Liberty All-Star Fund

What Liberty All-Star Fund does

Liberty All-Star Funds is an investment company comprising two NYSE-listed closed-end funds: Liberty All-Star Equity Fund (USA), founded in 1986 as the first closed-end fund to bring multi-management to individual investors, and Liberty All-Star Growth Fund (ASG), established in 1997. Both funds employ a multi-manager architecture, allocating assets on approximately an equal basis among several independent investment management firms with differing strategies, under the oversight of ALPS Advisors, Inc., which provides advisor monitoring and periodic rebalancing. The Equity Fund combines three value-style managers (Aristotle Capital Management, Fiduciary Management, Pzena Investment Management) and two growth-style managers (Loomis Sayles, TCW Investment Management) for a large-cap core equity mandate, while the Growth Fund uses managers across small-cap, mid-cap, and large-cap growth segments for an all-cap growth mandate. Combined assets under management were approximately $2.4 billion as of May 2026 ($2,029.3M Equity, $385.4M Growth), with both funds trading at meaningful discounts to NAV (11.2% and 11.9% respectively).

The funds generate revenue through management fees paid to ALPS Advisors, which in turn pays sub-advisory fees to the underlying managers on a tiered basis (the recently disclosed Loomis Sayles schedule ranges from 0.40% down to 0.292% of AUM). Distribution policies are fixed at approximately 10% of NAV annually (2.5% quarterly) for the Equity Fund and approximately 8% (2% quarterly) for the Growth Fund, paid regardless of underlying investment income. The funds serve individual and income-focused investors seeking institutional-quality multi-manager diversification, with secondary-market trading liquidity on the NYSE and optional direct share purchase and automatic dividend reinvestment through Computershare. Shares do not continuously issue; investors transact through brokerage intermediaries in the secondary market. The company is headquartered in Denver, CO, and reported headcount of 51–100.

Name

Liberty All-Star Fund

Legal name

Liberty All-Star Funds

Website

https://all-starfunds.com

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

51–100 employees

Short description

Liberty All-Star Funds operates two NYSE-listed closed-end funds (Equity Fund USA, Growth Fund ASG) using a multi-manager structure of independent sub-advisers overseen by ALPS Advisors, serving individual investors with institutional-quality diversified equity exposure.

Ownership category

akta.pro rank

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Management Fees: The funds generate revenue through management fees paid to ALPS Advisors, Inc. as the investment advisor. ALPS Advisors pays sub-advisory fees to the multiple investment management firms managing portions of the portfolio.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Liberty All-Star Funds is a multi-managed, closed-end investment company comprising two NYSE-listed funds: Liberty All-Star Equity Fund (USA) and Liberty All-Star Growth Fund (ASG). The funds allocate portfolio assets on approximately equal basis among multiple independent investment management organizations with different styles (three value and two growth managers for Equity; small-cap, mid-cap, and large-cap growth managers for Growth), under the oversight and periodic rebalancing of ALPS Advisors, Inc.

Product overview

Liberty All-Star Funds consists of two closed-end investment funds: Liberty All-Star Equity Fund (USA) and Liberty All-Star Growth Fund (ASG), both listed on the NYSE. The Equity Fund is a large-cap core, multi-managed fund with five independent investment managers (three value and two growth), while the Growth Fund is an all-cap growth fund with three managers covering small-cap, mid-cap, and large-cap segments. Both funds are managed by ALPS Advisors, Inc. and offer shareholder services including dividend reinvestment plans through Computershare. The funds provide regular reporting through monthly updates and quarterly fact sheets.

Differentiator

Problem solved

Functional benefit

Products and services

• Liberty All-Star Equity Fund (USA) A multi-managed, closed-end investment company that allocates portfolio assets on approximately equal basis among five independent investment management organizations (three value style and two growth style managers) recommended and monitored by ALPS Advisors, Inc. The fund focuses on large-cap core equity investing and pays distributions of approximately 10% of NAV annually in quarterly installments. Listed on NYSE under ticker USA.
• Liberty All-Star Growth Fund (ASG) A multi-managed, closed-end investment company that allocates portfolio assets among three independent investment organizations covering small-cap, mid-cap, and large-cap growth segments, recommended and monitored by ALPS Advisors, Inc. The fund follows an all-cap growth investment strategy and pays distributions of approximately 8% of NAV annually in quarterly installments. Listed on NYSE under ticker ASG.
• Automatic Dividend Reinvestment and Direct Purchase Plan A shareholder service offered through Computershare (the transfer agent) that allows shareholders to reinvest quarterly dividend payments in additional shares and to purchase or sell shares directly without going through a brokerage.

