{"id":928285,"date":"2026-01-16T17:03:30","date_gmt":"2026-01-16T22:03:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-december-2025-monthly-update\/"},"modified":"2026-01-16T17:03:30","modified_gmt":"2026-01-16T22:03:30","slug":"liberty-all-star-equity-fund-december-2025-monthly-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-december-2025-monthly-update\/","title":{"rendered":"Liberty All-Star\u00ae Equity Fund December 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.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.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth12 { width: 12% }\n.bwwidth20 { width: 20% }\n.bwwidth30 { width: 30% }\n.bwwidth40 { width: 40% }\n.bwwidth45 { width: 45% }\n.bwwidth50 { width: 50% }\n.bwwidth70 { width: 70% }\n.bwwidth78 { width: 78% }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\u00ae Equity Fund December 2025 Monthly Update<\/p>\n<p>BOSTON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nBelow is the December 2025 Monthly Update for the Liberty All-Star Equity Fund (NYSE: USA).<\/p>\n<p><b>Liberty All-Star Equity Fund<br \/>\n<br \/><\/b>Ticker: USA<br \/>\n<br \/>Monthly Update, December 2025<\/p>\n<p><b>Investment Approach:<br \/>\n<br \/><\/b>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.<\/p>\n<p><b>Investment Managers:<br \/>\n<br \/><\/b>Value Managers:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAristotle Capital Management, LLC<\/p>\n<\/li>\n<li>\nFiduciary Management, Inc.<\/p>\n<\/li>\n<li>\nPzena Investment Management, LLC<\/p>\n<\/li>\n<\/ul>\n<p>\nGrowth Managers:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nSustainable Growth Advisers, LP<\/p>\n<\/li>\n<li>\nTCW Investment Management Company<\/p>\n<\/li>\n<\/ul>\n<p><b>Top 20 Holdings at Month-End:<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth45\">\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(38.1% of equity portfolio)<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n1<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNVIDIA Corp.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n2<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nMicrosoft Corp.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n3<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAlphabet, Inc.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n4<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmazon.com, Inc.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n5<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCapital One Financial Corp.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n6<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nMeta Platforms, Inc.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n7<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nVisa, Inc.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n8<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCharles Schwab Corp.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n9<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nWells Fargo &amp; Co.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n10<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBroadcom Inc.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n11<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nFresenius Medical Care AG<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n12<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nS&amp;P Global, Inc.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n13<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nServiceNow, Inc.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n14<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSynopsys, Inc.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n15<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCVS Health Corp.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n16<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nParker-Hannifin Corp.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n17<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSony Group Corp.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n18<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nUnitedHealth Group, Inc.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n19<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBooking Holdings, Inc.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n20<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth78\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBaxter International, Inc.<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.0%<\/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=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPerformance<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nNAV<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMarket Price<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nDiscount<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBeginning of month value<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$6.79<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$6.13<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-9.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEnd of month value<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$6.84<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$6.28<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-8.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPerformance for month<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.74%<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.45%<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPerformance year-to-date<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8.80%<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-0.11%<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth20 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/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 bwwidth40\">\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$2,061.7<\/p>\n<\/td>\n<td class=\"bwwidth30\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEquities<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$2,022.5<\/p>\n<\/td>\n<td class=\"bwwidth30\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPercent Invested<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n98.1%<\/p>\n<\/td>\n<td class=\"bwwidth30\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><b>Sector Breakdown* (% of equity portfolio):<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth40\">\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInformation Technology<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nFinancials<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nHealth Care<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nConsumer Discretionary<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIndustrials<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCommunication Services<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nMaterials<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nConsumer Staples<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEnergy<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nUtilities<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nReal Estate<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal Market Value<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n100.0%<\/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<br \/><\/b>IDEXX Laboratories, Inc.<br \/>\n<br \/>McCormick &amp; Co., Inc.<\/p>\n<p><b>Holdings Liquidated:<br \/>\n<br \/><\/b>Constellation Brands, Inc.<\/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 December 31, 2025 unless otherwise noted.<\/i><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260116202294r1&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\/20260116202294\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20260116202294\/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=54398862&amp;newsitemid=20260116202294&amp;lan=en-US&amp;anchor=www.all-starfunds.com&amp;index=1&amp;md5=3d292baaa2938959e425d7db3c26bf4a\">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\/20260116202294\/en\/2694783\/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 December 2025 Monthly Update BOSTON&#8211;(BUSINESS WIRE)&#8211; Below is the December 2025 Monthly Update for the Liberty All-Star Equity Fund (NYSE: USA). Liberty All-Star Equity Fund Ticker: USA Monthly Update, December 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 (38.1% of equity portfolio) \u00a0 1 NVIDIA Corp. 5.0% 2 Microsoft Corp. 4.5% 3 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-december-2025-monthly-update\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Liberty All-Star\u00ae Equity Fund December 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-928285","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Liberty All-Star\u00ae Equity Fund December 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-december-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 December 2025 Monthly Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Liberty All-Star\u00ae Equity Fund December 2025 Monthly Update BOSTON&#8211;(BUSINESS WIRE)&#8211; Below is the December 2025 Monthly Update for the Liberty All-Star Equity Fund (NYSE: USA). Liberty All-Star Equity Fund Ticker: USA Monthly Update, December 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 (38.1% of equity portfolio) \u00a0 1 NVIDIA Corp. 5.0% 2 Microsoft Corp. 4.5% 3 &hellip; Continue reading &quot;Liberty All-Star\u00ae Equity Fund December 2025 Monthly Update&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-december-2025-monthly-update\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-16T22:03:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260116202294r1&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-december-2025-monthly-update\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liberty-all-star-equity-fund-december-2025-monthly-update\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Liberty All-Star\u00ae Equity Fund December 2025 Monthly Update\",\"datePublished\":\"2026-01-16T22:03:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liberty-all-star-equity-fund-december-2025-monthly-update\\\/\"},\"wordCount\":610,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liberty-all-star-equity-fund-december-2025-monthly-update\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20260116202294r1&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-december-2025-monthly-update\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/liberty-all-star-equity-fund-december-2025-monthly-update\\\/\",\"name\":\"Liberty All-Star\u00ae Equity Fund December 2025 Monthly Update - 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Liberty All-Star Equity Fund Ticker: USA Monthly Update, December 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 (38.1% of equity portfolio) \u00a0 1 NVIDIA Corp. 5.0% 2 Microsoft Corp. 4.5% 3 &hellip; Continue reading \"Liberty All-Star\u00ae Equity Fund December 2025 Monthly Update\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-december-2025-monthly-update\/","og_site_name":"Market Newsdesk","article_published_time":"2026-01-16T22:03:30+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260116202294r1&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-december-2025-monthly-update\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-december-2025-monthly-update\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Liberty All-Star\u00ae Equity Fund December 2025 Monthly Update","datePublished":"2026-01-16T22:03:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-december-2025-monthly-update\/"},"wordCount":610,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-december-2025-monthly-update\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260116202294r1&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-december-2025-monthly-update\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/liberty-all-star-equity-fund-december-2025-monthly-update\/","name":"Liberty All-Star\u00ae Equity Fund December 2025 Monthly Update - 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