Help Save ASA
ASA shareholders were denied a meaningful voice before decisions were advanced that could dismantle the Fund
ASA shareholders have been disenfranchised
Despite ASA’s outstanding performance, Saba is citing poor performance to justify liquidating the Fund’s precious metals portfolio and replacing ASA’s mandate with a Saba-managed vehicle that would generate management and profit-sharing fees for Saba.
With the advisory agreement expiring June 30, key decisions affecting ASA’s future may be finalized within days.
Saba has accumulated over 32% of ASA’s shares during a period in which shareholders were not given a meaningful opportunity to determine the Fund’s direction as efforts to solicit shareholder input were actively opposed—including through litigation, pressure on service providers, and the blocking of shareholder nominations.
Efforts to give shareholders a real choice were blocked despite substantial shareholder support. The advisory review process also raises serious questions about whether Merk’s performance, risk controls, and investment process were evaluated with the rigor and objectivity shareholders deserved.
These actions raise serious governance and regulatory concerns that warrant immediate SEC scrutiny.
If you are a shareholder, do not wait—whether you hold a few shares or many, your voice matters. File a complaint with the SEC to ensure these actions are reviewed before further harm occurs.
Outstanding Performance
Since Merk's Peter Maletis began managing ASA in April 2019, ASA delivered a 533.68% total return to shareholders, materially outperforming its benchmark and peer group. ASA also outperformed its benchmark and nearly all peers on a risk-adjusted basis.
During Merk’s tenure, ASA’s discount steadily narrowed. After Saba’s Schedule 13D filing in January 2025, the discount widened again as uncertainty surrounding ASA’s future increased.
Why Would Saba Liquidate a Top-Performing Portfolio?
Saba stands to earn ongoing management and profit-sharing fees. It’s that simple.
The Threat to ASA Shareholders
Now, Saba is proposing to the Board that it handpicked to abandon ASA’s precious metals mandate, in place since 1958, in favor of converting ASA into a Saba-managed BDC-style vehicle with management fees and profit-sharing arrangements that would not be permitted under the investor protections currently afforded to ASA shareholders. This raises serious questions about whose interests are being prioritized.
If ASA is repurposed or liquidated, shareholders would lose access to the only closed-end fund providing precious metals mining exposure—eliminating a long-standing investment option. Saba’s latest filings now makes explicit what many shareholders had long suspected: Saba seeks to take over management of ASA itself.
I favor a tender offer at this stage, but, but the path to liquidity matters. A tender offer conducted after restructuring could materially worsen shareholder tax treatment.
The process that led to this point raises serious questions about whether shareholders were misled through material omissions, procedural obstruction, and conflicted decision-making.
1
Regulatory Scrutiny
What has unfolded warrants immediate regulatory scrutiny to protect investors. Filing a complaint with the SEC can help ensure these issues are reviewed.
2
Counsel Independence
The role of current Fund and trustee counsel in this process raises serious questions that merit review. (*)
3
Director Independence
The conduct of certain directors raises serious questions about independence and accountability.
Path Forward
Once these governance failures are addressed, ASA can move forward:
ASA's Precious Metals Focus
Reaffirm ASA’s precious metals strategy
Tender Offer
Provide liquidity through a tender offer without dismantling ASA’s precious metals mandate
ASA's Brand
Strengthen ASA’s brand and investor base and eliminate the market uncertainty that Saba’s proposals have caused
Help ensure Saba's conduct is addressed:
Act Now
Shareholders have rights—and those rights must be upheld.
File a complaint with the SEC to help protect ASA shareholders.
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(*) For more details on why both Fund and trustee counsel are conflicted, click here.
Saba is proposing to the Board that it hand-picked to repurpose ASA into a Saba-managed BDC-style investment vehicle with management fees and profit-sharing arrangements. File a complaint with the SEC to help protect ASA shareholders. As of this writing, ASA’s Board has not announced how it will proceed. The advisory agreement expires June 30. Shareholders need to act now.
Axel Merk owns over 300,000 shares of ASA Gold and Precious Metals Limited. He also serves as President and Chief Investment Officer of Merk Investments LLC, the Fund's investment adviser. He recently resigned as Chief Operating Officer of ASA.
The information presented on this website reflects the views and opinions of Axel Merk and is provided solely for educational and informational purposes. It does not constitute investment, legal, financial, or tax advice. You should consult your own advisors for guidance specific to your circumstances.
The plans of Saba and the Board are based on publicly disclosed information only and are therefore accordingly qualified in their entirety and subject to change.
This site and its content have not been approved by ASA Gold & Precious Metals Ltd. (the “Company”). The Company concentrates its investments in the gold and precious minerals sector, which may be more volatile than other industries and influenced by changes in commodity prices driven by international economic and political developments. The Company is a non-diversified fund, which may result in higher risk through reduced portfolio diversification. It may also invest in smaller-sized and foreign companies, which may be more volatile, less liquid, and subject to additional risks, including currency fluctuations. Shares of closed-end funds like ASA frequently trade at a discount to net asset value.
This website may include forward-looking statements that reflect the current expectations, estimates, beliefs, and projections of Axel Merk. These statements are inherently subject to risks and uncertainties, many of which are beyond the control of the author. Actual outcomes may differ materially from those discussed. Forward-looking statements can often be identified by words such as “believe,” “expect,” “intend,” “may,” “will,” “should,” or similar expressions. These statements speak only as of the date made, and there is no obligation to update or revise them in light of future developments.
Nothing on this website constitutes an offer to sell, or a solicitation of an offer to buy, any securities.
Certain links may direct users to third-party websites or filings with the U.S. Securities and Exchange Commission (SEC). These materials are provided solely for convenience and informational purposes and are not incorporated by reference into any proxy materials. No responsibility is taken for the accuracy or content of third-party sources.
