Thomas Antonucci
About Thomas Antonucci
Thomas Antonucci is Chief Financial Officer of The Swiss Helvetia Fund, Inc. (SWZ) since 2019 and Director of Operations at Bulldog Investors, LLP; he has also served as CFO/Treasurer of Special Opportunities Fund, Inc. since 2014 and Treasurer of High Income Securities Fund since 2018 . He was age 55 as disclosed in the 2024 proxy . SWZ is a closed-end fund, so compensation is service-based cash rather than equity; Antonucci has no beneficial ownership in SWZ, and his pay is not tied to NAV or share-price performance metrics . Fund performance during his tenure is summarized in the Performance table below; these TSRs reflect the environment in which the finance function operates but are not linked to his compensation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bulldog Investors, LLP | Director of Operations | Since 2006 | Not disclosed |
| Special Opportunities Fund, Inc. | Chief Financial Officer & Treasurer | Since 2014 | Not disclosed |
| High Income Securities Fund | Treasurer | Since 2018 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Bulldog Investors, LLP | Director of Operations | As of Nov 30, 2024 (firm profile) | Bulldog proposed as SWZ’s investment adviser in 2025 proxy |
| Special Opportunities Fund, Inc. | CFO & Treasurer | Since 2014 | Closed-end fund officer role |
| High Income Securities Fund | Treasurer | Since 2018 | Closed-end fund officer role |
Fixed Compensation
Aggregate cash compensation from SWZ (exclusive of reimbursed expenses), by year:
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Aggregate Compensation from the Fund (USD) | $17,106 | $28,750 | $30,000 | $30,000 | $30,000 |
| Pension/Retirement Benefits Accrued (USD) | $0 | $0 | $0 | $0 | $0 |
| Estimated Annual Benefits upon Retirement (USD) | $0 | $0 | $0 | $0 | $0 |
Notes:
- SWZ discloses officer compensation as service-based cash fees; no base salary/bonus framework or equity awards are disclosed for officers .
Performance Compensation
- No performance-based compensation, incentive plan metrics (e.g., revenue/EBITDA/TSR), RSUs/PSUs, or options are disclosed for Antonucci. Pension and retirement benefits are reported as $0 annually .
Equity Ownership & Alignment
Beneficial ownership status (shares and dollar range) across years:
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Shares Beneficially Owned | 0 | 0 | 0 | 0 | 0 | 0 |
| Dollar Range of Ownership | $0 | $0 | $0 | $0 | $0 | $0 |
| Shares Pledged as Collateral | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Stock ownership guidelines and compliance status: Not disclosed for officers .
Employment Terms
- Position and tenure: Chief Financial Officer of SWZ since 2019 .
- Officer terms: Officers serve on a year-to-year basis for an indefinite term until successors are elected and qualified; elected annually by the Board .
- Severance, change-of-control provisions, retention bonuses, clawbacks, hedging/pledging policies, and non-compete/non-solicit terms: Not disclosed in the proxies reviewed .
- Affiliation: Antonucci is Director of Operations at Bulldog Investors, LLP, which was proposed to become SWZ’s investment adviser in 2025 proxy materials .
Performance & Track Record (Fund context; not tied to Antonucci’s pay)
SWZ 1-year performance snapshots around Antonucci’s tenure:
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Share Price 1-year TSR (% USD) | 5.85% | 29.97% | -19.71% | 17.06% | 24.72% |
| NAV 1-year Return (% USD) | 9.32% | 24.91% | -18.50% | 17.47% | 20.61% |
Additional context:
- Over recent 3- and 5-year periods, relative performance vs SPI has been moderately behind at the NAV level due to small/mid-cap and value tilts; stock selection was often positive while sector allocation and expenses were drags .
Compensation Structure Analysis
- Year-over-year officer pay has remained stable at a service-based cash fee ($30,000 since 2021), with no disclosed equity awards or variable incentive pay, and pensions at $0; this structure results in low pay-for-performance linkage .
- No disclosures of option repricing, retention/sign-on bonuses, or changes to performance metrics or vesting terms for officers .
Related Party / Interlocks
- Antonucci’s role at Bulldog (Director of Operations) alongside Bulldog’s proposed role as SWZ’s investment adviser (2025 proxy) represents an affiliation; transaction terms and related-party fee impacts for SWZ are addressed at the fund/adviser level and not in officer compensation disclosures .
Investment Implications
- Alignment: Zero beneficial ownership and absence of equity-linked pay signal low direct financial alignment with SWZ’s share price/NAV outcomes .
- Selling pressure: With no reported holdings, insider selling pressure attributable to Antonucci is effectively nil .
- Retention risk: Longstanding external roles at Bulldog and other funds suggest continuity, and SWZ’s officer terms are annual/indefinite; no severance/change-of-control disclosures that would create exit incentives were found .
- Governance/Interlocks: Bulldog’s proposed advisory role and Antonucci’s Bulldog position warrant monitoring for governance and fee alignment at the adviser level; officer compensation remains modest and fixed .
- Trading signals: Lack of insider ownership removes a potential informational signal; focus instead on adviser changes, discount-to-NAV catalysts, and portfolio performance drivers discussed in fund presentations .