Liberty All-Star® Equity Fund November 2017 Update
Source: Nasdaq GlobeNewswire / 18 Dec 2017 08:11:47 America/New_York
BOSTON, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Below is the November 2017 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE:USA)
Liberty All-Star Equity Fund Monthly Update Ticker: USA November, 2017 Investment Approach Monthly Performance Fund Style: Large-Cap Core Performance NAV Market Price Discount Beginning of month value $6.76 $6.15 -9.0% 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. Distributions (Ex-Date November 16) $0.17 $0.17 End of month value $6.77 $6.09 -10.0% Performance for month 2.94% 1.79% Performance year-to-date 21.65% 30.00% Investment Managers:
Aristotle Capitol Management, LLC
Macquarie Investment Management
Pzena Investment Management, LLC
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 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. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.
Growth Managers: Sustainable Growth Advisers, LP TCW Investment Management Company Top 20 Holdings at Month-End (29.9% of equity portfolio) (Rank from previous month) 1 Visa, Inc., Class A (2) 2.1% 2 Facebook, Inc., Class A (1) 2.1% 3 Alphabet, Inc., Class C (3) 2.1% 4 Salesforce.com, Inc. (4) 2.0% 5 Adobe Systems, Inc. (5) 1.9% 6 Amazon.com, Inc. (6) 1.8% 7 Mondelez International, Inc., Class A (7) 1.7% 8 Bank of America Corp. (9) 1.5% 9 PayPal Holdings, Inc. (11) 1.4% 10 Equinix, Inc. (10) 1.3% 11 Lowe's Companies, Inc. (15) 1.3% 12 Chubb Ltd. (13) 1.3% 13 Starbucks Corp. (17) 1.3% 14 Halliburton Co. (12) 1.2% Net Assets at Month-End ($millions) 15 Oracle Corp. (14) 1.2% Total $1,300.0 16 The Home Depot, Inc. (42) 1.2% Equities $1,291.0 17 The Priceline Group, Inc. (8) 1.2% Percent Invested 99.3% 18 DowDuPont, Inc. (18) 1.1% 19 JPMorgan Chase & Co. (21) 1.1% Sector Breakdown (% of equity portfolio)* 20 Capital One Financial Corp. (19) 1.1% Information Technology 24.3% Holdings are subject to change. Financials 17.3% Health Care 15.1% Consumer Discretionary 13.4% Energy 8.6% Consumer Staples 6.6% Industrials 5.9% Materials 3.4% Real Estate 2.9% Utilities 1.3% Telecommunication Services 1.2% Total Market Value 100.0% *Based on Standard & Poor's and MSCI Barra
Global Industry Classification Standard (GICS).
New Holdings Holdings
Johnson Controls International PLC None Yum! Brands, Inc.
Liberty All-Star® Equity Fund