Saba Capital Discloses 22.45% Stake in ASA ($83.9M)

Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein report beneficial ownership of 4,236,034 common shares of ASA Gold and Precious Metals Limited, representing 22.45% of the outstanding stock based on 18,872,332 shares.

Rhea-AI Filing Summary

Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein report beneficial ownership of 4,236,034 common shares of ASA Gold and Precious Metals Limited, representing 22.45% of the outstanding stock based on 18,872,332 shares. The filing (Amendment No. 14) updates Items 3, 5 and 7 and discloses that approximately $83,914,503 was paid to acquire the reported shares. Purchases from the prior amendment through the 9/5/2025 event date were executed in the open market and are detailed in Schedule A.

The funds used include investor subscriptions, capital appreciation and margin borrowings; the reporting parties retain shared voting and dispositive power over the reported shares. No contracts, arrangements or legal proceedings are disclosed in this amendment.

Positive

• Material stake disclosed: Reporting persons hold 4,236,034 shares equal to 22.45% of ASA, a clearly significant ownership level.
• Transparent funding disclosure: Identifies funds from investor subscriptions, capital appreciation and margin borrowings and reports aggregate cash paid of $83,914,503.

Negative

• No stated purpose: Item 4 is marked "Not Applicable," so no disclosed strategic intent or plans regarding the stake.
• Leverage exposure: Use of margin borrowings is disclosed but the portion attributable to the ASA purchases is unspecified, implying potential financing risk.

Insights

Securities Analyst

TL;DR: Saba has accumulated a significant 22.45% stake in ASA via open-market purchases totaling about $84M, signaling a meaningful ownership position.

The filing clearly documents a sizable minority position that could influence shareholder dynamics. The use of fund subscriptions and margin financing is routine for asset managers but indicates leveraged exposure in part. The amendment updates prior Schedule 13D disclosures and references Schedule A for transaction detail, which investors should consult for timing and price granularity. No contractual agreements or change-of-purpose statements are included.

Corporate Governance Expert

TL;DR: Reporting persons now hold shared voting/dispositive power over 22.45% of ASA; absence of agreements suggests passive accumulation rather than an announced strategic plan.

The filing shows shared control rather than sole control and does not list any arrangements or intentions to change company governance. That absence implies the position is currently an ownership stake without a disclosed activist or control intent. Still, a >20% stake is material for governance considerations and may prompt engagement or heightened scrutiny from the board and other shareholders.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many ASA shares does Saba Capital beneficially own?

The reporting persons beneficially own 4,236,034 common shares, representing 22.45% of ASA's outstanding shares (based on 18,872,332 shares).

How much did Saba pay to acquire its ASA stake?

The filing states approximately $83,914,503 was paid to acquire the reported Common Shares.

Were the ASA shares purchased on the open market?

Yes. Transactions from the prior Schedule 13D/A filing through the 9/5/2025 event date were executed in the open market and are set forth in Schedule A.

Does Saba disclose any agreement or plan regarding ASA?

No. Item 6 is marked "Not Applicable" and Item 4 (Purpose) is stated as "Not Applicable," so no agreements or plans are disclosed in this amendment.

Who holds voting and dispositive power over these shares?

The reporting persons report 0 sole voting/dispositive power and 4,236,034 shared voting and shared dispositive power over the shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/08/2025 - 07:42 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 14)

ASA Gold and Precious Metals Limited

(Name of Issuer)

Common Shares, $1 par value

(Title of Class of Securities)

G3156P103

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/05/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. G3156P103

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,236,034.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,236,034.00

11

Aggregate amount beneficially owned by each reporting person

4,236,034.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

22.45 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.

SCHEDULE 13D

CUSIP No. G3156P103

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,236,034.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,236,034.00

11

Aggregate amount beneficially owned by each reporting person

4,236,034.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

22.45 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.

SCHEDULE 13D

CUSIP No. G3156P103

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,236,034.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,236,034.00

11

Aggregate amount beneficially owned by each reporting person

4,236,034.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

22.45 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $1 par value
(b)	Name of Issuer: ASA Gold and Precious Metals Limited
(c)	Address of Issuer's Principal Executive Offices: Three Canal Plaza, Suite 600, Portland, MAINE , 04101.
Item 1 Comment: This Amendment No. 14 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $83,914,503 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 18,872,332 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/30/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected from the filing of the Schedule 13D/A on 8/13/25 by the Reporting Persons to 9/5/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 9 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	09/08/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/08/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/08/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823