DEF: Credit Suisse High Yield Fund Sets 2026 Annual Meeting
Sentiment:
Proxy Statement
Credit Suisse High Yield Credit Fund announces its 2026 Annual Meeting of Shareholders to elect two Non-Interested Trustees.
Summary
- The Annual Meeting of Shareholders for Credit Suisse High Yield Credit Fund (NYSE American: DHY) will be held on Tuesday, April 21, 2026, at 4:00 p.m. Eastern Time.
- The primary purpose of the meeting is to elect two Non-Interested Trustees to the Fund's Board.
- Charles W. Gerber and Samantha Kappagoda have been nominated for election as Non-Interested Trustees, each for a three-year term expiring at the Fund's 2029 Annual Meeting.
- The Board of Trustees recommends that shareholders vote FOR the election of both nominated Trustees.
- The record date for shareholders entitled to notice and to vote at the Meeting was March 12, 2026, with 103,609,624 Shares outstanding.
- Proxy materials were first mailed to shareholders on or about March 19, 2026.
- The Fund's Annual Report for the fiscal year ended October 31, 2025, has been previously furnished to shareholders.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this filing as neutral. It is a routine procedural document for an annual meeting, providing necessary corporate governance information without disclosing new financial performance data or significant strategic changes that would alter investment sentiment.
Positives
- The Fund maintains a robust corporate governance structure with a majority of Non-Interested Trustees (five out of six Board members).
- Nominated Trustees Charles W. Gerber and Samantha Kappagoda, along with existing Trustees, possess extensive experience in financial services, economic analysis, and corporate governance, contributing to a well-qualified Board.
- The Audit Committee and Nominating Committee are composed entirely of independent, Non-Interested Trustees, enhancing oversight and shareholder protection.
- The Fund has engaged Ernst & Young LLP (EY) as its independent registered public accounting firm, a reputable firm, with no non-audit services billed in the last two fiscal years, indicating a focus on audit independence.
Risks
- The Fund is subject to various risks, including investment, compliance, operational, and valuation risks, which are part of the Board's general oversight.
- It is not possible to identify all risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects.
Future Outlook
The Fund anticipates the election of Charles W. Gerber and Samantha Kappagoda as Non-Interested Trustees, who are expected to serve three-year terms until the 2029 Annual Meeting. The Board will also consider electing officers for an additional term at its meeting following the Annual Meeting. Shareholder proposals for the 2027 annual meeting are subject to specific deadlines in late 2026.
Management Comments
- Omar Tariq, Chief Executive Officer and President, stated that the Board of Trustees has determined it is in the best interest of shareholders and the Fund to vote FOR the proposal to elect two Non-Interested Trustees.
Industry Context
StockSavvy.ai notes that this proxy statement is a routine disclosure for a closed-end investment fund, detailing the upcoming annual meeting and the election of board members. The emphasis on Non-Interested Trustees and independent committee structures aligns with best practices in corporate governance for investment companies, aiming to ensure independent oversight of management and fund operations. The transition of Credit Suisse funds to UBS Asset Management (Americas) is reflected in the management and trustee affiliations.
Comparison to Industry Standards
- The Fund's Board composition, with five out of six Trustees being Non-Interested, exceeds the typical independence requirements for investment companies, which generally mandate a majority of independent directors, aligning with strong corporate governance benchmarks.
- The establishment of dedicated Audit and Nominating Committees, composed solely of Non-Interested Trustees, is consistent with leading governance practices for publicly traded funds, similar to those seen in large asset managers like BlackRock or Vanguard funds.
- The detailed disclosure of Trustee qualifications, including extensive experience in financial services, economics, and accounting, is comparable to the transparency standards upheld by well-governed investment vehicles, ensuring a knowledgeable and diverse board.
