MENAX Performance — Madison Covered Call & Equity Income Fund, Class A
Data updated: 2026-09-17
MENAX returned −30.11% year to date and −46.05% over one year to Jul 2026. Over one year the fund trailed its US Mid-Cap Value category average: $100 grew to $54, against $120 for the category. Volatility over the past 12 months was 10.51% a year. In the 12 months to Jul 2026 the fund lost a net $70.9M, and assets reached $137.10M.
MENAX Growth of $100
What $100 invested in Madison Covered Call & Equity Income Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Mid-Cap Value category average over the same months.
| Period | MENAX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $54 | $120 |
| 3 years (Aug 2023 – Jul 2026) | $14 | $145 |
| 5 years (Aug 2021 – Jul 2026) | $4 | $156 |
| Since data start (Aug 2019 – Jul 2026) | $1 | $212 |
MENAX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −30.11% |
| 1 year | −46.05% |
3- and 5-year figures withheld: returns differ from sibling classes.
MENAX Annual Returns
Calendar-year total returns of Madison Covered Call & Equity Income Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | −30.11% |
| 2025 | −47.69% |
| 2024 | −49.64% |
| 2023 | −45.80% |
| 2022 | −48.60% |
| 2021 | −41.81% |
| 2020 | −44.84% |
| 2019 (Aug–Dec) | −20.67% |
MENAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −2.7% | −2.0% | −7.7% | −3.3% | −7.7% | −10.9% | −0.2% | — | — | — | — | — |
| 2025 | −5.3% | −6.9% | −6.9% | −9.7% | −1.9% | −2.5% | −4.3% | −2.6% | −6.7% | −6.6% | −4.1% | −5.3% |
| 2024 | −7.9% | −6.0% | −1.3% | −7.7% | −3.7% | −7.0% | −2.8% | −5.2% | −5.0% | −6.3% | −4.5% | −9.0% |
| 2023 | −0.3% | −7.7% | −4.0% | −5.0% | −9.0% | −1.9% | −2.7% | −7.7% | −7.8% | −7.0% | −2.6% | −3.5% |
| 2022 | −4.9% | −6.7% | −1.3% | −9.8% | −3.1% | −12.5% | −2.1% | −5.5% | −11.0% | +2.0% | −2.4% | −6.4% |
| 2021 | −3.9% | −1.9% | −1.6% | −3.3% | −2.6% | −5.3% | −6.5% | −5.2% | −5.4% | −6.1% | −7.8% | −3.1% |
| 2020 | −9.2% | −10.2% | −18.1% | +6.7% | −3.3% | −3.2% | −1.9% | −2.3% | −8.1% | −5.1% | +2.9% | −3.8% |
| 2019 | — | — | — | — | — | — | — | −8.1% | −4.0% | −4.7% | −3.4% | −2.4% |
MENAX Risk
Risk measures from monthly returns over Aug 2025 – Jul 2026.
- 1-year volatility (annualised): 10.51%
- Best month: −0.22% (Jul 2026)
- Worst month: −10.87% (Jun 2026)
MENAX Fund Flows
Monthly money in and out of Madison Covered Call & Equity Income Fund, from SEC Form N-PORT.
- 12-month net flow: −$70.9M
- 12-month gross sales (incl. reinvestments): $58.7M
- Sales ÷ redemptions: 0.45×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $5.9M | $4.4M | $1.5M |
| Jun 2026 | $2.2M | $2.8M | −$587K |
| May 2026 | $3.6M | $4.0M | −$373K |
| Apr 2026 | $7.6M | $3.0M | $4.6M |
| Mar 2026 | $3.3M | $2.8M | $486K |
| Feb 2026 | $1.7M | $3.4M | −$1.7M |
| Jan 2026 | $2.8M | $59.1M | −$56.2M |
| Dec 2025 | $11.6M | $17.7M | −$6.2M |
| Nov 2025 | $4.3M | $8.1M | −$3.8M |
| Oct 2025 | $7.3M | $14.2M | −$6.9M |
| Sep 2025 | $4.8M | $5.1M | −$389K |
| Aug 2025 | $3.8M | $5.2M | −$1.4M |
MENAX Assets Under Management
Net assets of Madison Covered Call & Equity Income Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $137.10M |
| 2026-04-30 | $141.30M |
| 2026-01-31 | $133.65M |
| 2025-10-31 | $197.27M |
| 2025-07-31 | $205.99M |
| 2025-04-30 | $193.36M |
| 2025-01-31 | $220.25M |
| 2024-10-31 | $251.87M |
| 2024-07-31 | $252.54M |
| 2024-04-30 | $247.44M |
| 2024-01-31 | $252.75M |
| 2023-10-31 | $244.58M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.