\nBelow is the December 2025 Monthly Update for the Liberty All-Star Growth Fund, Inc. (NYSE: ASG).<\/p>\n
Liberty All-Star Growth Fund, Inc.
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<\/b>Ticker: ASG
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Monthly Update, December 2025<\/p>\n
Investment Approach:
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<\/b>Fund Style: All-Cap Growth
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Fund Strategy: Combines three growth style investment managers, each with a distinct capitalization focus (small-, mid- and large-cap) selected and continuously monitored by the Fund\u2019s Investment Advisor.<\/p>\n
Investment Managers:<\/b><\/p>\n Top 20 Holdings at Month-End:<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n (38.0% of equity portfolio)<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n1<\/p>\n<\/td>\n \nNVIDIA Corp.<\/p>\n<\/td>\n \n5.0%<\/p>\n<\/td>\n<\/tr>\n \n2<\/p>\n<\/td>\n \nApple, Inc.<\/p>\n<\/td>\n \n3.7%<\/p>\n<\/td>\n<\/tr>\n \n3<\/p>\n<\/td>\n \nMicrosoft Corp.<\/p>\n<\/td>\n \n3.1%<\/p>\n<\/td>\n<\/tr>\n \n4<\/p>\n<\/td>\n \nAlphabet, Inc.<\/p>\n<\/td>\n \n2.8%<\/p>\n<\/td>\n<\/tr>\n \n5<\/p>\n<\/td>\n \nAmazon.com, Inc.<\/p>\n<\/td>\n \n2.2%<\/p>\n<\/td>\n<\/tr>\n \n6<\/p>\n<\/td>\n \nMeta Platforms, Inc.<\/p>\n<\/td>\n \n2.0%<\/p>\n<\/td>\n<\/tr>\n \n7<\/p>\n<\/td>\n \nFirstService Corp.<\/p>\n<\/td>\n \n1.7%<\/p>\n<\/td>\n<\/tr>\n \n8<\/p>\n<\/td>\n \nOllie\u2019s Bargain Outlet Holdings, Inc.<\/p>\n<\/td>\n \n1.6%<\/p>\n<\/td>\n<\/tr>\n \n9<\/p>\n<\/td>\n \nAscendis Pharma A\/S<\/p>\n<\/td>\n \n1.6%<\/p>\n<\/td>\n<\/tr>\n \n10<\/p>\n<\/td>\n \nArtivion, Inc.<\/p>\n<\/td>\n \n1.5%<\/p>\n<\/td>\n<\/tr>\n \n11<\/p>\n<\/td>\n \nNatera, Inc.<\/p>\n<\/td>\n \n1.5%<\/p>\n<\/td>\n<\/tr>\n \n12<\/p>\n<\/td>\n \nStepStone Group, Inc.<\/p>\n<\/td>\n \n1.4%<\/p>\n<\/td>\n<\/tr>\n \n13<\/p>\n<\/td>\n \nAAR Corp.<\/p>\n<\/td>\n \n1.4%<\/p>\n<\/td>\n<\/tr>\n \n14<\/p>\n<\/td>\n \nBroadcom Inc.<\/p>\n<\/td>\n \n1.3%<\/p>\n<\/td>\n<\/tr>\n \n15<\/p>\n<\/td>\n \nEli Lilly & Co.<\/p>\n<\/td>\n \n1.3%<\/p>\n<\/td>\n<\/tr>\n \n16<\/p>\n<\/td>\n \nEMCOR Group, Inc.<\/p>\n<\/td>\n \n1.2%<\/p>\n<\/td>\n<\/tr>\n \n17<\/p>\n<\/td>\n \nCurtiss-Wright Corp.<\/p>\n<\/td>\n \n1.2%<\/p>\n<\/td>\n<\/tr>\n \n18<\/p>\n<\/td>\n \nSemtech Corp.<\/p>\n<\/td>\n \n1.2%<\/p>\n<\/td>\n<\/tr>\n \n19<\/p>\n<\/td>\n \nACADIA Pharmaceuticals, Inc.<\/p>\n<\/td>\n \n1.2%<\/p>\n<\/td>\n<\/tr>\n \n20<\/p>\n<\/td>\n \nVertiv Holdings Co.<\/p>\n<\/td>\n \n1.1%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Holdings are subject to change.