Brian J. Lockhart
About Brian J. Lockhart
Vice President of NDMO; Senior Managing Director and Head of Investment Oversight at Nuveen; CFA and Certified Financial Risk Manager. Year of birth: 1974; tenure as an officer in the Nuveen fund complex since 2019 (indefinite term) . Fund performance context under his oversight: NDMO average annual total return since inception at NAV is -1.04% and at market price is -2.02% (as of April 30, 2025); 1-year NAV return 3.02%, price return -0.49%; fund trades at a -5.53% discount to NAV; effective leverage 42.07% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Various positions prior to becoming Senior Managing Director; Head of Investment Oversight | Pre-2019–2019 | Oversight and investment risk governance across Nuveen funds (details not enumerated) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | Not disclosed in fund filings |
Fixed Compensation
- Officers receive no compensation from the Funds; the Funds have no employees. The CCO’s 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 .
- Base salary, target/actual bonus, option/RSU awards for Brian J. Lockhart are not disclosed in NDMO’s proxy or shareholder reports .
Performance Compensation
- No disclosure of incentive plan metrics, award types (RSUs/PSUs), option grants, or vesting schedules for NDMO officers in fund filings .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership of NDMO common shares by Board Members and officers as a group | 0 shares (as of May 31, 2025) |
| Group beneficial ownership of each Fund as % of outstanding shares | <1% (as of June 20, 2025) |
| Preferred shares (NDMO MFP Series A) holder | Toronto Dominion Bank, NY Branch: 2,400 shares (100%) |
| Stock ownership guidelines | Governance principle applies to Board Members (one year of compensation invested across Nuveen funds); no officer guidelines disclosed |
- Pledging/hedging: No pledging or hedging disclosures for officers in the proxy; Section 16(a) compliance noted with no delinquent filings for the last fiscal year .
Employment Terms
| Term | Detail |
|---|---|
| Title | Vice President (NDMO) |
| Employer | Nuveen Fund Advisors, LLC / Nuveen complex |
| Tenure in fund complex | Since 2019 (indefinite term) |
| Non-compete / non-solicit | Not disclosed |
| Contract term / expiration | Not disclosed |
| Severance / change-of-control | Not disclosed |
NDMO Fund Performance and Structure (Context for oversight levers)
| Metric | Since Inception (Avg Annual) | 1-Year (Avg Annual) | 6-Month (Cumulative) |
|---|---|---|---|
| NDMO Total Return at NAV | -1.04% | 3.02% | -2.14% |
| NDMO Total Return at Price | -2.02% | -0.49% | -4.18% |
| S&P Municipal Bond Index | 0.41% | 2.28% | -0.45% |
| S&P Municipal Yield Index | 1.93% | 3.60% | -1.12% |
| Metric | Latest Value |
|---|---|
| Common Share NAV (April 30, 2025) | $10.49 |
| Common Share Price (April 30, 2025) | $9.91 |
| Discount to NAV | -5.53% (avg discount -5.45%) |
| Effective Leverage | 42.07% |
| Regulatory Leverage | 40.17% |
| Expense Ratio to Average Net Assets (annualized, 6 months ended 4/30/25) | 2.92% |
| Net Investment Income Ratio (annualized, 6 months ended 4/30/25) | 4.44% |
| Interest Expense Ratio (annualized, 6 months ended 4/30/25) | 1.62% |
| Net Assets End of Period (000s, 4/30/25) | $624,854 |
| Portfolio Turnover (6 months ended 4/30/25) | 26% |
Risk Indicators & Red Flags
- Minimal direct alignment via fund share ownership: group (Board Members and officers) held 0 NDMO shares; group holdings <1% across funds .
- High effective leverage (42.07%) amplifies execution sensitivity to rate/credit cycle; expense burden includes preferred share financing costs (interest expense ratio 1.62%) .
- No disclosure of officer compensation structures, severance, or change-of-control terms—limits pay-for-performance assessment .
Expertise & Qualifications
- Professional credentials: Chartered Financial Analyst (CFA) and Certified Financial Risk Manager (FRM) .
- Role: Head of Investment Oversight at Nuveen—implies responsibility for performance and risk monitoring across Nuveen funds (qualitative) .
Investment Implications
- Compensation alignment: Officers are paid by Nuveen, not by NDMO, and fund filings provide no detail on Lockhart’s cash/equity mix, targets, or vesting—reducing transparency for pay-for-performance analysis at the fund level .
- Ownership alignment: With zero NDMO shares held by the group (Board Members and officers) and no officer ownership guidelines disclosed, direct “skin-in-the-game” is limited; monitor Section 16 filings for any future insider ownership changes .
- Execution risk: NDMO’s modest long-run performance (negative average annual since inception), persistent discount to NAV, and high leverage concentrate risk on portfolio selection, credit underwriting, and financing costs—areas tied to Investment Oversight effectiveness .
- Trading signals: Watch discount-narrowing initiatives (Closed-End Fund Committee oversight), leverage adjustments, and distribution policy changes; performance inflections versus S&P muni indices could indicate improved oversight outcomes and potential discount compression .