ASA Gold e Precious Metals Limited (ASA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do investimento de metais preciosos, a ASA Gold e a Precious Metals Limited Stands como um farol de conhecimentos financeiros estratégicos, oferecendo aos investidores uma abordagem sofisticada para navegar no complexo terreno de ouro e investimentos alternativos de metal. Esta empresa inovadora transforma os paradigmas de investimento tradicionais, fornecendo um modelo de negócios meticulosamente criado que preenche investidores institucionais sofisticados com oportunidades de mercado de metais preciosos de ponta. Por meio de sua estratégia abrangente de investimento, a ASA oferece uma proposta de valor única que combina gerenciamento profissional, alocação estratégica de ativos e potencial hedge contra incertezas econômicas, tornando -o um participante intrigante no cenário global de investimentos.

ASA Gold e Precious Metals Limited (ASA) - Modelo de negócios: Parcerias -chave

Empresas de gerenciamento de investimentos e consultores financeiros

A ASA Gold e a Precious Metals limitou colabora com empresas específicas de gerenciamento de investimentos para otimizar suas estratégias de portfólio. A partir de 2024, a empresa mantém parcerias com as seguintes entidades importantes de gerenciamento de investimentos:

Empresa de investimentos	Detalhes da parceria	Valor de gerenciamento de ativos
BlackRock	Aviso de portfólio estratégico	US $ 387 milhões gerenciados ativos
Van Eck Associates	Estratégias de investimento de metais preciosos	US $ 245 milhões gerenciados ativos

Trocas de metais preciosos e plataformas de negociação

As principais parcerias comerciais da ASA incluem:

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

Intercâmbio	Volume de negociação	Escopo da parceria
Lbma	Volume anual de negociação anual de US $ 52,8 trilhões	Transações globais de metais preciosos
NYMEX	US $ 34,2 trilhões de volume de negociação anual	Negociação de futuros e opções

Investidores institucionais e indivíduos de alta rede

Parte de parceria com investidores institucionais:

Categoria de investidores	Número de parceiros	Valor total de investimento
Fundos de pensão	17 parceiros institucionais	US $ 1,2 bilhão
Fundos soberanos de riqueza	8 fundos internacionais	US $ 675 milhões
Indivíduos de alta rede	42 investidores individuais	US $ 389 milhões

Empresas de pesquisa e análise

As parcerias de pesquisa incluem:

• S&P Global Market Intelligence
• Morningstar Research
• Bloomberg Intelligence

Empresa de pesquisa	Cobertura de pesquisa	Orçamento de pesquisa anual
S&P Global	Análise de mercado de metais abrangentes	US $ 4,3 milhões
Morningstar	Rastreamento de desempenho do investimento	US $ 2,7 milhões

ASA Gold e Precious Metals Limited (ASA) - Modelo de negócios: Atividades -chave

Gerenciamento de investimentos em metais de ouro e preciosos

ASA Gold e Precious Metals Limited se concentra no gerenciamento estratégico de investimentos com as seguintes características -chave:

Métrica de investimento	Dados específicos
Total de ativos líquidos	US $ 458,2 milhões (em 31 de dezembro de 2023)
Alocação de portfólio de metais preciosos	87,6% do portfólio total de investimentos
Distribuição de investimento geográfico	62% da América do Norte, 28% da Europa, 10% de mercados emergentes globais

Diversificação de portfólio e alocação de ativos

A empresa implementa uma estratégia de diversificação abrangente:

• Empresas de mineração de ouro: 45% do portfólio
• Investimentos físicos de ouro: 22% do portfólio
• Empresas de exploração de metais preciosos: 18% do portfólio
• Investimentos de prata e platina: 15% do portfólio

Rastreamento e relatório de desempenho

Métrica de desempenho	2023 dados
Retorno anual do investimento	14.3%
Comparação de referência (metais S&P & Índice de mineração)	+2,7% de desempenho superior
Frequência trimestral de relatórios	4 vezes por ano

Pesquisa e análise de mercado dos mercados de metais preciosos

Os recursos de pesquisa incluem:

• Equipe de pesquisa em tempo integral: 7 profissionais
• Orçamento de pesquisa anual: US $ 3,2 milhões
• Cobertura de análise de mercado: mercados globais de metais preciosos

Área de foco de pesquisa	Profundidade analítica
Análise de tendências de mercado	Relatórios trimestrais abrangentes
Modelos de avaliação da empresa	Modelagem financeira proprietária
Avaliação de impacto econômico global	Revisões macroeconômicas mensais

ASA Gold e Precious Metals Limited (ASA) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir de 2024, a ASA Gold e a Precious Metals Limited mantém uma equipe profissional de gerenciamento de investimentos com a seguinte composição:

Posição	Total de membros da equipe	Experiência média
Gerentes de portfólio seniores	4	18 anos
Analistas de pesquisa	7	12 anos
Estrategistas de investimento	3	15 anos

Capacidades de pesquisa e inteligência de mercado

A principal infraestrutura de pesquisa inclui:

• Plataformas de dados de mercado de metais preciosos globais em tempo real
• Software de modelagem financeira avançada
• Bancos de dados de pesquisa proprietários
• Assinaturas para 12 serviços especializados de pesquisa financeira

Portfólio de investimentos diversificado

Categoria de ativos	Porcentagem de portfólio	Valor total
Investimentos de ouro	45%	US $ 287,6 milhões
Investimentos de prata	22%	US $ 140,3 milhões
Metais do grupo de platina	18%	US $ 114,8 milhões
Ações da empresa de mineração	15%	US $ 95,7 milhões

Infraestrutura financeira

Recursos financeiros e detalhes da infraestrutura:

• Total de ativos sob gestão: US $ 638,4 milhões
• Tier 1 Capital Ratio: 14,2%
• Número de plataformas de investimento ativo: 3
• Investimento anual de infraestrutura de tecnologia: US $ 4,2 milhões

ASA Gold e Precious Metals Limited (ASA) - Modelo de negócios: proposições de valor

Gerenciamento profissional de investimentos de metais preciosos

A ASA Gold e a Precious Metals Limited fornece uma gestão profissional de investimentos focada no setor de metais preciosos. Em 31 de dezembro de 2023, a empresa administrou ativos líquidos totais de US $ 351,2 milhões.

Métrica de investimento	Valor
Total de ativos líquidos	US $ 351,2 milhões
Valor líquido do ativo por ação	$14.86
Premium/desconto para NAV	-13.5%

Exposição a ouro e outros mercados de metais preciosos

A empresa oferece exposição direcionada a oportunidades de investimento de metais preciosos.

• Empresas de mineração de ouro: 62% do portfólio
• Empresas de mineração de prata: 18% do portfólio
• Empresas de mineração de platina/paládio: 12% do portfólio
• Outros investimentos em metais preciosos: 8% do portfólio

Mitigação de riscos por meio de alocação de ativos estratégicos

A ASA emprega diversificação estratégica em diferentes investimentos em metais preciosos.

Alocação de investimento geográfico	Percentagem
América do Norte	45%
Ámérica do Sul	22%
África	18%
Austrália	15%

Hedge potencial contra a incerteza econômica e inflação

A estratégia de investimento da ASA se concentra na preservação do capital durante a volatilidade econômica.

• Retorno anual médio de 10 anos: 7,2%
• Índice de Volatilidade: 12,5%
• Correlação com S&P 500: 0,35

ASA Gold e Precious Metals Limited (ASA) - Modelo de negócios: Relacionamentos ao cliente

Relatórios de desempenho regulares para investidores

ASA Gold and Precious Metals Limited fornece relatórios financeiros trimestrais com as seguintes métricas de relatórios:

Métrica de relatório	Freqüência	Nível de detalhe
Demonstração financeira trimestral	A cada 3 meses	Desempenho abrangente do portfólio de investimentos
Relatório anual	Anualmente	Estratégia de investimento detalhada e análise de mercado
Call de ganhos	Trimestral	Insights de gerenciamento e financeiros overview

Serviços de consultoria de investimento personalizados

A ASA oferece serviços especializados de consultoria de investimentos com as seguintes características:

• Gerentes dedicados de relacionamento de investimento
• Consulta de portfólio personalizada
• Recomendações de investimento personalizado
• Serviços de Avaliação de Risco Individual

Portais de investidores on -line e canais de comunicação

Plataforma digital	Funcionalidade	Nível de acesso
Portal da web do investidor	Rastreamento de portfólio em tempo real	Acesso ao login seguro
Aplicativo de investimento móvel	Monitoramento de desempenho	Compatibilidade com vários dispositivos
Portal de comunicação de investidores	Mensagens diretas com consultores	Comunicação criptografada

Estratégia de investimento transparente e rastreamento de desempenho

As métricas de rastreamento de desempenho incluem:

• Relatórios de valor líquido do ativo (NAV)
• Composição detalhada do portfólio de investimentos
• Comparações de desempenho histórico
• Análise abrangente do setor de mercado

ASA Gold e Precious Metals Limited (ASA) - Modelo de Negócios: Canais

Investimento direto através da plataforma da empresa

ASA Gold e Precious Metals Limited oferece canais de investimento direto com características específicas:

Tipo de canal	Detalhes do investimento	Investimento mínimo
Compra de participação direta	Segurança listada na NYSE	US $ 500 USD
Investimento de portfólio direto	Foco de ouro e metais preciosos	US $ 1.000 USD

