N-PX explained for investors

Definition

Form N-PX reports proxy voting records for registered funds and, for certain matters, institutional investment managers.

Investor read

N-PX is useful when an asset manager's stewardship story needs to be checked against actual votes on compensation, directors, mergers, and governance matters.

Where it appears

• Fund and manager voting-record workflows.
• Governance diligence and stewardship analysis.
• Proxy voting comparisons across managers.

SEC API workflow

• Query N-PX filings by fund, manager, issuer, meeting, or proposal where supported.
• Compare votes with DEF 14A proposals and manager stewardship language.
• Use voting records to monitor governance alignment over time.

Common traps

• Treating voting records as investment positions.
• Ignoring proposal type and management recommendation.
• Comparing managers without normalizing issuer and meeting identifiers.

Key takeaways

• N-PX is a filed proxy-voting record.
• It helps test stewardship claims.
• It belongs with proxy, ownership, and governance workflows.