Private Credit Panic and Market Opportunities
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2026
0mins
Should l Buy ASG?
Source: NASDAQ.COM
- Private Credit Status: According to recent data from Fitch Ratings, the default rate in private credit stands at 5.8%, indicating a decline in corporate credit risks and reflecting a trend of stable economic growth despite the newness of this data.
- Media Misrepresentation and Market Reaction: The media's portrayal of panic in private credit is seen as exaggerated, leading to investor fear that creates undervalued investment opportunities, particularly in the CEF Insider portfolio, which yields 9.9%.
- Liberty All-Star Growth Fund: This fund currently trades at an 11.2% discount, significantly lower than its 3.7% average discount over the past five years, and holds large-cap stocks like Microsoft, Amazon, and NVIDIA, positioning it well for future growth.
- Potential of AI Transformation: AI is expected to profoundly impact modern life within the next 18 months, prompting investors to focus on four key drivers that will yield an average dividend of 10% across selected funds.
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Analyst Views on ASG
Wall Street analysts forecast ASG stock price to rise
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Current: 5.200
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Current: 5.200
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About ASG
Liberty All-Star Growth Fund, Inc. (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to seek long-term capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objective through investing at least 65% of its net assets in a diversified portfolio of equity securities of companies of any market capitalization. The Fund may invest up to 35% of the value of its total assets in United States (U.S.) Government Securities, repurchase agreements with respect to U.S. Government Securities, and, to an extent not greater than 10% of the market value of the Fund's total assets, money market mutual funds that invest primarily in U.S. Government Securities. The Fund's investment advisor is ALPS Advisors, Inc. The Fund's investment managers include Congress Asset Management Company, LLP; Sustainable Growth Advisers, LP, and Weatherbie Capital LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Private Credit Panic and Market Opportunities
- Private Credit Status: According to recent data from Fitch Ratings, the default rate in private credit stands at 5.8%, indicating a decline in corporate credit risks and reflecting a trend of stable economic growth despite the newness of this data.
- Media Misrepresentation and Market Reaction: The media's portrayal of panic in private credit is seen as exaggerated, leading to investor fear that creates undervalued investment opportunities, particularly in the CEF Insider portfolio, which yields 9.9%.
- Liberty All-Star Growth Fund: This fund currently trades at an 11.2% discount, significantly lower than its 3.7% average discount over the past five years, and holds large-cap stocks like Microsoft, Amazon, and NVIDIA, positioning it well for future growth.
- Potential of AI Transformation: AI is expected to profoundly impact modern life within the next 18 months, prompting investors to focus on four key drivers that will yield an average dividend of 10% across selected funds.
See More
Liberty All-Star Growth Fund March 2026 Monthly Update
- Portfolio Performance: As of the end of March, the net asset value (NAV) of the Liberty All-Star Growth Fund stood at $5.34, reflecting a decline of 6.15% from the beginning of the month, indicating negative impacts from market volatility and a cautious investor sentiment regarding future market conditions.
- Asset Allocation Changes: The fund's portfolio allocation shows that Information Technology and Industrials account for 56.4%, highlighting a concentrated investment strategy in high-growth sectors aimed at capitalizing on potential gains from the recovery in technology and industrial markets.
- New and Liquidated Holdings: New holdings include Cheniere Energy and Micron Technology, demonstrating the fund's strategic positioning in the energy and technology sectors, while liquidating positions in AbbVie reflects a responsive approach to market changes.
- Market Discount Situation: The fund's market price is $4.75, representing an 11.0% discount to NAV, which may influence investor purchasing decisions and indicates a lack of confidence in the fund, necessitating close monitoring of future market performance.
See More
Liberty All-Star Growth Fund Appoints New Investment Manager
- Manager Change: Liberty All-Star Growth Fund has appointed Congress Asset Management Company as the new investment manager for its small-cap growth portfolio effective April 1, 2026, replacing Weatherbie Capital to enhance profitability and growth potential.
- Leadership of Small-Cap Team: The small-cap investment team at Congress, led by CFA Gregg O'Keefe, focuses on identifying growth companies that demonstrate higher profitability levels within their industries, thereby strengthening the fund's competitive position in the market.
- Portfolio Management Structure: Congress will manage the small-cap growth segment, while the mid-cap growth portion remains under Congress's management, and Westfield Capital Management will continue overseeing the large-cap growth segment, ensuring diversification and specialization within the portfolio.
