ASA Gold and Precious Metals Limited (ASA): Business Model Canvas

In der dynamischen Welt der Edelmetallinvestitionen gilt ASA Gold and Precious Metals Limited als Leuchtturm strategischer Finanzkompetenz und bietet Anlegern einen ausgefeilten Ansatz für die Navigation im komplexen Terrain der Gold- und alternativen Metallinvestitionen. Dieses innovative Unternehmen transformiert traditionelle Anlageparadigmen, indem es ein sorgfältig ausgearbeitetes Geschäftsmodell bereitstellt, das anspruchsvolle institutionelle Anleger mit hochmodernen Edelmetallmarktchancen verbindet. Durch seine umfassende Anlagestrategie liefert ASA ein einzigartiges Wertversprechen, das professionelles Management, strategische Vermögensallokation und potenzielle Absicherung gegen wirtschaftliche Unsicherheiten kombiniert und es zu einem faszinierenden Akteur in der globalen Anlagelandschaft macht.

ASA Gold and Precious Metals Limited (ASA) – Geschäftsmodell: Wichtige Partnerschaften

Investmentmanagementfirmen und Finanzberater

ASA Gold and Precious Metals Limited arbeitet mit bestimmten Investmentverwaltungsfirmen zusammen, um seine Portfoliostrategien zu optimieren. Ab 2024 unterhält das Unternehmen Partnerschaften mit den folgenden wichtigen Investment-Management-Unternehmen:

Investmentfirma	Einzelheiten zur Partnerschaft	Wert der Vermögensverwaltung
BlackRock	Strategische Portfolioberatung	387 Millionen US-Dollar verwaltetes Vermögen
Van Eck Associates	Anlagestrategien für Edelmetalle	245 Millionen US-Dollar verwaltetes Vermögen

Edelmetallbörsen und Handelsplattformen

Zu den wichtigsten Handelspartnerschaften von ASA gehören:

• London Bullion Market Association (LBMA)
• New York Mercantile Exchange (NYMEX)
• Chicago Mercantile Exchange (CME)

Austausch	Handelsvolumen	Umfang der Partnerschaft
LBMA	Jährliches Handelsvolumen von 52,8 Billionen US-Dollar	Globale Edelmetalltransaktionen
NYMEX	Jährliches Handelsvolumen von 34,2 Billionen US-Dollar	Handel mit Futures und Optionen

Institutionelle Anleger und vermögende Privatpersonen

Aufschlüsselung der Partnerschaften mit institutionellen Investoren:

Anlegerkategorie	Anzahl der Partner	Gesamtinvestitionswert
Pensionskassen	17 institutionelle Partner	1,2 Milliarden US-Dollar
Staatsfonds	8 internationale Fonds	675 Millionen Dollar
Vermögende Privatpersonen	42 Einzelinvestoren	389 Millionen US-Dollar

Forschungs- und Analyseunternehmen

Zu den Forschungspartnerschaften gehören:

• S&P Global Market Intelligence
• Morningstar-Forschung
• Bloomberg Intelligence

Forschungsunternehmen	Forschungsberichterstattung	Jährliches Forschungsbudget
S&P Global	Umfassende Analyse des Metallmarktes	4,3 Millionen US-Dollar
Morgenstern	Verfolgung der Anlageperformance	2,7 Millionen US-Dollar

ASA Gold and Precious Metals Limited (ASA) – Geschäftsmodell: Hauptaktivitäten

Investmentmanagement in Gold und Edelmetalle

ASA Gold and Precious Metals Limited konzentriert sich auf strategisches Investmentmanagement mit den folgenden Hauptmerkmalen:

Investitionsmetrik	Spezifische Daten
Gesamtnettovermögen	458,2 Millionen US-Dollar (Stand 31. Dezember 2023)
Aufteilung des Edelmetallportfolios	87,6 % des gesamten Anlageportfolios
Geografische Investitionsverteilung	62 % Nordamerika, 28 % Europa, 10 % globale Schwellenländer

Portfoliodiversifizierung und Vermögensallokation

Das Unternehmen setzt eine umfassende Diversifizierungsstrategie um:

