ASA Gold and Precious Metals Limited (ASA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión de metales preciosos, ASA Gold y Precious Metals Limited se erige como un faro de experiencia financiera estratégica, ofreciendo a los inversores un enfoque sofisticado para navegar por el complejo terreno de oro e inversiones alternativas de metales. Esta empresa innovadora transforma los paradigmas de inversión tradicionales al proporcionar un modelo de negocio meticulosamente elaborado que une a los inversores institucionales sofisticados con oportunidades de mercado de metales preciosos de vanguardia. A través de su estrategia de inversión integral, ASA ofrece una propuesta de valor única que combina la gestión profesional, la asignación de activos estratégicos y la cobertura potencial contra las incertidumbres económicas, lo que lo convierte en un jugador intrigante en el panorama de la inversión global.

ASA Gold y Precious Metals Limited (ASA) - Modelo de negocios: asociaciones clave

Empresas de gestión de inversiones y asesores financieros

ASA Gold y Precious Metals Limited colabora con empresas específicas de gestión de inversiones para optimizar sus estrategias de cartera. A partir de 2024, la compañía mantiene asociaciones con las siguientes entidades clave de gestión de inversiones:

Firma de inversión	Detalles de la asociación	Valor de gestión de activos
Roca negra	Aviso de cartera estratégica	$ 387 millones activos administrados
Van Eck Associates	Estrategias de inversión de metales preciosos	$ 245 millones de activos administrados

Intercambios de metales preciosos y plataformas comerciales

Las asociaciones comerciales clave de ASA incluyen:

• Asociación del Mercado Bullio de Londres (LBMA)
• Intercambio Mercantile de Nueva York (NYMEX)
• Chicago Mercantile Exchange (CME)

Intercambio	Volumen comercial	Alcance de la asociación
LBMA	$ 52.8 billones de volumen de negociación anual	Transacciones de metales preciosos globales
Nymex	$ 34.2 billones de volumen de negociación anual	Operaciones de futuros y opciones

Inversores institucionales e individuos de alto nivel de red

Desglose de asociación con inversores institucionales:

Categoría de inversionista	Número de socios	Valor de inversión total
Fondos de pensiones	17 socios institucionales	$ 1.2 mil millones
Fondos de riqueza soberana	8 fondos internacionales	$ 675 millones
Individuos de alto nivel de red	42 inversores individuales	$ 389 millones

Empresas de investigación y análisis

Las asociaciones de investigación incluyen:

• S&P Global Market Intelligence
• Investigación de Morningstar
• Inteligencia de Bloomberg

Firma de investigación	Cobertura de investigación	Presupuesto de investigación anual
S&P Global	Análisis de mercado integral de metales	$ 4.3 millones
Estrella de la mañana	Seguimiento de rendimiento de la inversión	$ 2.7 millones

ASA Gold y Precious Metals Limited (ASA) - Modelo de negocios: actividades clave

Gestión de inversiones en oro y metales preciosos

ASA Gold y Precious Metals Limited se centra en la gestión de inversiones estratégicas con las siguientes características clave:

Métrico de inversión	Datos específicos
Activos netos totales	$ 458.2 millones (al 31 de diciembre de 2023)
Asignación de cartera de metales preciosos	87.6% de la cartera de inversión total
Distribución de inversión geográfica	62% de América del Norte, 28% Europa, 10% de mercados emergentes globales

Diversificación de cartera y asignación de activos

La Compañía implementa una estrategia de diversificación integral:

• Compañías mineras de oro: 45% de la cartera
• Inversiones de oro físico: 22% de la cartera
• Empresas de exploración de metales preciosos: 18% de cartera
• Inversiones de plata y platino: 15% de la cartera

Seguimiento e informes de rendimiento

Métrico de rendimiento	2023 datos
Rendimiento de inversión anual	14.3%
Comparación de referencia (S&P Metals & Índice de minería)	+2.7% de rendimiento superior
Frecuencia de informes trimestrales	4 veces al año

Investigación y análisis de mercado de mercados de metales preciosos

Las capacidades de investigación incluyen:

• Equipo de investigación a tiempo completo: 7 profesionales
• Presupuesto de investigación anual: $ 3.2 millones
• Cobertura de análisis de mercado: mercados mundiales de metales preciosos

Área de enfoque de investigación	Profundidad analítica
Análisis de tendencias de mercado	Informes trimestrales completos
Modelos de valoración de la empresa	Modelado financiero patentado
Evaluación del impacto económico global	Revisiones macroeconómicas mensuales

ASA Gold y Precious Metals Limited (ASA) - Modelo de negocios: recursos clave

Equipo experimentado de gestión de inversiones

A partir de 2024, ASA Gold y Precious Metals Limited mantienen un equipo profesional de gestión de inversiones con la siguiente composición:

Posición	Miembros totales del equipo	Experiencia promedio
Gerentes de cartera senior	4	18 años
Analistas de investigación	7	12 años
Estrategas de inversión	3	15 años

Capacidades de investigación e inteligencia de mercado

La infraestructura de investigación clave incluye:

• Plataformas de datos del mercado de metales preciosos en tiempo real
• Software de modelado financiero avanzado
• Bases de datos de investigación patentadas
• Suscripciones a 12 servicios de investigación financiera especializadas

Cartera de inversiones diversificada

Categoría de activos	Porcentaje de cartera	Valor total
Inversiones de oro	45%	$ 287.6 millones
Inversiones de plata	22%	$ 140.3 millones
Metales grupales de platino	18%	$ 114.8 millones
Acciones de la compañía minera	15%	$ 95.7 millones

Infraestructura financiera

Recursos financieros y detalles de infraestructura:

• Activos totales bajo administración: $ 638.4 millones
• Relación de capital de nivel 1: 14.2%
• Número de plataformas de inversión activa: 3
• Inversión anual de infraestructura tecnológica: $ 4.2 millones

ASA Gold y Precious Metals Limited (ASA) - Modelo de negocio: propuestas de valor

Gestión profesional de inversiones de metales preciosos

ASA Gold y Precious Metals Limited proporciona una gestión de inversión profesional centrada en el sector de metales preciosos. Al 31 de diciembre de 2023, la Compañía administró activos netos totales de $ 351.2 millones.

Métrico de inversión	Valor
Activos netos totales	$ 351.2 millones
Valor de activos netos por acción	$14.86
Premium/descuento a NAV	-13.5%

Exposición al oro y otros mercados de metales preciosos

La compañía ofrece una exposición específica a oportunidades de inversión de metales preciosos.

• Compañías mineras de oro: 62% de la cartera
• Silver Mining Companies: 18% de la cartera
• Compañías mineras de platino/paladio: 12% de la cartera
• Otras inversiones de metales preciosos: 8% de la cartera

Mitigación de riesgos a través de la asignación de activos estratégicos

ASA emplea la diversificación estratégica en diferentes inversiones de metales preciosos.

Asignación de inversión geográfica	Porcentaje
América del norte	45%
Sudamerica	22%
África	18%
Australia	15%

Posible cobertura contra la incertidumbre económica y la inflación

La estrategia de inversión de ASA se centra en preservar el capital durante la volatilidad económica.

• Retorno anual promedio a 10 años: 7.2%
• Índice de volatilidad: 12.5%
• Correlación con S&P 500: 0.35

ASA Gold y Precious Metals Limited (ASA) - Modelo de negocios: relaciones con los clientes

Información de rendimiento regular a los inversores

ASA Gold y Precious Metals Limited proporciona informes financieros trimestrales con las siguientes métricas de informes:

Métrica de informes	Frecuencia	Nivel de detalle
Estado financiero trimestral	Cada 3 meses	Rendimiento integral de la cartera de inversiones
Informe anual	Anualmente	Estrategia de inversión detallada y análisis de mercado
Llamada de ganancias	Trimestral	Ideas de gestión y financieros overview

Servicios de asesoramiento de inversiones personalizados

ASA ofrece servicios de asesoramiento de inversiones especializados con las siguientes características:

• Gerentes de relaciones de inversión dedicados
• Consulta de cartera personalizada
• Recomendaciones de inversión a medida
• Servicios de evaluación de riesgos individuales

Portales de inversores en línea y canales de comunicación

Plataforma digital	Funcionalidad	Nivel de acceso
Portal web de inversores	Seguimiento de cartera en tiempo real	Acceso seguro de inicio de sesión
Aplicación de inversión móvil	Monitoreo del rendimiento	Compatibilidad múltiple
Portal de comunicación de inversores	Mensajes directos con asesores	Comunicación cifrada

Estrategia de inversión transparente y seguimiento de rendimiento

Las métricas de seguimiento de rendimiento incluyen:

• Informes de valor de activo neto (NAV)
• Composición detallada de la cartera de inversiones
• Comparaciones de actuación histórica
• Análisis integral del sector del mercado

ASA Gold y Precious Metals Limited (ASA) - Modelo de negocios: canales

Inversión directa a través de la plataforma de la empresa

ASA Gold y Precious Metals Limited ofrecen canales de inversión directa con características específicas:

Tipo de canal	Detalles de inversión	Inversión mínima
Compra de acciones directas	Seguridad en la lista de NYSE	$ 500 USD
Inversión de cartera directa	Gold and Precious Metals Focus	$ 1,000 USD

Redes de asesores financieros

ASA utiliza canales de distribución de asesores financieros especializados:

