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Liberty All-Star(R) Growth Fund, Inc. May 2013 Monthly Update

June 17, 2013 - BOSTON, MA

Below is the May 2013 Monthly Update for the Liberty All-Star® Growth Fund, Inc. (NYSE: ASG)

Liberty All-Star Growth Fund Monthly Update
Ticker: ASG May, 2013

Investment Approach

Fund Style: All-Cap Growth

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's Investment Advisor.

Investment Managers:
M.A. Weatherbie & Company, Inc.
Small-Cap Growth | Matthew A. Weatherbie, CFA TCW
Investment Management Company Mid-Cap Growth | Chang Lee and Mike Olson, CFA
Large-Cap Growth | Craig C. Blum, CFA

 Top 20 Holdings at Month-End---------------------------------------------------------------------------- (32.9% of equity portfolio) (Rank from previous month)---------------------------------------------------------------------------- 1 ACE Ltd. (1) 2.4% 2, Inc. (5) 2.0% 3 Oceaneering International, Inc. (2) 1.9% 4 Fastenal Co. (6) 1.9% 5 Cerner Corp. (9) 1.8% 6 QUALCOMM, Inc. (8) 1.7% 7 Intuitive Surgical, Inc. (10) 1.7% 8 ARM Holdings PLC (4) 1.7% 9 LinkedIn Corp., Class A (3) 1.6%10 Under Armour, Inc., Class A (11) 1.6%11 Google, Inc., Class A (13) 1.6%12 American Tower Corp. (7) 1.6%13 BioMarin Pharmaceutical, Inc. (18) 1.5%14, Inc. (20) 1.5%15 Signature Bank (15) 1.5%16 Starbucks Corp. (14) 1.4%17 Core Laboratories N.V. (12) 1.4%18 Visa, Inc., Class A (17) 1.4%19 Splunk, Inc. (36) 1.4%20 Precision Castparts Corp. (24) 1.3%---------------------------------------------------------------------------- Holdings are subject to change. Monthly Performance----------------------------------------------------------------------------Performance NAV Market Price DiscountBeginning of month value $4.92 $4.45 9.6%Distributions (Ex-Date May 1) $0.07 $0.07End of month value $5.03 $4.56 9.3%Performance for month 3.81% 4.04%Performance year-to-date 14.34% 15.91% 

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 include dividends, after deducting Fund expenses. The Fund's performance is calculated assuming that a shareholder reinvested all distributions and exercised all primary rights in the Fund's rights offerings. 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.

 Net Assets at Month-End ($millions)----------------------------------------------------------------------------Total $116.6Equities $114.7Percent Invested 98.4%---------------------------------------------------------------------------- Sector Breakdown (% of equity portfolio)*---------------------------------------------------------------------------- Information Technology 30.5% Consumer Discretionary 17.9% Industrials 15.9% Health Care 10.5% Financials 10.4% Energy 6.0% Consumer Staples 5.1% Materials 2.1% Telecommunication Services 1.6% Total Market Value 100.0%----------------------------------------------------------------------------*Based on Standard & Poor's and MSCI Barra GlobalIndustry Classification Standard (GICS). New Holdings Holdings Liquidated------------------------------------- ------------------------------------- Aruba Networks, Inc. Affiliated Managers Group, Inc. FEI Co. Apple, Inc. NetSuite, Inc. Life Technologies Corp. ServiceNow, Inc. Lufkin Industries, Inc. Occidental Petroleum Corp. Rackspace Hosting, Inc. Vertex Pharmaceuticals, Inc. 

Contact Information:
Liberty All-Star Growth Fund, Inc.


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