ASA - ASA Gold & Precious Metals Ltd

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 vote above does need a decision by the date shown.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Alexander Merk has started a fight over the vote.

Email me if this changes

What happened, and when

1. Oct 23, 2026

   Alexander Merk started a fight over the shareholder vote. The meeting is on Nov 30, 2026.

   Original document →

2. Oct 23, 2026

   The fund proposed changing its legal form; it would stay a fund. Holders vote on Nov 30, 2026.

   Original document →

3. Oct 19, 2026

   Alexander Merk started a fight over the shareholder vote. The meeting is on Nov 30, 2026.

   Original document →

4. Sept 10, 2026

   The fund proposed changing its legal form; it would stay a fund. Holders will vote.

   Original document →

5. Aug 3, 2026

   Saba raised its stake to 32.2% (from 31.9%). It has said it may push for changes.

   Original document →

About this fund

• Run by Merk Investments, LLC. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $1.39 billion of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of Aug 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. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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 (a "discount" when the price is below the value) 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 0.7% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2003.

How this has changed

• Payouts per share: $0.06 in the fiscal year ended Nov 30, 2025; $0.02 in the year ended Nov 30, 2023; $0.02 in the year ended Nov 30, 2022.As of Nov 30, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Nov 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.88% a year in the fiscal year ended Nov 30, 2025; 1.02% a year in the year ended Nov 30, 2023; 1% a year in the year ended Nov 30, 2022.As of Nov 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $1.1 billion at Nov 30, 2025; $335 million at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2023 →.
• Borrowing: none at Nov 30, 2025; none at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2023 →.
• The fund had about 18.8 million shares at Nov 30, 2025, down 2.6% from Nov 30, 2022.As of Nov 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Nov 30, 2025: the shares returned +159%, counting payouts; the holdings +151%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Nov 30, 2025, from the fund's annual report. Original document →
• The year ended Nov 30, 2023: the shares returned +7.5%, counting payouts; the holdings +3%. As of Nov 30, 2023, from the fund's annual report. Original document →
• The year ended Nov 30, 2022: the shares returned -31%, counting payouts; the holdings -32.3%. As of Nov 30, 2022, from the fund's annual report. Original document →
• The year ended Nov 30, 2021: the shares returned +4.1%, counting payouts; the holdings +4%. As of Nov 30, 2021, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +69.8%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (82%), the rest cash and short-term holdings, bonds and derivatives. About 18% issued in the U.S.

1. Cash and short-term - 14.5%
2. Predictive Discovery - 9.4%
3. Equinox Gold Corp. - 9%
4. G Mining Ventures Corp. - 8.8%
5. Americas Gold & Silver Corp. - 6.4%
6. San Cristobal Mining, Inc. - 5.6%
7. Hemlo Mining Corp. - 4.3%
8. Thesis Gold & Silver, Inc. - 3%
9. Metalla Royalty & Streaming, Ltd. - 2.2%
10. Cadillac Mines - 2%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →