BOSTON, MA -- (Marketwired) -- 06/11/15 -- Below is the May 2015 Monthly Update for the Liberty All-Star® Equity Fund. (NYSE: USA)
Liberty All-Star Equity Fund Monthly Update
Ticker: USA May, 2015
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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(29.6% of equity portfolio)
(Rank from previous month)
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1 JPMorgan Chase & Co. (1) 2.4%
2 State Street Corp. (2) 2.3%
3 Citigroup, Inc. (4) 1.7%
4 Salesforce.com, Inc. (3) 1.7%
5 Facebook, Inc., Class A (7) 1.6%
6 Google, Inc., Class A & C (5) 1.6%
7 SunTrust Banks, Inc. (8) 1.5%
8 Microsoft Corp. (6) 1.5%
9 Apple, Inc. (10) 1.5%
10 Visa, Inc., Class A (9) 1.4%
11 MetLife, Inc. (12) 1.3%
12 Amazon.com, Inc. (11) 1.3%
13 Hewlett-Packard Co. (13) 1.3%
14 PulteGroup, Inc. (15) 1.3%
15 Alexion Pharmaceuticals, Inc. (23) 1.3%
16 American International Group, Inc. (18) 1.2%
17 Marriott International, Inc., Class A (14) 1.2%
18 The Walt Disney Co. (17) 1.2%
19 Gilead Sciences, Inc. (27) 1.2%
20 Weatherford International Ltd. (16) 1.1%
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Holdings are subject to change.
Monthly Performance
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Performance NAV Market Price Discount
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Beginning of month value $6.70 $5.84 12.8%
Distributions - -
End of month value $6.74 $5.87 12.9%
Performance for month 0.60% 0.51%
Performance year-to-date 2.59% 2.19%
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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 includes dividends, and are net of Fund Expenses. The Fund's performance is 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 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 $1,212.0
Equities $1,201.4
Percent Invested 99.1%
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Sector Breakdown (% of equity portfolio)*
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Financials 28.9%
Information Technology 21.1%
Consumer Discretionary 16.8%
Health Care 11.7%
Energy 10.5%
Consumer Staples 5.5%
Industrials 4.7%
Materials 0.8%
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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Harley-Davidson, Inc. Avnet, Inc.
HMS Holdings Corp. Hologic, Inc.
Viacom, Inc., Class B Micron Technology, Inc.
Virtu Financial, Inc., Class A
Contact Information:
Liberty All-Star Equity Fund
1-800-241-1850
www.all-starfunds.com
