In plain terms — Liberty All Star Equity Fund
Shares currently cost about 11.8% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 10.5% discount, so today's level is somewhat wide for this fund (Z-score -1.4). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 11.4% a year of the share price (10.0% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.13 of assets — a ReinvestCapture™ rate of 12.9%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 8.2% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -12.13% | 0.56% | -0.47 | 64 |
| 6 months | -11.64% | 0.88% | -0.86 | 126 |
| 1 year | -10.49% | 1.38% | -1.38 | 249 |
| 3 years | -4.98% | — | — | — |
| 5 years | -2.29% | — | — | — |
Current contemporaneous premium/discount -12.39% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -13.41% to -7.95%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -0.34% | -1.34% | -6.53% | -6.83% | +0.06% | -7.20% |
| Market price total return | -0.34% | +1.55% | +1.60% | +4.12% | +11.07% | +2.68% |
| NAV return | +0.59% | +1.65% | -0.88% | -2.16% | +3.87% | -3.64% |
| NAV total return | +0.59% | +4.28% | +6.86% | +8.20% | +14.81% | +6.50% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Liberty All-Star Equity Fund operates as a closed-end investment vehicle focused on equities. ALPS Advisers, Inc. serves as its principal manager, with co-management responsibilities shared among Aristotle Capital Management, LLC, Pzena Investment Management, LLC, Delaware Investments Fund Advisers, Sustainable Growth Advisers, LP, and TCW Investment Management Company. The fund's strategy involves allocating capital to public companies within the United States, specifically targeting a diverse array of sectors. Its primary focus is on large-capitalization stocks, embracing both value and growth investment philosophies. To assess its performance, the fund compares its portfolio against the Lipper Large-Cap Core Mutual Fund Average, the Dow Jones Industrial Average, the NASDAQ Composite Index, and the S&P 500 Index. This U.S.-domiciled fund was established on October 31, 1986.
CEF Explorer research page for Liberty All Star Equity Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.