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Liberty All-Star Equity Fund (ticker: USA) is a closed end fund that uses a multi-management strategy- assets are allocated to five different managers with different investment styles. But unlike a fund-of-fund arrangement, you only pay one management fee. Vanguard has also used this arrangement with some of their larger funds.

The five asset managers currently used are:
-Matrix Asset Advisors, Inc. Value David A. Katz, CFA
-Pzena Investment Management, LLC Value Antonio DeSpirito III
-Schneider Capital Management Value Arnold C. Schneider III, CFA
-Chase Investment Counsel Corp. Growth David B. Scott, CFA, CIC
-TCW Investment Management Company Growth Craig C. Blum, CFA
Each manager runs about 20% of the fund assets. Here is a July update of their portfolio-
Here is a quick summary of why I like USA-
1) Fairly low management fee- 0.98%
2) Discount to NAV on August 13 was 11.65% which is higher than normal. The discount is more than 10 times the management fee, which is a benchmark I like to see.
3) Distribution Policy: USA has a policy of paying distributions on its common shares totaling approximately 10 percent of its net asset value per year. This helps to recover some of the discount to NAV. Because of this policy, I hold USA shares in an IRA account.
Full Disclosure: I am long shares of USA.