1. Liberty All-Star Equity has underperformed compared to a DIY portfolio using the SPY ETF, confirming the author's 2023 prediction. 2. Some US 'value' managers hold high P/E stocks, making the fund vulnerable to market shocks. 3. The author recommends high-yield alternatives like QDPL and JAAA for better returns. 4. Given the fund's poor historical performance and high valuations, the author advises a relative sell and better-performing alternatives.