ASA - ASA Gold & Precious Metals Ltd
A closed-end fund run by ASA. Invests in gold and precious metals. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - one large investor is pushing for changes at this fund.
- Saba owns 32.2% and has said it may push for changes. Since Jan 26, 2024.
Is the fund doing anything you need to act on?
Yes - there is a shareholder vote. Voting papers are on their way.
Alexander Merk started a fight over the shareholder vote.
Do I need to do anything? Two sides are asking for your vote: the people who run the fund, and Alexander Merk, a large investor. You will get voting papers from your broker or in the mail; you can vote either way or not at all. The meeting date is in the voting papers. Nothing else is required of you.
Original document →What this means for you
Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.
The investor's notice itself does not require anything from you; the fund's own announcement above does - by the date shown.
Large investors can also sell down and walk away. We show every notice they file, the day it is filed.
Separately, the fund itself has announced a vote - see the box above for what to do and by when.
What happened, and when
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Sept 11, 2026
Alexander Merk started a fight over the shareholder vote.
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Sept 10, 2026
The fund proposed changing its legal form; it would stay a fund. Holders will vote.
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Sept 8, 2026
Alexander Merk started a fight over the shareholder vote.
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Aug 14, 2026
Alexander Merk started a fight over the shareholder vote.
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Aug 5, 2026
Alexander Merk started a fight over the shareholder vote.
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Show all 65 events
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Aug 3, 2026
Saba raised its stake to 32.2% (from 31.9%). It has said it may push for changes.
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July 16, 2026
Alexander Merk started a fight over the shareholder vote.
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July 14, 2026
Alexander Merk started a fight over the shareholder vote.
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July 10, 2026
Alexander Merk started a fight over the shareholder vote.
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July 1, 2026
Alexander Merk started a fight over the shareholder vote.
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June 25, 2026
Alexander Merk started a fight over the shareholder vote.
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June 16, 2026
Alexander Merk started a fight over the shareholder vote.
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May 28, 2026
Saba filed an updated notice; it still owns 31.9%. It has said it may push for changes.
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May 14, 2026
Saba raised its stake to 31.9% (from 31.3%). It has said it may push for changes.
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Feb 19, 2026
Saba raised its stake to 31.3% (from 31%). It has said it may push for changes.
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Feb 13, 2026
Saba raised its stake to 31% (from 30%). It has said it may push for changes.
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Feb 11, 2026
Saba raised its stake to 30% (from 29%). It has said it may push for changes.
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Jan 23, 2026
Saba raised its stake to 29% (from 28.3%). It has said it may push for changes.
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Dec 16, 2025
Saba raised its stake to 28.3% (from 27.3%). It has said it may push for changes.
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Nov 5, 2025
Saba raised its stake to 27.3% (from 26.3%). It has said it may push for changes.
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Oct 21, 2025
Saba raised its stake to 26.3% (from 25.1%). It has said it may push for changes.
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Oct 9, 2025
Saba raised its stake to 25.1% (from 23.9%). It has said it may push for changes.
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Sept 15, 2025
Saba raised its stake to 23.9% (from 22.5%). It has said it may push for changes.
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Sept 8, 2025
Saba raised its stake to 22.5% (from 21.4%). It has said it may push for changes.
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Aug 13, 2025
Saba raised its stake to 21.4% (from 19.5%). It has said it may push for changes.
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Aug 12, 2025
Saba raised its stake to 19.5% (from 17.2%). It has said it may push for changes.
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Aug 7, 2025
Saba raised its stake to 17.2% (from 17.1%). It has said it may push for changes.
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June 12, 2025
Saba started a fight over the shareholder vote.
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June 11, 2025
Saba started a fight over the shareholder vote.
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June 11, 2025
Alexander Merk started a fight over the shareholder vote.
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June 9, 2025
Saba started a fight over the shareholder vote.
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June 9, 2025
Alexander Merk started a fight over the shareholder vote.
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June 6, 2025
Saba started a fight over the shareholder vote.
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June 5, 2025
Saba started a fight over the shareholder vote.
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June 5, 2025
Alexander Merk started a fight over the shareholder vote. The meeting is on June 13, 2025.
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May 30, 2025
Alexander Merk started a fight over the shareholder vote.
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May 28, 2025
Alexander Merk started a fight over the shareholder vote.
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May 27, 2025
Alexander Merk started a fight over the shareholder vote. The meeting is on June 13, 2025.
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May 20, 2025
Alexander Merk started a fight over the shareholder vote.
