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.
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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