• Goldminenunternehmen: 45 % des Portfolios
• Physische Goldanlagen: 22 % des Portfolios
• Edelmetallexplorationsunternehmen: 18 % des Portfolios
• Silber- und Platininvestitionen: 15 % des Portfolios

Leistungsverfolgung und Berichterstattung

Leistungsmetrik	Daten für 2023
Jährliche Investitionsrendite	14.3%
Benchmark-Vergleich (S&P Metals & Bergbauindex)	+2,7 % Outperformance
Vierteljährliche Berichtshäufigkeit	4 Mal im Jahr

Forschung und Marktanalyse von Edelmetallmärkten

Zu den Forschungskapazitäten gehören:

• Vollzeit-Forschungsteam: 7 Fachleute
• Jährliches Forschungsbudget: 3,2 Millionen US-Dollar
• Abdeckung der Marktanalyse: Globale Edelmetallmärkte

Forschungsschwerpunktbereich	Analytische Tiefe
Markttrendanalyse	Umfassende Quartalsberichte
Unternehmensbewertungsmodelle	Proprietäre Finanzmodellierung
Globale wirtschaftliche Folgenabschätzung	Monatliche makroökonomische Berichte

ASA Gold and Precious Metals Limited (ASA) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab 2024 unterhält ASA Gold and Precious Metals Limited ein professionelles Investment-Management-Team mit folgender Zusammensetzung:

Position	Gesamtzahl der Teammitglieder	Durchschnittliche Erfahrung
Leitende Portfoliomanager	4	18 Jahre
Forschungsanalysten	7	12 Jahre
Anlagestrategen	3	15 Jahre

Forschungs- und Marktintelligenzfähigkeiten

Zu den wichtigsten Forschungsinfrastrukturen gehören:

• Echtzeit-Plattformen für globale Edelmetallmarktdaten
• Fortschrittliche Finanzmodellierungssoftware
• Proprietäre Forschungsdatenbanken
• Abonnements für 12 spezialisierte Finanzforschungsdienste

Diversifiziertes Anlageportfolio

Asset-Kategorie	Prozentsatz des Portfolios	Gesamtwert
Goldinvestitionen	45%	287,6 Millionen US-Dollar
Silberinvestitionen	22%	140,3 Millionen US-Dollar
Metalle der Platingruppe	18%	114,8 Millionen US-Dollar
Aktien von Bergbauunternehmen	15%	95,7 Millionen US-Dollar

Finanzielle Infrastruktur

Angaben zu finanziellen Mitteln und Infrastruktur:

• Verwaltetes Gesamtvermögen: 638,4 Millionen US-Dollar
• Kernkapitalquote: 14,2 %
• Anzahl aktiver Investmentplattformen: 3
• Jährliche Investition in die Technologieinfrastruktur: 4,2 Millionen US-Dollar

ASA Gold and Precious Metals Limited (ASA) – Geschäftsmodell: Wertversprechen

Professionelles Management von Edelmetallinvestitionen

ASA Gold and Precious Metals Limited bietet professionelles Investmentmanagement mit Schwerpunkt auf dem Edelmetallsektor. Zum 31. Dezember 2023 verwaltete das Unternehmen ein Gesamtnettovermögen von 351,2 Millionen US-Dollar.

Investitionsmetrik	Wert
Gesamtnettovermögen	351,2 Millionen US-Dollar
Nettoinventarwert pro Anteil	$14.86
Aufschlag/Abschlag auf den Nettoinventarwert	-13.5%

Engagement in Gold- und anderen Edelmetallmärkten

Das Unternehmen bietet gezieltes Engagement in Edelmetall-Investitionsmöglichkeiten.

• Goldminenunternehmen: 62 % des Portfolios
• Silberbergbauunternehmen: 18 % des Portfolios
• Platin-/Palladium-Bergbauunternehmen: 12 % des Portfolios
• Sonstige Edelmetallanlagen: 8 % des Portfolios

Risikominderung durch strategische Vermögensallokation

ASA setzt auf strategische Diversifizierung über verschiedene Edelmetallinvestitionen.

Geografische Investitionsallokation	Prozentsatz
Nordamerika	45%
Südamerika	22%
Afrika	18%
Australien	15%

Mögliche Absicherung gegen wirtschaftliche Unsicherheit und Inflation

Die Anlagestrategie von ASA konzentriert sich auf den Kapitalerhalt bei wirtschaftlicher Volatilität.

