ASA GOLD AND PRECIOUS METALS LIMITED September 30, 2023
Shares
Ticker | ASA | ||
Net assets | $306 million | ||
NAV | $15.84 | ||
Share price | $13.33 | ||
Discount | 15.85% | ||
Management | |||
Adviser | Merk Investments | ||
Portfolio Managers | Peter Maletis | ||
James Holman | |||
CIO | Axel Merk |
Contact
ASA Gold & Precious Metals Limited c/o Apex Fund Services
3 Canal Plaza, Suite 600
Portland, Maine 04101
Websitewww.asaltd.com
Toll-free(800)432-3378
Dividends
Distributions Semi-annual
05/18/23$.01
11/23/22$.01
05/19/22$.01
11/21/21$.01
Statistics
Beta10.89
R-squared20.78
- 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 SEPTEMBER 30, 2023
Average Annual Total Returns | |||||||
1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Inception | ||
NAV | 7.5% | -14.1% | 9.6% | 1.3% | -1.1% | 7.6% | |
Share Price | 6.5% | -14.3% | 8.6% | 0.4% | -1.2% | 7.4% |
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 - 9/30/23 |
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
September 30, 2023
Websitewww.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 | 79.5% |
Diversified Miners | 15.0% |
Silver | 3.1% |
Net Liquid Assets | 1.9% |
Platinum & Palladium | 0.6% |
Type | % of NAV |
Mining Companies | 54.9% |
Exploration Companies | 31.2% |
Development Companies | 12.0% |
Net Liquid Assets | 1.9% |
Royalty Companies | 0.0% |
Stage of Development | % of NAV |
Exploration Companies | 31.7% |
Production < 500k ounces | 22.8% |
Production 500k - 1mm ounces | 21.1% |
Development Companies | 12.2% |
Production >1mm ounces | 10.3% |
Net Liquid Assets | 1.9% |
Royalty Companies | 0.0% |
Country of Incorporation | % of NAV |
Canada | 66.8% |
Australia | 22.5% |
Cayman Islands | 4.5% |
South Africa | 4.4% |
Net Liquid Assets | 1.9% |
United States | 0.0% |
Type of Security | % of NAV |
Equity Securities | 96.8% |
Net Liquid Assets | 1.9% |
Convertible | 0.9% |
Warrants | 0.5% |
Capitalization | % of NAV |
Market Cap < $2bn | 72.8% |
Market Cap $2bn - $10bn | 17.7% |
Market Cap >$10bn | 7.7% |
Net Liquid Assets | 1.9% |
Holdings | Ticker | % of NAV | ||
Emerald Resources | EMR AU | 9.1% | ||
Orla Mining Ltd | OLA CN | 7.2% | ||
G Mining Ventures Inc | GMIN CN | 6.4% | ||
Aya Gold & Silver Inc | AYA CN | 5.1% | ||
Endeavour Mining | EDV CT | 4.5% | ||
Predictive Discovery | PDI AU | 3.8% | ||
Alamos Gold Inc | AGI | 3.7% | ||
SSR Mining Inc | SSRM | 3.5% | ||
Calibre Mining Corp | CXBSR CN | 3.5% | ||
Barrick Gold Corp | GOLD | 3.1% | ||
Bellevue Gold Ltd | BGL AU | 2.6% | ||
Probe Gold Inc | PRB CN | 2.6% | ||
Agnico Eagle Mines Ltd | AEM | 2.5% | ||
Prime Mining Corp | PRYM CN | 2.2% | ||
Gold Fields Ltd-Adr | GFI | 2.1% | ||
Thesis Gold Inc | TAU CN | 2.1% | ||
San Cristobal Mining | SANCRIST | 2.0% | ||
Perseus Mining Ltd | PRU AU | 1.9% | ||
B2Gold Corp | BTO CT | 1.9% | ||
Net Cash Or Equivalent | Cash | 1.9% | ||
Arizona Metals Corp | AMC CN | 1.8% | ||
Delta Lithium Ltd | DLI AU | 1.8% | ||
Anglogold Ashant - Adr | ANG SJ | 1.7% | ||
Osino Resources | OSI CN | 1.3% | ||
Discovery Silver Corp | DSV CN | 1.2% | ||
Skeena Resources Ltd | SKE CN | 1.1% | ||
Integra Resources Corp | ITR CN | 1.0% | ||
Marathon Gold Corp | MOZ CN | 0.9% | ||
I-80 Gold Corp 8% Cvt | I80 CN | 0.9% | ||
Gogold Resources Inc | GGD CN | 0.8% | ||
Liberty Gold Corp-Plc | LGD CN | 0.8% | ||
Mawson Gold Ltd | MAW CN | 0.8% | ||
Silver Tiger Metals | SLVR CN | 0.8% | ||
O3 Mining Inc | OIII CN | 0.8% | ||
Red Pine Exploration Inc | RPX CN | 0.7% | ||
Cygnus Gold Ltd | CY5 AU | 0.6% | ||
Bunker Hill Mining Corp | BNKR CN | 0.6% | ||
Auteco Minerals Ltd | AUT AU | 0.6% | ||
Lotus Gold Corp | LOTU CN | 0.6% | ||
G2 Goldfields Inc | GTWO | 0.6% | ||
Sibanye Stillwater- Adr | SSW SJ | 0.6% | ||
Nighthawk Gold Corp | NHK CN | 0.5% | ||
Alicanto Minerals Ltd | AQI AU | 0.5% | ||
Tdg Gold Corp | TDG CN | 0.4% | ||
Barton Gold Holdings | BGD AU | 0.4% | ||
Adventus Mining Corp | ADZN CN | 0.4% | ||
Atex Resources Inc | ATX CN | 0.4% | ||
Holdings | Ticker | % of NAV | |
Roscan Gold Corp | ROS CN | 0.4% | |
Max Resource Corp | MAX CN | 0.4% | |
Bendito Resources Inc | BEN CN | 0.4% | |
Genesis Minerals Ltd | GMDAU | 0.3% | |
Americas Gold & Silver Corp | USA | 0.3% | |
Pan Global Resources | PGZ CN | 0.3% | |
Sable Resources Ltd | SAE CN | 0.3% | |
Delta Lithium Ltd Wrnt | DLI AU | 0.3% | |
Westhaven Gold Corp | WHN CN | 0.3% | |
Andean Precious Metals | APM CN | 0.3% | |
Highgold Mining Inc | HIGH CN | 0.3% | |
Emerita Resources | EMOT CN | 0.2% | |
Lahontan Gold Corp | LAHO CN | 0.2% | |
Lcl Resources Ltd | LCL CN | 0.2% | |
Talisker Resources Ltd | TSK CN | 0.2% | |
Silver Mountain Resources Inc | AGMR CN | 0.2% | |
Prodigy Gold Nl | PRX AU | 0.2% | |
Newcore Gold Ltd | NCAU CN | 0.2% | |
Castile Resources | CST AU | 0.2% | |
Angel Wing Metals Inc | AWM CN | 0.2% | |
American Pacific Mining | USGD CN | 0.2% | |
Bellavista Resources | BVRZZ AU | 0.1% | |
Desert Gold Ventures Inc | DAU CN | 0.1% | |
Onyx Gold Corp | ONYX CN | 0.1% | |
Geopacific Resources Ltd | GPR AU | 0.1% | |
Pantoro Ltd | PNR AU | 0.1% | |
Prime Mining Wrnt | PRYM CN | 0.1% | |
G Mining Ventures Wrnt | GMIN CN | 0.1% | |
Monarch Mining Corp | GBAR CN | 0.0% | |
Pan American Silver Cvt | PAAS | 0.0% | |
Lotus Gold Corp Wrnt | LOTU CN | 0.0% | |
Huntsman Exploration | HMAN CN | 0.0% | |
Atex Resources Inc Wrnt | ATX CN | 0.0% | |
Angel Wing Metals Inc Wrnt | AWM CN | 0.0% | |
Gold Mountain Mining Wrnt | GMTN CN | 0.0% | |
American Pacific Mining Wrnt | USGD CN | 0.0% | |
Red Pine Exploration Inc Wrnt | RPX CN | 0.0% | |
Bunker Hill Mining Corp Wrnt | BNKR | 0.0% | |
Silver Mountain Resources Inc Wrnt | AGMR CN | 0.0% | |
Lahontan Gold Corp Wrnt | LAHO CN | 0.0% | |
Monarch Mining Corp Wrnt | GBAR CN | 0.0% | |
Marathon Gold Corp Wrnt | MOZ CN | 0.0% | |
Nighthawk Gold Corp Wrnt | NHK CN | 0.0% | |
Desert Gold Ventures Inc Wrnt | DAU CN | 0.0% | |
Huntsman Exploration Wrnt | HMAN CN | 0.0% | |
Thesis Gold Inc Wrnt | TAU CN | 0.0% | |
Integra Resources Corp Wrnt | ITR 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 16 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 October 2023 21:58:34 UTC.
