ASA GOLD AND PRECIOUS METALS LIMITED April 30, 2023
Shares
Ticker | ASA | ||
Net assets | $372 million | ||
NAV | $19.29 | ||
Share price | $16.67 | ||
Discount | 13.58% | ||
Management | |||
Adviser | Merk Investments | ||
Portfolio Managers | Peter Maletis | ||
James Holman | |||
CIO | Axel Merk |
Contact
ASA Gold & Precious Metals Limited c/o Apex Fund Services
3 Canal Plaza, Suite 600
Portland, Maine 04101
Websitewww.asaltd.com
Toll-free(800)432-3378
Dividends
Distributions Semi-annual
11/23/22$.01
05/19/22$.01
11/24/21$.01
05/21/21$.01
Statistics
Beta10.93
R-squared20.75
- Source: Bloomberg. Beta measures the Company's market-related risk over a three-year period relative to its benchmark, the NYSE Arca Gold Miners Total Return Index. A beta lower than 1 indicates historically lower volatility than the index; greater than 1 indicates higher volatility.
- Source: Bloomberg. R-squared is a measure of the percentage of a company's share price movement that can be attributed to its benchmark index. It can range from 0 and 1; 1 indicates a perfect correlation.
Established in 1958, ASA Gold and Precious Metals Limited is a closed-end precious metals and mining fund (NYSE: ASA) registered with the United States Securities and Exchange Commission and domiciled in Bermuda. The Company is one of the oldest investment management firms focused on the precious metals and mining industry. ASA employs bottom-up fundamental analysis and relies on detailed primary research including meetings with company executives, site visits to key operating assets, and proprietary financial analysis in making its investment decisions.
PERFORMANCE AS OF APRIL 30, 2023
Average Annual Total Returns | |||||||
1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Inception | ||
NAV | -18.6% | 5.0% | 9.7% | 1.9% | -1.6% | 8.0% | |
Share Price | -18.8% | 6.6% | 9.8% | 1.1% | -2.0% | 7.8% |
Includes the reinvestment of dividends. Inception is from December 11, 1958, the date on which the Company's shares were listed for trading on the NYSE.
HISTORICAL DISCOUNT
0%
-5%
-10%
-15%
-20%
-25%
-30%
Mar-08Mar-09Mar-10Mar-11Mar-12Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21Mar-22Mar-23
Discount | For the period 3/31/08 - 04/30/23 |
12-week Moving Average |
All performance information reflects past performance and is presented on a total return basis. Past performance is no guarantee of future results. Current performance may differ from that shown. The Company 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. This document may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements involve risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those contemplated by the forward-looking statements. This document does not constitute an offer to sell or solicitation of an offer to buy any securities.
Certain Tax Information: ASA is a "passive foreign investment company" for United States federal income tax purposes. As a result, United States shareholders holding shares in taxable accounts are encouraged to consult their tax advisors regarding the tax consequences of their investment in the Company's common shares.
Not FDIC Insured | No Bank Guarantee | May Lose Value
April 30, 2023 | |
Website | www.asaltd.com |
Toll-free | (800)432-3378 |
On April 12, 2019, shareholders approved Merk Investments LLC ("Merk") as advisor to ASA. As a firm, Merk brings a long history of portfolio management of registered investment companies, and research that includes primary research on central banks and their impact on the price of gold. Portfolio Manager Peter Maletis joined Merk after 8 years at Franklin Templeton, where he was precious metals analyst. He spent much of his time at Franklin meeting with the management of gold companies from around the world as well as on due diligence site visits, where he developed an intimate understanding of the many companies in the precious metals sector. It is with that background that Peter is influencing changes to the ASA portfolio, also leveraging on the resources made available by Merk.