Quantifiable outcome

• Liberty All-Star Equity Fund (USA) yield of approximately 11.4%
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Loomis, Sayles & Company, L.P. (sub-advisory agreement)coreImplementation/ SI/ Consulting Partner · 26 August 2026New sub-advisory agreement pending shareholder approval on August 26, 2026. Fee structure ranges from 0.40% down to 0.292% based on asset tiers, paid by ALPS Advisors, Inc. to Loomis Sayles. Proxy solicitation costs estimated at $315,000.
• Loomis, Sayles & Company, L.P.coreStrategic or Co-development Partner · 15 June 2026Growth manager for Liberty All-Star Equity Fund effective June 15, 2026, replacing Sustainable Growth Advisers, LP. Led by Aziz Hamzaogullari, CFA, practicing large capitalization growth investment style seeking high-quality businesses trading at discounts to intrinsic value.
• Congress Asset Management Company, LLPcoreStrategic or Co-development Partner · 1 April 2026Investment manager for Liberty All-Star Growth Fund's small-cap growth segment (effective April 1, 2026, replacing Weatherbie Capital) and mid-cap growth segment. Small-cap team led by Gregg O'Keefe, CFA; Mid-cap team led by Eric Meyers, CFA.
• ALPS Advisors, Inc.coreStrategic or Co-development PartnerServes as the Funds' investment advisor with ultimate authority over investment managers, overseeing hiring, termination and replacement. Performs monitoring and periodic rebalancing to maintain fund structural integrity.
• Aristotle Capital Management, LLCcoreStrategic or Co-development PartnerValue manager for Liberty All-Star Equity Fund, seeking to own high-quality, attractively valued companies that possess catalysts for positive change. Portfolio managers: Howard Gleicher, CFA & Greg Padilla, CFA.
• Fiduciary Management, Inc.coreStrategic or Co-development PartnerValue manager for Liberty All-Star Equity Fund, seeking to invest in durable business franchises that are selling at low valuations and a significant discount to their intrinsic value. Portfolio managers: Benjamin D. Karek, CFA & Jonathan T. Bloom, CFA.
• Pzena Investment Management, LLCcoreStrategic or Co-development PartnerValue manager for Liberty All-Star Equity Fund, seeking to invest in companies with low price-to-normalized earnings ratios that have the ability to generate earnings recovery. Portfolio managers: Richard S. Pzena, John J. Flynn, Daniel L. Babkes & Benjamin S. Silver, CFA.
• TCW Investment Management CompanycoreStrategic or Co-development PartnerGrowth manager for Liberty All-Star Equity Fund, seeking to invest in companies that have superior sales growth, leading and/or rising market shares, and high and/or rising profit margins. Portfolio managers: Brandon Bond, CFA, Brian McNamara & Bo Fifer, CFA.
• Westfield Capital Management Company, L.P.coreStrategic or Co-development PartnerLarge-cap growth manager for Liberty All-Star Growth Fund, seeking to invest in companies with underappreciated earnings growth trading at reasonable valuations. Portfolio managers: William Muggia, Ted Richardson, Matt Renna & Richard Lee, CFA.
• ComputershareminorChannel Partner/ Reseller/ DistributorTransfer agent for the Funds, handling share registration, dividend reinvestment plan administration, and direct share purchase/sale capabilities. Contact: 1-800-542-3863.

Scale indicators5 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Adams Diversified Equity Fund: Multi-managed closed-end equity fund distributing ~6-9% annually, with multiple independent investment managers. Closest structural analog to Liberty All-Star's multi-manager approach but without dedicated growth sub-fund.
• Tri-Continental Corporation: Oldest diversified multi-managed closed-end fund in the U.S. (founded 1929), with similar multi-manager equity structure, quarterly distributions, and NYSE listing. Operated by T. Rowe Price subsidiaries.
• Central Securities Corporation: Closely-held, multi-managed closed-end equity fund with diversified investment approach overseen by an investment adviser. Comparable in structure and individual investor focus to Liberty All-Star.

Broad incumbents

• Eaton Vance Tax-Managed Diversified Equity Income Fund: Large equity income closed-end fund (~$1.7B AUM) distributing ~6-7% annually, managed by Eaton Vance with multiple internal teams. Competes directly with USA in the equity-income CEF category.
• BlackRock Enhanced Capital and Income Fund: BlackRock-managed CEF (~1B+ AUM) using covered-call overlay on multi-manager equity portfolio. Competes with Liberty All-Star Equity Fund in income-oriented equity CEF category.
• Gabelli Dividend & Income Trust: Large multi-manager dividend CEF managed by GAMCO with multiple portfolio managers across styles. Comparable distribution policy and NYSE listing; competing equity-income CEF.

Emerging players

• Royce Investment Partners - Royce Value Trust: Small-cap value closed-end fund (RVT), NYSE-listed, multi-manager in approach with several internal portfolio managers. Comparable CEF structure but focused on small-cap value rather than diversified multi-cap.
• John Hancock Tax-Advantaged Dividend Income Fund: Equity CEF focused on dividend-paying equities, multi-manager structure with Manulife John Hancock. Competes in the same equity-income CEF category with similar distribution yield targets.
• Boulder Growth & Income Fund: Multi-managed CEF using independent sub-advisers with quarterly income distributions. Smaller and more activist-oriented competitor in the multi-manager equity CEF category.

Others

• Computershare Limited: Transfer agent and dividend reinvestment plan administrator for Liberty All-Star Funds and many other CEFs. Enabling infrastructure provider rather than a competitive peer, but deeply connected to fund operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/liberty-growth-i

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liberty All-Star Fund