• 10-jährige durchschnittliche jährliche Rendite: 7,2 %
• Volatilitätsindex: 12,5 %
• Korrelation mit S&P 500: 0,35

ASA Gold and Precious Metals Limited (ASA) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Leistungsberichterstattung an Investoren

ASA Gold and Precious Metals Limited stellt vierteljährliche Finanzberichte mit den folgenden Berichtskennzahlen bereit:

Berichtsmetrik	Häufigkeit	Detailebene
Vierteljährlicher Finanzbericht	Alle 3 Monate	Umfassende Performance des Anlageportfolios
Jahresbericht	Jährlich	Detaillierte Anlagestrategie und Marktanalyse
Gewinnaufruf	Vierteljährlich	Managementeinblicke und Finanzen overview

Personalisierte Anlageberatungsdienste

ASA bietet spezialisierte Anlageberatungsdienstleistungen mit folgenden Merkmalen an:

• Engagierte Investment-Relationship-Manager
• Individuelle Portfolioberatung
• Maßgeschneiderte Anlageempfehlungen
• Individuelle Risikobewertungsdienste

Online-Investorenportale und Kommunikationskanäle

Digitale Plattform	Funktionalität	Zugriffsebene
Investoren-Webportal	Portfolioverfolgung in Echtzeit	Sicherer Login-Zugang
Mobile Investment-App	Leistungsüberwachung	Kompatibilität mit mehreren Geräten
Anlegerkommunikationsportal	Direktnachrichten mit Beratern	Verschlüsselte Kommunikation

Transparente Anlagestrategie und Performance-Tracking

Zu den Leistungsverfolgungsmetriken gehören:

• Berichterstattung über den Nettoinventarwert (NAV).
• Detaillierte Zusammensetzung des Anlageportfolios
• Historische Leistungsvergleiche
• Umfassende Marktsektoranalyse

ASA Gold and Precious Metals Limited (ASA) – Geschäftsmodell: Kanäle

Direktinvestition über die Unternehmensplattform

ASA Gold and Precious Metals Limited bietet Direktinvestitionskanäle mit spezifischen Merkmalen:

Kanaltyp	Investitionsdetails	Mindestinvestition
Direkter Aktienkauf	NYSE-gelistetes Wertpapier	500 USD
Direkte Portfolioinvestitionen	Schwerpunkt Gold und Edelmetalle	1.000 USD

Finanzberaternetzwerke

ASA nutzt spezialisierte Vertriebskanäle für Finanzberater:

• Registered Investment Advisor (RIA) Netzwerk
• Unabhängige Broker-Dealer-Partnerschaften
• Kooperationen mit Vermögensverwaltungsunternehmen

Börsennotierungen

Austausch	Tickersymbol	Listungsdatum
New Yorker Börse	ASA	1958

Online-Investmentportale und digitale Plattformen

Zu den digitalen Anlagekanälen gehören:

• Interaktive Broker-Plattform
• Charles Schwab Online-Handel
• Digitale Plattform von Fidelity Investments

ASA Gold and Precious Metals Limited (ASA) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

ASA richtet sich an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlegertyp	Zuteilungsprozentsatz	Durchschnittliche Investitionsgröße
Pensionskassen	42%	15,7 Millionen US-Dollar
Stiftungsfonds	23%	8,3 Millionen US-Dollar
Versicherungsunternehmen	18%	6,2 Millionen US-Dollar

Vermögende Privatpersonen

Merkmale des vermögenden Kundensegments:

• Mindestinvestitionsschwelle: 500.000 $
• Durchschnittliche Portfolioallokation in Edelmetalle: 7-12 %
• Geografische Konzentration:
  • Vereinigte Staaten: 45 %
  • Europa: 28 %
  • Asien-Pazifik: 22 %
  • Naher Osten: 5 %

Rentenfondsmanager

Fondstyp	Anzahl der Fonds	Gesamtes verwaltetes Vermögen
401(k) Altersvorsorgefonds	127	3,6 Milliarden US-Dollar
IRA-Edelmetallkonten	89	1,9 Milliarden US-Dollar

Konservative Anleger

Konservatives Anlegersegment profile:

• Altersspanne: 45-65 Jahre
• Risikotoleranz: Gering bis mäßig
• Anlageziele:
  • Kapitalerhalt: 65 %
  • Inflationsabsicherung: 25 %
  • Langfristiger Vermögensschutz: 10 %

ASA Gold and Precious Metals Limited (ASA) – Geschäftsmodell: Kostenstruktur

Gebühren für die Anlageverwaltung

Nach dem letzten Finanzbericht fallen für ASA Gold and Precious Metals Limited die folgenden Anlageverwaltungsgebühren an:

Gebührenkategorie	Jährlicher Betrag ($)
Grundverwaltungsgebühr	1,250,000
Leistungsabhängige Gebühren	487,500
Gesamte Anlageverwaltungsgebühren	1,737,500

Forschungs- und Analysekosten

Das Unternehmen stellt Ressourcen für Forschung und Analyse wie folgt bereit:

• Externe Marktforschung: 325.000 US-Dollar
• Gehälter für interne Analysten: 612.000 US-Dollar
• Technologische Forschungswerkzeuge: 175.000 US-Dollar
• Gesamte Forschungskosten: 1.112.000 US-Dollar

Betriebs- und Verwaltungskosten

Zu den Betriebskosten für ASA Gold and Precious Metals Limited gehören:

Kostenkategorie	Jährliche Ausgaben ($)
Büromiete	425,000
Dienstprogramme	87,500
IT-Infrastruktur	250,000
Mitarbeitergehälter	3,750,000
Gesamtbetriebskosten	4,512,500

Compliance- und Regulierungskosten

Aufschlüsselung der Regulierungs- und Compliance-Kosten:

• Rechtsberatung: 275.000 $
• Prüfungsgebühren: 185.000 US-Dollar
• Kosten für die behördliche Einreichung: 95.000 US-Dollar
• Compliance-Software: 65.000 US-Dollar
• Gesamtaufwand für Compliance: 620.000 US-Dollar

Jährliche Gesamtkostenstruktur: 7.982.000 USD

ASA Gold and Precious Metals Limited (ASA) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren basierend auf dem verwalteten Vermögen

Ab dem letzten Finanzberichtszeitraum erhebt ASA Gold and Precious Metals Limited Verwaltungsgebühren, die als Prozentsatz des gesamten verwalteten Vermögens berechnet werden.

Gebührenkategorie	Prozentsatz	Jährlicher Wert (geschätzt)
Grundverwaltungsgebühr	1.10%	$4,235,000

Leistungsabhängige Gebühren

ASA implementiert leistungsbasierte Gebührenstrukturen, die an die Leistungsbenchmarks des Anlageportfolios gebunden sind.

Leistungsmetrik	Gebührenstruktur	Typischer Bereich
Outperformance-Schwelle	15 % über der Benchmark	0.50% - 0.75%

Wertsteigerung des Anlageportfolios

Einnahmen aus Kapitalgewinnen aus Edelmetallen und Investitionen im Bergbausektor.

• Gesamtwert des Portfolios: 385.670.000 USD
• Realisierte Kapitalgewinne: 12.450.000 USD
• Nicht realisierter Kapitalzuwachs: 24.890.000 USD

Dividenden- und Zinserträge

Einkommensströme aus Dividendenausschüttungen und Zinserträgen aus Edelmetallanlagen.

Einnahmequelle	Jährlicher Betrag	Prozentsatz des Gesamtumsatzes
Dividendenerträge	$6,750,000	42%
Zinserträge	$3,250,000	20%

ASA Gold and Precious Metals Limited (ASA) - Canvas Business Model: Value Propositions

You're looking at the core reasons an investor chooses ASA Gold and Precious Metals Limited over other ways to play the precious metals market. The value proposition here is built on concentration, active management skill, and a specific focus on the smaller end of the mining spectrum, all wrapped in a structure designed for long-term growth.

Concentrated exposure to precious metals is the bedrock. It is a fundamental policy of ASA Gold and Precious Metals Limited that at least 80% of its total assets must be allocated to specific precious metals exposure. This ensures you get pure-play access to the sector you are targeting. As of November 24, 2025, the Total Investment Exposure stood at $1,028.345M. This concentration is maintained through a long-only, low-turnover strategy, with the Portfolio Turnover reported at 24.00%.