- Fund Trading Mechanism: As a closed-end fund, it does not continuously issue shares, requiring investors to place orders through intermediaries or brokers, with share prices reflecting market value, indicating investor confidence and market dynamics.
See More
Liberty All-Star Growth Fund Expands Portfolio with New Investments
- New Portfolio Additions: In February, Liberty All-Star Growth Fund initiated positions in Caterpillar, FTAI Aviation, Lowe's, Palantir, Qnity Electronics, Silicon Motion, and TKO Group, indicating a strategic focus on diversification to enhance overall investment returns.
- Exit Strategy: The fund exited positions in Accelerant, Brown & Brown, Dynatrace, Pinterest, and UnitedHealth Group during the same month, demonstrating its flexibility in adjusting the portfolio amidst market fluctuations to optimize performance.
- Top Holdings: As of the end of February, the fund's top five holdings included Nvidia, Apple, Alphabet, Microsoft, and FirstService, reflecting sustained confidence in tech stocks, which may yield higher growth potential in future markets.
- Market Performance Assessment: Despite the portfolio adjustments, analysts suggest it is currently difficult to make a case for buying this underperforming fund, indicating a cautious market sentiment regarding its future performance.
See More
Investment Opportunities in Asian Small-Cap Stocks
- Small-Cap Appeal: Amid modest gains in Chinese stocks and economic shifts in Japan, small-cap companies are gaining attention, particularly those aligning with current economic conditions, indicating rising investor interest in this segment.
- Cogstate Performance Boost: Cogstate anticipates a revenue of A$26.9 million for the first half of 2026, reflecting a 12% increase from prior projections, showcasing strong performance in clinical trials and insider confidence.
- Semirara Coal and Power: Semirara Mining and Power generates approximately ₱41.39 billion from coal and ₱24.11 billion from power, and despite risks from external borrowing, insider stock purchases indicate confidence in future growth prospects.
- ESR-REIT Recovery: ESR-REIT reported sales of S$446 million and a net income of S$32 million for 2025, rebounding from significant losses, with projected annual growth exceeding 32%, although it still relies on external financing.
See More
Liberty All-Star Growth Fund January 2026 Monthly Update
- Portfolio Overview: As of January 2026, the Liberty All-Star Growth Fund reports a total net asset value of $362.8 million, with a 100.5% equity investment ratio, indicating a comprehensive investment strategy across various market segments.
- Top Holdings Analysis: The top 20 holdings constitute 37.7% of the fund's equity portfolio, with NVIDIA, Apple, and Alphabet representing 4.7%, 2.9%, and 2.8% respectively, reflecting a strong concentration in technology stocks.
- Monthly Performance Review: The fund achieved a total return of 0.71% in January, while the market price increased by 1.32%, demonstrating relative stability amidst market fluctuations, despite facing a 9.0% discount.
- New and Liquidated Holdings: New holdings include Arista Networks and Expedia, while AMD and Bank of America were liquidated, indicating the fund's proactive adjustments to its investment portfolio in response to market dynamics.
See More
Private Credit Panic and Market Opportunities
- Private Credit Status: According to recent data from Fitch Ratings, the default rate in private credit stands at 5.8%, indicating a decline in corporate credit risks and reflecting a trend of stable economic growth despite the newness of this data.
- Media Misrepresentation and Market Reaction: The media's portrayal of panic in private credit is seen as exaggerated, leading to investor fear that creates undervalued investment opportunities, particularly in the CEF Insider portfolio, which yields 9.9%.
- Liberty All-Star Growth Fund: This fund currently trades at an 11.2% discount, significantly lower than its 3.7% average discount over the past five years, and holds large-cap stocks like Microsoft, Amazon, and NVIDIA, positioning it well for future growth.
- Potential of AI Transformation: AI is expected to profoundly impact modern life within the next 18 months, prompting investors to focus on four key drivers that will yield an average dividend of 10% across selected funds.
See More
Liberty All-Star Growth Fund March 2026 Monthly Update
- Portfolio Performance: As of the end of March, the net asset value (NAV) of the Liberty All-Star Growth Fund stood at $5.34, reflecting a decline of 6.15% from the beginning of the month, indicating negative impacts from market volatility and a cautious investor sentiment regarding future market conditions.
