
Covered Call
Madison has pioneered covered call management since 2004. Our Covered Call strategy seeks a high quality equity portfolio delivering an alternative income source via covered call option writing. We implement a best ideas approach of buying individual companies and writing individual calls over those companies for the purpose of paying a meaningful quarterly distribution to shareholders. Our use of individual stock options, rather than index options, differentiates us from our peers' more passive strategies.
The strategy is led by Ray DiBernardo and Drew Justman.
Related Information
Quarterly Commentary
Meet the Team
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Investment Strategies & Solutions
Other U.S. Equity strategies
Large Cap
Mid Cap
Small Cap
Disciplined Equity
Dividend Income
Covered Call
Our covered call strategy is comprised of hedged-equity portfolios that strive for a high-level of distributable income. An active stock selection process narrows candidates to a field of 30-50 mid- and large-cap growth companies that have favorable price/earnings-to-growth (P.E.G.) ratios, financial strength and industry leadership.
Strategy Overview | Madison Covered Call Fund Quarterly Commentary + Fact SheetCovered Call Portfolio Managers & U.S. Equity Research


Drew Justman, CFA®
Dividend Income & Covered Call Portfolio Manager

Rich Eisinger
Head of Equities, Large & Mid Cap Portfolio Manager/Analyst

Haruki Toyama
Director of Research, Mid Cap Portfolio Manager/Analyst

Maya Bittar, CFA®
Disciplined Equity Portfolio Manager/Analyst

John Brown, CFA®
Dividend Income Portfolio Manager

Faraz Farzam, CFA®
Small Cap Portfolio Manager/Analyst

Aaron J. Garcia, CFA®
Small Cap Portfolio Manager/Analyst

Dave Geisler
Disciplined Equity Portfolio Manager/Analyst

Matt Hayner, CFA®
Large Cap Portfolio Manager/Analyst

Richard E. Lane, CFA®
Small Cap Portfolio Strategist & Advisor/Analyst

Andy Romanowich, CFA®
Mid Cap Portfolio Manager/Analyst

Rico Fung
U.S. EQUITY ANALYST

Connor Jones
U.S. Equity Analyst

Brian Milligan, CFA®
U.S. Equity Analyst

Joe Maginot
U.S. Equity Analyst
Ray, CFA, serves as a portfolio manager on Madison's covered call strategies. Ray has been working in the financial services industry since 1986 and joined Madison in 2003. He earned his B.A. from the University of Western Ontario.
Drew, CFA serves as a portfolio manager on Madison's covered call, dividend income and value strategies. Drew 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.
Rich serves as Head of Equities, portfolio manager for Madison’s mid-cap strategies and is an equity analyst for Madison’s U.S. Equity Team. Rich has been working in the financial services industry
since 1994 and joined Madison in 1998. He earned his J.D. from the University of Louisville and his MBA from Cornell University.
Haruki serves as a portfolio manager for Madison’s mid-cap strategies and is an equity analyst for Madison’s U.S. Equity Team. Haruki has been working in the financial industry since 1994 and joined
Madison in 2014. He earned his B.A. in music and economics from Brown University and MBA from Cornell University.
Maya, CFA, specializes in customized portfolio management for Madison’s high net-worth relationships. Maya also serves on our Customized Solutions team working with Insurance Asset Management. Maya began her career at First Wisconsin Bank (U.S. Bank) in 1986. After her early years in credit analysis, Maya moved to the investment business. From 1993 to 1998, Maya co-managed the Firstar Growth & Income Fund. Subsequent to her time at Firstar, Maya worked at Wellington Management Company for sixteen years as a portfolio manager on several strategies including Core Equity, Strategic Growth and Focused Equity. In addition to portfolio management, her role included fundamental research and client service. Prior to joining Madison in 2018, Maya served as a multi-sector analyst on the global equity team at Artisan Partners, LLC., focusing on companies in the United States, Europe and Japan. Maya holds a BBA (Accounting), an MBA (International Business) and an MS (Finance) from the University of Wisconsin-Madison including participating in the Applied Security Analysis Program.
John, CFA, serves as a portfolio manager on Madison's dividend income and value strategies. John has been working in the financial services industry since 1983 and joined Madison in 2009. He earned his B.S. in finance and computer science from Northern Illinois University and his MBA from the University of Wisconsin-Madison.
Faraz has been working in the financial services industry since 1999. He specializes in small cap portfolio management for Madison. Prior to joining Madison, Faraz served on Broadview Advisors’ small cap strategy and all cap strategy as a Portfolio Manager. Previously, he worked with Strong Capital Management. Faraz holds a BS from University of Wisconsin.
Aaron has been working in the financial services industry since 2002. He specializes in small cap portfolio management for Madison. Prior to joining Madison, Aaron served on Broadview Advisors’ small cap strategy and all cap strategy as an analyst and later as a Portfolio Manager. Previously, he worked with Stifel Nicolaus as an associate analyst. Aaron holds a BA in Chemistry from Rice University.