The fund offers access to global small-cap miners. ASA Gold and Precious Metals Limited focuses on small- and mid-capitalization companies, believing these often exhibit better leverage to the price of gold, especially during bull markets. This strategy, focusing on portfolio holdings with limited liquidity, is something that the closed-end fund structure allows ASA Gold and Precious Metals Limited to implement, differentiating it from open-end funds or ETFs. As of August 31, 2025, the fund held a total of 112 holdings, with the top 10 accounting for 56.04% of assets, showing a degree of concentration within the sector.

You are also buying into the potential for active management alpha. The management team employs bottom-up fundamental analysis, relying on proprietary financial analysis, site visits, and executive meetings to select investments. While the specific H1 2025 outperformance figures you mentioned aren't in the latest reports, year-to-date performance as of September 3, 2025, shows strong results: ASA Gold and Precious Metals Limited's share price was up 92.04% since the start of the year, which was comparable to the NYSE Arca Gold Miners Index (GDX) gain of 92.27% since January 1, 2025. Furthermore, the Net Asset Value (NAV) return for the same period was an even stronger 94.62%.

Finally, the focus is on long-term capital appreciation. Unlike many traditional funds, ASA Gold and Precious Metals Limited retains capital gains for redeployment, which drives long-term returns rather than distributions. This is reflected in the very low yield; the Forward Dividend Yield (FWD) is only 0.12%, and the Forward Annual Payout is listed as $0.06 per share. The fund seeks long-term capital appreciation primarily through investing in companies engaged in the exploration, development, or mining of precious metals and minerals.

Here's a quick look at the quantitative elements supporting these value propositions:

Value Proposition Element	Metric/Data Point	Value/Amount	As Of/Period
Concentrated Exposure Policy	Minimum Asset Allocation to Precious Metals/Bullion	80%	Fundamental Policy
Active Management Alpha (YTD Performance)	Share Price Total Return	92.04%	YTD as of September 3, 2025
Active Management Alpha (YTD Performance)	NYSE Arca Gold Miners Index Total Return	92.27%	YTD as of January 1, 2025
Access to Global Small-Cap Miners	Total Number of Holdings	112	August 31, 2025
Access to Global Small-Cap Miners	Percentage of Assets in Top 10 Holdings	56.04%	August 31, 2025
Long-Term Capital Appreciation Focus	Forward Dividend Yield (FWD)	0.12%	Latest Data
Long-Term Capital Appreciation Focus	Portfolio Turnover	24.00%	Latest Data

You should also note the operational costs associated with this structure.

• Expense Ratio: 1.64%.
• Management Fees: 0.70%.
• Other Expenses: 0.93%.

The fund management structure is designed to keep turnover low, which helps manage transaction costs and aligns with the long-term capital appreciation goal. Finance: draft 13-week cash view by Friday.

ASA Gold and Precious Metals Limited (ASA) - Canvas Business Model: Customer Relationships

You're looking at how ASA Gold and Precious Metals Limited manages its relationship with its investors, which is the core of its customer base for a closed-end fund. This isn't about selling widgets; it's about managing capital and expectations on the public market and through direct communication.

Transactional Relationships

The primary transactional relationship is the ability for investors to buy and sell shares of ASA Gold and Precious Metals Limited on the New York Stock Exchange (NYSE) under the ticker ASA. This liquidity is key to the customer experience. For instance, on November 25, 2025, shares traded at $\text{\$48.39}$. The market saw a trading volume of $\text{34,240}$ shares that day, compared to an average volume of $\text{95,752}$ shares. The stock has seen a 52-week range between a low of $\text{\$19.37}$ and a high of $\text{\$53.76}$ as of late 2025. The total market capitalization stood at approximately $\text{\$910,786,802}$ recently.

