XA Investments Launches First Credit Sub-Index to Enhance Transparency in Interval Funds
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 29 2025
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Should l Buy MCN?
Source: Newsfilter
- New Index Launch: XA Investments plans to launch the XAI Interval Fund Credit Index™ (INTVL-C) in Q1 2026, which will track the performance of credit interval and tender offer funds, expected to provide unprecedented transparency for asset managers.
- Performance Benchmarking: INTVL-C will offer fund sponsors valuable performance metrics to enhance investment decisions and risk assessments, thereby enabling more effective fund comparisons and improving market competitiveness.
- Focus on Market Leaders: The sub-index will include 54 leading credit interval funds, featuring prominent managers such as Cliffwater, CION, and PIMCO, ensuring fair performance comparisons among similar funds.
- Diversified Investment Strategies: INTVL-C will encompass various credit strategies, including direct lending, multi-strategy, asset-backed lending, and structured credit, supporting more meaningful evaluations and informed decision-making, thereby driving investor interest in alternative investment strategies.
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About MCN
Madison Covered Call & Equity Strategy Fund (the Fund) is a diversified, closed-end management investment company. The Fund's primary investment objective is to provide a high level of current income and current gains, with a secondary objective of long-term capital appreciation. The Fund pursue its investment objectives by investing primarily in large and mid-capitalization common stocks. Under normal market conditions, the Fund seeks to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities. The Fund invests at least 80% of its total assets in common stocks, with at least 65% of its total assets in common stocks of large capitalization issuers. The Fund may invest the remainder of its total assets in companies that meet the Fund's growth and value criteria but whose market capitalization is considered as middle-sized or mid-cap. The Fund's investment advisor is Madison Asset Management, LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Trading Arrangements: Post-split, the Trust's common shares will begin trading on March 23, 2026, ensuring that all shareholders maintain their ownership percentages, which enhances market liquidity and transparency.
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- Tax Information Disclosure: The fund will report the specific tax characteristics of the distributions to shareholders via Form 1099 after the end of the 2026 calendar year, ensuring shareholders are informed about the source of distributions and their potential tax implications, thereby enhancing transparency.
- Investment Strategy Overview: The fund aims to achieve a high level of current income and capital appreciation primarily by investing in common stocks and writing covered call options, a strategy that helps maintain stable income amidst market volatility.
See More
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- Market Expansion Strategy: McCabe will drive the distribution of the Octagon XAI CLO Income Fund (OCTIX), with a particular focus on the East Coast market, which is expected to significantly enhance the company's market penetration and client relationship management capabilities in that region.
- Industry Background Advantage: Prior to joining XAI, McCabe served as a Sales Executive at Vanguard, where he was responsible for developing and maintaining relationships with Registered Investment Advisors in the Southeast, bringing valuable client resources and market insights to XAI.
- Company Vision and Growth: Founded in 2016, XAI is committed to providing investors with diverse alternative investment strategies, and McCabe's addition is expected to further drive innovation and market leadership in this area.
See More
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- Industry First: XA Investments' launch of the XAI Interval Fund Credit Index™ (INTVL-C) focuses on non-listed credit interval funds, making it the only index of its kind in the market, aimed at providing fund managers with a true benchmark for comparison.
- Substantial Asset Base: As of December 31, 2025, the 58 constituents of INTVL-C collectively hold over $79 billion in total net assets, underscoring the index's significance and impact in the alternative credit investment space.
- Enhanced Transparency: The index offers asset managers a transparent and comprehensive view of leading credit interval and tender offer funds, fostering greater investor engagement and confidence in this rapidly growing investment market.
- Market Leaders: The constituents of INTVL-C include market leaders such as Cliffwater, CION, and Carlyle, reflecting their performance-driving role within this segment and further solidifying XA Investments' leadership position in the industry.
See More
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- Industry First: XA Investments' launch of the XAI Interval Fund Credit Index (INTVL-C) focuses on non-listed interval and tender offer funds, becoming the only available credit index, aimed at providing fund managers with a true peer benchmark.
- Substantial Asset Base: As of December 31, 2025, the index's 58 constituents boast over $79 billion in total net assets, reflecting strong market demand and growth potential for alternative credit investments.
- Enhanced Transparency: INTVL-C offers asset managers a transparent and comprehensive view of leading credit interval funds, facilitating benchmarking and peer comparison, which enhances investor confidence and engagement.
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See More
