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Duff & Phelps Utility and Infrastructure Fund Inc. Announces Retirement of Co-Portfolio Manager
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Duff & Phelps Utility and Infrastructure Fund Inc. (NYSE: DPG) announced that Ellen Elberfeld, CFA, will retire as co-portfolio manager effective May 5, 2023. Eric Elvekrog, current Chief Investment Officer, will take over as the sole portfolio manager. David D. Grumhaus, Jr., President and CEO, expressed regret over Elberfeld's departure but noted confidence in Elvekrog's capabilities, having been a part of the fund's management since its inception in 2011. The fund aims to achieve total return by focusing on high current income and growth, primarily investing in dividend-paying equities in the utility and infrastructure sectors.
Positive
Eric Elvekrog's continuity as sole portfolio manager indicates stability and experience in fund management.
Elvekrog has been part of the fund's portfolio management since its inception, ensuring a consistent management approach.
Negative
None.
CHICAGO--(BUSINESS WIRE)--
The Duff & Phelps Utility and Infrastructure Fund Inc. (NYSE: DPG) today announced that Ellen Elberfeld, CFA, will retire from her position as co-portfolio manager of the fund, effective May 5, 2023.
The fund’s Chief Investment Officer and Co-Portfolio Manager Eric Elvekrog, CFA, CPA, who is senior managing director and senior portfolio manager, infrastructure at Duff & Phelps Investment Management Co., will continue to manage the fund as its sole portfolio manager.
David D. Grumhaus, Jr., President and CEO of the fund and President of Duff & Phelps, said, “We are sorry to see Ellen go, but we are pleased that Eric, who has been part of the fund’s portfolio management team since its inception in 2011, will continue in the role of Chief Investment Officer that he has held since 2016.”
About the Fund
Duff & Phelps Utility and Infrastructure Fund Inc. is a closed-end investment management company whose investment objective is to seek total return, resulting primarily from (i) a high level of current income, with an emphasis on providing tax-advantaged dividend income and (ii) growth in current income, and secondarily from capital appreciation. The Fund seeks to achieve these objectives by investing primarily in equities of domestic and foreign utilities and infrastructure providers. Under normal market conditions, the Fund will invest at least 80% of its total assets in dividend-paying equity securities of companies in the utility industry and the infrastructure industry. For more information, please contact shareholder services at (866) 270-7598, by email at duff@virtus.com, or visit the DPG website, dpimc.com/dpg.
About Duff & Phelps Investment Management Co.
Duff & Phelps Investment Management Co., an affiliated manager of Virtus Investment Partners, Inc., began in 1932 as a fundamental research firm and has been managing assets since 1979. The firm seeks to provide specialty investment strategies that enhance client outcomes through active portfolio management and customized solutions, utilizing a process with values that include quality, reliability, and specialization. Investment strategies include U.S. and global real estate securities, global listed infrastructure, energy infrastructure, water and clean energy.
Source: Duff & Phelps Utility and Infrastructure Fund Inc.
FAQ
Who is the new portfolio manager for Duff & Phelps Utility and Infrastructure Fund (DPG)?
Eric Elvekrog is the new sole portfolio manager for DPG, effective May 5, 2023.
What is the impact of Ellen Elberfeld's retirement on the DPG fund?
Ellen Elberfeld's retirement may raise concerns about leadership changes, but Eric Elvekrog's extensive experience is expected to provide continuity.
What is the investment strategy of Duff & Phelps Utility and Infrastructure Fund (DPG)?
DPG focuses on achieving total return through high current income and growth, primarily in dividend-paying equities in the utility and infrastructure sectors.
What role does Eric Elvekrog have in the Duff & Phelps Utility and Infrastructure Fund (DPG)?
Eric Elvekrog is the Chief Investment Officer and the sole portfolio manager of DPG.
When did Ellen Elberfeld announce her retirement from the DPG fund?
Ellen Elberfeld announced her retirement effective May 5, 2023.
Duff & Phelps Utility and Infrastructure Fund Inc.