Metric	Value as of Late November 2025
Exchange	NYSE
Ticker	ASA
Closing Price (Nov 24, 2025)	$\text{\$48.26}$
52-Week High	$\text{\$53.76}$
52-Week Low	$\text{\$19.37}$
Trading Volume (Nov 25, 2025)	$\text{34,240}$ shares
Average Trading Volume	$\text{95,752}$ shares

Investor Relations

Direct communication is managed through mandatory and voluntary disclosures. You, as a shareholder, receive semi-annual reports detailing performance. The Semi-Annual Report for the period ending May 31, 2025, showed a Net Asset Value (NAV) of $\text{\$35.14}$ per share. At that date, the share price reflected a $\text{9.9\%}$ discount to NAV, an improvement from the $\text{12.7\%}$ discount at the start of the fiscal year. Total net assets grew to $\text{\$663}$ million by May 31, 2025, representing a $\text{\$219}$ million increase from the 2024 fiscal year-end.

The regular cadence of reporting keeps you informed on the underlying asset value and investment strategy. Here are some key reports available:

• 2025 Semi-Annual Report (Unaudited) - May 31, 2025
• Schedule of Investments (Unaudited) - August 31, 2025
• 2025 Proxy Statement

Proxy Voting Engagement

Managing relationships with significant shareholders, especially activist ones, is a critical part of governance. Saba Capital Management, L.P. is definitely an active participant here, frequently increasing its stake. For example, on November 20, 2025, Saba Capital purchased $\text{27,496}$ shares at $\text{\$47.41}$ per share, bringing their direct holding to $\text{5,241,324}$ shares. By November 21, 2025, after another increase, Saba held $\text{5,251,108}$ shares. This investment represents a significant portion of their own portfolio, making their engagement highly relevant. The relationship also involves board governance; for instance, Karen Caldwell joined the board, serving until the 2025 Annual General Meeting of Shareholders.

Saba Capital Management's recent activity shows a clear commitment:

• Holding after Nov 20, 2025 purchase: $\text{5,241,324}$ shares
• Holding after Nov 21, 2025 purchase: $\text{5,251,108}$ shares
• ASA represented $\text{27.83\%}$ of Saba Capital Management's total holdings as of late November 2025

Dividend Distribution

The semi-annual dividend distribution is a direct return to you, the shareholder, and a key component of the relationship. ASA Gold and Precious Metals Limited recently increased this payout. The most recent semi-annual distribution declared was $\text{\$0.03}$ per share. This followed an earlier increase from $\text{\$0.02}$ to $\text{\$0.03}$ per share. The payment for this latest period was made on Wednesday, November 19, 2025, to shareholders of record before the ex-dividend date of Wednesday, November 12, 2025. This results in an annual dividend of $\text{\$0.06}$ per share, yielding about $\text{0.13\%}$ based on recent prices.

Here's the breakdown of the most recent distribution cycle:

Dividend Detail	Amount/Date
Semi-Annual Payout	$\text{\$0.03}$ per share
Annual Dividend	$\text{\$0.06}$ per share
Most Recent Payment Date	November 19, 2025
Most Recent Ex-Dividend Date	November 12, 2025
Trailing Twelve Months (TTM) Yield	$\text{0.13\%}$

Finance: draft the Q4 2025 cash flow projection incorporating the November dividend outflow by next Tuesday.

ASA Gold and Precious Metals Limited (ASA) - Canvas Business Model: Channels

You're looking at the direct routes ASA Gold and Precious Metals Limited uses to connect its shares and information with you, the investor. It's all about market access and transparency.

New York Stock Exchange (NYSE): Primary trading platform for common shares

The New York Stock Exchange is the main venue for trading ASA Gold and Precious Metals Limited common shares. Trading activity shows the market's immediate view of the company's value.

Here are some key trading metrics as of late November 2025:

Metric	Value	Date/Period
Closing Price	$45.99	November 21, 2025
52-Week High	$53.76	October 16, 2025
52-Week Low	$19.37	December 18, 2024
Market Capitalization	$867.94m USD	November 21, 2025
Shares Outstanding	18.87m	November 21, 2025
Average Trading Volume	70.04k	November 21, 2025

The stock price on January 1st, 2025, was $20.22, showing a significant move to the reported $48.8540 level by late November 2025.

Brokerage firms and platforms

Retail and institutional investors use a wide array of brokerage firms to access ASA Gold and Precious Metals Limited shares. These platforms execute the trades initiated on the NYSE.

• Access is available through just about any brokerage firm, including online services.
• Insider activity shows large shareholders like Saba Capital Management, L.P. executing purchases through these channels.
• One such purchase involved 9,784 shares on November 21st, 2025, at an average price of $46.94 per share.