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May 19, 2025
Saba started a fight over the shareholder vote.
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May 15, 2025
Saba started a fight over the shareholder vote.
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May 15, 2025
Alexander Merk started a fight over the shareholder vote.
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May 13, 2025
Saba started a fight over the shareholder vote. The meeting is on June 13, 2025.
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May 13, 2025
Alexander Merk started a fight over the shareholder vote.
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May 12, 2025
Saba started a fight over the shareholder vote.
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May 12, 2025
Alexander Merk started a fight over the shareholder vote. The meeting is on June 13, 2025.
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May 12, 2025
Alexander Merk started a fight over the shareholder vote.
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May 12, 2025
Litigation Committee of the Board of Directors of ASA Gold & Precious Metals, Ltd. started a fight over the shareholder vote.
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May 9, 2025
Saba started a fight over the shareholder vote.
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May 7, 2025
Saba started a fight over the shareholder vote.
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May 6, 2025
Alexander Merk started a fight over the shareholder vote.
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May 2, 2025
Saba started a fight over the shareholder vote.
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May 2, 2025
Litigation Committee of the Board of Directors of ASA Gold & Precious Metals, Ltd. started a fight over the shareholder vote.
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May 1, 2025
Saba started a fight over the shareholder vote.
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April 29, 2025
Saba started a fight over the shareholder vote. The meeting is on June 13, 2025.
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April 28, 2025
Saba started a fight over the shareholder vote. The meeting is on April 29, 2025.
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April 21, 2025
Saba started a fight over the shareholder vote.
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April 21, 2025
Saba started a fight over the shareholder vote.
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April 10, 2025
Saba started a fight over the shareholder vote. The meeting is on April 29, 2025.
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April 8, 2025
Saba raised its stake to 17.1% (from 16.9%). It has said it may push for changes.
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Sept 23, 2024
Saba filed an updated notice; it still owns 16.9%. It has said it may push for changes.
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May 1, 2024
Saba filed an updated notice; it still owns 16.9%. It has said it may push for changes.
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April 30, 2024
Saba filed an updated notice; it still owns 16.9%. It has said it may push for changes.
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Feb 1, 2024
Saba filed an updated notice; it still owns 16.9%. It has said it may push for changes.
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Jan 26, 2024
Saba now owns 16.9%. It has said it may push for changes.
Original document →
About this fund
- Run by ASA. At its last yearly report (Nov 30, 2025) the fund was run by Merk Investments, LLC. As of Nov 30, 2025, from the fund's yearly report. Original document →
- Size: about $1.36 billion of holdings, as of May 31, 2026. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund does not borrow. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 0.6% a year in management fees; 1.9% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
- Payouts: last fiscal year (ended Nov 30, 2025) the fund paid $0.06 a share, all of it from gains. As of Nov 30, 2025, from the fund's annual report. Original document →
- Value of holdings per share at the last fiscal year end (Nov 30, 2025): $58.54. The shares traded at $52.72, about 9.9% below that.
As of Nov 30, 2025, from the fund's yearly report. Original document →
Over the last two years the gap ranged from 17.3% below to 11% below. As of Nov 30, 2023, from the fund's annual report. Original document → - How the holdings did: down 20.9% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +104.1%. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- How the holdings did over the fiscal year (ended Nov 30, 2025): the value of the holdings returned +151%. How the share price did: the shares returned +159% over the same year, counting payouts and the change in the market price. As of Nov 30, 2025, from the fund's annual report. Original document →
- Shares outstanding: 18.8 million. As of Nov 30, 2025, from the fund's annual report. Original document →
- First reported to the regulator in 2003.
What the fund holds
Mostly shares (95%), the rest bonds and derivatives. About 3% issued in the U.S.