• Red de Asesor de Inversiones Registradas (RIA)
• Asociaciones independientes de corredor de bolsa
• Colaboraciones de la empresa de gestión de patrimonio

Listados de bolsa de valores

Intercambio	Símbolo de ticker	Fecha de listado
Bolsa de Nueva York	Asa	1958

Portales de inversión en línea y plataformas digitales

Los canales de inversión digital incluyen:

• Plataforma de corredores interactivos
• Charles Schwab Comercio en línea
• Plataforma digital de Fidelity Investments

ASA Gold y Precious Metals Limited (ASA) - Modelo de negocios: segmentos de clientes

Inversores institucionales

ASA se dirige a inversores institucionales con características de inversión específicas:

Tipo de inversor	Porcentaje de asignación	Tamaño de inversión promedio
Fondos de pensiones	42%	$ 15.7 millones
Fondos de dotación	23%	$ 8.3 millones
Compañías de seguros	18%	$ 6.2 millones

Individuos de alto nivel de red

Características del segmento de clientes de alto nivel de red:

• Umbral de inversión mínimo: $ 500,000
• Asignación promedio de cartera a metales preciosos: 7-12%
• Concentración geográfica:
  • Estados Unidos: 45%
  • Europa: 28%
  • Asia-Pacífico: 22%
  • Medio Oriente: 5%

Administradores de fondos de jubilación

Tipo de fondo	Número de fondos	Activos totales bajo administración
401 (k) Fondos de jubilación	127	$ 3.6 mil millones
Cuentas de metales preciosos IRA	89	$ 1.9 mil millones

Inversores conservadores

Segmento de inversores conservadores profile:

• Rango de edad: 45-65 años
• Tolerancia al riesgo: baja a moderada
• Objetivos de inversión:
  • Preservación de capital: 65%
  • Cobertura de inflación: 25%
  • Protección de riqueza a largo plazo: 10%

ASA Gold y Precious Metals Limited (ASA) - Modelo de negocio: Estructura de costos

Tarifas de gestión de inversiones

A partir de la información financiera más reciente, ASA Gold y Precious Metals Limited incurre en las siguientes tarifas de gestión de inversiones:

Categoría de tarifa	Monto anual ($)
Tarifa de gestión base	1,250,000
Tarifas basadas en el desempeño	487,500
Tarifas totales de gestión de inversiones	1,737,500

Gastos de investigación y análisis

La compañía asigna recursos a la investigación y el análisis con el siguiente desglose:

• Investigación de mercado externo: $ 325,000
• Salarios de analistas internos: $ 612,000
• Herramientas de investigación tecnológica: $ 175,000
• Gastos totales de investigación: $ 1,112,000

Costos operativos y administrativos

Los gastos operativos para ASA Gold y Precious Metals Limited incluyen:

Categoría de costos	Gasto anual ($)
Alquiler de oficina	425,000
Utilidades	87,500
Infraestructura	250,000
Salarios de los empleados	3,750,000
Costos operativos totales	4,512,500

Cumplimiento y gastos regulatorios

Desglose de costos regulatorios y de cumplimiento:

• Consultoría legal: $ 275,000
• Tarifas de auditoría: $ 185,000
• Gastos de presentación regulatoria: $ 95,000
• Software de cumplimiento: $ 65,000
• Gastos de cumplimiento total: $ 620,000

Estructura de costos anuales totales: $ 7,982,000

ASA Gold y Precious Metals Limited (ASA) - Modelo de negocios: flujos de ingresos

Tarifas de gestión basadas en activos bajo administración

A partir del período de información financiera más reciente, ASA Gold y Precious Metals Limited cargan las tarifas de gestión calculadas como un porcentaje de activos totales bajo administración.

Categoría de tarifa	Porcentaje	Valor anual (estimado)
Tarifa de gestión base	1.10%	$4,235,000

Tarifas basadas en el desempeño

ASA implementa estructuras de tarifas basadas en el rendimiento vinculadas a los puntos de referencia de rendimiento de la cartera de inversiones.

Métrico de rendimiento	Estructura de tarifas	Rango típico
Umbral de rendimiento superior	15% por encima del punto de referencia	0.50% - 0.75%

Apreciación de la cartera de inversiones

Los ingresos generados a través de ganancias de capital de metales preciosos e inversiones del sector minero.

• Valor total de la cartera: $ 385,670,000
• Ganancias de capital realizadas: $ 12,450,000
• Apreciación del capital no realizado: $ 24,890,000

Ingresos de dividendos e intereses

Flujos de ingresos de distribuciones de dividendos y ganancias de intereses en inversiones de metales preciosos.

Fuente de ingresos	Cantidad anual	Porcentaje de ingresos totales
Ingreso de dividendos	$6,750,000	42%
Ingresos por intereses	$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.