Madison Covered Call & Equity Income Fund Q3 2025 Investment Strategy Letter

**Madison Investments: Covered Call & Equity Income Fund Performance and Insights**

Madison Investments’ Covered Call & Equity Income Fund (Class Y) delivered a 3.8% return, outperforming the BXM index, although it lagged behind the overall market. Covered call strategies are inherently defensive, designed to intentionally sacrifice some upside growth potential in exchange for additional downside protection.

From a stock selection perspective, individual stock performance contributed positively to relative returns, enhancing the fund’s overall results.

### Real vs. Artificial Intelligence Perspectives

Given the current widespread interest in artificial intelligence, we consulted several leading AI search engines with one pressing question: *When will the stock market correction begin?* Unsurprisingly, the general consensus was that predicting the precise timing of market corrections remains highly uncertain.

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Madison Investments is a 100% employee-owned firm based in Wisconsin’s capital city since its founding in 1974. Over nearly five decades, Madison has grown from a local investment firm into a trusted manager with approximately $22 billion in assets under management. This encompasses a diverse range of mutual funds, active ETFs, managed accounts, and customized portfolios.

For inquiries or communication, please reach out through Madison Investments’ official channels.

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