<\/i><\/p>\n Monthly Performance:<\/b><\/p>\n \nPerformance<\/p>\n<\/td>\n \nNAV<\/p>\n<\/td>\n \nMarket Price<\/p>\n<\/td>\n \nDiscount<\/p>\n<\/td>\n<\/tr>\n \nBeginning of month value<\/p>\n<\/td>\n \n$5.99<\/p>\n<\/td>\n \n$5.37<\/p>\n<\/td>\n \n-10.4%<\/p>\n<\/td>\n<\/tr>\n \nEnd of month value<\/p>\n<\/td>\n \n$5.86<\/p>\n<\/td>\n \n$5.30<\/p>\n<\/td>\n \n-9.6%<\/p>\n<\/td>\n<\/tr>\n \nPerformance for month<\/p>\n<\/td>\n \n-2.17%<\/p>\n<\/td>\n \n-1.30%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPerformance year-to-date<\/p>\n<\/td>\n \n4.58%<\/p>\n<\/td>\n \n2.12%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Net Assets at Month-End ($millions):<\/b><\/p>\n \nTotal<\/p>\n<\/td>\n \n$368.3<\/p>\n<\/td>\n<\/tr>\n \nEquities<\/p>\n<\/td>\n \n$367.5<\/p>\n<\/td>\n<\/tr>\n \nPercent Invested<\/p>\n<\/td>\n \n99.8%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Sector Breakdown* (% of equity portfolio):<\/b><\/p>\n \nInformation Technology<\/p>\n<\/td>\n \n28.6%<\/p>\n<\/td>\n<\/tr>\n \nIndustrials<\/p>\n<\/td>\n \n22.7%<\/p>\n<\/td>\n<\/tr>\n \nHealth Care<\/p>\n<\/td>\n \n16.8%<\/p>\n<\/td>\n<\/tr>\n \nConsumer Discretionary<\/p>\n<\/td>\n \n12.3%<\/p>\n<\/td>\n<\/tr>\n \nFinancials<\/p>\n<\/td>\n \n9.8%<\/p>\n<\/td>\n<\/tr>\n \nCommunication Services<\/p>\n<\/td>\n \n6.3%<\/p>\n<\/td>\n<\/tr>\n \nReal Estate<\/p>\n<\/td>\n \n2.1%<\/p>\n<\/td>\n<\/tr>\n \nConsumer Staples<\/p>\n<\/td>\n \n1.4%<\/p>\n<\/td>\n<\/tr>\n \nTotal Market Value<\/p>\n<\/td>\n \n100.0%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n *Based on Standard & Poor’s and MSCI Global Industry Classification Standard (GICS).<\/i><\/p>\n New Holdings: Holdings Liquidated: 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 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 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 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 All data is as of December 31, 2025 unless otherwise noted.<\/i><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260116087420\/en\/<\/a><\/span><\/p>\n \nLiberty All-Star\u00ae Growth Fund, Inc. KEYWORDS:<\/b> Massachusetts United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Asset Management Professional Services Finance<\/p>\n\n
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Small-Cap Growth<\/p>\n<\/li>\n
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Mid-Cap Growth<\/p>\n<\/li>\n
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Large-Cap Growth<\/p>\n<\/li>\n<\/ul>\n\n
\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n
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Transcat, Inc.
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TransDigm Group, Inc.<\/p>\n<\/p>\n
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1-800-241-1850
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www.all-starfunds.com
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libinfo@alpsinc.com<\/a><\/p>\n
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