Liberty All-Star® Equity Fund December 2024 Monthly Update
Rhea-AI Summary
The Liberty All-Star Equity Fund (NYSE: USA) has released its December 2024 monthly update. The fund combines three value-style and two growth-style investment managers, focusing on large-cap core investments. The fund's performance showed a -5.31% NAV decline and -4.79% market price decrease for December, while maintaining strong year-to-date returns of 14.06% (NAV) and 20.67% (market price).
The fund's net assets totaled $2,007.0 million with 97.8% invested in equities. The portfolio is heavily weighted in Information Technology (23.7%), Financials (20.0%), and Health Care (15.3%). The top holdings include Microsoft (4.2%), NVIDIA (3.7%), and Alphabet (2.8%). Notable portfolio changes include new additions of Allegion PLC, Broadcom, and Tyler Technologies, while Edison International, Goldman Sachs Group, Home Depot, and Omnicom Group were liquidated.
Positive
- Strong YTD performance with 14.06% NAV return and 20.67% market price return
- High investment rate with 97.8% of assets invested in equities
- Well-diversified portfolio across major sectors
- Premium/discount gap closed to 0.0% by month-end
Negative
- Monthly decline of -5.31% in NAV and -4.79% in market price for December
- Significant concentration risk with top 20 holdings representing 35.0% of equity portfolio
Insights
This monthly update reveals an interesting performance divergence. While the fund's NAV showed a
Notable portfolio changes include the complete liquidation of Goldman Sachs and Home Depot positions, while adding Broadcom and Tyler Technologies - suggesting a strategic shift towards higher-growth tech exposure. The fund's
The December monthly performance of
The fund's portfolio construction merits detailed examination. The top 20 holdings represent
The hybrid approach of combining value and growth managers has resulted in an interesting barbell strategy. While maintaining core positions in tech growth stocks, the fund also holds significant value positions in financials like Capital One and Charles Schwab. This diversification strategy provides some downside protection while maintaining upside potential.
Total net assets of
Liberty All-Star Equity Fund
Ticker:
Monthly Update, December 2024
Investment Approach:
Fund Style: Large-Cap Core
Fund Strategy: Combines three value-style and two growth-style investment managers. Those selected demonstrate a consistent investment philosophy, decision making process, continuity of key people and above-average long-term results compared to managers with similar styles.
Investment Managers:
Value Managers:
- Aristotle Capital Management, LLC
- Fiduciary Management, Inc.
- Pzena Investment Management, LLC
Growth Managers:
- Sustainable Growth Advisers, LP
- TCW Investment Management Company
Top 20 Holdings at Month-End | ||
( | ||
1 | Microsoft Corp. | 4.2 % |
2 | NVIDIA Corp. | 3.7 % |
3 | Alphabet, Inc. | 2.8 % |
4 | Amazon.com, Inc. | 2.8 % |
5 | UnitedHealth Group, Inc. | 2.0 % |
6 | ServiceNow, Inc. | 1.9 % |
7 | Visa, Inc. | 1.8 % |
8 | Meta Platforms, Inc. | 1.8 % |
9 | Capital One Financial Corp. | 1.5 % |
10 | S&P Global, Inc. | 1.4 % |
11 | Fresenius Medical Care AG | 1.3 % |
12 | Sony Group Corp. | 1.2 % |
13 | Charles Schwab Corp. | 1.2 % |
14 | Danaher Corp. | 1.2 % |
15 | Booking Holdings, Inc. | 1.1 % |
16 | Ecolab, Inc. | 1.1 % |
17 | Berkshire Hathaway, Inc. | 1.0 % |
18 | CVS Health Corp. | 1.0 % |
19 | Baxter International, Inc. | 1.0 % |
20 | Citigroup, Inc. | 1.0 % |
Holdings are subject to change. | ||
Monthly Performance: | |||
Performance | NAV | Market Price | Premium/(Discount) |
Beginning of month value | -0.5 % | ||
End of month value | 0.0 % | ||
Performance for month | -5.31 % | -4.79 % | |
Performance year-to-date | 14.06 % | 20.67 % | |
Net Assets at Month-End ($millions): | ||
Total | ||
Equities | ||
Percent Invested | 97.8 % | |
Sector Breakdown* (% of equity portfolio): | |
Information Technology | 23.7 % |
Financials | 20.0 % |
Health Care | 15.3 % |
Consumer Discretionary | 12.6 % |
Industrials | 9.1 % |
Communication Services | 6.6 % |
Consumer Staples | 4.8 % |
Materials | 4.3 % |
Energy | 1.8 % |
Utilities | 1.3 % |
Real Estate | 0.5 % |
Total Market Value | 100.0 % |
*Based on Standard & Poor's and MSCI Global Industry Classification Standard (GICS). | |
New Holdings:
Allegion PLC
Broadcom, Inc.
Tyler Technologies, Inc.
Holdings Liquidated:
Edison International
Goldman Sachs Group, Inc.
Home Depot, Inc.
Omnicom Group, 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 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® Equity Fund
1-800-241-1850
www.all-starfunds.com
libinfo@alpsinc.com
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SOURCE Liberty All-Star Equity Fund
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