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.


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 | Fact Sheet | Madison Covered Call Fund

Ray Di Bernardo, CFA®
Covered Call Portfolio Manager
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 Manager/Analyst
Andy Romanowich, CFA®
Mid Cap Portfolio Manager/Analyst
Brian Milligan, CFA®
U.S. Equity Analyst

Ray Di Bernardo, CFA®

Covered Call Portfolio Manager
Contact

Ray, CFA, 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.

Drew Justman, CFA®

Dividend Income & Covered Call Portfolio Manager
Contact

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 Eisinger

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

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 Toyama

Director of Research, Mid Cap Portfolio Manager/Analyst
Contact

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 Bittar, CFA®

Disciplined Equity Portfolio Manager/Analyst
Contact

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 Brown, CFA®

Dividend Income Portfolio Manager
Contact

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 Farzam, CFA®

Small Cap Portfolio Manager/Analyst
Contact

Faraz has been working in the financial services industry since 1999. He specializes in small cap portfolio management for Madison. His main areas of investment focus are Consumer, Technology and Financial sectors. 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 J. Garcia, CFA®

Small Cap Portfolio Manager/Analyst
Contact

Aaron has been working in the financial services industry since 2002. He specializes in small cap portfolio management for Madison. His main areas of investment focus are Healthcare, Industrials, Materials, & Energy sectors. 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 Geisler

Disciplined Equity Portfolio Manager/Analyst
Contact

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 Hayner, CFA®

Large Cap Portfolio Manager/Analyst
Contact

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.

Richard E. Lane, CFA®

Small Cap Portfolio Manager/Analyst
Contact

Rick has been working in the financial services industry since 1982. He specializes in small cap portfolio management for Madison. His main areas of investment focus are Financial and Industrial sectors. 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 Romanowich, CFA®

Mid Cap Portfolio Manager/Analyst
Contact

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.

Brian Milligan, CFA®

U.S. Equity Analyst
Contact

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.

“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 an investment adviser 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 intended to be 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