Insider Purchases Raise Saba's Indirect Stake in ASA to 4.63M Shares

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported purchases of ASA Gold & Precious Metals Ltd (ASA) common stock on September 15-16, 2025. The filer executed two open-market purchases: 17,256 shares at $41.39 on 09/15/2025 and 91,385 shares at $41.50 on 09/16/2025. After these transactions, Saba reported beneficial ownership of 4,625,028 shares held indirectly. The Form 4 was signed by representatives of Saba Capital, confirming the transactions and the indirect ownership position.

Positive

• Insider accumulation: Saba Capital purchased a total of 108,641 shares across two days, signaling buying interest.
• Increased beneficial ownership: Indirect holdings rose to 4,625,028 shares after the reported transactions.

Negative

• None.

Insights

Financial Analyst

TL;DR Insider purchases increased Saba's indirect stake to 4.63 million shares, signaling confidence but not a change in control.

The reported open-market purchases totaling 108,641 shares at prices around $41.4 increased Saba's indirect beneficial ownership to 4,625,028 shares. For investors, sizeable insider buys can indicate management or large investors view the stock as undervalued; here the filings show continued accumulation rather than disposals. The transactions are routine open-market purchases and do not indicate a corporate action or change in governance. Impact is positive for sentiment but does not, by itself, alter the company’s capital structure or imply operational changes.

Corporate Governance Expert

TL;DR The Form 4 discloses controlled accumulation of shares by an existing reporting person; no governance changes are reported.

The filing lists Saba Capital Management, L.P. as a reporting person with an indirect ownership form and confirms purchases on consecutive days. Signatures from Saba representatives are present, and there is no indication of coordinated group filings beyond Saba. This filing is a compliance disclosure of beneficial ownership changes and does not report any director or officer departures, new arrangements, or control shifts. It is therefore governance-neutral but useful for transparency.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ASA Gold & Precious Metals Ltd [ ASA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		P		17,256	A	$41.39	4,533,643	I	-
Common Stock	09/16/2025		P		91,385	A	$41.5	4,625,028	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	09/17/2025
	Boaz Weinstein	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Saba Capital report for ASA (ticker: ASA)?

Saba reported two open-market purchases: 17,256 shares at $41.39 on 09/15/2025 and 91,385 shares at $41.50 on 09/16/2025.

How many ASA shares does Saba Capital beneficially own after these Form 4 transactions?

Saba reports indirect beneficial ownership of 4,625,028 shares following the transactions.

Were the reported ASA transactions purchases or sales?

Purchases. Both transactions are reported with transaction code 'P' indicating acquisitions.

Who signed the Form 4 for Saba Capital regarding ASA trades?

The form is signed by representatives including Zachary Gindes and Boaz Weinstein on 09/17/2025.

Do these Form 4 filings indicate any change in control of ASA?

No change in control is indicated. The filing shows increased indirect ownership but does not report any control or governance changes.