Market Performance - Bulk freight rates have declined, leading to a significant drop in Star Bulk Carriers' (NASDAQ: SBLK) share price by approximately 40% over the past 6 months [1] Investment Strategy - The research group focuses on special situations and deep value plays, aiming to capture market inefficiencies both on the upside and downside [1] - Long positioning is preferred for asymmetric opportunities where the downside is relatively limited and the upside is not fully understood by the market, such as restructurings, spin-offs, and takeover targets [1] - The group occasionally takes positions in the stocks they discuss publicly on Seeking Alpha [1]

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About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Investment Approach - The Liberty All-Star Growth Fund, Inc. employs an all-cap growth investment style, utilizing three distinct growth style investment managers focusing on small-, mid-, and large-cap companies [1][2]. Monthly Performance - The net asset value (NAV) at the beginning of November was $5.96, with a market price of $5.56, reflecting a discount of 6.7%. By the end of the month, the NAV increased to $6.35, while the market price rose to $5.87, resulting in a discount of 7.6% [2]. - The fund achieved a performance of 8.72% for the month and 20.25% year-to-date, while the market price performance was 7.73% for the month and 21.05% year-to-date [2]. Holdings Overview - Total net assets at month-end were $384.8 million, with $383.6 million invested in equities, indicating a 99.7% investment rate [2]. - The top 20 holdings constituted 39.1% of the equity portfolio, with NVIDIA Corp. at 3.9%, Apple, Inc. at 3.0%, and Amazon.com, Inc. at 2.9% [3]. Sector Breakdown - The sector allocation of the equity portfolio is as follows: Information Technology (28.4%), Industrials (17.6%), Health Care (16.5%), Financials (14.2%), Consumer Discretionary (9.9%), Communication Services (5.7%), Consumer Staples (4.2%), Real Estate (1.9%), Materials (0.9%), and Energy (0.7%) [4]. New and Liquidated Holdings - New holdings added during the month include Block, Inc., GE Vernova, Inc., GoDaddy, Inc., Sprouts Farmers Market, Inc., and VSE Corp. [4]. - Holdings liquidated include AbbVie, Inc., Advanced Micro Devices, Inc., and ASML Holding N.V. [5].

Investment Approach - The Liberty All-Star Equity Fund employs a large-cap core investment style, combining three value-style and two growth-style investment managers, focusing on consistent investment philosophy and above-average long-term results compared to peers [1][2]. Top Holdings - The top 20 holdings represent 34.5% of the equity portfolio, with Microsoft Corp. at 4.0%, NVIDIA Corp. at 3.7%, and Amazon.com, Inc. at 2.7% [2]. Monthly Performance - The net asset value (NAV) at the beginning of November was $7.07, with distributions of $0.18 on November 15, leading to an end-of-month value of $7.34. The performance for the month was 6.38%, and year-to-date performance was 20.39% [2][5]. Net Assets and Sector Breakdown - As of the end of November, total net assets were $2,096.4 million, with 99.6% invested in equities. The sector breakdown includes Information Technology (22.5%), Financials (21.3%), and Health Care (14.5%) [5]. Market Price and Discount - The market price of the fund was $7.03, reflecting a discount of -0.6% to the NAV. The market price at the end of the month was $7.30, with a discount of -0.5% [4].

Core Viewpoint - Star Group, L.P. has announced a definitive agreement to acquire a home energy distributor for approximately $68 million, which is expected to enhance its competitive position and provide a sound investment for shareholders [1][2]. Company Overview - Star Group, L.P. is a full-service provider specializing in home heating products and services for residential and commercial customers, including heating and air conditioning equipment [2]. - The company is recognized as the largest retail distributor of home heating oil in the U.S. based on sales volume, serving customers primarily in the Northeast and Mid-Atlantic regions [2]. Transaction Details - The acquisition is valued at around $68 million before working capital adjustments and is anticipated to close within 45 days, pending governmental reporting requirements [1][2]. - Specific additional terms of the transaction have not been disclosed [1].

Financial Data and Key Metrics Changes - Total revenue decreased modestly due to slightly lower volumes and selling prices, while full year adjusted EBITDA increased by $14.7 million compared to fiscal 2023, driven by higher home heating oil and propane margins and improved service and installation profitability [8][18] - Net customer attrition rose to 4.2% in fiscal 2024, slightly up year-over-year, despite improvements in internal customer satisfaction indicators [9][28] - The net loss for the quarter increased by $15 million to $35 million, primarily due to an unfavorable non-cash change in the fair value of derivative instruments [16] Business Line Data and Key Metrics Changes - Home heating oil and propane volume for Q4 decreased by 300,000 gallons, or about 1.5%, to 18.5 million gallons, with acquisitions offset by net customer attrition [14] - Product gross profit increased by $4 million, or roughly 10%, to $42 million, largely due to higher margins [15] - For the full year, home heating oil and propane volume decreased by 6 million gallons, or 2%, to 253 million gallons, with product gross profit increasing by approximately $21 million, or 5%, to $468 million [17][18] Market Data and Key Metrics Changes - Temperatures in the operational areas were 15% warmer than normal but roughly flat year-over-year, impacting customer demand [7][17] - The company recorded a weather hedge benefit of $7.5 million in fiscal 2024, down from $12.5 million in fiscal 2023, contributing to increased expenses [17] Company Strategy and Development Direction - The acquisition program is a key growth strategy, with five transactions completed in fiscal 2024, adding over 20,000 customers and 23 million gallons of heating oil and propane volume annually [11] - The company has a strong acquisition pipeline with several opportunities currently under review, indicating optimism for future growth [30] Management's Comments on Operating Environment and Future Outlook - Management noted the challenges posed by a mild winter and lower real estate activity affecting customer additions, but expressed confidence in the company's ability to provide superior service [10][12] - The management remains focused on cost containment and operational efficiency, which contributed to improved EBITDA results [8] Other Important Information - The company completed a credit facility that includes a $400 million revolver and a $210 million term loan, enhancing liquidity for acquisitions and corporate purposes [12] Q&A Session Summary Question: What does the weather forecasting indicate for the upcoming heating season? - Management indicated that the first two months of fiscal 2025 have been milder than normal, with November being about 20% more mild than usual, but they refrain from making strong predictions [26] Question: How is customer retention currently? - Management reported that customer losses and churn rates have improved, but lower market activity, particularly in real estate, impacted customer gain rates [28] Question: What is the outlook for the acquisition environment? - Management expressed optimism about the acquisition pipeline, having closed five acquisitions in 2024 and currently reviewing several opportunities [30]

