Welcome to our dedicated page for XAI Madison Equity Premium Income Fund news (Ticker: MCN), a resource for investors and traders seeking the latest updates and insights on XAI Madison Equity Premium Income 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
XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) has announced a Quarterly Webinar scheduled for March 5, 2025, at 11:00 am Eastern Time. The webinar will feature a Q&A session moderated by Kevin Davis, Managing Director at XAI, with participation from Kimberly Flynn, President at XAI, and Lauren Law, Senior Portfolio Manager at Octagon Credit Investors.
The Trust's investment objective focuses on achieving attractive total return with an emphasis on income generation across credit cycle stages. Under normal market conditions, the Trust maintains at least 80% of its Managed Assets in floating rate credit instruments and structured credit investments. The Trust's common shares trade under XFLT on NYSE, while its 6.50% Series 2026 Term Preferred Shares trade under XFLTPRA.
XAI Octagon Floating Rate & Alternative Income Trust (XFLT) has announced its monthly distribution of $0.077 per share, maintaining the same amount as the previous month. The distribution will be payable on March 3, 2025, to shareholders of record as of February 18, 2025.
The Trust, which focuses on generating attractive total returns with emphasis on income across credit cycles, invests at least 80% of its Managed Assets in floating rate credit instruments and structured credit investments under normal market conditions. Distributions may come from net investment income, capital gains, or return of capital, with specific tax characteristics to be reported on Form 1099 after the 2025 calendar year.
The Trust is subject to a 4% excise tax if it doesn't distribute at least 98% of ordinary income and 98.2% of capital gains annually. Distributions might exceed net investment income, potentially resulting in a return of capital to shareholders.
XA Investments has released its Non-Listed Closed-End Funds Q4 2024 Market Update, revealing record growth in the sector. The non-listed CEF market reached new heights with 257 interval and tender offer funds, managing total assets of $208 billion, including leverage, as of December 31, 2024.
The market saw 50 new fund launches in 2024, up from 28 in 2023, with market-wide net assets increasing by $37 billion. The space now includes 124 interval funds ($124.3 billion in managed assets) and 133 tender offer funds ($83.3 billion). The number of unique fund sponsors grew to 146, with 24 new entrants in 2024.
Notable successes include Brookfield Infrastructure Fund and Hamilton Lane Private Assets Fund, each exceeding $1 billion in flows. The market shows strong momentum with 53 funds in SEC registration at year-end, following a record 80 new SEC filings in 2024, a 73% increase from 2023.
XAI Madison Equity Premium Income Fund (NYSE: MCN) has announced an informational webinar scheduled for February 4, 2025, at 11:00 am Eastern Time. The webinar will feature the Fund's management team discussing the benefits and risks of a hedged equity approach to investing.
The Fund employs a covered call equity strategy focused on generating income and gains. The presentation will be moderated by Jared Hagen, with participation from Kimberly Flynn and Portfolio Manager Ray Di Bernardo. The event will include a Q&A session.
MCN's investment objective focuses on achieving high current income and capital gains, with long-term appreciation as a secondary goal. The Fund primarily invests in large and mid-cap stocks that Madison views as reasonably priced relative to their long-term earnings growth rates, while writing covered call options on a substantial portion of its portfolio securities.
Madison Covered Call & Equity Strategy Fund (MCN) has announced its quarterly distribution of $0.18 per share, maintaining the same amount as the previous quarter. The distribution will be payable on December 31, 2024, to shareholders of record as of December 17, 2024. The Fund's distributions may come from net investment income, capital gains, and/or return of capital. The Fund aims to maintain stable quarterly distributions while pursuing high current income and capital gains, with long-term appreciation as a secondary goal. It achieves this through a portfolio of common stocks and covered call options writing strategy.
Madison Covered Call & Equity Strategy Fund (NYSE: MCN) announced three major changes: XA Investments (XAI) has been appointed as investment adviser, Madison Asset Management as sub-adviser, and the fund will be rebranded as XAI Madison Equity Premium Income Fund. The changes follow shareholder approval on October 15, 2024. The Fund will maintain its NYSE ticker MCN and expects to trade under the new name around December 9, 2024. This addition expands XAI's closed-end fund platform to three funds, joining XFLT and OCTIX. The partnership aims to combine Madison's 20-year covered call expertise with XAI's closed-end fund management experience.
XAI Octagon Floating Rate & Alternative Income Trust (XFLT) has announced a monthly distribution of $0.077 per share, representing a 9.41% decrease from the previous month's $0.085 distribution. The reduction follows two Federal Reserve rate cuts totaling 0.75% in the past three months, which impacted floating rate securities' income generation. The distribution is payable on December 30, 2024, to shareholders of record as of December 16, 2024. The Trust's annualized distribution rate stands at 13.28% on market price and 13.85% on NAV as of November 26, 2024.
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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