XAI Madison Equity Premium Income Fund
MCN
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- Kevin Robinson
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 550 Science Drive Madison WI United States of America 53711
- IPO Date
- Aug 2, 2004
- CIK
- 0001289868
- Website
- madisonfunds.com
- Similar Companies
- Business
- XAI Madison Equity Premium Income Fund (NYSE: MCN) is a diversified, closed-end management investment company that seeks a high level of current income and gains with a secondary objective of long-term capital appreciation. The Fund pursues its objectives by investing primarily in high-quality, large- and mid-capitalization common stocks selling at reasonable prices relative to their long-term earnings growth rates, or Growth-at-a-Reasonable-Price stocks, and by selling covered call options, primarily out-of-the-money and longer-term, on the majority of its portfolio holdings to generate income from option premiums and provide downside protection; it employs active stock selection and an active single-stock options overlay strategy, differentiating from passive index-based covered call approaches, with approximately 88% of its equity portfolio typically covered by calls as of recent periods; the Fund benchmarks against the CBOE S&P 500 BuyWrite Index and conducts in-house fundamental research focusing on PEG ratios, financial strength, and industry leadership. The Fund trades on the New York Stock Exchange under the ticker MCN (NAV ticker: XMCNX) with CUSIP 557437100 and pays monthly distributions intended substantially from net investment income, though sourced from any permitted means including potential return of capital; its portfolio typically comprises around 40 equity holdings and 45 option positions across sectors such as Health Care, Financials, Energy, Consumer Discretionary, Industrials, Information Technology, Materials, Consumer Staples, Utilities, Communication Services, and Real Estate, with top holdings including Las Vegas Sands Corp., AES Corp., Danaher Corp., PepsiCo Inc., and American Tower Corp.; short-term investments supplement liquidity. In a major strategic shift effective December 2, 2024, following shareholder approval at a special meeting on October 15, 2024, XA Investments LLC (XAI) assumed the role of investment adviser responsible for overall management and strategy, while Madison Investments, LLC (Madison) serves as sub-adviser handling day-to-day portfolio management; the Fund rebranded from Madison Covered Call & Equity Strategy Fund to its current name around December 9, 2024, retaining the MCN ticker; XAI has committed to an expense limitation capping total annual expenses at 1.08% of managed assets through December 2, 2026 (excluding certain items like leverage interest and taxes), and waived its investor support fee until at least that date; additionally, in November 2025, the Fund announced a change in its fiscal year-end. Madison Investments, founded in 1974 and based in Madison, Wisconsin with approximately $29 billion in assets under management as of June 30, 2025, manages the Fund's equity and options strategies, leveraging over 20 years of experience in covered call approaches; portfolio managers include Ray Di Bernardo, CFA, since inception, and Drew Justman, CFA; XA Investments is headquartered in Chicago, Illinois. The Fund, with inception on July 27, 2004 (sometimes cited as May 6, 2004), is domiciled in the United States, maintains approximately 21 million shares outstanding, zero leverage, and targets investors seeking alternative equity income with moderated volatility through its risk-managed, quality-focused approach.