Core Viewpoint - Disney's spending on Star Wars productions has reached $2.9 billion, largely driven by the budget of the new series "The Acolyte," which has faced significant backlash and low audience ratings despite initial viewership success [2][10]. Financial Overview - The total cost of Disney's Star Wars productions in the UK has increased to $2.9 billion, with "The Acolyte" alone accounting for $207.8 million in costs as of September 2023 [2][10][8]. - In 2022, Disney spent $141.7 million on UK Star Wars productions, bringing the cumulative total to $2.7 billion before the release of "The Acolyte" [10]. - The production budget for "The Acolyte" in 2023 was $192 million, contributing to the overall increase in spending [10]. Audience Reception - "The Acolyte" premiered on June 4, 2023, generating 4.8 million views on its launch day, making it the biggest series premiere on Disney+ for the year [7]. - The show received an audience score of 50% on Rotten Tomatoes shortly after its launch, which plummeted to 18% due to overwhelmingly negative reviews [5]. - The critics' score on Rotten Tomatoes was more favorable at 78%, indicating a disparity between critic and audience reception [6]. Production Insights - Disney's filming of "The Acolyte" in the UK allows the company to benefit from the Audio-Visual Expenditure Credit (AVEC), which provides a cash reimbursement of up to 25.5% of production costs [13]. - The production faced budget overruns after filming began, leading to concerns about its financial viability [8]. Employment and Economic Impact - Disney's investments in UK productions have supported over 32,000 jobs, with a total of $218.3 million spent on wages and social security payments for Star Wars productions [18]. - The UK government’s reimbursement to studios comes from taxpayer money, highlighting the financial implications of such productions on the national budget [16].

Core Viewpoint - Star Group, L.P. reported a decrease in total revenue and an increase in net loss for the fiscal 2024 fourth quarter compared to the same period in the previous year, despite some improvements in Adjusted EBITDA and service profitability [2][3][5]. Financial Performance - For the fiscal 2024 fourth quarter, total revenue decreased by 10.0% to $240.3 million from $266.9 million in the prior-year period, attributed to lower volumes sold and decreased selling prices for petroleum products, partially offset by higher service and installation revenue [2]. - The volume of home heating oil and propane sold decreased by 1.5% to 18.5 million gallons, with net customer attrition impacting sales [2]. - Star's net loss increased by $15.4 million to $35.1 million, influenced by a $28.4 million unfavorable change in the fair value of derivative instruments [3]. - Adjusted EBITDA loss for the fourth quarter was $29.7 million, a decrease of $1.7 million from the prior year, driven by higher margins and profitability in service and installation [4]. Yearly Overview - For fiscal 2024, total revenue decreased by 9.6% to $1.8 billion from $2.0 billion in fiscal 2023, reflecting a decline in total volume sold and selling prices due to lower wholesale product costs [6]. - The volume of home heating oil and propane sold for the year declined by 2.2% to 253.4 million gallons, with net customer attrition being a significant factor [6]. - Star's net income increased by $3.3 million to $35.2 million, supported by a $14.7 million increase in Adjusted EBITDA, despite a $17.0 million unfavorable change in the fair value of derivative instruments [7]. - Adjusted EBITDA for fiscal 2024 rose by $14.7 million to $111.6 million, driven by improved margins and profitability in service and installation [8]. Operational Insights - The company experienced a slight increase in net customer attrition to 4.2% in fiscal 2024, indicating challenges in customer retention [5]. - The geographic areas of operation experienced temperatures that were 15.1% warmer than normal, which may have influenced heating demand [6]. - Star Group continues to focus on cost containment and pursuing attractive acquisitions to enhance its market position [5]. Balance Sheet Highlights - As of September 30, 2024, total assets increased to $939.6 million from $875.5 million in the previous year, with significant increases in cash and cash equivalents [16][17]. - Current liabilities also rose, with total current liabilities at $373.8 million compared to $364.9 million in the prior year [17]. Cash Flow and Investment - Net cash provided by operating activities for the fourth quarter was $38.6 million, while net cash used in investing activities was $30.0 million [19]. - The company sold 52.2 million gallons of total products in the fourth quarter, slightly down from 53.1 million gallons in the prior year [19].