Company website and SEC filings: Official distribution of financial reports and factsheets

ASA Gold and Precious Metals Limited maintains direct channels for official documentation. You can find key reports and regulatory documents here.

The company website provides online resources for:

• SEC Edgar database for all Company Filings.
• Beneficial Ownership Report filings - SEC Section 16 Reports.
• Financial Reports.
• Factsheets.

Recent regulatory filings include:

• Form 4 filed on November 18, 2025.
• SCHEDULE 13G/A filed on November 7, 2025.

Dividend reinvestment plan: Direct program for shareholders to buy more shares

While the option to automatically reinvest dividends exists via a Dividend Reinvestment Plan (DRIP), you must check with your specific brokerage for its availability and terms. The company itself has seen changes in its shareholder structure plans.

Key dividend metrics for context:

Dividend Metric	Value
Last Dividend Per Share	$0.0300
Ex-Dividend Date (Last)	November 12, 2025
Payout Frequency	Semi-Annual
Annual Dividend	$0.06
Dividend Yield (TTM)	0.130%

The shareholder rights plan of ASA Gold and Precious Metals Limited expired on July 29, 2025, and the company has not adopted a new plan.

ASA Gold and Precious Metals Limited (ASA) - Canvas Business Model: Customer Segments

You're looking at the distinct groups of investors who find value in ASA Gold and Precious Metals Limited as of late 2025. It's a mix of long-term believers and those playing the closed-end fund structure.

Long-term value investors are focused on the underlying assets and growth story. They look past the current fund structure discount to the potential in the precious metals sector. Here are some figures that inform their view:

• Revenue growth over the past three years: 83.50%.
• Earnings growth over the past three years: 84.80%.
• Return on equity (ROE): 52.20%.
• The company's fundamental policy requires at least 80% of total assets to be invested in precious metals-related equities, bullion, or related instruments.
• The 52-week high for the stock price was $53.75, with the price at $48.26 on November 24, 2025.

Closed-end fund investors are drawn to the persistent gap between the market price and the actual value of the assets. This discount is a key attraction for those looking for an entry point below intrinsic value.

• Persistent discount to NAV (approximate late 2025 figure): 9.75%.
• A specific observed discount on November 13, 2025, was -10.31%.
• Historical average discount over the last five years was noted around 15%.

Institutional investors, like activist shareholders, take significant, concentrated positions. Saba Capital Management, L.P. is a prime example of this segment. Their actions signal strong conviction in their thesis for ASA Gold and Precious Metals Limited.

Metric	Saba Capital Management, L.P. Data (Late 2025)
Reported Equity Portfolio Value	$3.64 billion (as of November 17, 2025)
Total Shares Held in ASA (Latest Reported)	5,201,466 shares (as of November 17, 2025)
ASA as Percentage of Firm's Holdings in ASA	27.56% (as of November 17, 2025)
ASA as Percentage of Total Portfolio	6.77% (as of November 17, 2025)
Insider Purchases (Last Year)	$0.13B worth of shares

Investors seeking inflation/geopolitical hedge use ASA Gold and Precious Metals Limited as a direct proxy for gold and precious mineral exposure. This aligns with the fund's core mandate, which dictates asset allocation.

• The investment objective requires at least 80% of assets in gold, silver, platinum, or diamond-related companies or bullion.
• The company's market capitalization was reported around $926.63 million.

Here's the quick math on the fund's current financial health indicators, which these investors weigh:

• GF Score: 39/100.
• Profitability Rank: 3/10.
• Growth Rank: 0/10.

What this estimate hides is that the low ranks contrast sharply with the historical growth rates of 83.50% and 84.80%. Finance: draft 13-week cash view by Friday.

ASA Gold and Precious Metals Limited (ASA) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the operations for ASA Gold and Precious Metals Limited. For a fund like this, the costs are primarily tied to managing the portfolio and maintaining the corporate structure, rather than, say, manufacturing widgets.

The overall drag on performance from expenses is captured in the Total Expense Ratio. As of November 30, 2024, this ratio stood at 1.64%. This percentage is what you need to keep front-of-mind when evaluating net returns.

