Madison Covered Call & Equity Strategy Fund Announces Appointment of XA Investments as Investment Adviser and Madison Asset Management as Sub-Adviser; Fund to Rebrand as XAI Madison Equity Premium Income Fund
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.
Il Madison Covered Call & Equity Strategy Fund (NYSE: MCN) ha annunciato tre importanti cambiamenti: XA Investments (XAI) è stata designata come consulente agli investimenti, Madison Asset Management come sub-consulente, e il fondo sarà rinominato XAI Madison Equity Premium Income Fund. I cambiamenti seguono l'approvazione degli azionisti del 15 ottobre 2024. Il fondo manterrà il suo ticker NYSE MCN e prevede di scambiare sotto il nuovo nome intorno al 9 dicembre 2024. Questa aggiunta espande la piattaforma di fondi chiusi di XAI a tre fondi, unendosi a XFLT e OCTIX. La partnership mira a combinare i 20 anni di esperienza di Madison nei covered call con l'esperienza di gestione di fondi chiusi di XAI.
El Madison Covered Call & Equity Strategy Fund (NYSE: MCN) ha anunciado tres cambios importantes: XA Investments (XAI) ha sido nombrado asesor de inversiones, Madison Asset Management como sub-asesor, y el fondo será renombrado como XAI Madison Equity Premium Income Fund. Los cambios siguen a la aprobación de los accionistas el 15 de octubre de 2024. El fondo mantendrá su ticker NYSE MCN y espera comenzar a operar bajo el nuevo nombre alrededor del 9 de diciembre de 2024. Esta adición amplía la plataforma de fondos cerrados de XAI a tres fondos, uniéndose a XFLT y OCTIX. La asociación tiene como objetivo combinar los 20 años de experiencia de Madison en opciones de compra cubiertas con la experiencia en gestión de fondos cerrados de XAI.
매디슨 커버드 콜 및 주식 전략 펀드(NYSE: MCN)가 세 가지 주요 변화를 발표했습니다: XA 인베스트먼트(XAI)가 투자 자문사로 임명되었고, 매디슨 자산 관리가 보조 자문사로 선정되었으며, 이 펀드는 XAI 매디슨 주식 프리미엄 수입 펀드로 브랜드가 변경됩니다. 이러한 변화는 2024년 10월 15일 주주 승인을 따릅니다. 이 펀드는 NYSE 티커 MCN을 유지하며, 2024년 12월 9일 경 새로운 이름으로 거래할 것으로 예상됩니다. 이번 추가로 XAI의 폐쇄형 펀드 플랫폼은 XFLT 및 OCTIX와 함께 3개의 펀드로 확장됩니다. 이 파트너십은 매디슨의 20년 커버드 콜 전문성과 XAI의 폐쇄형 펀드 관리 경험을 결합하는 것을 목표로 합니다.
Le Madison Covered Call & Equity Strategy Fund (NYSE: MCN) a annoncé trois changements majeurs : XA Investments (XAI) a été désigné en tant que conseiller en investissements, Madison Asset Management en tant que sous-conseiller, et le fonds sera renommé XAI Madison Equity Premium Income Fund. Les changements suivent l'approbation des actionnaires le 15 octobre 2024. Le fonds conservera son ticker NYSE MCN et s'attend à être négocié sous le nouveau nom vers le 9 décembre 2024. Cet ajout élargit la plateforme de fonds fermés de XAI à trois fonds, rejoignant XFLT et OCTIX. Le partenariat vise à combiner les 20 ans d'expertise en covered call de Madison avec l'expérience de gestion de fonds fermés de XAI.
Der Madison Covered Call & Equity Strategy Fund (NYSE: MCN) hat drei wichtige Änderungen angekündigt: XA Investments (XAI) wurde als Anlageberater ernannt, Madison Asset Management als Unterberater, und der Fonds wird umbenannt in XAI Madison Equity Premium Income Fund. Die Änderungen folgen der Genehmigung durch die Aktionäre am 15. Oktober 2024. Der Fonds wird sein NYSE-Tickersymbol MCN beibehalten und erwartet, ab dem 9. Dezember 2024 unter dem neuen Namen gehandelt zu werden. Diese Ergänzung erweitert die geschlossene Fondsplattform von XAI auf drei Fonds, die sich XFLT und OCTIX anschließen. Die Partnerschaft zielt darauf ab, die 20-jährige Erfahrung von Madison in Bezug auf Covered Calls mit der Erfahrung von XAI im Management geschlossener Fonds zu kombinieren.
- Shareholder approval secured for management changes
- Maintains NYSE listing and ticker symbol MCN
- Integration with larger fund platform potentially creating scale efficiencies
- Partnership combines 20 years of covered call expertise with closed-end fund management experience
- None.
The appointment of XAI and
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
About XA Investments
XA Investments LLC is a
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
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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
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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View source 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
Source: XA Investments LLC
FAQ
When will Madison Covered Call & Equity Strategy Fund (MCN) change its name to XAI Madison Equity Premium Income Fund?
Who are the new investment adviser and sub-adviser for MCN?
When did MCN shareholders approve the new management changes?
How many funds will be on the XAI Funds platform after adding MCN?
