Madison Covered Call & Equity Income Fund Class Y
MENYX
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- Madison Covered Call & Equity Income Fund Class Y (MENYX) is an open-end mutual fund that seeks consistent total return through a high-quality equity portfolio enhanced by an active covered call options overlay; it invests primarily in common stocks of large- and mid-cap companies selling at reasonable prices relative to their long-term earnings growth rates, while writing out-of-the-money covered call options on 80-90% of its equity holdings to generate premium income and partially offset downside risk. Core offerings include four share classes with varying expense ratios and inception dates: Class A (MENAX, 1.29%, October 2009), Class Y (MENYX, 1.04%, October 2009), Class I (MENIX, 0.99%, February 2022), and Class R6 (MENRX, 0.91%, July 2012); the fund maintains a portfolio of 30-60 high-conviction stocks across sectors such as healthcare, energy, consumer defensive, financials, and technology, with top holdings including AES Corp, Danaher Corp, PepsiCo Inc, Transocean Ltd, and Agilent Technologies Inc as of late 2025. Managed by Madison Asset Management LLC since inception in October 2009, with lead portfolio manager Ray Di Bernardo, CFA (industry experience since 1986), and co-manager Drew Justman, CFA (since 2000), the fund distributes income quarterly, targeting a historical yield of 6-9% from option premiums and dividends, and benchmarks performance against the S&P 500 Index and CBOE S&P 500 BuyWrite (BXM) Index. Headquartered at 550 Science Drive, Madison, Wisconsin, the fund operates exclusively in the United States market, serving individual and institutional investors seeking derivative income strategies with lower volatility than the broad market; net assets stand at approximately $206 million as of September 30, 2025, with a weighted average market cap of $217 billion and active share of 91.9% versus the S&P 500. Geographically focused on U.S. equities (76-82% allocation), it maintains cash reserves of 17-24% and writes options with average 57-60 day expirations, typically 3-5% out-of-the-money to balance upside participation and income generation. No major subsidiaries or parent company relationships are noted beyond distribution by MFD Distributor LLC, a Madison affiliate and FINRA member. In recent developments, the fund has sustained its core strategy amid market volatility, with portfolio managers highlighting in Q2 2025 commentary a defensive tilt amid tariff announcements and AI-driven speculation concerns, leading to sector adjustments including increased energy and consumer defensive exposure; quarterly distributions remained robust at $0.73 per Class Y share for 2024 year-end (7.65% yield), reflecting resilient option premium income despite YTD returns of 5.06% through September 2025, underperforming the S&P 500's 14.83% but aligning closely with the BXM Index. No significant acquisitions, funding rounds, partnerships, new product launches, or reorganizations occurred within the last 1-2 years; instead, operational continuity prevailed with 89.8% equity coverage by calls and heightened cash positioning (17.3%) as of September 2025 to navigate potential corrections forecasted for late 2025 or early 2026.