Robert McClure
About Robert McClure
Robert McClure (born 1969) is the Principal Executive Officer and President of Principal Real Estate Income Fund (PGZ), serving since September 2023 . He joined SS&C ALPS Advisors in January 2020 as Director of Research, following five years as a Client Portfolio Manager at Oppenheimer Funds and 17 years as a Director in Credit Suisse’s HOLT division; he holds a BA in Economics from the University of Illinois at Urbana‑Champaign and an MBA from Loyola University Chicago . The proxy does not disclose officer compensation tied to fund performance (e.g., TSR, revenue or EBITDA metrics) at the Fund level, and officers employed by ALPS Advisors receive no compensation from the Fund .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SS&C ALPS Advisors | Director of Research | Since Jan 2020 | Responsible for investment manager research/oversight, sales and distribution support, and new product development . |
| Oppenheimer Funds | Client Portfolio Manager | ~5 years | Represented Oppenheimer’s domestic value equity team with external clients via the distribution organization . |
| Credit Suisse (HOLT division) | Director | 17 years | Led team delivering HOLT’s corporate performance and valuation platform to hedge, mutual, and pension funds . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| N/A | N/A | N/A | No external directorships or roles disclosed for McClure in the Fund’s proxy . |
Fixed Compensation
| Component | Amount/Terms | Source/Notes |
|---|---|---|
| Compensation from PGZ | $0 | Officers employed by ALPS or ALPS Advisors receive no compensation or expense reimbursement from the Fund or any fund in the Fund Complex . |
| Fund-level pension/retirement benefits | $0 | Officers’ compensation from the Fund not paid; trustee pensions shown as $0; no officer pensions disclosed . |
| Officer election cadence | Elected annually; serves until successor elected | Applies to Fund officers generally . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed/applicable at Fund level | — | — | — | — | The proxy does not present officer equity/bonus metrics for PGZ; officers receive no compensation from the Fund . |
No RSUs/PSUs/options, vesting schedules, clawbacks, severance, or change‑of‑control terms are disclosed for McClure at the Fund level; the Fund does not have a compensation committee .
Equity Ownership & Alignment
| Holder | Shares Owned | Nature | % of Shares Outstanding | Pledged/Hedged |
|---|---|---|---|---|
| Robert McClure | None | — | — | No pledging/hedging disclosed in the proxy for officers; Section 16(a) filings were in compliance for FY ended Oct 31, 2024 . |
| All Trustees & Executive Officers (group) | 2,000 | Beneficial | <1% | Not disclosed; group ownership less than 1% of outstanding . |
- The Fund lists 5%+ holders including Saba Capital (6.15%) and Bulldog Investors/Phil Goldstein & Andrew Dakos (aggregate 6.29%), indicating activist presence that can influence governance and potential trading dynamics .
Employment Terms
| Term | Detail | Source/Notes |
|---|---|---|
| Title | President; Principal Executive Officer | McClure is identified as the Fund’s PEO; he signs Fund corporate notices as President . |
| Start date in role | September 2023 | Tenure disclosure in officer table . |
| Election/tenure mechanics | Officers elected annually; serve until successor elected | Applies to Fund officers . |
| Contract length/auto‑renewal | Not disclosed | No employment agreement terms disclosed for officers at the Fund level . |
| Severance/change‑of‑control | Not disclosed | No golden parachute or severance multiples disclosed for officers . |
| Non‑compete/non‑solicit/garden leave | Not disclosed | No such provisions disclosed in proxy . |
| Clawback/tax gross‑up | Not disclosed | No clawback or tax gross‑up language disclosed for officers . |
Board Governance (Context)
- The Fund does not have a compensation committee .
- Nominating & Corporate Governance Committee members: Held, Pederson, Legg (Chair); committee charter available on the Fund’s website; process includes disclosure of any hedging transactions by shareholder‑nominated trustee candidates .
- Audit Committee leadership and financial expert designation are disclosed in March 11, 2024 8‑K; McClure is not identified as a trustee or committee member .
Investment Implications
- Alignment risk: McClure holds no PGZ shares; combined trustee/executive ownership is <1%, reducing direct “skin‑in‑the‑game” alignment at the Fund level .
- Pay‑for‑performance linkage at Fund level is minimal: officers employed by ALPS Advisors receive no compensation from PGZ; therefore, Fund‑level incentive structures, vesting schedules, and severance/change‑of‑control economics are not disclosed, limiting traditional compensation‑based signals for the Fund .
- Governance/trading dynamics: Presence of 5%+ activist holders (Saba Capital; Bulldog/Goldstein & Dakos) may drive discount‑narrowing actions or governance changes that indirectly influence executive priorities, despite the Fund lacking a compensation committee .
- Retention/contract visibility: Officer terms are annual with service until successor, but no employment agreement, severance, or restrictive covenants are disclosed at the Fund level, leaving retention risk and contractual economics opaque to public investors .