- The policy regarding Trustee retirement at age 75 is a common practice among well-established corporate boards, including those of major financial institutions, to ensure board refreshment and active participation.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Chief Executive Officer and President | John G. Popp | Omar Tariq | 2024 | Omar Tariq assumed the role in 2024, having previously served as CFO and Treasurer of the Credit Suisse Funds from 2019-2024. John G. Popp transitioned to Chief Investment Officer. |
| Chief Investment Officer | Chief Executive Officer and President | John G. Popp | 2024 | John G. Popp transitioned from Chief Executive Officer and President (2010-2024) to Chief Investment Officer in 2024. |
| Chief Financial Officer and Treasurer | Omar Tariq | Rose Ann Bubloski | 2024 | Rose Ann Bubloski assumed the role in 2024, having been a Director and Senior Manager of UBS AM (Americas) since 2011. Omar Tariq moved to CEO and President. |
| Trustee | Steven N. Rappaport | NA | 2024-12-31 | Retirement of the Trustee. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Board Leadership Structure | The Board has appointed Laura DeFelice, a Non-Interested Trustee, to serve as Chair, presiding at meetings and acting as a liaison with UBS AM (Americas) and counsel. | 2023-11-01 | Enhances independent oversight by having a Non-Interested Trustee lead the Board, separating the Chair role from management. |
| Trustee Retirement Policy | No Trustee shall be presented for election after reaching age 74, and a Trustee automatically retires at the next annual shareholders meeting following their 75th birthday. | NA | Ensures regular refreshment of the Board and promotes active participation from Trustees, aligning with best practices for board succession planning. |
| Committee Composition | The Audit Committee and Nominating Committee are composed entirely of Non-Interested Trustees, excluding the Interested Trustee, John G. Popp. | NA | Strengthens the independence and effectiveness of key oversight committees, reducing potential conflicts of interest and enhancing shareholder confidence in financial reporting and trustee selection. |
Related Party Transactions
- UBS Asset Management (Americas) LLC serves as the investment adviser to the Fund, and all officers of the Fund are employees of and compensated by UBS AM (Americas).
- John G. Popp is an Interested Trustee due to his position as an officer of UBS AM (Americas) and Chief Investment Officer of the Fund.
- Ernst & Young LLP (EY) serves as the independent registered public accounting firm for the Fund, with audit fees of $43,700 for both fiscal years ended October 31, 2024, and October 31, 2025. No non-audit services were provided by EY to the Fund, UBS AM (Americas), or any Covered Services Provider during these periods.
Stakeholder Impact
- Shareholders: Directly impacted by the election of Trustees, who are responsible for the oversight of the Fund's operations and management. The Board's recommendation to vote FOR the nominees aims to maintain stable and experienced governance.
- Management (UBS AM (Americas)): The investment adviser's role and compensation structure are reaffirmed, with officers of the Fund being employees of UBS AM (Americas).
- Employees: Officers of the Fund are employees of UBS AM (Americas), indicating their compensation and employment terms are managed by the adviser.
Next Steps
- Shareholders are requested to date, sign, and return their enclosed proxy cards promptly to ensure their shares are represented and voted at the Annual Meeting.
- The Annual Meeting of Shareholders will be held on April 21, 2026, at 4:00 p.m. Eastern Time, to consider the election of two Non-Interested Trustees and other matters.
- Shareholders wishing to submit proposals for the 2027 annual meeting must adhere to specific deadlines: by November 19, 2026, for Rule 14a-8 inclusion, or between October 20, 2026, and November 19, 2026, under the Fund's By-laws.
