Liberty All-Star® Growth Fund, Inc. January 2026 Monthly Update

Key Terms

closed-end fund financial

A closed-end fund is a pool of money collected from many investors to buy a diversified mix of stocks, bonds, or other assets, and it is managed by professionals. Unlike some investment options, its shares are bought and sold on stock exchanges at prices determined by supply and demand, which can be above or below the fund's actual value. This structure allows investors to buy or sell shares easily, but the value may fluctuate based on market conditions.

net asset value (NAV) financial

Net asset value (NAV) is the per-share value of an investment fund calculated by totaling the fund’s assets, subtracting its liabilities, and dividing the remainder by the number of outstanding shares. Think of it like a price tag on each share of a collective piggy bank: investors use NAV to see what each share is worth, to compare funds, and, for many funds, it’s the price at which shares are bought or redeemed.

return of capital financial

Return of capital is when an investor receives money from their investment that is not considered profit or earnings but rather a portion of the original amount they invested. It’s similar to getting back part of your initial savings rather than gains from it. This matters because it can affect how much money an investor still has in the investment and may have tax implications.

long-term capital gains financial

Profit realized when an investor sells an asset they have owned longer than the legally specified holding period; these gains are taxed under “long-term” rules that typically carry lower tax rates than gains on assets sold quickly. It matters to investors because lower tax rates increase the amount of money they keep after a sale, so holding an investment longer can be like letting a high-interest coupon compound before withdrawing the cash, affecting decisions about when to sell and overall portfolio returns.

short-term capital gain financial

A short-term capital gain is the profit an investor realizes when they sell an asset they owned for a short period—typically one year or less—and it is taxed at higher, ordinary income tax rates rather than lower long-term rates. It matters because taxes reduce the money you keep from a trade, so knowing whether a gain is short-term can change decisions about how long to hold an investment, similar to choosing between a fast but costly service and a slower, cheaper option.

Global Industry Classification Standard (GICS) technical

The Global Industry Classification Standard (GICS) is a structured system that groups publicly traded companies into sectors, industry groups, industries and sub-industries based on their main business activity. Think of it like a library’s shelving system that puts similar books together so readers can find and compare them easily. Investors use GICS to compare companies apples-to-apples, build sector-focused portfolios, track market trends and align benchmarks or funds with specific parts of the economy.

BOSTON--(BUSINESS WIRE)-- Below is the January 2026 Monthly Update for the Liberty All-Star Growth Fund, Inc. (NYSE: ASG).

Liberty All-Star Growth Fund, Inc.
Ticker: ASG
Monthly Update, January 2026

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:

		(37.7% of equity portfolio)
1		NVIDIA Corp.	4.7%
2		Apple, Inc.	2.9%
3		Alphabet, Inc.	2.8%
4		Microsoft Corp.	2.4%
5		Amazon.com, Inc.	2.1%
6		Meta Platforms, Inc.	2.0%
7		AAR Corp.	2.0%
8		FirstService Corp.	1.9%
9		Ollie’s Bargain Outlet Holdings, Inc.	1.7%
10		StepStone Group, Inc.	1.6%
11		Curtiss-Wright Corp.	1.6%
12		Artivion, Inc.	1.4%
13		Ascendis Pharma A/S	1.4%
14		Casella Waste Systems, Inc.	1.4%
15		Monolithic Power Systems, Inc.	1.4%
16		Semtech Corp.	1.3%
17		VSE Corp.	1.3%
18		Penumbra, Inc.	1.3%
19		Broadcom Inc.	1.3%
20		nVent Electric PLC	1.2%
Holdings are subject to change.

Monthly Performance:

Performance	NAV		Market Price		Discount
Beginning of month value	$5.86		$5.30		-9.6%
Distributions (Ex-Date January 22nd)	$0.12		$0.12
End of month value	$5.77		$5.25		-9.0%
Performance for month	0.71%		1.32%
Performance year-to-date	0.71%		1.32%

Net Assets at Month-End ($millions):

Total	$362.8
Equities	$364.8
Percent Invested	100.5%

Sector Breakdown* (% of equity portfolio):

Information Technology	26.7%
Industrials	25.4%
Health Care	14.8%
Consumer Discretionary	13.6%
Financials	9.9%
Communication Services	6.1%
Real Estate	2.4%
Consumer Staples	1.1%
Total Market Value	100.0%
*Based on Standard & Poor's and MSCI Global Industry Classification Standard (GICS).

New Holdings:
Arista Networks, Inc.
DigitalOcean Holdings, Inc.
Expedia, Inc.
Fifth Third Bancorp
Karman Holdings, Inc.
Marriott International, Inc., Class A
MKS, Inc.
Morgan Stanley
Stride, Inc.
York Space Systems, Inc.

Holdings Liquidated:
Advanced Micro Devices, Inc.
Bank of America Corp.
Garmin Ltd.
Legend Biotech Corp.
Natera, Inc.
Oracle Corp.
Sprouts Farmers Market, Inc.

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 2026 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 no 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 January 31, 2026 unless otherwise noted.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260213409387/en/

Liberty All-Star® Growth Fund, Inc.

1-800-241-1850

www.all-starfunds.com

libinfo@alpsinc.com

Source: Liberty All-Star Growth Fund, Inc.