Liberty All-Star Equity Fund March 2024 Monthly Update
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Insights
The Liberty All-Star Equity Fund's March update provides a snapshot into the fund's strategy and performance, which can serve as a barometer for broader market behavior. The fund's large-cap core style, combining value and growth managers, reflects a balanced approach that many diversified portfolios aim for. The increase in NAV and market price, alongside a decreased discount rate, suggests positive investor sentiment and potential undervaluation at the beginning of the month.
From a sector perspective, the significant holdings in Information Technology and Financials align with broader market trends favoring these sectors. However, the modest representation in Energy and Real Estate could be a strategic choice born of current market conditions or a potential area of growth if these sectors were to rebound. It's essential to monitor sector allocations as they can significantly impact fund performance relative to market indices.
Analyzing the Liberty All-Star Equity Fund's performance figures, a discerning eye would notice the healthy month-over-month and year-to-date returns, which appear robust compared to industry averages. The reduction in the discount to NAV from the beginning to the end of the month indicates that the fund's market price is converging closer to its NAV, which typically signals increasing investor confidence in the fund's management or the anticipation of strong future performance.
It's also noteworthy to examine the fund's distribution components. The mention of potential return of capital could imply that some part of the distributions may not be from earned income, such as dividends or capital gains, but from the paid-in capital. Investors should be cautious, as consistent returns of capital could erode the fund's asset base over time, affecting long-term performance.
Liberty All-Star Equity Fund
Ticker:
Monthly Update, March, 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. | 3.9 % |
2 | NVIDIA Corp. | 3.1 % |
3 | Alphabet, Inc. | 3.1 % |
4 | Amazon.com, Inc. | 2.7 % |
5 | UnitedHealth Group, Inc. | 2.1 % |
6 | Visa, Inc. | 2.0 % |
7 | ServiceNow, Inc. | 1.8 % |
8 | S&P Global, Inc. | 1.4 % |
9 | Charles Schwab Corp. | 1.4 % |
10 | Salesforce, Inc. | 1.3 % |
11 | Danaher Corp. | 1.3 % |
12 | Capital One Financial Corp. | 1.3 % |
13 | Sony Group Corp. | 1.2 % |
14 | Ecolab, Inc. | 1.2 % |
15 | Dollar General Corp. | 1.2 % |
16 | Ferguson PLC | 1.1 % |
17 | Autodesk, Inc. | 1.1 % |
18 | Adobe, Inc. | 1.0 % |
19 | Berkshire Hathaway, Inc. | 1.0 % |
20 | Citigroup, Inc. | 0.9 % |
Holdings are subject to change. | ||
Monthly Performance: | |||
Performance | NAV | Market Price | Discount |
Beginning of month value | -3.2 % | ||
End of month value | -0.8 % | ||
Performance for month | 3.44 % | 5.93 % | |
Performance year-to-date | 9.56 % | 14.95 % | |
Net Assets at Month-End ($millions) | |
Total | |
Equities | |
Percent Invested | 97.4 % |
Sector Breakdown (% of equity portfolio)* | |
Financials | 21.5 % |
Information Technology | 21.2 % |
Health Care | 14.4 % |
Consumer Discretionary | 12.5 % |
Industrials | 8.3 % |
Communication Services | 6.2 % |
Materials | 5.8 % |
Consumer Staples | 5.3 % |
Energy | 2.0 % |
Real Estate | 1.5 % |
Utilities | 1.3 % |
Total Market Value | 100.0 % |
*Based on Standard & Poor's and MSCI Global Industry Classification Standard (GICS). | |
New Holdings
Humana, Inc.
Holdings Liquidated
None
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 March 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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