Dave specializes in customized portfolio management for Madison’s private client relationships. Dave also serves on our Customized Solutions team working with Insurance Asset Management. Dave has been working in the financial services industry since 2004 and prior to joining Madison, he worked at Lateef Investment Management, Artisan Partners and Cowen and Company. Dave graduated from University of California, San Diego with a BA in Economics, Highest Distinction, and an MBA from University of California, Berkeley with certificates in Management of Technology, and Entrepreneurship.
Matt, CFA, serves as a portfolio manager for Madison’s large-cap strategies and is an equity analyst for Madison’s U.S. Equity Team. Matt has been working in the financial services industry since 2002 and joined Madison in 2002. He earned his B.S. in chemistry from Eastern Illinois University and his MBA from the University of St. Thomas.
Rick has been working in the financial services industry since 1982. He specializes in small cap portfolio advisory for Madison. Prior to joining Madison, Rick served on Broadview Advisors’ small cap strategy and all cap strategy as a Portfolio Manager. Prior to that, he worked with Fiduciary Management, Cleary Gull Reiland & McDevitt and Stein Roe & Farnham. Rick holds a MS and BA from University of Wisconsin and graduated from the Applied Security Analysis Program.
Andy, CFA, serves as an portfolio manager for Madison’s U.S. Equity Team. Andy has been working in the financial services industry since 2004 and joined Madison in 2009. He earned his B.S. and M.S.
in finance from the University of Wisconsin-Madison, specializing in the Applied Security Analysis Program.
Rico serves as an Equity Analyst on Madison’s US Equity team. He has been working in the investment management industry since 2015. Prior to joining Madison, Rico was an Equity Analyst on the International Small Cap team at Segall Bryant & Hamill and a Private Equity Summer Analyst at PINS Capital. He earned his B.A. from the University of Chicago.
Connor is an Equity Analyst on Madison’s U. S. Equity Team. His primary focus is on the small cap equity research effort. Connor joined Madison from Marquette University where he received a B.S. in Business Administration with a major in Finance and was a student in the selective Applied Investment Management Program.
Brian, CFA, serves an equity analyst for Madison’s U.S. Equity Team. Brian has been working in the financial services industry since 2004 and joined Madison in 2019. He earned his B.S. in finance from Trine University and MBA from the University of Notre Dame. Prior to joining Madison in 2019, Brian was with Schwartz Investment Counsel where he helmed the Ave Maria Growth Fund. Prior to joining Schwartz in 2014, he was with Standard and Poor’s in their corporate ratings unit.
Joe is an equity analyst for Madison’s U.S. Equity Team. He has worked in the financial services industry since 2012 and joined Madison in 2019. Joe earned his B.A. in chemistry and minor in economics from Indiana University. Prior to joining Madison, he was an Investment Analyst at Zuckerman Investment Group.
“Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC (“MAM”), and Madison Investment Advisors, LLC (“MIA”), which also includes the Madison Scottsdale office. MAM and MIA are registered as investment advisers with the U.S. Securities and Exchange Commission. Madison Funds are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority. The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison’s toll-free number is 800-767-0300.
Any performance data shown represents past performance. Past performance is no guarantee of future results.
Non-deposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of, or guaranteed by, any financial institution. Investment returns and principal value will fluctuate.
This website is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
Consider the investment objectives, risks, and charges and expenses of Madison Funds carefully before investing. Each fund's prospectus contains this and other information about the fund. Call 800.877.6089 or visit madisonfunds.com to obtain a prospectus and read it carefully before investing. | As a writer of a covered call option, the fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. Contact Madison for more detailed information regarding these risks. | Please see the “Characteristics and Risks of Standardized Options” booklet from the Options Clearing Corporation, available at this link: https://www.theocc.com/about/publications/character-risks.jsp
Any performance data shown represents past performance. Past performance is no guarantee of future results.
Non-deposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of, or guaranteed by, any financial institution. Investment returns and principal value will fluctuate.
This website is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
Consider the investment objectives, risks, and charges and expenses of Madison Funds carefully before investing. Each fund's prospectus contains this and other information about the fund. Call 800.877.6089 or visit madisonfunds.com to obtain a prospectus and read it carefully before investing. | As a writer of a covered call option, the fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. Contact Madison for more detailed information regarding these risks. | Please see the “Characteristics and Risks of Standardized Options” booklet from the Options Clearing Corporation, available at this link: https://www.theocc.com/about/publications/character-risks.jsp