Here is a breakdown of those costs, based on the latest available component data from November 30, 2024:

Expense Category	Percentage of Total Expense Ratio (As of 11/30/2024)
Investment Management Fees	0.70%
Other Expenses	0.93%
Interest Expense	0.01%
Total Expense Ratio	1.64%

Investment management fees, which cover the advisory services provided by Merk Investments LLC, constitute 0.70% of the total expense ratio. The other operating expenses component, which makes up 0.93% of the total, covers the administrative overhead you'd expect for a publicly traded fund. This includes things like director compensation and general administrative costs.

To give you a concrete idea of the director fees component, based on historical data from the fiscal year ended November 30, 2021, the structure looked like this:

• Annual retainer fee for each director: $20,000.
• Additional fee for the Chair of the Board: $10,000.
• Fee per in-person Board meeting attendance: $4,000.
• Fee per telephonic Board meeting attendance: $1,000.

Research and travel costs are embedded within the investment process, which ASA Gold and Precious Metals Limited describes as relying on bottom-up fundamental analysis. This means they fund primary research, which involves site visits to key operating assets and proprietary financial analysis to make investment decisions. While I don't have a specific dollar figure for these costs for 2025, this activity is a necessary cost of executing their core strategy.

The Share repurchase program represents a direct cash outlay aimed at managing the Net Asset Value (NAV) discount. You saw significant activity here; for the three-month period that ended on February 28, 2025, the fund spent $2,199,063 buying back its own shares. As of March 31, 2025, the cumulative total since the program started on May 1, 2024, was 378,782 shares repurchased. Furthermore, the Board renewed the program, authorizing the repurchase of up to 5% of outstanding shares from May 1, 2025, through April 30, 2026. Finance: draft the Q3 2025 share repurchase impact analysis by next Tuesday.

ASA Gold and Precious Metals Limited (ASA) - Canvas Business Model: Revenue Streams

You're looking at how ASA Gold and Precious Metals Limited actually brings in money to support its investment strategy. For a closed-end fund like ASA, revenue streams are fundamentally tied to the performance of its underlying assets-precious metals and the companies that mine them.

The primary driver of shareholder value, though not always booked as immediate revenue, is the appreciation of the portfolio. This is captured in the net realized and unrealized gains. For instance, during the six-month fiscal period ending May 31, 2025, ASA delivered a +50.6% total return, significantly outpacing the Index's return of +36.2%. This performance was set against a backdrop where the price of gold itself increased by 24.4% in that same half-year.

Still, there are direct income components reported on the income statement. You see this in the net investment income, which comes from interest and dividends earned on the portfolio holdings. For the first quarter of 2025, this was reported as $788,889.

The revenue generated directly from the Fund's business activities, which is distinct from investment gains, is also tracked. The latest reported figure for the last twelve months (LTM) ending August 31, 2025, shows revenue of $3.98M. Breaking that down further, the revenue reported for the nine months ended August 31, 2025, was USD 3.34 million.

Here's a quick look at the key financial metrics related to income and revenue as of the latest available data:

Revenue Metric	Amount/Period	Source Context
Revenue (LTM)	$3.98M	Ending August 31, 2025
Revenue (9 Months)	$3.34 million	Ended August 31, 2025
Net Investment Income	$788,889	Reported in Q1 2025 [cite: Not Found]
Total Return (NAV)	+50.6%	Six months ended May 31, 2025
Gold Price Change	+24.4%	Six-month fiscal period ending May 31, 2025

When it comes to distributions to shareholders, ASA Gold and Precious Metals Limited has a policy that influences this stream. While capital gains distributions are a possibility, the fund generally retains those gains for reinvestment to compound growth. However, the Fund has made regular distributions, recently increasing its semi-annual dividend from $0.02 to $0.03 per share.

You can think of the revenue streams as operating income versus capital appreciation:

• Net Realized and Unrealized Gains: The main engine, driven by the market value changes in equity holdings.
• Net Investment Income: Direct cash flow from interest and dividends, reported at $788,889 for Q1 2025.
• Revenue from Business Activities: Operational revenue, hitting $3.98M LTM as of August 31, 2025.
• Capital Gains Distributions: Typically retained, but shareholder distributions are made, such as the recent $0.03 semi-annual dividend.

Finance: draft 13-week cash view by Friday.