Welcome to our dedicated page for Madison Covered Call & Equity Strategy Fund news (Ticker: MCN), a resource for investors and traders seeking the latest updates and insights on Madison Covered Call & Equity Strategy Fund stock.
The Madison Covered Call & Equity Strategy Fund (NYSE: MCN) is a diversified, closed-end management investment company. Its primary objective is to offer a high level of current income and gains, while its secondary aim is long-term capital appreciation. The Fund achieves these goals by investing in large and mid-capitalization common stocks across diversified sectors including consumer discretionary, consumer staples, energy, financials, healthcare, industrials, information technology, materials, real estate, utilities, and money market funds.
MCN utilizes an options strategy, primarily through writing covered call options, to generate current income and gains from option premiums and dividends. This strategy aims to provide a consistent return, balancing the potential for capital appreciation with risk management to protect against market volatility.
Recent updates include the Fund's quarterly dividend declaration of $0.18 per share, payable on December 29, 2023, to shareholders of record as of December 15, 2023. The Fund continues to be guided by Madison's
Shareholders of the Madison Covered Call & Equity Strategy Fund (NYSE: MCN) approved key proposals during a special meeting on October 15, 2024. These include:
- A new slate of trustees
- Appointing XA Investments (XAI) as the Fund's investment advisor
- Appointing Madison Asset Management as the Fund's investment sub-advisor
The new agreements, effective December 2, 2024, will not change the Fund's day-to-day management, fees, or investment objectives. The Fund will be renamed XAI Madison Equity Premium Income Fund, joining XAI's platform of closed-end funds. It will continue trading under the ticker MCN. Portfolio manager Ray Di Bernardo expressed excitement about the partnership with XAI, while XAI President Kimberly Flynn highlighted potential benefits for shareholders.
XA Investments (XAI) has announced a pending transaction to become the investment adviser for the Madison Covered Call & Equity Strategy Fund (NYSE: MCN), a $146 million listed closed-end fund. This move is subject to MCN shareholder approval and is expected to occur in Q4 2024. Notably, Madison Investments will retain portfolio management responsibilities as sub-adviser, also pending shareholder approval.
The acquisition would expand XAI's closed-end fund platform to three funds. Ray Di Bernardo, who has managed MCN for 20 years, expressed excitement about continuing to deliver lower volatility and strong cash flows to shareholders. XAI aims to provide superior growth in assets under management, continuity of the existing portfolio management team, and enhanced investor relations for MCN shareholders.
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