| The Liberty All-Star Funds' Multi-Management Approach is Based on Manager Evaluation and, Occasionally, Replacement |
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| The Liberty All-Star Funds conduct continuing evaluation of the investment managers. The purpose is to be sure that each is still the best choice for the Fund. Through frequent meetings with the portfolio managers, as well as through other qualitative and quantitative analyses, each manager is continually evaluated to assure that: |
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They are consistently practicing their investment style |
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Their transactions and holdings reflect their style |
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Their organization and investment process continue to support their style |
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Their investment performance is competitive when compared with other managers practicing a similar style |
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| Also, the Liberty All-Star Funds are alert to assuring the proficiency of the investment manager team. The objective is to be certain that the team remains an optimal combination, giving the Fund the full benefits of multi-management. Our procedures include: |
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Assuring that the Fund's total portfolio has the proper investment characteristics |
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Active rebalancing among investment managers |
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Researching new managers as possible future managers |
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Making manager changes when necessary |
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