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Name

As of 11/22/2024

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 Funds - Madison Cov Call & Eq Inc Fd USD Cls Y

MENYX | Fund

$9.97

$111 M

5.62%

$0.56

1.01%

Vitals

YTD Return

5.7%

1 yr return

8.4%

3 Yr Avg Return

7.0%

5 Yr Avg Return

11.2%

Net Assets

$111 M

Holdings in Top 10

53.1%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.01%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 162.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

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 Funds - Madison Cov Call & Eq Inc Fd USD Cls Y

MENYX | Fund

$9.97

$111 M

5.62%

$0.56

1.01%

MENYX - Profile

Distributions

  • YTD Total Return 5.7%
  • 3 Yr Annualized Total Return 7.0%
  • 5 Yr Annualized Total Return 11.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.34%
DIVIDENDS
  • Dividend Yield 5.6%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Madison Funds - Madison Cov Call & Eq Inc Fd USD Cls Y
  • Fund Family Name
    Madison Funds
  • Inception Date
    Feb 07, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Ray DiBernardo

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.
Read More

MENYX - Performance

Return Ranking - Trailing

Period MENYX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.7% -2.8% 240.8% 6.72%
1 Yr 8.4% -4.3% 140.6% 3.91%
3 Yr 7.0%* -8.3% 18.3% 14.10%
5 Yr 11.2%* -5.0% 17.3% 23.73%
10 Yr 7.4%* -4.6% 13.2% 39.22%

* Annualized

Return Ranking - Calendar

Period MENYX Return Category Return Low Category Return High Rank in Category (%)
2023 2.5% -34.1% 904.0% 50.00%
2022 -2.0% -28.6% 438.4% 72.83%
2021 11.4% -93.5% 8.2% 80.00%
2020 4.8% -38.9% 19.8% 77.52%
2019 7.7% -10.9% 12.8% 61.17%

Total Return Ranking - Trailing

Period MENYX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.7% -2.7% 244.0% 6.72%
1 Yr 8.4% -4.3% 140.6% 3.91%
3 Yr 7.0%* -8.3% 18.3% 12.82%
5 Yr 11.2%* -5.4% 17.3% 22.03%
10 Yr 7.4%* -4.6% 13.2% 39.22%

* Annualized

Total Return Ranking - Calendar

Period MENYX Return Category Return Low Category Return High Rank in Category (%)
2023 10.6% -34.1% 904.0% 50.00%
2022 5.1% -5.9% 438.4% 73.41%
2021 18.7% -81.2% 8.2% 62.76%
2020 12.5% -29.0% 19.8% 61.24%
2019 15.7% -10.9% 12.8% 15.53%

NAV & Total Return History

MENYX - Holdings

Concentration Analysis

MENYX Category Low Category High MENYX % Rank
Net Assets 111 M 25 17.4 B 50.94%
Number of Holdings 80 2 508 36.26%
Net Assets in Top 10 71.6 M -6.66 M 5.12 B 71.76%
Weighting of Top 10 53.12% 11.3% 100.0% 62.00%

Top 10 Holdings

  1. Range Resources Corp 4.94%
  2. Zimmer Biomet Holdings Inc 3.99%
  3. Berkshire Hathaway Inc Class B 3.77%
  4. T-Mobile US Inc 3.61%
  5. Baxter International Inc 3.56%
  6. General Dynamics Corp 3.51%
  7. Steel Dynamics Inc 3.40%
  8. PepsiCo Inc 3.29%
  9. Baker Hughes Co Class A 3.22%
  10. PayPal Holdings Inc 3.20%

Asset Allocation

Weighting Return Low Return High MENYX % Rank
Stocks 		80.79% -3.92% 100.76% 79.01%
Cash 		19.21% -0.76% 100.29% 11.07%
Preferred Stocks 		0.00% 0.00% 3.08% 75.57%
Other 		0.00% 0.00% 45.92% 80.15%
Convertible Bonds 		0.00% 0.00% 20.91% 76.72%
Bonds 		0.00% 0.00% 97.96% 77.48%

Stock Sector Breakdown

Weighting Return Low Return High MENYX % Rank
Financial Services 		16.60% 0.00% 29.60% 94.12%
Consumer Cyclical 		15.47% 0.00% 19.02% 92.86%
Energy 		11.98% 0.00% 69.54% 2.52%
Communication Services 		11.73% 0.00% 21.22% 14.29%
Technology 		11.56% 0.00% 44.43% 98.74%
Healthcare 		10.92% 0.00% 25.91% 86.97%
Industrials 		8.16% 1.41% 43.91% 99.58%
Utilities 		5.85% 0.00% 13.35% 5.46%
Basic Materials 		5.34% 0.00% 60.58% 3.36%
Real Estate 		2.39% 0.00% 9.74% 25.63%
Consumer Defense 		0.00% 0.00% 22.87% 22.27%

Stock Geographic Breakdown

Weighting Return Low Return High MENYX % Rank
US 		77.54% -3.89% 100.00% 69.08%
Non US 		3.25% -2.17% 99.33% 18.70%

MENYX - Expenses

Operational Fees

MENYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.01% 0.20% 6.78% 57.61%
Management Fee 0.85% 0.20% 1.75% 63.81%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.02% 0.28% 79.59%

Sales Fees

MENYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.75% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

MENYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

MENYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 162.00% 0.00% 456.80% 80.80%

MENYX - Distributions

Dividend Yield Analysis

MENYX Category Low Category High MENYX % Rank
Dividend Yield 5.62% 0.00% 3.76% 78.07%

Dividend Distribution Analysis

MENYX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Net Income Ratio Analysis

MENYX Category Low Category High MENYX % Rank
Net Income Ratio 0.34% -2.54% 14.24% 31.15%

Capital Gain Distribution Analysis

MENYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

MENYX - Fund Manager Analysis

Managers

Ray DiBernardo

Start Date

Tenure

Tenure Rank

Oct 30, 2009

12.59

12.6%

Ray serves as a portfolio manager on Madison's covered call strategies. Ray has been working in the financial services industry since 1984 and joined Madison in 2003. He earned his B.A. from the University of Western Ontario.

Andrew Justman

Start Date

Tenure

Tenure Rank

Dec 31, 2016

5.42

5.4%

Mr. Justman, Vice President and Portfolio Manager of Madison, has co-managed the equity portion of the Fund since May 2015. Andrew has been working in the financial services industry since 2001 and joined Madison in 2005. He earned his BBA in finance and economics and M.S. in finance from the University of Wisconsin-Madison, specializing in the Applied Security Analysis Program. Prior to joining Madison he worked at Merrill Lynch.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 19.77 3.61 5.67

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