Liberty All-Star(R) Equity Fund March 2014 Monthly Update
Apr 10, 2014 13:58:00 (ET)
Liberty All-Star(R) Equity Fund March 2014 Monthly Update
BOSTON, MA--(Marketwired - Apr 10, 2014) - Below is the March 2014 Monthly Update for the Liberty All-Star(R) Equity Fund. (NYSE: USA)
Liberty All-Star Equity Fund Monthly Update
Ticker: USA March, 2014
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:
Matrix Asset Advisors, Inc.
Pzena Investment Management, LLC
Schneider Capital Management Corporation
Growth Managers:
Cornerstone Capital Management LLC
TCW Investment Management Company
Top 20 Holdings at Month-End
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(31.5% of equity portfolio)
(Rank from previous month)
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1 Google, Inc., Class A (1) 2.3%
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2 JPMorgan Chase & Co. (2) 2.3%
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3 Schlumberger Ltd. (3) 2.2%
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4 Salesforce.com, Inc. (4) 2.0%
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5 Bank of America Corp. (5) 1.8%
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6 Hewlett-Packard Co. (7) 1.7%
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7 Citigroup, Inc. (
1.7%
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8 SunTrust Banks, Inc. (9) 1.6%
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9 Amazon.com, Inc. (6) 1.5%
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10 MetLife, Inc. (11) 1.5%
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11 Starbucks Corp. (13) 1.4%
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12 QUALCOMM, Inc. (12) 1.4%
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13 Visa, Inc., Class A (10) 1.4%
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14 Devon Energy Corp. (15) 1.3%
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15 American International Group, Inc. (16) 1.3%
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16 State Street Corp. (23) 1.3%
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17 Microsoft Corp. (1 1.2%
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18 Precision Castparts Corp. (21) 1.2%
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19 Weatherford International Ltd. (17) 1.2%
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20 TE Connectivity Ltd. (20) 1.2%
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Holdings are subject to change.
Monthly Performance
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Performance NAV Market Price Discount
-------------------------- ------ ------------ --------
Beginning of month value $6.70 $5.99 10.6%
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Distributions - -
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End of month value $6.67 $5.88 11.8%
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Performance for month -0.45% -1.84%
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Performance year-to-date 1.11% 0.18%
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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.
Returns for the Fund are total returns, which include
dividends. Performance returns are net of fees and
expenses. The Fund's performance is calculated assuming
that a shareholder reinvested all distributions and
exercised all primary rights in the Fund's rights
offerings. 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 net investment income,
net realized short-term capital gains, net realized
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 the remainder of 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, available at www.all-starfunds.com.
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.
Net Assets at Month-End ($millions)
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Total $1,176.8
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Equities $1,141.8
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Percent Invested 97.0%
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Sector Breakdown (% of equity portfolio)*
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Financials 28.1%
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Information Technology 17.9%
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Consumer Discretionary 15.3%
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Energy 14.5%
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Health Care 10.8%
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Industrials 6.7%
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Consumer Staples 4.6%
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Materials 1.6%
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Utilities 0.5%
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Total Market Value 100.0%
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*Based on Standard & Poor's and MSCI Barra Global
Industry Classification Standard (GICS).
New Holdings Holdings Liquidated
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Alexion Pharmaceuticals, Inc. Archer-Daniels-Midland Co.
Illumina, Inc. Citrix Systems, Inc.
Kate Spade & Co. Genworth Financial, Inc., Class A
Office Depot, Inc. Joy Global, Inc.
Pharmacyclics, Inc. Praxair, Inc.
Symantec Corp. Triumph Group, Inc.
WellPoint, Inc.
Contact Information:
Liberty All-Star Equity Fund
1-800-241-1850
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