Robert Milas
About Robert Milas
Robert Milas, CFA, CAIA (year of birth: 1966) serves as Vice President of Liberty All-Star Funds (ASG) since December 2022, and is Director of Research at ALPS Advisors, Inc.; previously he was Chief Investment Officer at Alpha Pension Group (2018–2022) . His officer address is c/o ALPS Advisors, Inc., One Financial Center, 4th Floor, Boston, MA 02111 . ASG performance during his tenure shows mixed trends: Q3 2024 quarterly NAV total return of 5.75% and market price total return of 7.41% , followed by Q1 2025 quarterly NAV total return of -11.51% and market price total return of -11.52% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ALPS Advisors, Inc. | Director of Research | 2022–present | Oversees investment research supporting fund management and oversight |
| Liberty All-Star Funds (ASG) | Vice President | 2022–present | Fund officer responsible for operations and reporting to Boards |
| Alpha Pension Group | Chief Investment Officer | 2018–2022 | Led institutional investment strategy and execution |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ALPS Advisors, Inc. | Director of Research | 2022–present | Research leadership for advisor to ASG |
| Alpha Pension Group | Chief Investment Officer | 2018–2022 | CIO responsibilities for pension asset management |
Fixed Compensation
- The DEF 14A discloses compensation only for Independent Trustees/Directors and states neither Fund has a bonus, profit sharing or retirement plan; officer-level cash compensation is not disclosed in the proxy .
- Officers (including Milas) are elected annually and serve at the pleasure of the Board; they are affiliated with ALPS Advisors/ALPS Fund Services, suggesting their primary compensation is through ALPS rather than paid directly by the Fund, but specific amounts for officers are not provided in the proxy .
Performance Compensation
No performance-based incentive plan details (metrics, targets, payout formulas, vesting schedules) for Fund officers are disclosed in ASG’s proxy; compensation discussion focuses on Independent Trustees/Directors and indicates the Funds have no bonus/profit-sharing plan .
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Total beneficial ownership | 2,452 ASG common shares directly owned as of fiscal year-end 12/31/2024 | |
| Relationship to issuer | Access Person of the Fund (Section 16 filer) | |
| Derivative securities | None reported (Table II blank) | |
| Officers/trustees group ownership | Each Trustee and Executive Officer and all as a group owned <1% of outstanding shares as of 12/31/2024 | |
| Shares outstanding (for context) | 60,155,589 (Q2 2024); 60,630,031 (Q3 2024); 61,552,003 (Q1 2025) | |
| Pledging/Hedging | No pledging or hedging disclosures identified for Milas in proxy or Form 5 |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Position/title | Vice President, Liberty All-Star Funds | |
| Year first elected | 2022 | |
| Service term | Officers are elected annually and serve at the pleasure of the Board | |
| Employer affiliation | Affiliated with ALPS Advisors, Inc. (Fund Manager) | |
| Address (officer) | c/o ALPS Advisors, Inc., One Financial Center, 4th Floor, Boston, MA 02111 | |
| Non-compete / non-solicit | Not disclosed | |
| Severance / change-of-control | Not disclosed | |
| Clawbacks / tax gross-ups | Not disclosed |
ASG Performance Context (during Milas’s tenure)
| Metric | Q3 2024 (Quarter) | Q1 2025 (Quarter) |
|---|---|---|
| Shares valued at NAV with dividends reinvested (Total Return) | 5.75% | -11.51% |
| Shares valued at market price with dividends reinvested (Total Return) | 7.41% | -11.52% |
| NAV | $6.03 (as of 9/30/2024) | $5.28 (as of 3/31/2025) |
| Market price | $5.61 (as of 9/30/2024) | $4.89 (as of 3/31/2025) |
| Discount to NAV | -7.0% (as of 9/30/2024) | -7.4% (as of 3/31/2025) |
Additional Governance and Reporting Notes
- Section 16 compliance: The Funds state that all applicable Section 16 filing requirements were complied with as of fiscal year-end 12/31/2024 .
- Audit oversight: The Audit Committee met February 20, 2025 and recommended inclusion of audited financials for FY 2024; Cohen & Company, Ltd. serves as independent auditor .
- Internal control: Auditor reported no material weaknesses in internal controls as of 12/31/2024 (Form N‑CEN) .
Investment Implications
- Alignment: Milas holds a small direct position (2,452 shares), with officers/trustees collectively <1%—indicative of limited direct equity alignment typical for closed-end fund officers; no RSUs/stock options or pledging disclosures were identified, reducing equity-driven selling pressure .
- Retention and incentives: Officer compensation specifics are not disclosed in the proxy; officers are affiliated with ALPS Advisors and serve at the pleasure of the Board, implying retention dynamics are tied to ALPS employment rather than Fund-level employment contracts or change-of-control economics; absence of disclosed severance, bonus, or performance pay reduces pay-for-performance visibility .
- Execution risk and track record: Fund performance across late 2024 to early 2025 shows volatility consistent with multi-cap growth exposure (Q3 2024 positive returns followed by Q1 2025 drawdown), underscoring market beta and manager selection impacts; as Director of Research and Fund VP, Milas’s contribution is via research and oversight rather than discretionary portfolio management, with portfolio managers appointed under separate agreements .
- Trading signals: Lack of derivative holdings and minimal insider common stock ownership suggest limited insider-related trading catalysts from Milas specifically; Section 16 compliance is current, and most recent Form 5 shows beneficial ownership without reported transactions for FY 2024 .