Liberty All-Star® Growth Fund, Inc. Announces New Portfolio Manager

Rhea-AI Summary

The Liberty All-Star Growth Fund (NYSE: ASG) announced that Westfield Capital Management will join as one of its investment managers, pending stockholder approval at the annual meeting on August 28, 2024.

Westfield will manage the large-cap growth portion of the Fund, taking over from Sustainable Growth Advisers. Weatherbie Capital and Congress Asset Management will continue managing the small-cap and mid-cap growth portions respectively. The Fund, managed by ALPS Advisors, has over $347 million in net assets as of June 6, 2024, and trades on the NYSE.

Investors are reminded that the Fund involves risks, including loss of principal, and trades in the secondary market. For more information, contact Liberty All-Star Growth Fund or visit their website.

Positive

• Appointment of Westfield Capital Management, known for its growth at a reasonable price approach.
• Weatherbie Capital and Congress Asset Management continue managing small-cap and mid-cap portions.
• Fund managed by ALPS Advisors with over $347 million in net assets as of June 6, 2024.

Negative

• Change in management subject to stockholder approval, adding uncertainty.
• Fund involves risks, including loss of principal.
• The Fund's shares are not continuously issued and trade based on market value, which can be volatile.

BOSTON, June 7, 2024 /PRNewswire/ -- The Board of Directors of Liberty All-Star Growth Fund, Inc. (the "Fund") (NYSE: ASG) has appointed Westfield Capital Management Company, L.P. ("Westfield") as one of the Fund's investment managers subject to stockholder approval at the annual meeting of stockholders to be held on August 28, 2024.

Following stockholder approval, Westfield will assume management of the Fund's assets currently allocated to Sustainable Growth Advisers. Weatherbie Capital will continue to manage the small-cap growth portion of the Fund's portfolio and Congress Asset Management Company will continue to manage the mid-cap growth portion.  

The investment team at Westfield, led by Will Muggia, practices a growth at a reasonable price investment approach which will be used to manage the large-cap growth portion of the Fund's portfolio.

The Fund does not continuously issue shares and trades in the secondary market, investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value. The Fund's shares are listed on the New York Stock Exchange under the ticker symbol ASG. ALPS Advisors, Inc. is the investment advisor of the Fund, a multi-managed, closed-end investment company with more than $347 million in net assets as of June 6, 2024.

Past performance cannot predict future results.
An investment in the Fund involves risk, including loss of principal.
Secondary market support provided to the Fund by ALPS Fund Services, Inc.'s affiliate ALPS Portfolio Solutions Distributor, Inc., a FINRA Member.
ALPS Fund Services, Inc., ALPS Advisors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are affiliated entities.

For Information Contact:
Liberty All-Star^® Growth Fund, Inc. 
1-800-241-1850
www.all-starfunds.com

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SOURCE Liberty All-Star Funds

FAQ

What changes were announced for Liberty All-Star Growth Fund (ASG) on June 7, 2024?

The Fund announced the appointment of Westfield Capital Management as a new investment manager, pending stockholder approval.

When is the stockholder meeting for Liberty All-Star Growth Fund (ASG) to approve the new manager?

The stockholder meeting is scheduled for August 28, 2024.

Which portions of the Liberty All-Star Growth Fund (ASG) will Westfield Capital Management manage?

Westfield will manage the large-cap growth portion of the Fund.

What is the current net asset value of Liberty All-Star Growth Fund (ASG)?

As of June 6, 2024, the Fund has over $347 million in net assets.

What are the risks involved in investing in Liberty All-Star Growth Fund (ASG)?

Investing in the Fund involves risks including loss of principal and market value volatility.