- Asset Allocation Changes: The fund's portfolio allocation shows that Information Technology and Industrials account for 56.4%, highlighting a concentrated investment strategy in high-growth sectors aimed at capitalizing on potential gains from the recovery in technology and industrial markets.
- New and Liquidated Holdings: New holdings include Cheniere Energy and Micron Technology, demonstrating the fund's strategic positioning in the energy and technology sectors, while liquidating positions in AbbVie reflects a responsive approach to market changes.
- Market Discount Situation: The fund's market price is $4.75, representing an 11.0% discount to NAV, which may influence investor purchasing decisions and indicates a lack of confidence in the fund, necessitating close monitoring of future market performance.
See More
Liberty All-Star Growth Fund Appoints New Investment Manager
- Manager Change: Liberty All-Star Growth Fund has appointed Congress Asset Management Company as the new investment manager for its small-cap growth portfolio effective April 1, 2026, replacing Weatherbie Capital to enhance profitability and growth potential.
- Leadership of Small-Cap Team: The small-cap investment team at Congress, led by CFA Gregg O'Keefe, focuses on identifying growth companies that demonstrate higher profitability levels within their industries, thereby strengthening the fund's competitive position in the market.
- Portfolio Management Structure: Congress will manage the small-cap growth segment, while the mid-cap growth portion remains under Congress's management, and Westfield Capital Management will continue overseeing the large-cap growth segment, ensuring diversification and specialization within the portfolio.
- Fund Trading Mechanism: As a closed-end fund, it does not continuously issue shares, requiring investors to place orders through intermediaries or brokers, with share prices reflecting market value, indicating investor confidence and market dynamics.
See More
Liberty All-Star Growth Fund Expands Portfolio with New Investments
- New Portfolio Additions: In February, Liberty All-Star Growth Fund initiated positions in Caterpillar, FTAI Aviation, Lowe's, Palantir, Qnity Electronics, Silicon Motion, and TKO Group, indicating a strategic focus on diversification to enhance overall investment returns.
- Exit Strategy: The fund exited positions in Accelerant, Brown & Brown, Dynatrace, Pinterest, and UnitedHealth Group during the same month, demonstrating its flexibility in adjusting the portfolio amidst market fluctuations to optimize performance.
- Top Holdings: As of the end of February, the fund's top five holdings included Nvidia, Apple, Alphabet, Microsoft, and FirstService, reflecting sustained confidence in tech stocks, which may yield higher growth potential in future markets.
- Market Performance Assessment: Despite the portfolio adjustments, analysts suggest it is currently difficult to make a case for buying this underperforming fund, indicating a cautious market sentiment regarding its future performance.
See More
Investment Opportunities in Asian Small-Cap Stocks
- Small-Cap Appeal: Amid modest gains in Chinese stocks and economic shifts in Japan, small-cap companies are gaining attention, particularly those aligning with current economic conditions, indicating rising investor interest in this segment.
- Cogstate Performance Boost: Cogstate anticipates a revenue of A$26.9 million for the first half of 2026, reflecting a 12% increase from prior projections, showcasing strong performance in clinical trials and insider confidence.
- Semirara Coal and Power: Semirara Mining and Power generates approximately ₱41.39 billion from coal and ₱24.11 billion from power, and despite risks from external borrowing, insider stock purchases indicate confidence in future growth prospects.
- ESR-REIT Recovery: ESR-REIT reported sales of S$446 million and a net income of S$32 million for 2025, rebounding from significant losses, with projected annual growth exceeding 32%, although it still relies on external financing.
See More
Liberty All-Star Growth Fund January 2026 Monthly Update
- Portfolio Overview: As of January 2026, the Liberty All-Star Growth Fund reports a total net asset value of $362.8 million, with a 100.5% equity investment ratio, indicating a comprehensive investment strategy across various market segments.
- Top Holdings Analysis: The top 20 holdings constitute 37.7% of the fund's equity portfolio, with NVIDIA, Apple, and Alphabet representing 4.7%, 2.9%, and 2.8% respectively, reflecting a strong concentration in technology stocks.
- Monthly Performance Review: The fund achieved a total return of 0.71% in January, while the market price increased by 1.32%, demonstrating relative stability amidst market fluctuations, despite facing a 9.0% discount.
- New and Liquidated Holdings: New holdings include Arista Networks and Expedia, while AMD and Bank of America were liquidated, indicating the fund's proactive adjustments to its investment portfolio in response to market dynamics.
See More
