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Liberty All-Star Growth Fund, Inc. - March 2025 Monthly Update

The Liberty All-Star Growth Fund, Inc., trading under the ticker symbol ASG, provides an insightful look at its performance and investment strategies as of March 2025. This update highlights the fund's approach to growth investment and showcases the latest trends in its portfolio.

Investment Approach

Liberty All-Star employs a distinctive all-cap growth strategy, utilizing three specialized investment managers, each focused on different market capitalizations: small, mid, and large cap. This multi-manager setup allows the fund to diversify its investments effectively, aiming for optimal returns across varying market conditions. The current investment managers for the fund include:

• - Weatherbie Capital, LLC focusing on Small-Cap Growth.
• - Congress Asset Management Company, LLC concentrating on Mid-Cap Growth.
• - Westfield Capital Management Company, L.P. dedicated to Large-Cap Growth.

These managers are selected and monitored continuously to ensure alignment with the fund’s growth-oriented investment philosophy.

Top Holdings

As of the end of March 2025, the fund had a concentrated portfolio that accounted for 40% of its total equity investments, with notable individual stock percentages as follows:
1. NVIDIA Corp. - 3.4%
2. Amazon.com, Inc. - 3.1%
3. Apple, Inc. - 2.9%
4. Microsoft Corp. - 2.8%
5. Ollie's Bargain Outlet Holdings, Inc. - 2.4%

The inclusion of well-recognized companies such as Alphabet Inc., Meta Platforms, and Visa Inc. among the fund's top holdings underscores its commitment to high-performing tech and consumer service sectors.

Monthly Performance Metrics

The fund experienced a challenging month in March, with the following performance metrics:

• - Beginning NAV: $5.70
• - End NAV: $5.28
• - Monthly Performance: -7.37%
• - Year-to-Date Performance: -11.51%

Market Price Analysis

As of the end of March 2025, the market price of the fund was $4.89, indicating a discount compared to its NAV. This scenario offers both potential risks and investment opportunities for shareholders. The performance data illustrates significant fluctuations, typical of closed-end funds, influenced by market volatility and investor sentiment.

Sector Breakdown

The portfolio's sector exposure provides a snapshot of where the fund stands:

• - Information Technology: 27.6%
• - Industrials: 18.6%
• - Health Care: 16.2%
• - Financials: 13.7%

This sector diversification enables the fund to leverage growth opportunities across various industries while managing risk.

New and Liquidated Holdings

In March, the fund actively adjusted its portfolio by introducing new holdings including:

• - Artivion, Inc.
• - Garmin Ltd.
• - Guidewire Software, Inc.
• - MongoDB, Inc.

On the other hand, it liquidated positions in several companies, notably:

• - American Eagle Outfitters, Inc.
• - Jabil, Inc.
• - Target Corp.

These strategic shifts reflect the fund’s proactive management style, aimed at optimizing growth potential.

Conclusion

As the Liberty All-Star Growth Fund navigates the complexities of the current market landscape, its adaptive investment strategy and diverse portfolio remain pivotal. This update not only showcases the fund's latest performance but also sets the stage for investors to understand its positioning as it moves forward in 2025. Investors should remain cognizant of performance volatility while evaluating the growth opportunities presented within this fund.

For More Information

For further details on performance or inquiries about the fund, stakeholders can refer to the official Liberty All-Star Growth Fund website or contact their investor relations directly.

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Disclaimer: Past performance is indicative but not guaranteed for future results. Investments in the Liberty All-Star Growth Fund can involve risks including possible loss of principal.