Performance
ASA has delivered best-in-class performance
ASA’s current strategy is working
ASA has delivered best-in-class performance since Merk began managing the Fund in 2019. The Fund has beaten its benchmark and peers, and independent analysis confirms the returns were achieved with strong risk control. The current strategy is working.
For how ASA’s discount narrowed under Merk’s leadership and widened following Saba’s actions, see Fund Discount
For a detailed analysis of ASA’s risk profile, see Portfolio Risk.
Data as of May 31, 2026.
ASA's performance relative to indices since April, 2019:
ASA's performance relative to peers since April, 2019:
Peer performance over various periods:
ASA's ranking over various periods:
ASA Equity returns are included in the rankings. For example, since April 1, 2019, ASA’s NAV ranks #2, with only ASA Equity ranking higher. ASA Equity outperformance relative to NAV reflects shareholder gains from both portfolio performance and the narrowing of ASA’s discount during much of Merk’s tenure. When Saba says ASA has no performance edge over VanEck Gold Miners ETF (which seeks to track the Fund's benchmark), it cherry picks references to 2022.
Why It Matters:
ASA’s performance demonstrates that its current mandate is working and delivering for shareholders—and does not require fundamental change. This track record should be central to any evaluation of ASA’s future.
Data as of May 31, 2026. Source: Bloomberg
The 10-year return includes ~3 years of the previous portfolio management team.
Peter Maletis began managing ASA on April 1, 2019. On April 12, 2019, ASA shareholders approved Merk Investments as the Fund’s investment manager. Jamie Holman joined the ASA portfolio management team on April 1, 2022.
Past performance is no guarantee of future results. Current performance may differ from that shown. ASA concentrates in the gold and precious minerals sector. This sector may be more volatile than other industries and may be affected by movements in commodity prices triggered by international monetary and political developments. The Company is a non-diversified fund and, as such, may invest in fewer investments. ASA Gold and Precious Metals Limited may invest in smaller- sized companies that may be more volatile and less liquid than larger, more-established companies. Investments in foreign securities, especially those in the emerging markets, may involve increased risk as well as exposure to currency fluctuations. Shares of closed-end funds frequently trade at a discount to their net asset value.
Independent risk analysis conducted by Broadridge.
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.
