{"id":919774,"date":"2025-12-15T15:03:02","date_gmt":"2025-12-15T20:03:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/"},"modified":"2025-12-15T15:03:02","modified_gmt":"2025-12-15T20:03:02","slug":"liberty-all-star-equity-fund-november-2025-monthly-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/","title":{"rendered":"Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwdoublebottom { border-bottom: double black 2.25pt }\n.bwlistdisc { list-style-type: disc }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl10 { padding-left: 50px }\n.bwpadl5 { padding-left: 25px }\n.bwpadr0 { padding-right: 0px }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignt { vertical-align: top }\n.bwwidth100 { width: 100% }\n.bwwidth20 { width: 20% }\n.bwwidth40 { width: 40% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p>\nLiberty All-Star<sup>\u00ae<\/sup> Equity Fund November 2025 Monthly Update\n<\/p>\n<p>BOSTON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nBelow is the November 2025 Monthly Update for the Liberty All-Star Equity Fund (NYSE: USA).\n<\/p>\n<p><b>Liberty All-Star Equity Fund<br \/>\n<\/b><br \/>Ticker: USA<br \/>\n<br \/>Monthly Update, November 2025\n<\/p>\n<p><b>Investment Approach:<br \/>\n<\/b><br \/>Fund Style: Large-Cap Core<br \/>\n<br \/>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.\n<\/p>\n<p><b>Investment Managers:<br \/>\n<\/b><br \/>Value Managers:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAristotle Capital Management, LLC\n<\/li>\n<li>\nFiduciary Management, Inc.\n<\/li>\n<li>\nPzena Investment Management, LLC\n<\/li>\n<\/ul>\n<p>\nGrowth Managers:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nSustainable Growth Advisers, LP\n<\/li>\n<li>\nTCW Investment Management Company\n<\/li>\n<\/ul>\n<p><b>Top 20 Holdings at Month-End:<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>(38.3% of equity portfolio)<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n1\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nNVIDIA Corp.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4.9%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n2\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nMicrosoft Corp.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n3\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nAlphabet, Inc.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n4\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nAmazon.com, Inc.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n5\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nCapital One Financial Corp.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.1%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n6\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nBroadcom Inc.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n7\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nMeta Platforms, Inc.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n8\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nVisa, Inc.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.6%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n9\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nWells Fargo &amp; Co.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.4%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n10\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nCharles Schwab Corp.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.4%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n11\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nFresenius Medical Care AG\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n12\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nServiceNow, Inc.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n13\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nSony Group Corp.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n14\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nS&amp;P Global, Inc.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.2%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n15\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nCVS Health Corp.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.2%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n16\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nParker-Hannifin Corp.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.1%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n17\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nUnitedHealth Group, Inc.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.1%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n18\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nFerguson Enterprises, Inc.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.1%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n19\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nSynopsys, Inc.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.1%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n20\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nBooking Holdings, Inc.\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignt bwalignr bwpadl10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.0%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><i>Holdings are subject to change.<\/i><\/p>\n<p><b>Monthly Performance:<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwdoublebottom bwpadl0 bwwidth40 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nPerformance\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\nNAV\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\nMarket Price\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\nDiscount\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth40 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nBeginning of month value\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$6.99\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$6.31\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-9.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth40 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nDistributions (Ex-Date November 14<sup>th<\/sup>)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$0.17\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$0.17\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth40 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nEnd of month value\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$6.79\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$6.13\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-9.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth40 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nPerformance for month\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-0.17%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-0.16%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth40 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nPerformance year-to-date\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8.02%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-2.48%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth20 bwvertalignt bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Net Assets at Month-End ($millions):<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nTotal\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$2,023.6\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nEquities\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$2,023.2\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nPercent Invested\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n100.0%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Sector Breakdown* (% of equity portfolio):<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nInformation Technology\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nFinancials\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n18.9%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nHealth Care\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nConsumer Discretionary\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n11.