Saba holds 28.96% of ASA, pushes review

Saba Capital Management and related entities report a significant activist stake in ASA Gold and Precious Metals Limited.

Rhea-AI Filing Summary

Saba Capital Management and related entities report a significant activist stake in ASA Gold and Precious Metals Limited. They beneficially own 5,465,362 common shares, representing 28.96% of ASA’s outstanding stock, based on 18,872,332 shares disclosed in a recent Form 144. Approximately $142,413,526 was paid to acquire these shares.

On January 21, 2026, Saba submitted a proposal to ASA’s Board recommending a comprehensive strategic review. The proposal focuses on reassessing ASA’s gold-equity mandate to consider more income-oriented exposures such as credit, and on evaluating changes to ASA’s offshore structure, including a potential redomiciliation to Delaware and a shift from PFIC to RIC status. According to Saba, such changes could reduce tax friction, improve accessibility for U.S. investors, narrow discounts to net asset value and enhance distribution flexibility.

Insights

Activist investing and closed-end fund specialist

Saba discloses a 28.96% ASA stake and formally presses for structural and mandate changes.

Saba Capital, its general partner, and Boaz R. Weinstein jointly report beneficial ownership of 5,465,362 ASA common shares, or 28.96% of shares outstanding, acquired for about $142,413,526. Voting and dispositive power are shared across the reporting persons, indicating coordinated control over the position.

On January 21, 2026, Saba submitted a proposal urging ASA’s Board to conduct a “comprehensive strategic review.” The stated focus is on reconsidering the fund’s gold-equity mandate in favor of more income-oriented exposures such as credit, and exploring a move from its current offshore PFIC structure to a Delaware-domiciled RIC format. Saba’s summary states these changes could reduce tax friction, improve U.S. investor access, narrow NAV discounts and increase distribution flexibility, but the full details are contained in an attached exhibit.

For investors, this filing signals an active shareholder with a large stake seeking potential shifts in investment strategy, domicile and tax status. Actual outcomes will depend on how ASA’s Board responds to Saba’s proposal and any subsequent actions described in future company communications and regulatory filings.

FAQ

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

How large is Saba Capital’s stake in ASA (ASA)?

Saba Capital and related reporting persons beneficially own 5,465,362 ASA common shares, representing 28.96% of the company’s outstanding shares, based on 18,872,332 shares disclosed in a Form 144 filed 12/5/25.

How much has Saba Capital paid to acquire its ASA (ASA) position?

The filing states that a total of approximately $142,413,526 was paid to acquire the ASA common shares reported as beneficially owned by the Saba-related reporting persons.

What changes is Saba proposing for ASA (ASA)?

On January 21, 2026, Saba submitted a proposal recommending a comprehensive strategic review, including reevaluating ASA’s gold-equity mandate to consider more income-oriented exposures such as credit, and reviewing ASA’s offshore structure.

What structural and tax-related shifts does Saba suggest for ASA (ASA)?

Saba’s proposal asks the Board to evaluate a redomiciliation to Delaware and a change from ASA’s current PFIC status to that of a regulated investment company (RIC), which Saba indicates could reduce tax friction and improve accessibility for U.S. investors.

How could Saba’s suggested changes affect ASA’s discount and distributions?

According to the summary in the filing, Saba believes the potential structural and mandate changes could help narrow NAV discounts and enhance distribution flexibility, though full details are in the proposal attached as Exhibit 15.

Who are the reporting persons in this ASA (ASA) Schedule 13D/A filing?

The filing is jointly submitted by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein, who together are referred to as the reporting persons.

What is the business of Saba Capital in relation to ASA (ASA)?

The filing states that Saba Capital serves as investment manager to private and public investment funds and accounts that hold ASA common shares, and these funds and accounts have the right to receive dividends and sale proceeds from the shares.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 01/23/2026 - 08:45 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. 20)

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)

01/21/2026

(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 5,465,362.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,465,362.00

11

Aggregate amount beneficially owned by each reporting person

5,465,362.00

12

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

13

Percent of class represented by amount in Row (11)

28.96 %

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 disclosed in the company's Form 144 filed 12/5/25.

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 5,465,362.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,465,362.00

11

Aggregate amount beneficially owned by each reporting person

5,465,362.00

12

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

13

Percent of class represented by amount in Row (11)

28.96 %

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 disclosed in the company's Form 144 filed 12/5/25.

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 5,465,362.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,465,362.00

11

Aggregate amount beneficially owned by each reporting person

5,465,362.00

12

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

13

Percent of class represented by amount in Row (11)

28.96 %

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 disclosed in the company's Form 144 filed 12/5/25.

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. 20 amends Items 3, 4, 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 $142,413,526 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	On January 21, 2026, Saba Capital submitted a proposal to the Board recommending that the Board conduct a comprehensive strategic review, including an assessment of strategic and structural alternatives, with a focus on reevaluating the fund's gold-equity mandate to consider alternative, more income-oriented exposures, such as credit, and evaluating potential changes to ASA's offshore structure, including a redomiciliation to Delaware and a change from its current passive foreign investment company (PFIC) status to that of a regulated investment company (RIC), which could reduce tax friction, improve accessibility for U.S. investors, narrow NAV discounts and enhance distribution flexibility. The foregoing summary of what Saba proposed to the Board does not purport to be complete and is qualified in its entirety by reference to the full text of the proposal, which is attached as Exhibit 15 hereto.
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 disclosed in the company's Form 144 filed 12/5/25.
(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 12/16/25 by the Reporting Persons to 1/21/26, the date of the event which required filing of this Schedule 13D/A, are set forth in Schedule A and are incorporated herein by reference. Unless otherwise indicated, all trades were effected in the open market.
(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 15 - Saba Capital Proposal to ASA Board Exhibit 16 - 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:	01/23/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	01/23/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	01/23/2026

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