service since 2015; his business address is 333 West Wacker Drive, Chicago, IL 60606 . He is a Senior Managing Director at Nuveen Fund Advisors, LLC, Nuveen Securities, LLC, and Nuveen, having previously held various positions at Nuveen . Fund-level officer compensation is not paid by the Funds; officers serve without compensation from the Funds . Recent fund-level net income illustrates variability in performance: FY 2023: -$26.13m*, FY 2024: $17.53m*, FY 2025: -$7.11m* (Values retrieved from S&P Global).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen California Municipal Value Fund (NCA) | Chief Administrative Officer (Principal Executive Officer) | Since 2015 | Fund administrative leadership; officer elected annually by the Board |
| Nuveen Fund Advisors, LLC | Managing Director | Since 2019 | Senior leadership at the adviser to the Funds |
| Nuveen Securities, LLC | Managing Director; Senior Managing Director | Managing Director: 2020–2021; Senior Managing Director: since 2021 | Leadership across distribution and fund operations |
| Nuveen (LLC) | Senior Vice President; Managing Director; Senior Managing Director | SVP: 2006–2017; MD: 2017–2021; SMD: since 2021 | Progression across senior roles; broad Nuveen platform experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in NCA proxy materials for David Lamb | — | — | — |
Fixed Compensation
- Officers of the Funds serve without compensation from the Funds; the Funds have no employees .
- The Funds’ Chief Compliance Officer compensation is paid by the Adviser (Nuveen), with the Funds reimbursing an allocable portion of the Adviser’s cost of the CCO’s incentive compensation (illustrative of adviser-paid officer compensation) .
- Base salary, bonus, and equity award details for David Lamb (as a Nuveen employee) are not disclosed in the Fund’s proxy; no fund-level officer compensation is reported .
Performance Compensation
- No fund-level performance compensation, stock awards, or option awards are reported for officers; officers receive no compensation from the Funds .
- Performance metrics tied to officer pay (e.g., revenue, EBITDA, TSR) and vesting schedules are not disclosed in fund proxy materials for officers .
Equity Ownership & Alignment
- Board members are expected to invest at least the equivalent of one year of compensation in the Fund Complex to foster alignment; this governance principle is disclosed for Board Members (not officers) .
Beneficial ownership (group level) – as disclosed:
| Holder | Arizona Quality | California AMT-Free | California Value | California Quality | Massachusetts Quality |
|---|---|---|---|---|---|
| All Board Members/Nominees and Officers as a Group (as of Sep 20, 2024) | 0 | 0 | 0 | 0 | 0 |
| All Board Members/Nominees and Officers as a Group (as of Oct 22, 2025) | 0 | 0 | 0 | 0 | 0 |
- As of both measurement dates, group beneficial ownership in each Fund was less than 1% and the table reports 0 shares across Funds for the group, indicating minimal direct “skin-in-the-game” at the fund security level for officers as a group .
Employment Terms
| Item | Disclosure |
|---|---|
| Position | Chief Administrative Officer (Principal Executive Officer) |
| Term & Election | Officers are elected by the Board on an annual basis; term is indefinite; service continues until successors are elected and qualified |
| Length of Service | Since 2015 |
| Compensation from Fund | None; officers serve without compensation from the Funds |
| Contracts/Severance/COC | Not disclosed in fund proxy materials for officers |
Fund Performance (Selected Financials)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Net Income ($USD) | -$26,132,574* | $17,534,948* | -$7,113,366* |
Values retrieved from S&P Global.
Investment Implications
- Compensation alignment: Officer compensation is paid by the Adviser and not linked or disclosed at the fund level, limiting transparent pay-for-performance alignment to NCA-specific outcomes; absence of fund-level officer pay or equity awards reduces direct incentives tied to NCA’s TSR/NAV return .
- Retention risk: Lamb’s long tenure as CAO (since 2015) and senior roles across Nuveen entities signal institutional continuity and low short-term retention risk .
- Insider selling pressure: Group-level beneficial ownership disclosure shows zero shares for officers and board members as a group across the Funds, suggesting limited potential for insider-driven selling pressure specific to NCA .
- Ownership alignment: Board-level guideline encourages investment equivalent to one year of compensation, improving governance alignment at the Board level; there is no comparable officer guideline disclosed in the fund proxy .
- Execution risk and value creation: Fund net income has been volatile (-$26.13m* in FY 2023, $17.53m* in FY 2024, -$7.11m* in FY 2025), underscoring macro rate sensitivity and portfolio positioning impacts typical of municipal closed-end funds; officer-level incentives tied to these outcomes are not transparent at the fund level, which may limit direct accountability signaling to investors (Values retrieved from S&P Global).