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Liberty All-Star Equity Fund March 2025 Monthly Update

April 15, 2025 — The Liberty All-Star Equity Fund (NASDAQ: USA) has provided its performance update for March 2025, highlighting key insights into its investment strategy, top holdings, and recent performance trends.

Investment Strategy Overview

The Liberty All-Star Equity Fund operates with a large-cap core investment style. This approach merges strategies from both value and growth investment managers. The selected managers showcase a consistent investment philosophy and decision-making process, delivering above-average long-term results in comparison to similar style managers.

Key Investment Managers

The fund’s management team comprises:

• - Value Managers:

- Aristotle Capital Management, LLC
- Fiduciary Management, Inc.
- Pzena Investment Management, LLC

• - Growth Managers:

- Sustainable Growth Advisers, LP
- TCW Investment Management Company

Top Holdings

As of the end of March, the top 20 holdings constituted approximately 36.1% of the equity portfolio. Here are the most significant investments:
1. Microsoft Corp. - 4.0%
2. NVIDIA Corp. - 3.3%
3. Alphabet, Inc. - 2.8%
4. Amazon, Inc. - 2.6%
5. UnitedHealth Group, Inc. - 2.3%
6. Visa, Inc. - 2.1%
7. Meta Platforms, Inc. - 1.9%
8. ServiceNow, Inc. - 1.7%
9. Capital One Financial Corp. - 1.6%
10. Sony Group Corp. - 1.5%

This list continues with other notable companies, each contributing to the overall investment strategy.

Monthly Performance Highlights

During March 2025, the fund exhibited the following performance metrics:

• - NAV at Month Start: $6.99
• - NAV at Month End: $6.64
• - Monthly Performance Change: -5.01%
• - Year-to-Date Performance: -2.13%

The market price reflected a decline as well, closing at $6.55, resulting in a total market loss of -5.48% for the month.

Sector Allocation

The Liberty All-Star fund is diversified across several sectors of the economy, with a breakdown of equity portfolio investments as follows:

• - Information Technology: 22.3%
• - Financials: 20.0%
• - Health Care: 16.9%
• - Consumer Discretionary: 11.7%
• - Industrials: 8.8%
• - Communication Services: 6.6%
• - Consumer Staples: 5.1%
• - Materials: 4.5%
• - Energy: 2.3%
• - Utilities: 1.5%
• - Real Estate: 0.3%

This allocation exemplifies an effort to mitigate risks and enhance returns by balancing investments across different sectors.

Changes in Holdings

No new holdings were added to the portfolio for March. However, the following holdings were liquidated during the month:

• - Honeywell International, Inc.
• - MSCI, Inc.
• - TJX Cos., Inc.

Risk and Disclosures

The NAV of closed-end funds like the Liberty All-Star Fund mirrors the market value of underlying investments, adjusted for liabilities. Performance returns are calculated with distributions reinvested and are subject to market fluctuations. Past performance does not guarantee future results, and shareholders should be prepared for significant value fluctuations.

Investors should note that while distributions to shareholders can encompass various sources, including ordinary dividends and capital gains, these distributions may include return of capital, which might affect tax reporting.

Conclusion
The Liberty All-Star Equity Fund's March update reflects a challenging market environment, with both NAV and market price declines. The strategic approach employed by the management team aims to navigate such fluctuations while working towards long-term investor growth. Investors are encouraged to stay informed and monitor their investments closely as they assess their goals and risk tolerances.