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.
XAI Madison Equity Premium Income Fund reports developments for a diversified, closed-end management investment company traded on the New York Stock Exchange under the symbol MCN. The Fund seeks current income and gains, with capital appreciation as a secondary objective, through an actively managed portfolio of large- and mid-capitalization stocks and an ongoing covered-call options strategy.
News about MCN centers on quarterly fund webinars, portfolio-management communications involving XA Investments and Madison Investments, fund-complex developments at XA Investments, and governance or reporting-calendar updates such as fiscal year changes. Coverage also reflects the Fund’s role within XA Investments’ listed closed-end fund platform.
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.
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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