James P. Haynie
About James P. Haynie
James P. Haynie, 62, is CEO and President of Adams Natural Resources Fund (PEO) and Adams Diversified Equity Fund (ADX) since April 20, 2023; he previously served as President of PEO (2015–2023) and Executive Vice President (2013–2015). Before joining Adams Funds, he was CIO, U.S. Equities at BNP Paribas Investment Partners (Feb–Aug 2013) and a Senior Portfolio Manager there from 2005 to 2013 . Under his tenure as CEO, PEO’s 2024 NAV total return was 5.3% vs. a 4.6% benchmark, and H1 2025 NAV total return was 2.3% vs. 1.8% for the benchmark; 2024 market-price total return was 13.8% .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Adams Natural Resources Fund (PEO) | CEO & President | Apr 20, 2023 – Present | Leads portfolio strategy and operations; Fund outperformed benchmark on NAV in 2024 and H1 2025 . |
| Adams Natural Resources Fund (PEO) | President | Jan 21, 2015 – Apr 20, 2023 | Executive leadership across investment process and fund operations . |
| Adams Natural Resources Fund (PEO) | EVP | Aug 19, 2013 – Jan 21, 2015 | Senior leadership during transition post prior CEO; supported investment process . |
| BNP Paribas Investment Partners | CIO, U.S. Equities | Feb 2013 – Aug 2013 | Oversaw U.S. equity investment activities . |
| BNP Paribas Investment Partners | Senior Portfolio Manager | 2005 – 2013 | Managed equity strategies; sector expertise relevant to PEO mandate . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Adams Diversified Equity Fund (ADX) | CEO and Class I Director | Apr 20, 2023 – Present | Dual leadership within Fund Complex; aligns cross-fund oversight . |
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Aggregate compensation from PEO | $430,038 | Total cash and benefits paid by the Fund; base salary/bonus breakdown not disclosed . |
| Employer deferred/matching contributions | $44,455 | Aggregate deferred compensation from the Fund for Haynie under Thrift and Executive Nonqualified Supplemental Thrift Plans . |
| Thrift Plan matching policy | Up to 6% match | Fund matches 100% of employee contributions up to 6% of salary/cash incentive; vesting after 36 months . |
| Discretionary employer contribution | Up to 6% | Additional discretionary contribution up to 6% of prior-year salary+cash incentive . |
| Nonqualified Plan limits (2024) | $23,000/$30,500; $69,000/$76,500 | IRS limits: employee deferral under age 50/50+, and combined employee+employer caps; Nonqualified Plan permits contributions above these limits . |
Haynie receives no separate compensation for his service as a director of PEO or ADX (interested director) .
Performance Compensation
- The Compensation Committee oversees “cash incentive compensation plans” for officers, but specific performance metrics, weightings, targets, payouts, or PSU frameworks are not disclosed for 2024; the Committee met twice in 2024 and operates under a published charter .
- No disclosure of TSR/revenue/EBITDA-based incentive matrices or ESG modifiers was found in the latest proxy .
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Beneficial ownership (shares) | 33,092 (as of Dec 31, 2024) |
| Shares outstanding | 26,284,550 (Dec 31, 2024) |
| Ownership as % of outstanding | ~0.13% (calc: 33,092 / 26,284,550) |
| Director “dollar value” ownership category | Greater than $100,000 (interested director table) |
| Deferred stock units outstanding | None held by Haynie (Mr. Dale holds 7,237 vested DSUs; none for Haynie) . |
| Stock ownership guidelines | CEO and senior staff must own equity in the Fund Complex with cost basis equal to a multiple of salary (specific multiple not disclosed) . |
Pledging/hedging:
- Historical plan restrictions: during the restriction period, restricted stock could not be sold, transferred, pledged, or otherwise encumbered under the 2005 Equity Incentive Compensation Plan .
- No separate broad anti-pledging/anti-hedging policy for officers/directors is disclosed in the cited sections of the 2025/2024 proxies .
Historical Equity Awards and Vesting (legacy plan)
| Grant/Status | Details |
|---|---|
| 2014 Grant to Haynie | 1,941 restricted shares granted on Jan 9, 2014; grant-date fair value $52,485 . |
| Outstanding at 2014 YE | 8,406 unearned shares/units not yet vested for Haynie . |
| Disclosed vesting schedules | 2,155 shares vesting Aug 19, 2016 and 2017; 1,941 on Jan 9, 2017; 2,243 on Jan 8, 2018 . |
| Stock vested | 2,155 shares vested in 2015 (value $43,488); 2,155 shares vested in 2016 (value $43,445) . |
| Plan status | 2005 Equity Incentive Compensation Plan expired April 27, 2015; all grants vested prior to 2019; certain deferred stock units remain outstanding for some participants . |
Employment Terms
- No explicit employment agreement, severance, or change‑of‑control (“single vs. double trigger,” multiples, or accelerated vesting terms) disclosures were found in the 2025 proxy; no clawback provision detail identified in the cited sections [Search: no match] .
- Thrift and Nonqualified Supplemental Thrift Plans allow deferrals; employer match/discretionary contributions as outlined above .
Board Governance and Service
- Status: Interested Director (non‑independent) by virtue of being CEO under the Investment Company Act of 1940 .
- Class and term: Class I Director; nominated for re‑election to a three‑year term expiring at the 2028 annual meeting .
- Board leadership: Independent Chair (Kenneth J. Dale); five of seven directors are independent .
- Committees: Member of Executive Committee; not listed on Audit, Compensation, or Nominating and Governance (those committees are fully independent) .
- Attendance: 100% attendance at Board and committee meetings in 2024 (boardwide disclosure) .
- Director compensation context: Non‑employee director retainer $65,000; Board Chair additional $20,000; Committee Chairs $3,000; total fees to independent directors $419,000 in 2024; Haynie receives no director fees .
Performance & Track Record (during/around current tenure)
| Period | PEO NAV Total Return | Benchmark Total Return | PEO Market-Price Total Return |
|---|---|---|---|
| Full year 2024 | 5.3% | 4.6% | 13.8% |
| First half 2025 | 2.3% | 1.8% | 3.1% |
“Our disciplined approach supported good stock selection that enabled the Fund to outperform its benchmark,” said Jim Haynie regarding 2024 performance .
Investment Implications
- Pay-for-performance visibility: The proxy shows officer cash incentive plans but omits specific metric frameworks, targets, and payouts, limiting analysts’ ability to assess strict pay‑for‑performance alignment. This opacity is a diligence gap for compensation governance analysis .
- Alignment via ownership and deferrals: Haynie’s beneficial ownership (~0.13% of shares) and the Fund’s matching/discretionary thrift contributions and ownership guidelines (multiple of salary) support alignment, though the exact multiple is not disclosed .
- Limited equity overhang/vesting pressure: The legacy equity plan expired; all grants vested prior to 2019, and Haynie currently holds no deferred stock units—reducing near‑term vesting‑related selling pressure signals tied to legacy awards .
- Governance mitigants to dual role: While Haynie is a non‑independent director (CEO + director), the presence of an Independent Chair, fully independent key committees, executive sessions each meeting, and 100% attendance are structural mitigants to independence concerns .
- Contract/severance uncertainty: No disclosed severance/change‑of‑control economics or clawback specifics—investors should be aware of the lack of visibility into potential termination/CIC payouts and recoupment mechanisms [Search: no match] .
- Operating execution: Fund outperformance vs. benchmark on NAV in 2024 and in H1 2025 under Haynie’s leadership is a positive execution datapoint; continued benchmarking of relative returns and distribution sustainability is warranted for trading/position sizing decisions .