Moritz Sell
About Moritz Sell
Moritz Sell (born 1967) is an Independent Trustee of the Fund, serving since 2018. He is the Founder and Principal of Edison Holdings GmbH (commercial real estate and venture capital) and previously served as Director, Market Strategist, and Head of Proprietary Trading (London branch) at Landesbank Berlin AG and predecessors from 1996 to 2013 . He is classified as independent under the Investment Company Act of 1940 and under NYSE listing standards applicable to closed-end funds .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Edison Holdings GmbH | Founder and Principal | Not disclosed; current | Commercial real estate and venture investing |
| Markston International LLC | Senior Advisor | Through December 2020 | Not disclosed |
| Landesbank Berlin AG (and predecessors) | Director, Market Strategist; Head of Proprietary Trading (London Branch) | 1996–2013 | Trading leadership; market strategy |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aberdeen Australia Equity Fund | Director | Current | Not disclosed |
| Total Return Securities Fund | Director | Current | Not disclosed |
| Aberdeen Global Income Fund, Inc. | Director | Current | Not disclosed |
| Aberdeen Asia-Pacific Income Fund, Inc. | Director | Current | Not disclosed |
| BNY Mellon Municipal Income Inc. | Director | Current | Not disclosed |
| Aberdeen Singapore Fund | Chairman | Until 2018 | Board leadership |
| Aberdeen Greater China Fund | Director | Until 2018 | Not disclosed |
Board Governance
- Committee assignments: Member, Audit & Valuation Committee; committee chaired by Gerald Hellerman, with Richard Dayan designated as the audit committee financial expert .
- Strategic role: Chairman of the Strategic Planning Committee (compensated via chair stipend), indicating engagement beyond routine board duties .
- Independence: The Board states Audit & Valuation Committee members are independent under NYSE standards for closed-end funds; Sell is not an “interested person” under the 1940 Act .
- Attendance: The Board met 4 times in FY ended Aug 31, 2025; each present Trustee attended at least 75% of Board and committee meetings of which he is a member. Audit & Valuation Committee met 5 times .
- Workload oversight: The Board determined that the service of Hellerman and Sell on more than three public-company audit committees does not impair their ability to effectively serve on the Fund’s Audit & Valuation Committee .
- Audit oversight: The Audit & Valuation Committee reviewed financial statements, auditor independence, and recommended inclusion of audited financials in the FY2025 Annual Report (auditor: Tait Weller) .
Fixed Compensation
| Component | Amount (Fund FY2025) | Notes |
|---|---|---|
| Aggregate cash compensation from the Fund | $51,500 | Fund does not have bonus, profit sharing, pension or retirement plan |
| Strategic Planning Committee Chair stipend | $10,000 | Included in total; paid for chair role |
| Total compensation from Fund Complex | $112,000 | Across Fund, Special Opportunities Fund, Inc. (as of Nov 8, 2024) and Total Return Securities Fund (as of Mar 31, 2025) |
The Fund pays no bonus, pension, or retirement benefits to Trustees; no affiliated entity pays Trustee compensation .
Performance Compensation
| Component | Status | Metrics | Vesting/Triggers |
|---|---|---|---|
| Annual/Discretionary Bonus | None | N/A | N/A |
| Stock/Option Awards (RSUs/PSUs/Options) | None disclosed | N/A | N/A |
| Performance-based metrics (TSR, revenue, EBITDA, ESG) | None disclosed | N/A | N/A |
| Clawback, CIC, severance provisions | Not disclosed for Trustees | N/A | N/A |
Other Directorships & Interlocks
- Current public company boards: multiple closed-end funds (Aberdeen Australia Equity Fund; Aberdeen Global Income Fund; Aberdeen Asia-Pacific Income Fund; Total Return Securities Fund; BNY Mellon Municipal Income Inc.) .
- Prior leadership: Chairman of Aberdeen Singapore Fund; Director of Aberdeen Greater China Fund until 2018 .
- Interlock/overlap analysis: Extensive network across listed funds may enhance market insight; the Board’s specific finding addresses potential audit committee overboarding concerns, concluding no impairment to effectiveness at PCF .
Expertise & Qualifications
- Financial markets and trading expertise from senior roles at Landesbank Berlin AG and predecessors (1996–2013), including proprietary trading leadership and market strategy .
- Real estate and venture investing experience as Founder/Principal of Edison Holdings GmbH .
- Governance experience across multiple closed-end funds, including prior chairmanship .
- Independent status under 1940 Act and NYSE standards .
Equity Ownership
| Metric | Value | As-of |
|---|---|---|
| Dollar range of PCF equity owned | $50,001–$100,000 | Oct 20, 2025 |
| Aggregate dollar range in family of investment companies | Over $100,000 (across 2 funds overseen) | Oct 20, 2025 |
| Ownership as % of shares outstanding | Not disclosed for individual directors | Oct 20, 2025 |
| Management (Trustees and officers) group ownership | Less than 1% of outstanding shares | Oct 20, 2025 |
Trustee transactions with Fund affiliates: none for Independent Trustees or immediate family; no interests >$120,000 in the Adviser or affiliates in past five years, and no related-party transactions >$120,000 since Sep 1, 2022 .
Section 16(a) compliance: no delinquent insider reports noted .
Governance Assessment
-
Strengths:
- Independent director with substantive market and investment experience; active on Audit & Valuation Committee overseeing financial reporting and valuation .
- Engagement evidenced by chairing Strategic Planning Committee; Board confirms audit committee workload does not impair effectiveness .
- Attendance threshold met; committee rigor reflected in 5 Audit Committee meetings during FY2025 and formal auditor independence review .
-
Alignment and risks:
- Ownership alignment moderate ($50k–$100k in PCF; group <1% overall), typical for closed-end fund trustees but lower “skin-in-the-game” than operating executives .
- Extensive external directorships across closed-end funds imply workload and potential overboarding risk; mitigated by Board’s determination of effectiveness for audit duties .
- No performance-based pay and no disclosed clawbacks or CIC terms for trustees; compensation is fixed cash plus committee stipends, limiting pay-for-performance signals .
-
RED FLAGS (highlighted):
- Overboarding risk: service on more than three public-company audit committees acknowledged; Board concluded no impairment, but investors should monitor ongoing effectiveness .
- Limited disclosed equity incentives: no RSUs/PSUs/options; alignment relies on personal share ownership within disclosed dollar ranges .