Rajeev Das
About Rajeev Das
Rajeev Das is the Secretary of SWZ (Total Return Securities Fund), serving since 2019; he is 56 years old and his principal occupation is Head of Trading at Bulldog Investors, LLP . Officers serve year-to-year for an indefinite term and are elected annually by the Board in connection with the Annual Meeting of Stockholders . The company’s disclosures do not attribute individual performance metrics (TSR, revenue, EBITDA) to executive officers; the fund states it does not have a bonus, profit sharing, pension or retirement plan, indicating limited performance-tied pay structures in the proxy/N-2 materials reviewed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bulldog Investors, LLP | Head of Trading | 2009–present | Trading oversight for Bulldog-managed funds supporting fund operations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ryan Heritage, LLP | Affiliation (role not disclosed) | Not disclosed | Not disclosed in SWZ filings |
Fixed Compensation
| Year | Role | Aggregate Compensation from Fund (USD) | Pension/Retirement Benefits | Notes |
|---|---|---|---|---|
| 2022 | Secretary | $25,000 | $0 | Officer compensation paid by the Fund in 2022 per proxy table |
- In 2025 proxy materials, Bulldog proposed that affiliated officers (including Secretary) continue serving “at no cost to the Fund” by deducting any officer and director fees paid to Bulldog-affiliated personnel from the investment advisory fee, which reduces net fund cost rather than creating officer-level bonus or equity incentives .
Performance Compensation
- The fund discloses no bonus, profit sharing, pension or retirement plan; no RSU/PSU/option programs for officers are disclosed in the proxy/N-2 materials reviewed, and no performance metric-based payouts (e.g., revenue, EBITDA, TSR) are described for the Secretary role .
Equity Ownership & Alignment
| Year | Shares Beneficially Owned | Dollar Range of Equity Securities | Notes |
|---|---|---|---|
| 2023 | 32 | $1–$10,000 | Secretary role; officers elected annually |
| 2024 | 32 | $1–$10,000 | Secretary role; officers elected annually |
| 2025 | Not disclosed | $1–$10,000 | Directors and officers as a group owned <5% of common stock |
- Stock ownership guidelines, pledging, hedging, and compliance status are not disclosed for the Secretary in the cited materials; no pledging is indicated in these sections .
- As of the 2025 proxy/N-2 materials, management (directors and officers) beneficial ownership as a group was less than 5% of outstanding shares, underscoring limited insider equity alignment at the fund level .
Employment Terms
| Term | Detail |
|---|---|
| Start date and tenure | Secretary since 2019; age 56 as of 2025 N‑2/A |
| Term and election | Officers serve year-to-year for an indefinite term; elected annually by the Board generally at its regular meeting in connection with the Annual Meeting |
| Employment agreement | Not disclosed in proxy/N‑2 materials for Secretary |
| Severance provisions | Not disclosed for Secretary in proxy/N‑2 materials |
| Change-of-control terms | Not disclosed for Secretary in proxy/N‑2 materials |
| Non-compete / Non-solicit | Not disclosed in reviewed materials |
| Garden leave / consulting post-termination | Not disclosed in reviewed materials |
Performance & Track Record
- Corporate actions: As Secretary, Das signed the Certificate of Amendment effectuating the fund’s name change to Total Return Securities Fund effective March 31, 2025, evidencing execution responsibility for corporate filings .
- Authorized officer: Listed among officers authorized to instruct the subscription agent for the rights offering, indicating operational involvement in corporate actions .
Board Governance (context; Das is not a director)
- Board committees are composed of Non-Interested Directors: Audit (Sell, Dayan, Hellerman; 5 meetings in 2023), Governance/Nominating (Dayan, Goldstein; Goldstein Chair), Pricing (Hellerman Chair) . Das serves as Secretary and is not listed as a member of these committees .
- In 2024, Board met four times; each present Director attended at least 75% of meetings .
Say-on-Pay & Shareholder Feedback
- Not disclosed for officers in reviewed proxy materials; director compensation schedules are disclosed, but no say-on-pay data specific to officers or performance pay votes are presented .
Compensation Peer Group
- Not disclosed for officer benchmarking; the materials reference governance/committee structures and director compensation but do not present officer peer benchmarking frameworks .
Related Party Context
- Bulldog affiliation: Das is an officer while serving at Bulldog Investors, LLP (Head of Trading). The 2025 proxy notes Bulldog’s proposal to offset officer/director fees for Bulldog-affiliated personnel via advisory fee deductions, which mitigates direct fund expense but does not create equity-based alignment at the officer level .
Investment Implications
- Alignment: Das’s personal stake is small (32 shares in 2023–2024; dollar range $1–$10,000 through 2025), and management as a group holds <5%—indicating limited insider equity alignment and minimal direct financial sensitivity to share price/NAV outcomes relative to institutional holders .
- Incentives structure: Absence of disclosed bonus/RSU/option plans and explicit statement that the fund does not have bonus/profit sharing/pension plans suggests low pay-for-performance leverage at the officer level; compensation is primarily cash fees, with Bulldog’s fee offset removing net fund cost rather than incentivizing individual performance outcomes .
- Retention risk: Year-to-year, indefinite officer terms and longstanding Bulldog role (Head of Trading since 2009) support continuity; however, lack of contractual severance or change-of-control protections for the Secretary in disclosed materials implies limited retention economics and no golden parachute triggers, reducing potential exit costs but also providing few retention hooks .
- Trading/pressure signals: No vesting schedules or equity awards means no mechanical insider selling pressure from vesting events; ownership is small, and Form 4 activity is not disclosed in the reviewed documents, limiting use of insider trading signals for this officer from these sources .
- Governance execution: Secretary responsibilities in corporate actions (name change certificate; rights offering administration authorization) indicate operational involvement and reliable execution capacity, but these do not directly translate into performance-tied compensation or equity signals for investors .