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Trending ETFs

Madison Covered Call & Equity Income Fund

mutual fund
MENIX
Payout Change
Pending
Price as of:
$9.97 -0.03 -0.3%
primary theme
N/A
share class
R6 (MENRX) C (MENCX) I (MENIX)
MENIX (Mutual Fund)

Madison Covered Call & Equity Income Fund

Payout Change
Pending
Price as of:
$9.97 -0.03 -0.3%
primary theme
N/A
share class
R6 (MENRX) C (MENCX) I (MENIX)
MENIX (Mutual Fund)

Madison Covered Call & Equity Income Fund

Payout Change
Pending
Price as of:
$9.97 -0.03 -0.3%
primary theme
N/A
share class
R6 (MENRX) C (MENCX) I (MENIX)

Name

As of 12/10/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Madison Covered Call & Equity Income Fund

MENIX | Fund

$9.97

$249 M

5.60%

$0.56

1.00%

Vitals

YTD Return

5.7%

1 yr return

8.1%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$249 M

Holdings in Top 10

52.0%

52 WEEK LOW AND HIGH

$10.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.00%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/10/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Madison Covered Call & Equity Income Fund

MENIX | Fund

$9.97

$249 M

5.60%

$0.56

1.00%

MENIX - Profile

Distributions

  • YTD Total Return 5.7%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 5.6%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Madison Covered Call & Equity Income Fund
  • Fund Family Name
    MADISONMUT
  • Inception Date
    Feb 28, 2022
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund invests, under normal conditions, primarily in common stocks of large- and mid-capitalization issuers that are, in the view of the Fund’s investment adviser, Madison Asset Management, LLC ("Madison"), selling at a reasonable price in relation to their long-term earnings growth rates. Under normal market conditions, the Fund will seek to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities. The Fund seeks to produce a high level of current income and current gains generated from option writing premiums and, to a lesser extent, from dividends.
Under normal market conditions, the Fund will invest at least 80% of its net assets in common stocks, with at least 65% of this amount invested in common stocks of large capitalization issuers that meet the Fund’s selection criteria. In calculating compliance with these percentages, the Fund will "look through" to the characteristics of the underlying holdings of any exchange traded funds ("ETFs") held by the Fund. The Fund may invest the remainder of its common stock investments in companies that meet the Fund’s selection criteria but whose market capitalization is considered to be middle sized or “mid-cap” (generally, stocks with a market capitalization similar to those companies in the Russell Midcap® Index). In addition, the Fund may invest up to 15% of its net assets in foreign securities, including American Depositary Receipts (“ADRs”) and emerging market securities. Madison will allocate the Fund’s assets among stocks in sectors of the economy based upon Madison’ views on forward earnings growth rates, adjusted to reflect Madison’s views on economic and market conditions and sector risk factors. In general, Madison focuses its investments in the
information technology, consumer discretionary, health care and financials sectors, and may invest up to 35% of the Fund’s net assets in any one such sector. The Fund generally holds 30-60 individual equity and investment company securities, including ETFs and Unit Investment Trusts ("UITs"), in its portfolio at any given time. This reflects Madison's belief that your money should be invested in Madison's top investment ideas, and that focusing on Madison's highest conviction investment ideas is the best way to achieve the Fund’s investment objective.
Although Madison believes that, under normal conditions, at least 80% of the Fund will be invested in equity securities, high levels of new investment inflow can lead to periods of higher cash levels which are invested in due course as appropriate opportunities are identified. In addition, during periods in which stock markets advance, option assignment activity can rise significantly resulting in options being exercised and portfolio securities being called away in exchange for Madison. Madison believes that reinvesting such sale proceeds should be done carefully and opportunistically such that cash level may remain elevated for relatively short periods of time until appropriate reinvestment opportunities are identified. Additionally, during periods when Madison believes the stock markets in general are overvalued or when there is perceived domestic or global economic or political risk or when investments in equity securities bear an above average risk of loss, Madison will delay investment of some or all of the Fund’s cash until such periods have ended. Thus, in Madison’s discretion, the Fund’s cash may be held for “temporary defensive purposes,” and might represent a material percentage of the Fund’s portfolio. These periods may last for a few weeks or even for a few months, until more attractive market conditions exist.
The Fund will employ an option strategy of writing covered call options on a substantial portion of the common stocks in its portfolio. The extent of option writing activity will depend upon market conditions and Madison’s ongoing assessment of the attractiveness of writing call options on the Fund’s stock holdings. In addition to providing income, covered call writing helps to reduce the volatility (and risk profile) of the Fund by providing downside protection.
In addition to its covered call strategy, the Fund may, to a lesser extent (not more than 20% of its net assets), pursue an option strategy that includes the writing of both put options and call options on certain of the common stocks in the Fund’s portfolio. To seek to offset some of the risk of a larger potential decline in the event the overall stock market has a sizable short-term or intermediate-term decline, the Fund may, to a limited extent (not more than 2% of its total assets) purchase put options or put option debit spreads (where another put option at a lower strike price is sold to offset the cost of the first put option) on broad-based securities indices (such as the S&P 500, S&P MidCap 400 or other indices deemed suitable) or certain ETFs that trade like common stocks but represent such market indices. To seek to offset some of the risk of a larger potential decline in an individual holding due to a binary short term company specific event, the Fund may, to a limited extent (not more than 2% of its total assets) purchase put options on individual equity holdings.
The Fund’s investment strategy reflects Madison’s general “Participate and Protect®” investment philosophy. Madison’s expectation is that investors in the fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison’s expectations regarding this investment strategy will be realized.
Although the fund expects to pursue its investment objectives utilizing its principal investment strategies regardless of market conditions, the fund may invest up to 100% in money market instruments. To the extent the fund engages in this temporary defensive position, the Fund’s ability to achieve its investment objectives may be diminished.
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MENIX - Performance

