Liberty All Star Equity Fund is a closed-ended equity mutual fund managed by ALPS Advisers, Inc. and co-managed by various other firms. The fund primarily invests in public equity markets in the United States and focuses on large cap companies across various sectors. It benchmarks its portfolio performance against the Lipper Large-Cap Core Mutual Fund Average, the Dow Jones Industrial Average, the NASDAQ Composite Index, and the S&P 500 Index.