XA Investments (XAI), an alternative investment management firm, has announced plans to become the investment adviser to the Madison Covered Call & Equity Strategy Fund (NYSE: MCN), a $146 million listed closed-end fund, pending shareholder approval. Madison Investments will continue as the fund’s portfolio manager under XAI’s advisory oversight.
“XAI aims to enhance portfolio outcomes for investors with institutional-caliber investments. This acquisition expands our closed-end fund platform to include MCN, alongside XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and Octagon XAI CLO Income Fund (OCTIX). We remain committed to delivering superior products and growth opportunities,” stated Kimberly Flynn, President of XAI.
Ray Di Bernardo, MCN’s portfolio manager, expressed enthusiasm about continuing to deliver strong cash flows and stability to shareholders. The partnership with XAI allows Madison Investments to focus on strategic growth initiatives while maintaining their commitment to shareholder interests.
Pending shareholder approval, XAI’s appointment as MCN’s investment adviser is expected in the fourth quarter of 2024.
About XA Investments: XA Investments LLC (“XAI”), founded in 2016 and based in Chicago, provides investment advisory services for listed closed-end funds. XAI specializes in alternative investment strategies and offers consulting services to institutional clients, focusing on product development and market research. For more information, visit www.xainvestments.com.
About Madison Investments: Madison Investments, established in 1974 and headquartered in Madison, WI, manages approximately $26 billion in assets. Known for its diverse investment strategies, Madison Investments is registered with the U.S. Securities and Exchange Commission and offers a range of domestic fixed income, equity, and alternative investment solutions. For more information, visit www.madisoninvest.com.