Key Dates
| Date | Description |
|---|---|
| 1977-03-01 | Mahendra R. Gupta became Partner at R.J. Mithaiwala (Food manufacturing and retail, India) and F.F.B. Corporation (agriculture, India). |
| 1990-07-01 | Mahendra R. Gupta became Professor at Washington University in St. Louis. |
| 1994-03-01 | Rose Ann Bubloski associated with UBS AM (Americas). |
| 1997-01-01 | John G. Popp associated with UBS AM (Americas) and Credit Suisse Asset Management, LLC. |
| 2001-07-01 | Mahendra R. Gupta became Partner at RPMG Research Corporation. |
| 2004-12-01 | Karen Regan associated with Credit Suisse and UBS AM (Americas). |
| 2005-01-01 | Samantha Kappagoda became Member, Senior Editorial Advisory Board Journal of Risk Finance, Emerald Publications. |
| 2007-01-01 | Laura A. DeFelice became Member and Founder of Stonegate Advisors LLC (renewable energy and energy efficiency). |
| 2008-01-01 | Laura A. DeFelice became Member and Founder of Acacia Properties LLC (multi-family and commercial real estate ownership and operation). |
| 2008-01-01 | Karen Regan became Vice President of Credit Suisse. |
| 2009-01-01 | Samantha Kappagoda became Chief Economist and Co-Founder, Risk Economics, Inc. |
| 2010-01-01 | John G. Popp served as Chief Executive Officer and President of the Fund Complex. |
| 2010-09-01 | Omar Tariq became Senior Manager of PricewaterhouseCoopers, LLP. |
| 2011-01-01 | Lou Anne McInnis became Counsel at DLA Piper US LLP. |
| 2011-01-01 | Samantha Kappagoda became Visiting Scholar, Courant Institute of Mathematical Sciences, New York University. |
| 2011-01-01 | Rose Ann Bubloski became Director and Senior Manager of UBS AM (Americas). |
| 2012-01-01 | Mahendra R. Gupta became Director of Caleres Inc. (footwear). |
| 2012-01-01 | John G. Popp became Trustee of the Fund. |
| 2012-01-01 | Samantha Kappagoda became Chief Data Scientist and Co-Managing Member, Numerati Partners LLC. |
| 2014-01-01 | Samantha Kappagoda became Director of Girl Scouts of Greater New York (non-profit). |
| 2015-04-01 | Lou Anne McInnis became Director of Credit Suisse and associated with Credit Suisse and UBS AM (Americas). |
| 2015-07-01 | Mahendra R. Gupta became Director of the Guardian Angels of St. Louis (not-for-profit). |
| 2016-01-01 | Charles W. Gerber became Consultant, Canadian Imperial Bank of Commerce and Senior Adviser, Stoneturn Group, LLP. |
| 2017-11-01 | Mahendra R. Gupta became Director of the Consortium for Graduate Study in Management. |
| 2018-01-01 | Mahendra R. Gupta became Director of The Foundation for Barnes-Jewish Hospital (healthcare). |
| 2018-01-01 | Lee M. Shaiman served as Executive Director and Chief Executive Officer, Loan Syndications and Trading Association. |
| 2019-01-01 | Laura A. DeFelice became Trustee of the Fund. |
| 2019-01-01 | Mahendra R. Gupta became Trustee and Audit Committee Chair of the Fund. |
| 2019-01-01 | Lee M. Shaiman became Director of Investcorp Credit Management BDC, Inc. (financial services). |
| 2019-03-01 | Omar Tariq became Director of Credit Suisse and associated with Credit Suisse and UBS AM (Americas). |
| 2019-06-01 | Brandi Sinkovich became Vice President and Compliance Officer, Neuberger Berman. |
| 2021-01-01 | Mahendra R. Gupta's term as Director of the Guardian Angels of St. Louis ended. |
| 2021-01-01 | Laura A. DeFelice became Director of the Lyric Opera of Chicago (performing arts). |
| 2022-01-01 | Mahendra R. Gupta became Director of The Oasis Institute (not-for-profit). |
| 2022-05-01 | Brandi Sinkovich became Vice President and Regulatory Counsel, Exos Financial. |
| 2023-01-01 | Brandi Sinkovich became Director of Credit Suisse and associated with Credit Suisse. |