- G Mining Ventures Corp. - 8.5%
- Americas Gold & Silver Corp. - 8.2%
- Orla Mining, Ltd. - 6.9%
- Equinox Gold Corp. - 4.9%
- Predictive Discovery, Ltd. - 8.6%
- Hemlo Mining Corp. - 4.1%
- San Cristobal Mining, Inc. - 4%
- Thesis Gold & Silver, Inc. - 3.2%
- Discovery Silver Corp. - 2.5%
- New Found Gold Corp. - 2.4%
Show all 24
- Atex Resources, Inc. - 2.3%
- Torex Gold Resources, Inc. - 2.2%
- (unnamed), Minera Alamos, Inc. - 1.9%
- Tolu Minerals, Ltd. - 1.9%
- (unnamed), American Ocean Minerals Corp. - 1.8%
- Metalla Royalty & Streaming, Ltd. - 1.7%
- GoGold Resources, Inc. - 1.7%
- Blossom Gold, Inc. - 1.7%
- Derivatives - 1.5%
- Versamet Royalties Corp. - 1.4%
- G2 Goldfields, Inc. - 1.4%
- Alamos Gold, Inc. - 1.4%
- (unnamed), Orla Mining, Ltd., 4.50%, 3/1/30 - 1.3%
- (unnamed), Magnetic Resources Corp. - 1.2%
As of May 31, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| Aug 3, 2026 | Saba | 32.2% | Updated notice |
| May 28, 2026 | Saba | 31.9% | Updated notice |
| May 14, 2026 | Saba | 31.9% | Updated notice |
| Feb 19, 2026 | Saba | 31.3% | Updated notice |
| Feb 13, 2026 | Saba | 31% | Updated notice |
| Feb 11, 2026 | Saba | 30% | Updated notice |
| Jan 23, 2026 | Saba | 29% | Updated notice |
| Dec 16, 2025 | Saba | 28.3% | Updated notice |
| Nov 5, 2025 | Saba | 27.3% | Updated notice |
| Oct 21, 2025 | Saba | 26.3% | Updated notice |
| Oct 9, 2025 | Saba | 25.1% | Updated notice |
| Sept 15, 2025 | Saba | 23.9% | Updated notice |
| Sept 8, 2025 | Saba | 22.5% | Updated notice |
| Aug 13, 2025 | Saba | 21.4% | Updated notice |
| Aug 12, 2025 | Saba | 19.5% | Updated notice |
| Aug 7, 2025 | Saba | 17.2% | Updated notice |
| April 8, 2025 | Saba | 17.1% | Updated notice |
| Sept 23, 2024 | Saba | 16.9% | Updated notice |
| May 1, 2024 | Saba | 16.9% | Updated notice |
| April 30, 2024 | Saba | 16.9% | Updated notice |
| Feb 1, 2024 | Saba | 16.9% | Updated notice |
| Jan 26, 2024 | Saba | 16.9% | Updated notice |
| Date | What | Deadline | Document |
|---|---|---|---|
| Sept 11, 2026 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| Sept 10, 2026 | Plan to change what the fund is | none | Original document → |
| Sept 8, 2026 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| Aug 14, 2026 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| Aug 5, 2026 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| July 16, 2026 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| July 14, 2026 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| July 10, 2026 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| July 1, 2026 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| June 25, 2026 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| June 16, 2026 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| June 12, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| June 11, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| June 11, 2025 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| June 9, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| June 9, 2025 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| June 6, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| June 5, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| June 5, 2025 | Fight over the shareholder vote with Alexander Merk | June 13, 2025 | Original document → |
| May 30, 2025 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| May 28, 2025 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| May 27, 2025 | Fight over the shareholder vote with Alexander Merk | June 13, 2025 | Original document → |
| May 20, 2025 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| May 19, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| May 15, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| May 15, 2025 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| May 13, 2025 | Fight over the shareholder vote with Saba | June 13, 2025 | Original document → |
| May 13, 2025 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| May 12, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| May 12, 2025 | Fight over the shareholder vote with Alexander Merk | June 13, 2025 | Original document → |
| May 12, 2025 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| May 12, 2025 | Fight over the shareholder vote with Litigation Committee of the Board of Directors of ASA Gold & Precious Metals, Ltd. | none | Original document → |
| May 9, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| May 7, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| May 6, 2025 | Fight over the shareholder vote with Alexander Merk | none | Original document → |
| May 2, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| May 2, 2025 | Fight over the shareholder vote with Litigation Committee of the Board of Directors of ASA Gold & Precious Metals, Ltd. | none | Original document → |
| May 1, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| April 29, 2025 | Fight over the shareholder vote with Saba | June 13, 2025 | Original document → |
| April 28, 2025 | Fight over the shareholder vote with Saba | April 29, 2025 | Original document → |
| April 21, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| April 21, 2025 | Fight over the shareholder vote with Saba | none | Original document → |
| April 10, 2025 | Fight over the shareholder vote with Saba | April 29, 2025 | Original document → |
- Run by
- Merk Investments, LLC
- Fund family
- ASA
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-21650
- Auditor
- Tait, Weller and Baker LLP
- Fiscal year end
- Nov 30, 2025
- Number of holdings
- 125
- Preferred share classes
- none
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