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Liberty All-Star Growth Fund: January 2025 Monthly Update

The Liberty All-Star Growth Fund, Inc. (NYSE: ASG) has released its monthly update for January 2025, providing valuable insights into its investment performance and strategies. As a closed-end fund, ASG aims to deliver long-term capital appreciation through its all-cap growth investment strategy.

Investment Strategy

The fund employs a unique approach by engaging three distinct growth style investment managers, offering exposure to small-cap, mid-cap, and large-cap companies. These managers are continuously monitored by the fund's investment advisor to ensure they meet performance expectations:

• - Weatherbie Capital, LLC focuses on small-cap growth investments.
• - Congress Asset Management Company, LLC targets mid-cap growth opportunities.
• - Westfield Capital Management Company, L.P. manages investments in large-cap growth stocks.

Top Holdings and Performance

At the end of January 2025, the top 20 holdings accounted for 39.0% of the total equity portfolio, with the following notable companies:
1. Amazon.com, Inc. - 3.2%
2. NVIDIA Corp. - 3.2%
3. Alphabet, Inc. - 2.7%
4. Apple, Inc. - 2.7%
5. Microsoft Corp. - 2.6%
6. Meta Platforms, Inc. - 2.2%
7. SPS Commerce, Inc. - 2.0%
8. Upstart Holdings, Inc. - 2.0%
9. Ollie's Bargain Outlet Holdings, Inc. - 1.9%
10. FirstService Corp. - 1.9%

The fund reported a performance return of 3.61% for the month, while the market price experienced a similar uptick of 3.01%. As of January 31, 2025, the net asset value (NAV) was $6.19, indicating a modest growth from the beginning of the month ($6.10).

Sector Allocation

The portfolio's sector allocation reflects diverse investments across various industries, underscoring the fund's growth approach:

• - Information Technology: 28.8%
• - Industrials: 17.2%
• - Health Care: 16.7%
• - Financials: 13.4%
• - Consumer Discretionary: 10.2%
• - Communication Services: 6.5%
• - Consumer Staples: 3.8%
• - Real Estate: 1.9%
• - Materials: 0.8%
• - Energy: 0.7%

Recent Changes in Holdings

In January, the Liberty All-Star Growth Fund introduced new holdings, including:

• - CyberArk Software, Ltd.
• - Houlihan Lokey, Inc.
• - Jabil, Inc.
• - Texas Roadhouse, Inc.
• - Trade Desk, Inc.

Conversely, several companies were liquidated from the portfolio, such as Chipotle Mexican Grill and Take-Two Interactive Software, reflecting the fund's strategic reallocation efforts.

Conclusion

The January 2025 update highlights Liberty All-Star Growth Fund's performance and strategic moves within the ever-evolving market landscape. While the fund has shown resilience and growth in a competitive environment, investors should remain vigilant of market fluctuations that can impact future results. As always, the Liberty All-Star Growth Fund strives to deliver value through careful and strategic investment decisions.