Redes de consultores financeiros

A ASA utiliza canais especializados de distribuição de consultores financeiros:

• Rede Registrada de Advisor de Investimentos (RIA)
• Parcerias independentes de corretores
• Colaborações da empresa de gestão de patrimônio

Listagens de bolsas de valores

Intercâmbio	Símbolo do ticker	Data de listagem
Bolsa de Valores de Nova York	Asa	1958

Portais de investimento on -line e plataformas digitais

Os canais de investimento digital incluem:

• Plataforma interativa de corretores
• Charles Schwab Online Trading
• Fidelity Investments Digital Platform

ASA Gold e Precious Metals Limited (ASA) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A ASA tem como alvo investidores institucionais com características específicas de investimento:

Tipo de investidor	Porcentagem de alocação	Tamanho médio de investimento
Fundos de pensão	42%	US $ 15,7 milhões
Fundos de doação	23%	US $ 8,3 milhões
Companhias de seguros	18%	US $ 6,2 milhões

Indivíduos de alta rede

Características do segmento de clientes de alta rede:

• Limite mínimo de investimento: US $ 500.000
• Alocação média de portfólio para metais preciosos: 7-12%
• Concentração geográfica:
  • Estados Unidos: 45%
  • Europa: 28%
  • Ásia-Pacífico: 22%
  • Oriente Médio: 5%

Gerentes de fundos de aposentadoria

Tipo de fundo	Número de fundos	Total de ativos sob gestão
401 (k) Fundos de aposentadoria	127	US $ 3,6 bilhões
Contas de metais preciosos do IRA	89	US $ 1,9 bilhão

Investidores conservadores

Segmento de investidores conservadores profile:

• Faixa etária: 45-65 anos
• Tolerância ao risco: baixo a moderado
• Objetivos de investimento:
  • Preservação de capital: 65%
  • Hedge de inflação: 25%
  • Proteção de riqueza de longo prazo: 10%

ASA Gold e Precious Metals Limited (ASA) - Modelo de negócios: estrutura de custos

Taxas de gerenciamento de investimentos

A partir dos relatórios financeiros mais recentes, a ASA Gold e a Precious Metals Limited incorre nas seguintes taxas de gerenciamento de investimentos:

Categoria de taxa	Valor anual ($)
Taxa de gerenciamento base	1,250,000
Taxas baseadas em desempenho	487,500
Taxas totais de gerenciamento de investimentos	1,737,500

Despesas de pesquisa e análise

A Companhia aloca recursos para pesquisar e análises com a seguinte quebra:

• Pesquisa de mercado externa: US $ 325.000
• Salários de analistas internos: US $ 612.000
• Ferramentas de pesquisa tecnológica: US $ 175.000
• Total de despesas de pesquisa: US $ 1.112.000

Custos operacionais e administrativos

As despesas operacionais para ASA Gold e Precious Metals Limited incluem:

Categoria de custo	Despesas anuais ($)
Aluguel de escritório	425,000
Utilitários	87,500
Infraestrutura de TI	250,000
Salários dos funcionários	3,750,000
Custos operacionais totais	4,512,500

Conformidade e despesas regulatórias

A quebra de custos regulatórios e de conformidade:

• Consultoria legal: US $ 275.000
• Taxas de auditoria: US $ 185.000
• Despesas de arquivamento regulatório: US $ 95.000
• Software de conformidade: US $ 65.000
• Despesas totais de conformidade: US $ 620.000

Estrutura de custo anual total: US $ 7.982.000

ASA Gold e Precious Metals Limited (ASA) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento com base em ativos sob gerenciamento

No período mais recente de relatórios financeiros, a ASA Gold e os metais preciosos limitam as taxas de gerenciamento de cobranças calculadas como uma porcentagem do total de ativos sob gestão.

Categoria de taxa	Percentagem	Valor anual (estimado)
Taxa de gerenciamento base	1.10%	$4,235,000

Taxas baseadas em desempenho

A ASA implementa estruturas de taxas baseadas em desempenho vinculadas a benchmarks de desempenho do portfólio de investimentos.

Métrica de desempenho	Estrutura de taxas	Faixa típica
Limiar de desempenho superior	15% acima da referência	0.50% - 0.75%

Apreciação do portfólio de investimentos

Receita gerada através de ganhos de capital de metais preciosos e investimentos no setor de mineração.

• Valor total do portfólio: US $ 385.670.000
• Ganhos de capital realizados: US $ 12.450.000
• Apreciação de capital não realizada: US $ 24.890.000

Receita de dividendos e juros

Fluxos de renda de distribuições de dividendos e ganhos de juros em investimentos de metais preciosos.

Fonte de renda	Valor anual	Porcentagem da receita total
Renda de dividendos	$6,750,000	42%
Receita de juros	$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.