Madison Covered Call & Equity Strategy Fund (NYSE: MCN)
(“MCN” or the “Fund”) announced three significant changes today.
The Fund appointed XA Investments LLC (“XAI”) as its investment
adviser, and it also retained Madison Asset Management, LLC
(“Madison”) as its sub-adviser. Additionally, the Fund announced
that it would change its corporate name to XAI Madison Equity
Premium Income Fund. The Fund expects to trade under its new name
on or around December 9, 2024, and it will retain its current New
York Stock Exchange ticker MCN.
The appointment of XAI and Madison as MCN’s investment adviser
and sub-adviser, respectively, follows the receipt of approval from
the Fund’s shareholders at a special meeting on October 15, 2024.
The special shareholder meeting voting results were reported in the
Fund’s Current Report on Form 8-K filed with the Securities and
Exchange Commission (the "SEC") on October 16, 2024.
The Fund joins the XAI Funds platform and expands the number of
closed-end funds currently on the XAI Funds platform to three: the
Fund, the XAI Octagon Floating Rate & Alternative Income Trust
(NYSE: XFLT), and the Octagon XAI CLO Income Fund (OCTIX). XAI
continues to seek additional opportunities consistent with its
mission of providing better products with better portfolio outcomes
for investors.
Kimberly Flynn, President of XAI, said “We are excited for our
partnership with Madison Investments and the MCN management team.
Combining their 20 years of covered call expertise with our deep
experience in closed-end fund product management, will allow us to
serve the shareholders and implement industry best practices for
the Fund.”
Portfolio manager Ray Di Bernardo said, “We saw a great
opportunity to partner with XAI, which we believe will be important
and meaningful to both the Fund and firm. We’re looking forward to
benefiting from XAI’s deep expertise managing closed-end
funds.”
“Adding MCN and its shareholders to the XAI Funds platform is an
exciting evolution for XAI,“ said Kimberly Flynn, President of XAI.
“The Fund presents a complementary investment strategy for our
other alternative oriented funds. With MCN, we plan to focus on
improving the secondary market trading of the Fund and creating
scale efficiencies by growing the Fund’s assets.”
About Madison Covered Call & Equity Strategy Fund
Madison Covered Call & Equity Strategy Fund (NYSE: MCN) is
an actively-managed closed-end fund that invests in a diversified
portfolio of U.S. equity securities and is augmented by a covered
call strategy that seeks to reduce volatility and generate
attractive cash flows for shareholders. The Fund trades under
ticker symbol MCN and celebrated 20 years of being listed on the
New York Stock Exchange in July 2024.
About XA Investments
XA Investments LLC is a Chicago-based investment advisory firm
founded by XMS Capital Partners in 2016. XAI serves as the
investment adviser for two listed closed-end funds and an interval
closed-end fund. The listed closed-end funds, the XAI Octagon
Floating Rate & Alternative Income Trust (NYSE: XFLT) and
Madison Covered Call & Equity Strategy Fund (NYSE: MCN) both
trade on the New York Stock Exchange. The interval closed-end fund,
Octagon XAI CLO Income Fund (OCTIX), is newly launched and has been
made widely available to investors.
In addition to investment advisory services, the firm also
provides investment fund structuring and consulting services
focused on registered closed-end funds to meet institutional client
needs. XAI offers custom product build and consulting services,
including product development and market research, sales, marketing
and fund management.
XAI believes that the investing public can benefit from new
vehicles to access a broad range of alternative investment
strategies and managers. XAI provides individual investors with
access to institutional-caliber alternative managers. For more
information, please visit www.xainvestments.com.
About Madison Investments
Madison Investments is an independent investment management firm
based in Madison, WI. The firm was founded in 1974, has
approximately $28 billion in assets under management as of
September 30, 2024, and is recognized as one of the nation’s top
investment firms. Madison offers domestic fixed income, U.S. and
international equity, covered call, multi-asset, insurance and
credit union investment management strategies. For more
information, please visit www.madisoninvestments.com.
Madison and/or Madison Investments is the unifying tradename of
Madison Investment Holdings, Inc., Madison Asset Management, LLC,
and Madison Investment Advisors, LLC. Madison Funds are distributed
by MFD Distributor, LLC. Madison is registered as an investment
adviser with the U.S. Securities and Exchange Commission. MFD
Distributor, LLC is registered with the U.S. Securities and
Exchange Commission as a broker-dealer and is a member firm of the
Financial Industry Regulatory Authority (www.finra.org).
* * *
XAI does not provide tax advice; please consult a professional
tax advisor regarding your specific tax situation. Income may be
subject to state and local taxes, as well as the federal
alternative minimum tax.
Investors should consider the investment objectives and
policies, risk considerations, charges and expenses of the Fund
carefully before investing. For more information on the Fund,
including shareholder reports, proxy and information statements and
other information, please visit the SEC’s website at
www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
This press release contains certain statements that may include
"forward-looking statements." Forward-looking statements can be
identified by the words "may," "will," "intend," "expect,"
"estimate," "continue," "plan," "anticipate," and similar terms and
the negatives of such terms. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results
could differ materially from those contemplated by the
forward-looking statements. Many factors that could materially
affect the Fund’s actual results are the performance of the
portfolio of securities held by the Fund, the conditions in the
U.S. and international financial and other markets, the price at
which the Fund’s shares trade in the public markets and other
factors discussed in the Fund’s annual and semi-annual reports
filed with the SEC.
Although the Fund believes that the expectations expressed in
such forward-looking statements are reasonable, actual results
could differ materially from those expressed or implied in such
forward-looking statements. The Fund’s future financial condition
and results of operations, as well as any forward-looking
statements, are subject to change and are subject to inherent risks
and uncertainties. You are cautioned not to place undue reliance on
these forward-looking statements, which are made as of the date of
this press release. Except for the Fund’s ongoing obligations under
the federal securities laws, the Fund does not intend, and the Fund
undertakes no obligation, to update any forward-looking
statement.
* * *
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version on businesswire.com: https://www.businesswire.com/news/home/20241202787857/en/
Kimberly Flynn, President XA Investments LLC Phone: 888-903-3358
Email: KFlynn@xainvestments.com www.xainvestments.com
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