Overview of Liberty All-Star Growth Fund, Inc.
Liberty All-Star Growth Fund, Inc. (NYSE: ASG) regularly updates investors on their portfolio performance, strategy, and key holdings. This article summarizes the fund's insights and performance for September 2024, allowing current and potential investors to stay informed about developments in the investment landscape.
Investment Strategy and Approach
The Liberty All-Star Growth Fund employs an all-cap growth investment style that capitalizes on the expertise of three distinct growth-oriented investment managers. Each manager focuses on a different market capitalization segment: small-cap, mid-cap, and large-cap. This multi-manager approach is designed to deliver consistent investment performance while diversifying risk.
Investment Managers
The fund's investment managers include:
- Weatherbie Capital, LLC, specializing in Small-Cap Growth
- Congress Asset Management Company, LLP, focusing on Mid-Cap Growth
- Westfield Capital Management Company, L.P., centered on Large-Cap Growth
Top 20 Holdings at Month-End
As of the end of September 2024, the fund's top holdings highlighted a blend of technology and consumer-focused companies that are driving significant growth:
- NVIDIA Corp. - 4.0%
- Apple, Inc. - 3.1%
- Microsoft Corp. - 2.9%
- Amazon.com, Inc. - 2.8%
- Alphabet, Inc. - 2.2%
- Meta Platforms, Inc. - 2.1%
- Ollie's Bargain Outlet Holdings, Inc. - 2.0%
- FirstService Corp. - 2.0%
- SPS Commerce, Inc. - 1.9%
- Natera, Inc. - 1.9%
- Casella Waste Systems, Inc. - 1.8%
- Hamilton Lane, Inc. - 1.7%
- StepStone Group, Inc. - 1.6%
- Visa, Inc. - 1.4%
- Glaukos Corp. - 1.3%
- Upstart Holdings, Inc. - 1.2%
- TransDigm Group, Inc. - 1.2%
- Casey's General Stores, Inc. - 1.1%
- Tandem Diabetes Care, Inc. - 1.1%
- Booz Allen Hamilton Holding Corp. - 1.1%
Monthly Performance Summary
The performance metrics for September 2024 reveal the following:
| Performance | NAV | Market Price | Discount |
|---|---|---|---|
| Beginning of month value | $6.03 | $5.61 | -7.0% |
| End of month value | $5.96 | $5.56 | -6.7% |
| Performance for month | -1.16% | -0.89% | |
| Performance year-to-date | 10.60% | 12.36% |
Net Assets Breakdown
At month-end, the fund reported net assets as follows:
| Total | $361.4 million |
|---|---|
| Equities | $352.4 million |
| Percent Invested | 97.5% |
Sector Breakdown
The fund's investment strategy reflects a diversified exposure across various sectors:
- Information Technology: 29.3%
- Health Care: 17.4%
- Industrials: 17.3%
- Financials: 12.7%
- Consumer Discretionary: 9.7%
- Communication Services: 5.9%
- Consumer Staples: 3.9%
- Real Estate: 2.0%
- Materials: 1.0%
- Energy: 0.8%
This diversified approach is crucial in navigating market fluctuations and capitalizing on growth opportunities.
Recent Changes in Holdings
New investments have been made in:
- Eli Lilly & Co.
- MarketAxess Holdings, Inc.
Conversely, the following holdings have been liquidated:
- Avery Dennison Corp.
- Charles River Laboratories International, Inc.
- CoStar Group, Inc.
- Ulta Beauty, Inc.
Understanding NAV and Market Price
The net asset value (NAV) indicates the market value of the investments minus any liabilities, and it reflects how the fund is valued overall. It's essential to understand that market conditions can cause discrepancies between NAV and market prices, where premiums or discounts might apply.
Summary and Conclusion
Performance figures and holdings reflect the strategic approach of Liberty All-Star Growth Fund, Inc., continually adapting and aiming for growth opportunities in the market.
Frequently Asked Questions
What is the investment style of Liberty All-Star Growth Fund?
The fund utilizes an all-cap growth style, focusing on small-, mid-, and large-cap investments.
Who are the investment managers for the fund?
The investment managers include Weatherbie Capital, Congress Asset Management, and Westfield Capital Management.
What were the top holdings at month-end?
The top holdings included NVIDIA, Apple, and Microsoft, reflecting a focus on technology and innovation.
How did the fund perform in September?
The fund had a performance of -1.16% for the month, against a backdrop of ongoing market volatility.
What is NAV and why is it important?
NAV represents the value of the fund's assets minus liabilities, providing insights into the fund's performance relative to its market price.