Primary Commodity | % of NAV | |
Gold | 77.4% | |
Diversified Miners | 16.8% | |
Silver | 3.8% | |
Net Liquid Assets | 1.3% | |
Platinum & Palladium | 0.7% | |
Type | % of NAV | |
Mining Companies | 56.4% | |
Exploration Companies | 31.7% | |
Development Companies | 10.6% | |
Net Liquid Assets | 1.3% | |
Royalty Companies | 0.0% | |
Stage of Development | % of NAV | |
Exploration Companies | 31.7% | |
Production < 500k ounces | 25.7% | |
Production 500k - 1mm ounces | 17.3% | |
Production >1mm ounces | 13.4% | |
Development Companies | 10.6% | |
Net Liquid Assets | 1.3% | |
Royalty Companies | 0.0% | |
Country of Incorporation | % of NAV | |
Canada | 70.3% | |
Australia | 18.1% | |
South Africa | 5.5% | |
Cayman Islands | 4.8% | |
Net Liquid Assets | 1.3% | |
United States | 0.0% | |
Type of Security | % of NAV | |
Equity Securities | 95.1% | |
Warrants | 3.6% | |
Net Liquid Assets | 1.3% | |
Convertible | 0.0% | |
Capitalization | % of NAV | |
Market Cap < $2bn | 70.7% | |
Market Cap $2bn - $10bn | 17.3% | |
Market Cap >$10bn | 10.7% | |
Net Liquid Assets | 1.3% | |
Holdings | Ticker | % of NAV |
Orla Mining Ltd | OLA CN | 8.4% |
Emerald Resources | EMR AU | 5.9% |
Aya Gold & Silver Inc | AYA CN | 4.9% |
G Mining Ventures Inc | GMIN CN | 4.8% |
Endeavour Mining | EDV CT | 4.8% |
Alamos Gold Inc | AGI | 3.5% |
Calibre Mining Corp | CXBSR CN | 3.4% |
Prime Mining Corp | PRYM CN | 3.3% |
Barrick Gold Corp | GOLD | 3.3% |
Perseus Mining Ltd | PRU AU | 3.2% |
SSR Mining Inc | SSRM | 3.1% |
Predictive Discovery | PDI AU | 2.6% |
Agnico Eagle Mines Ltd | AEM | 2.5% |
Gold Fields Ltd-Adr | GFI | 2.5% |
Anglogold Ashant - Adr | ANG SJ | 2.3% |
Bellevue Gold Ltd | BGL AU | 2.3% |
Probe Gold Inc | PRB CN | 2.2% |
B2Gold Corp | BTO CT | 2.1% |
Arizona Metals Corp | AMC CN | 2.0% |
Aya Gold & Silver Inc Wrnt | AYA CN | 1.8% |
Discovery Silver Corp | DSV CN | 1.5% |
San Cristobal Mining | SANCRIST | 1.3% |
Net Cash Or Equivalent | Cash | 1.3% |
Skeena Resources Ltd | SKE CN | 1.3% |
Liberty Gold Corp-Plc | LGD CN | 1.3% |
Benchmark Metals Inc | BNCH CN | 1.2% |
Thesis Gold Inc | TAU CN | 1.1% |
Marathon Gold Corp | MOZ CN | 1.1% |
Osino Resources | OSI CN | 1.1% |
Gogold Resources Inc | GGD CN | 1.0% |
Red Dirt Metals Cvt | RDT AU | 0.9% |
Integra Resources Corp | ITR CN | 0.9% |
Silver Tiger Metals | SLVR CN | 0.9% |
Nighthawk Gold Corp | NHK CN | 0.8% |
Cygnus Gold Ltd | CY5 AU | 0.7% |
O3 Mining Inc | OIII CN | 0.7% |
Atex Resources Inc | ATX CN | 0.7% |
Sibanye Stillwater- Adr | SSW SJ | 0.7% |
Auteco Minerals Ltd | AUT AU | 0.6% |
Americas Gold & Silver Corp | USA | 0.6% |
G2 Goldfields Inc | GTWO | 0.5% |
Tdg Gold Corp | TDG CN | 0.5% |
Millennial Precious Metals | MPM CN | 0.5% |
Lotus Gold Corp | LOTU CN | 0.5% |
Bunker Hill Mining Corp | BNKR CN | 0.5% |
Emerita Resources | EMOT CN | 0.5% |
Pan Global Resources | PGZ CN | 0.5% |
