Liberty All-Star® Growth Fund, Inc. December 2024 Monthly Update
Rhea-AI Summary
Liberty All-Star Growth Fund (NYSE: ASG) released its December 2024 monthly update, revealing a -3.94% NAV performance and -3.75% market price performance for the month. The fund's year-to-date performance showed gains of 15.53% (NAV) and 16.53% (market price).
The fund's total net assets were $372.4 million, with 97.7% invested in equities. The portfolio's top sector allocations were Information Technology (29.5%), Health Care (16.8%), and Industrials (16.8%). The fund's top holdings included NVIDIA (3.7%), Apple (3.2%), and Amazon (3.1%), with the top 20 holdings comprising 39.4% of the equity portfolio.
During December, the fund added Check Point Software Technologies and Lam Research while liquidating seven positions including Cadence Design Systems and SAP SE. The fund traded at a -7.4% discount to NAV at month-end.
Positive
- YTD performance shows strong gains of 15.53% NAV and 16.53% market price
- High investment rate with 97.7% of assets invested in equities
- Well-diversified portfolio across growth sectors
- Slight improvement in discount to NAV from -7.6% to -7.4%
Negative
- Negative monthly performance with -3.94% NAV decline
- Significant portfolio turnover with seven positions liquidated
Insights
The December 2024 update reveals several noteworthy developments for Liberty All-Star Growth Fund. The fund experienced a
The fund's strategic repositioning through portfolio adjustments is significant - liquidating 7 positions including established names like Cadence Design Systems and SAP SE, while adding only 2 new holdings (Check Point Software and Lam Research). This 2.9:1 ratio of deletions to additions suggests a more concentrated portfolio strategy.
The persistent discount to NAV of
The fund's positioning reflects a clear bet on secular growth themes, with significant exposure to artificial intelligence through holdings like NVIDIA (
The portfolio restructuring appears defensive, reducing exposure to semi-cyclical tech names while maintaining core positions in market leaders. The addition of Check Point Software suggests increased focus on cybersecurity, while Lam Research provides exposure to semiconductor capital equipment - both secular growth areas with different cyclical characteristics than the liquidated positions.
The sector allocation reveals a thoughtful balance between high-growth technology exposure and more stable sectors like healthcare and industrials, providing some buffer against market volatility while maintaining growth potential. The relatively low allocation to consumer discretionary (
Liberty All-Star Growth Fund, Inc.
Ticker: ASG
Monthly Update, December 2024
Investment Approach:
Fund Style: All-Cap Growth
Fund Strategy: Combines three growth style investment managers, each with a distinct capitalization focus (small-, mid- and large-cap) selected and continuously monitored by the Fund's Investment Advisor.
Investment Managers:
- Weatherbie Capital, LLC
Small-Cap Growth - Congress Asset Management Company, LLP
Mid-Cap Growth - Westfield Capital Management Company, L.P.
Large-Cap Growth
Top 20 Holdings at Month-End: | ||
( | ||
1 | NVIDIA Corp. | 3.7 % |
2 | Apple, Inc. | 3.2 % |
3 | Amazon.com, Inc. | 3.1 % |
4 | Microsoft Corp. | 2.8 % |
5 | Alphabet, Inc. | 2.6 % |
6 | SPS Commerce, Inc. | 2.1 % |
7 | Meta Platforms, Inc. | 2.0 % |
8 | Ollie's Bargain Outlet Holdings, Inc. | 2.0 % |
9 | Natera, Inc. | 2.0 % |
10 | FirstService Corp. | 1.9 % |
11 | Semtech Corp. | 1.7 % |
12 | Upstart Holdings, Inc. | 1.7 % |
13 | Casella Waste Systems, Inc. | 1.6 % |
14 | StepStone Group, Inc. | 1.5 % |
15 | Visa, Inc. | 1.4 % |
16 | Tandem Diabetes Care, Inc. | 1.3 % |
17 | Hamilton Lane, Inc. | 1.3 % |
18 | Dexcom, Inc. | 1.3 % |
19 | ServiceNow, Inc. | 1.1 % |
20 | TransDigm Group, Inc. | 1.1 % |
Holdings are subject to change. | ||
Monthly Performance: | |||
Performance | NAV | Market Price | Discount |
Beginning of month value | -7.6 % | ||
End of month value | -7.4 % | ||
Performance for month | -3.94 % | -3.75 % | |
Performance year-to-date | 15.53 % | 16.53 % |
Net Assets at Month-End ($millions): | |
Total | |
Equities | |
Percent Invested | 97.7 % |
Sector Breakdown* (% of equity portfolio): | |
Information Technology | 29.5 % |
Health Care | 16.8 % |
Industrials | 16.8 % |
Financials | 12.9 % |
Consumer Discretionary | 9.9 % |
Communication Services | 6.3 % |
Consumer Staples | 4.3 % |
Real Estate | 1.9 % |
Materials | 0.9 % |
Energy | 0.7 % |
Total Market Value | 100.0 % |
*Based on Standard & Poor's and MSCI Global Industry Classification Standard (GICS). | |
New Holdings:
Check Point Software Technologies, Ltd.
Lam Research Corp.
Holdings Liquidated:
Cadence Design Systems, Inc.
Fabrinet
Hologic, Inc.
Intapp, Inc.
MYR Group, Inc.
Pool Corp.
SAP SE
The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund's portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a market price; the value at which it trades on an exchange. If the market price is above the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount.
Performance returns for the Fund are total returns, which includes dividends, and are net of management fees and other Fund expenses. Returns are calculated assuming that a shareholder reinvested all distributions. Past performance cannot predict future investment results.
Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to tolerate significant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss of principal.
Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The final determination of the source of all distributions in 2024 for tax reporting purposes will be made after year end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during its fiscal year and may be subject to changes based on tax regulations. Based on current estimates a portion of the distributions consist of a return of capital. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholder 1099-DIV forms after the end of the year.
All data is as of December 31, 2024 unless otherwise noted.
Liberty All-Star® Growth Fund, Inc.
1-800-241-1850
www.all-starfunds.com
libinfo@alpsinc.com
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SOURCE Liberty All-Star Growth Fund, Inc.
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