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nIndustrials\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nCommunication Services\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7.1%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nMaterials\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nConsumer Staples\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nEnergy\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nUtilities\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.4%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nReal Estate\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nTotal Market Value\n<\/p>\n<\/td>\n<td class=\"bwpadr0 bwvertalignb bwpadl5\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n100.0%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><i>*Based on Standard &amp; Poor&#8217;s and MSCI Global Industry Classification Standard (GICS).<\/i><\/p>\n<p><b>New Holdings:<br \/>\n<\/b><br \/>Arch Capital Group, Ltd.<br \/>\n<br \/>Welltower, Inc.\n<\/p>\n<p><b>Holdings Liquidated:<br \/>\n<\/b><br \/>CarMax, Inc.<br \/>\n<br \/>Commerce Bancshares, Inc.<br \/>\n<br \/>Dexcom, Inc.<br \/>\n<br \/>Trade Desk, Inc.<br \/>\n<br \/>Zoetis, Inc.\n<\/p>\n<p><i>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\u2019s 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.<\/i><\/p>\n<p><i>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.<\/i><\/p>\n<p><i>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.<\/i><\/p>\n<p><i>Sources of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The final determination of the source of all distributions in 2025 for tax reporting purposes will be made after year end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund\u2019s investment experience during its fiscal year and may be subject to changes based on tax regulations. Based on current estimates a portion of the distributions consist of a return of capital. These estimates may not match the final tax characterization (for the full year\u2019s distributions) contained in shareholder 1099-DIV forms after the end of the year.<\/i><\/p>\n<p><i>All data is as of November 30, 2025 unless otherwise noted.<\/i><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20251215298444r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20251215298444\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20251215298444\/en\/<\/a><\/span><\/p>\n<p>\nLiberty All-Star\u00ae Equity Fund<br \/>\n<br \/>1-800-241-1850<br \/>\n<br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.all-starfunds.com%2F&amp;esheet=54377474&amp;newsitemid=20251215298444&amp;lan=en-US&amp;anchor=www.all-starfunds.com&amp;index=1&amp;md5=20aad8244b46a7df3621e328390d5eaa\">www.all-starfunds.com<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"mailto:libinfo@alpsinc.com\">libinfo@alpsinc.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Massachusetts United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Asset Management Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20251215298444\/en\/2670947\/3\/Business_Wire_Logo-_FINAL.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update BOSTON&#8211;(BUSINESS WIRE)&#8211; Below is the November 2025 Monthly Update for the Liberty All-Star Equity Fund (NYSE: USA). Liberty All-Star Equity Fund Ticker: USA Monthly Update, November 2025 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: Aristotle Capital Management, LLC Fiduciary Management, Inc. Pzena Investment Management, LLC Growth Managers: Sustainable Growth Advisers, LP TCW Investment Management Company Top 20 Holdings at Month-End: \u00a0 (38.3% of equity portfolio) \u00a0 1 NVIDIA Corp. 4.9% 2 Microsoft Corp. 4.7% 3 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-919774","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update BOSTON&#8211;(BUSINESS WIRE)&#8211; Below is the November 2025 Monthly Update for the Liberty All-Star Equity Fund (NYSE: USA). Liberty All-Star Equity Fund Ticker: USA Monthly Update, November 2025 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: Aristotle Capital Management, LLC Fiduciary Management, Inc. Pzena Investment Management, LLC Growth Managers: Sustainable Growth Advisers, LP TCW Investment Management Company Top 20 Holdings at Month-End: \u00a0 (38.3% of equity portfolio) \u00a0 1 NVIDIA Corp. 4.9% 2 Microsoft Corp. 4.7% 3 &hellip; Continue reading &quot;Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-15T20:03:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20251215298444r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liberty-all-star-equity-fund-november-2025-monthly-update\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liberty-all-star-equity-fund-november-2025-monthly-update\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update\",\"datePublished\":\"2025-12-15T20:03:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liberty-all-star-equity-fund-november-2025-monthly-update\\\/\"},\"wordCount\":624,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liberty-all-star-equity-fund-november-2025-monthly-update\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20251215298444r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liberty-all-star-equity-fund-november-2025-monthly-update\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liberty-all-star-equity-fund-november-2025-monthly-update\\\/\",\"name\":\"Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update - 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Liberty All-Star Equity Fund Ticker: USA Monthly Update, November 2025 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: Aristotle Capital Management, LLC Fiduciary Management, Inc. Pzena Investment Management, LLC Growth Managers: Sustainable Growth Advisers, LP TCW Investment Management Company Top 20 Holdings at Month-End: \u00a0 (38.3% of equity portfolio) \u00a0 1 NVIDIA Corp. 4.9% 2 Microsoft Corp. 4.7% 3 &hellip; Continue reading \"Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/","og_site_name":"Market Newsdesk","article_published_time":"2025-12-15T20:03:02+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20251215298444r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update","datePublished":"2025-12-15T20:03:02+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/"},"wordCount":624,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20251215298444r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-november-2025-monthly-update\/","name":"Liberty All-Star\u00ae Equity Fund November 2025 Monthly Update - 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