Highgold Mining Inc | HIGH CN | 0.4% |
Mawson Gold Ltd | MAW CN | 0.4% |
Silver Mountain Resources Inc | AGMR CN | 0.4% |
Holdings | Ticker | % of NAV | |
Adventus Mining Corp | ADZN CN | 0.4% | |
Roscan Gold Corp | ROS CN | 0.4% | |
Sable Resources Ltd | SAE CN | 0.4% | |
Andean Precious Metals | APM CN | 0.4% | |
Barton Gold Holdings | BGD AU | 0.4% | |
Westhaven Gold Corp | WHN CN | 0.3% | |
Lahontan Gold Corp | LAHO CN | 0.3% | |
Alicanto Minerals Ltd | AQI AU | 0.3% | |
Talisker Resources Ltd | TSK CN | 0.3% | |
San Cristobal Mining Wrnt | SANCRIST | 0.3% | |
Bendito Resources Inc | BEN CN | 0.3% | |
Genesis Minerals Ltd | GMDAU | 0.3% | |
Angel Wing Metals Inc | AWM CN | 0.3% | |
Castile Resources | CST AU | 0.3% | |
Max Resource Corp | MAX CN | 0.2% | |
Prodigy Gold Nl | PRX AU | 0.2% | |
Prime Mining Wrnt | PRYM CN | 0.2% | |
Newcore Gold Ltd | NCAU CN | 0.2% | |
Pantoro Ltd | PNR AU | 0.2% | |
Los Cerros Ltd | LCL CN | 0.2% | |
American Pacific Mining | USGD CN | 0.2% | |
Desert Gold Ventures Inc | DAU CN | 0.2% | |
Red Dirt Metals Wrnt | RDT AU | 0.1% | |
Geopacific Resources Ltd | GPR AU | 0.1% | |
Atex Resources Inc Wrnt | ATX CN | 0.1% | |
Monarch Mining Corp | GBAR CN | 0.1% | |
G Mining Ventures Wrnt | GMIN CN | 0.1% | |
Bellavista Resources | BVRZZ AU | 0.0% | |
Pan American Silver Cvt | PAAS | 0.0% | |
Marathon Gold Corp Wrnt | MOZ CN | 0.0% | |
Huntsman Exploration | HMAN CN | 0.0% | |
Emerita Resources Wrnt | EMOT CN | 0.0% | |
Benchmark Metals Inc Wrnt | BNCH CN | 0.0% | |
Nighthawk Gold Corp Wrnt | NHK CN | 0.0% | |
Bunker Hill Mining Corp Wrnt | BNKR | 0.0% | |
Sable Resources Ltd Wrnt | SAE CN | 0.0% | |
Max Resource Corp Wrnt | MAX CN | 0.0% | |
Lotus Gold Corp Wrnt | LOTU CN | 0.0% | |
Desert Gold Ventures Inc Wrnt | DAU CN | 0.0% | |
Euro Sun Mining Inc Wrnt | ESM CN | 0.0% | |
Silver Mountain Resources Inc Wrnt | AGMR CN | 0.0% | |
Huntsman Exploration Wrnt | HMAN CN | 0.0% | |
Monarch Mining Corp Wrnt | GBAR CN | 0.0% | |
Silver Tiger Metals Wrnt | SLVR CN | 0.0% | |
Lahontan Gold Corp Wrnt | LAHO CN | 0.0% | |
Angel Wing Metals Inc Wrnt | AWM CN | 0.0% | |
Millennial Precious Metals Wrnt | MPM CN | 0.0% | |
Gold Mountain Mining Wrnt | GMTN CN | 0.0% | |
American Pacific Mining Wrnt | USGD CN | 0.0% | |
Tdg Gold Corp Wrnt | TDG CN | 0.0% | |
Warrants and Convertible Securities (annotated as Wrnt and Cvt, respectively) may not be publicly traded; ticker symbols referenced may refer to to issuer of the respective Warrant or Convertible Security. References to 0.0% of NAV are non-zero amounts rounded to 0.0%. Please see other side for additional important disclosure.
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Disclaimer
ASA Gold and Precious Metals Limited published this content on 25 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2023 13:31:01 UTC.
