David Lamb
About David Lamb
David J. Lamb is Chief Administrative Officer (Principal Executive Officer) of Nuveen New York Municipal Value Fund (NNY) with an indefinite term, serving since 2015; his year of birth is 1963 . He is a Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Securities, LLC, and Nuveen, and has previously held various positions with Nuveen . As CAO, Lamb signs the Fund’s Sarbanes‑Oxley certifications and N‑CSR filings, evidencing responsibility for disclosure controls and financial reporting; he certified the semi‑annual N‑CSR dated May 7, 2025 and signed the report on behalf of the registrant . For NNY performance context during his tenure, recent fund total returns are shown below (NAV and market price), alongside index benchmarks .
Past Roles
| Organization | Role | Years | Strategic impact/notes |
|---|---|---|---|
| Nuveen New York Municipal Value Fund (NNY) | Chief Administrative Officer (Principal Executive Officer) | Since 2015; Term: Indefinite | Principal executive for the Fund; officer elected annually by the Board . |
| Nuveen Fund Advisors, LLC | Senior Managing Director | Past 5 years (disclosed) | Senior leadership role at the Adviser to the Fund . |
| Nuveen Securities, LLC | Senior Managing Director | Past 5 years (disclosed) | Senior leadership role within Nuveen’s distribution entity . |
| Nuveen (parent) | Senior Managing Director | Past 5 years (disclosed) | Senior leadership role within Nuveen . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships or outside roles for Lamb are disclosed in NNY’s DEF 14A officer section (officer bios list Nuveen roles only) . |
Fixed Compensation
Officers receive no compensation from the Funds; they are elected annually by the Board and serve without Fund‑paid compensation. Any compensation for the CCO is paid by the Adviser with partial reimbursement of the incentive component; no officer‑level pay details are disclosed for the CAO .
| Component | Amount/Disclosure | Source |
|---|---|---|
| Base salary (Fund-paid) | None (officers receive no compensation from the Funds) | |
| Cash retainer/fees (Fund-paid) | None (officers receive no compensation from the Funds) | |
| Benefits/pension/SERP (Fund-paid) | Not applicable (no Fund‑paid officer comp disclosed) |
Performance Compensation
The proxy discloses no Fund‑paid performance incentives for officers; there are no disclosed RSUs/PSUs/options, targets, weightings, or payouts for Lamb at the Fund level. Officers’ compensation structures at Nuveen (the Adviser) are not detailed in NNY’s filings; only the CCO compensation/reimbursement framework is noted broadly .
| Incentive type | Metric(s) | Target | Actual | Payout/vesting | Disclosure |
|---|---|---|---|---|---|
| Annual bonus | — | — | — | — | Not disclosed for officers in Fund filings; officers receive no Fund compensation . |
| RSUs/PSUs | — | — | — | — | Not disclosed in Fund filings . |
| Stock options | — | — | — | — | Not disclosed in Fund filings . |
Equity Ownership & Alignment
- Shares outstanding: NNY had 18,886,052 common shares outstanding as of June 20, 2025 .
- Officer/board ownership: As of June 20, 2025, Board Members and executive officers as a group beneficially owned less than 1% of the outstanding shares of each Fund; the dollar range reported for Board Members in NNY is $0, and the table of Fund shares shows no individual officer holdings for NNY (board member holdings and group totals disclosed) .
- Ownership guidelines: The Nuveen funds’ boards expect each Board Member (independent director) to invest at least the equivalent of one year of compensation in Nuveen funds; this guideline is described for Board Members, not officers .
Insider activity by Lamb in related Nuveen closed‑end funds (not NNY) suggests personal alignment with the complex:
- 2024‑11‑06: Bought 3,000 shares of Nuveen AMT‑Free Municipal Credit Income Fund (NVG) at $12.44 (Form 4) .
- 2024‑03‑27: Bought 6,000 shares of Nuveen AMT‑Free Quality Municipal Income Fund (NEA) at $11.04 (reported) .
- 2023‑02‑24: Bought 6,000 shares of Nuveen Municipal Credit Income Fund (NZF) at $11.66 (Form 4) .
| Date | Security | Transaction | Shares | Price | Value | Source |
|---|---|---|---|---|---|---|
| 2024‑11‑06 | NVG | Purchase | 3,000 | $12.44 | $37,320 | |
| 2024‑03‑27 | NEA | Purchase | 6,000 | $11.04 | $66,240 | |
| 2023‑02‑24 | NZF | Purchase | 6,000 | $11.66 | $69,960 |
Additional compliance note: The Funds report that Board Members and officers complied with applicable Section 16(a) filing requirements in the last fiscal year .
Employment Terms
| Term | Disclosure | Source |
|---|---|---|
| Officer election/term | Officers are elected by the Board on an annual basis; Lamb’s CAO term is indefinite; length of service since 2015 | |
| Employer/compensation payer | The Funds have no employees; officers serve without compensation from the Funds. CCO compensation is paid by the Adviser, with an allocable portion of incentive compensation reimbursed by the Funds | |
| Severance/Change‑of‑control | Not disclosed for officers in Fund filings | |
| Clawback/Recovery policy | N‑CSR Item 18 “Recovery of Erroneously Awarded Compensation”: Not applicable | |
| Non‑compete/Non‑solicit/Other covenants | Not disclosed in Fund filings |
Performance & Track Record (NNY context)
Fund performance as of February 28, 2025 (cumulative/average annual). Periods ordered oldest → newest .
| Metric | 10‑Year | 5‑Year | 1‑Year | 6‑Month |
|---|---|---|---|---|
| NNY total return at NAV | 2.38% | 0.35% | 3.09% | 1.19% |
| NNY total return at market price | 1.92% | (0.74)% | 4.97% | (0.48)% |
| S&P Municipal Bond Index | 2.40% | 0.90% | 3.38% | 1.41% |
| S&P Municipal Bond New York Index | 2.28% | 0.80% | 3.04% | 1.24% |
Discount to NAV snapshot as of February 28, 2025 :
- NAV $8.99; price $8.36; premium/(discount) (7.01)%; average premium/(discount) (7.56)% .
Governance certifications and sign‑offs:
- Lamb signed SOX Section 302 and 906 certifications on N‑CSR for the period ended February 28, 2025, and signed the report on behalf of the Fund as CAO (principal executive officer) .
Compensation Structure Analysis (what’s disclosed vs. missing)
- No Fund‑paid officer compensation is disclosed; officers “receive no compensation from the Funds.” This limits pay‑for‑performance visibility at the Fund level (any performance‑linked pay, equity, or options would sit at the Adviser and are not disclosed in NNY filings) .
- No repricing/modification of equity awards, tax gross‑ups, or deferred compensation elections are disclosed for officers; the Deferred Compensation Plan disclosure applies to Independent Board Members, not officers .
- Say‑on‑pay is not presented in the Fund’s proxy; the 2025 proxy agenda focused on electing Board Members across the Nuveen fund complex .
Risk Indicators & Red Flags
- Hedging/pledging: No officer‑level hedging/pledging disclosures in the proxy; Board Members’ ownership guideline (one year’s compensation invested across funds) is stated, but officers have no analogous guideline disclosed .
- Legal/SEC matters: The Fund reports Section 16(a) compliance for Board Members and officers; no legal proceedings relating to Lamb are disclosed in NNY filings .
- Related party transactions: Not disclosed for Lamb in NNY filings; the proxy does not present officer‑level related‑party transactions .
Compensation Peer Group and Shareholder Feedback
- Compensation peer groups/targets: Not applicable to officers in these filings; the proxy provides Board Member compensation only (retainers/committee fees) and no officer pay benchmarking .
- Shareholder votes: The 2025 DEF 14A solicited votes for Board Member elections; no say‑on‑pay resolution for officers .
Investment Implications
- Alignment: Lamb has long tenure as CAO (since 2015) and signs financial certifications, indicating operational accountability; however, his compensation is not Fund‑paid and is not disclosed, limiting direct pay‑for‑performance assessment at the Fund level .
- Trading signals: Lamb’s personal open‑market purchases in related Nuveen muni funds (NVG, NEA, NZF) suggest positive insider sentiment toward the muni closed‑end complex, though not specific to NNY shares .
- Selling pressure/vesting: No Fund‑level equity awards or vesting schedules are disclosed for officers, reducing event‑driven selling pressure risk tied to vesting cliffs at the Fund level .
- Retention/COC: Employment terms (severance/change‑of‑control) for officers are not disclosed at the Fund level; given officers are employed by Nuveen, retention risk must be assessed at the Adviser level rather than via Fund filings .
- Governance quality: Board oversight structures, committee activity, and certifications appear robust; officers and Board Members complied with Section 16(a) reporting, and the Fund reports no clawback applicability under SOX/N‑CSR Item 18 .