| 2023-01-01 | Charles W. Gerber became Director, MA Holdings, Inc. (real estate management). |
| 2023-01-01 | Mahendra R. Gupta became Director of First Bank (finance) and ENDI Corporation (finance). |
| 2023-01-01 | Samantha Kappagoda became Trustee and Nominating Committee Chair of the Fund and Affiliate of Analysis Group Inc. (economic analysis). |
| 2023-11-01 | Laura A. DeFelice became Chair of the Board of Trustees. |
| 2023-12-31 | Mahendra R. Gupta's term as Director of the Consortium for Graduate Study in Management ended. |
| 2024-01-01 | Charles W. Gerber became Trustee of the Fund. |
| 2024-01-01 | Lee M. Shaiman became Trustee of the Fund. |
| 2024-01-01 | John G. Popp became Chief Investment Officer of the Fund. |
| 2024-01-01 | Samantha Kappagoda became Member, Business Board of Governing Council at the University of Toronto. |
| 2024-01-01 | Mahendra R. Gupta became Board Chair at The Foundation for Barnes-Jewish Hospital (healthcare). |
| 2024-06-19 | EY became the Fund's independent registered public accounting firm. |
| 2024-10-31 | Fiscal year end for which EY billed $43,700 in audit fees. |
| 2024-12-31 | Steven N. Rappaport retired as a Trustee. |
| 2025-01-01 | Samantha Kappagoda's term as Director of Girl Scouts of Greater New York ended. |
| 2025-01-01 | Laura A. DeFelice's term as Member and Founder of Stonegate Advisors LLC ended. |
| 2025-08-12 | Audit Committee approved the selection of EY as the independent registered public accounting firm for the fiscal year ending October 31, 2026. |
| 2025-10-22 | Schedule 13G/A filed by First Trust Advisors L.P. disclosing beneficial ownership. |
| 2025-10-31 | Fiscal year end for which EY billed $43,700 in audit fees. |
| 2026-02-10 | Nominating Committee nominated Charles W. Gerber and Samantha Kappagoda for election. |
| 2026-02-28 | Date for which Trustee equity securities ownership information was furnished. |
| 2026-03-12 | Record date for the Annual Meeting of Shareholders. |
| 2026-03-19 | Proxy Statement and accompanying Proxy expected to be mailed to shareholders on or about this date. |
| 2026-04-21 | Date of the Annual Meeting of Shareholders. |
| 2026-10-20 | Earliest date for shareholder proposals to be received for the 2027 annual meeting under the Fund's By-laws. |
| 2026-11-19 | Deadline for shareholder proposals to be received for inclusion in the Fund's proxy materials for the 2027 annual meeting (Rule 14a-8) and latest date for By-laws submissions. |
| 2027-01-01 | Term of Class I Trustees Laura A. DeFelice and Lee M. Shaiman will expire at the Fund's 2027 Annual Meeting of Shareholders. |
| 2028-01-01 | Term of Class II Trustees Mahendra R. Gupta and John G. Popp will expire at the Fund's 2028 Annual Meeting. |
| 2029-01-01 | Term of Class III Trustees Charles W. Gerber and Samantha Kappagoda (if elected) will expire at the Fund's 2029 Annual Meeting. |
Recommendation
holdA 'hold' recommendation is appropriate for Credit Suisse High Yield Credit Fund based on this filing. The document is a routine proxy statement for an annual meeting, primarily addressing corporate governance through the election of trustees. It does not contain new financial performance data, strategic shifts, or other material information that would warrant a change in investment thesis or a 'buy' or 'sell' recommendation. The proposed trustee elections and governance structure appear standard and do not introduce new risks or opportunities that would significantly impact the stock price.
Keywords
Credit Suisse High Yield Credit Fund, DHY, Proxy Statement, Annual Meeting, Trustee Election, Corporate Governance, UBS Asset Management, High Yield Credit, Investment Fund
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.