Return Ranking - Trailing

Period MENIX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.7% N/A N/A N/A
1 Yr 8.1% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period MENIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.5% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period MENIX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.7% N/A N/A N/A
1 Yr 8.1% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period MENIX Return Category Return Low Category Return High Rank in Category (%)
2023 10.6% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

NAV & Total Return History

MENIX - Holdings

Concentration Analysis

MENIX Category Low Category High MENIX % Rank
Net Assets 249 M N/A N/A N/A
Number of Holdings 82 N/A N/A N/A
Net Assets in Top 10 131 M N/A N/A N/A
Weighting of Top 10 52.01% N/A N/A N/A

Top 10 Holdings

  1. State Street Institutional US Government Money Market Fund 25.23%
  2. Transocean Ltd. 3.90%
  3. Las Vegas Sands Corp. 3.39%
  4. Newmont Corp. 3.23%
  5. PepsiCo, Inc. 2.93%
  6. Barrick Gold Corp. 2.82%
  7. Medtronic PLC 2.74%
  8. AES Corp. 2.73%
  9. T-Mobile U.S., Inc. 2.58%
  10. Ciena Corp. 2.46%

Asset Allocation

Weighting Return Low Return High MENIX % Rank
Stocks 		77.14% N/A N/A N/A
Cash 		25.30% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A
Bonds 		0.00% N/A N/A N/A
Other 		-2.44% N/A N/A N/A

Stock Sector Breakdown

Weighting Return Low Return High MENIX % Rank
Utilities 		0.00% N/A N/A N/A
Technology 		0.00% N/A N/A N/A
Real Estate 		0.00% N/A N/A N/A
Industrials 		0.00% N/A N/A N/A
Healthcare 		0.00% N/A N/A N/A
Financial Services 		0.00% N/A N/A N/A
Energy 		0.00% N/A N/A N/A
Communication Services 		0.00% N/A N/A N/A
Consumer Defense 		0.00% N/A N/A N/A
Consumer Cyclical 		0.00% N/A N/A N/A
Basic Materials 		0.00% N/A N/A N/A

Stock Geographic Breakdown

Weighting Return Low Return High MENIX % Rank
US 		77.14% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

MENIX - Expenses

Operational Fees

MENIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.00% N/A N/A N/A
Management Fee 0.85% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

MENIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

MENIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MENIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

MENIX - Distributions

Dividend Yield Analysis

MENIX Category Low Category High MENIX % Rank
Dividend Yield 5.60% N/A N/A N/A

Dividend Distribution Analysis

MENIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly

Net Income Ratio Analysis

MENIX Category Low Category High MENIX % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

MENIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

MENIX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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