Reflects Increasing Investor Demand for Equity Income Funds

CHICAGO, July 18, 2024 (GLOBE NEWSWIRE) -- XA Investments (XAI), an alternative investment management and consulting firm, announced the pending transaction, by which XAI will become investment adviser to the Madison Covered Call & Equity Strategy Fund (NYSE: MCN), a $146 million listed closed-end fund. The agreement between XAI and MCN is subject to approval by MCN shareholders. Notably, Madison Investments will maintain portfolio management responsibilities as sub-adviser to MCN, also subject to approval by MCN shareholders.

XAI is committed to providing investors with access to institutional-caliber investments. The acquisition would expand the number of closed-end funds currently on the XAI platform to three - XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT), Octagon XAI CLO Income Fund (OCTIX) and Madison Covered Call and Equity Strategy Fund. XAI continues to seek additional opportunities consistent with its mission of providing better products with better portfolio outcomes for investors.

Portfolio manager, Ray Di Bernardo, who has managed MCN for 20 years, said, “We are excited to continue to deliver lower volatility and strong cash flows to our shareholders. Partnering with XAI will allow us to focus on investment management, ensuring that the best interests of MCN’s shareholders are upheld. It will enable Madison Investments to pursue its strategic growth priorities, including an investment lineup of separately managed accounts, open-end mutual funds, and active ETFs.”

“I am pleased to welcome Madison Investments to the XAI closed-end fund platform,” said Kimberly Flynn, President of XAI. “I believe that XAI can deliver three primary benefits to the shareholders of the Madison Covered Call & Equity Strategy Fund: (1) superior growth in assets under management and scale efficiencies; (2) continuity of the existing portfolio management team; and (3) enhanced investor relations.”

As noted above, XAI’s appointment as investment adviser to MCN is subject to shareholder approval and is expected to occur in the fourth quarter of 2024.

About XA Investments
XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for both a listed closed-end fund and an interval closed-end fund, respectively the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and the Octagon XAI CLO Income Fund (OCTIX).

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.