Saba discloses 31.01% ASA (NYSE: ASA) ownership stake

Rhea-AI Filing Summary

ASA Gold and Precious Metals Limited investor Saba Capital Management and affiliated entities report beneficial ownership of 5,853,141 common shares, representing 31.01% of ASA’s outstanding stock.

The filing states Saba and related parties hold only shared voting and dispositive power over these shares, with no sole authority. They report paying approximately $169,651,596 to acquire the position, funded by investor subscriptions, capital appreciation, and ordinary-course margin borrowings. The ownership percentage is calculated using 18,872,332 shares outstanding as disclosed in ASA’s Form 144 filed on 12/5/2025. The purpose of transaction and other contractual arrangements are listed as not applicable, and recent open-market trades are referenced in an exhibit.

Insights

Equity ownership and activism analyst

Saba now reports a sizable 31.01% stake in ASA, indicating substantial influence but no declared agenda.

Saba Capital Management, its general partner, and Boaz Weinstein jointly report beneficial ownership of 5,853,141 ASA common shares, equal to 31.01% of outstanding stock based on 18,872,332 shares. All voting and dispositive authority is reported as shared, with no sole control over the position.

The filing notes about $169,651,596 was paid to build the stake, using investor capital, capital appreciation, and margin borrowings secured by portfolio positions. Item 4 lists the purpose of the transaction as not applicable, and no specific plans, contracts, or special arrangements regarding ASA’s securities are disclosed.

Recent activity between 02/11/2026 and 02/12/2026 occurred via open-market brokered trades, detailed in an exhibit. While a 31.01% interest can confer meaningful influence in shareholder matters, the filing itself limits disclosure to ownership, funding sources, and standard governance representations, without outlining strategic intentions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 22)

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)

02/12/2026

(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 5,853,141.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,853,141.00

11

Aggregate amount beneficially owned by each reporting person

5,853,141.00

12

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

13

Percent of class represented by amount in Row (11)

31.01 %

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 5,853,141.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,853,141.00

11

Aggregate amount beneficially owned by each reporting person

5,853,141.00

12

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

13

Percent of class represented by amount in Row (11)

31.01 %

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 5,853,141.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,853,141.00

11

Aggregate amount beneficially owned by each reporting person

5,853,141.00

12

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

13

Percent of class represented by amount in Row (11)

31.01 %

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. 22 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 $169,651,596 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 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 2/11/26 by the Reporting Persons to 2/12/26, 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. All trades were effectuated in the open market through a broker.
(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 18 - 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:	02/13/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	02/13/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	02/13/2026

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

FAQ

What ownership stake does Saba Capital report in ASA (ASA)?

Saba Capital and affiliates report owning 5,853,141 ASA common shares, or 31.01% of the company. The percentage is calculated using 18,872,332 shares outstanding, as disclosed in ASA’s Form 144 filed December 5, 2025, giving Saba a significant minority position.

How much did Saba Capital pay to acquire its ASA (ASA) shares?

Saba Capital reports paying approximately $169,651,596 to acquire its ASA common shares. The funds came from investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings, with positions in margin accounts pledged as collateral for any debit balances.

What voting and dispositive powers does Saba have over ASA (ASA) shares?

The filing shows Saba and related reporting persons have shared voting and shared dispositive power over 5,853,141 ASA shares. They report zero sole voting power and zero sole dispositive power, meaning authority over the position is exercised jointly rather than individually.

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

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Saba Capital serves as investment manager, Saba GP is its general partner, and Weinstein is managing member of the general partner of Saba Capital and affiliates.

How was ASA’s (ASA) outstanding share count determined in the ownership calculation?

The 31.01% ownership figure uses 18,872,332 ASA shares outstanding as the denominator. This outstanding share count comes from ASA’s Form 144 filed on December 5, 2025, which the reporting persons cite as the basis for their percentage calculation.

Does Saba Capital disclose a specific purpose for its ASA (ASA) investment?

The filing lists the purpose of transaction as “Not Applicable.” It does not describe specific plans or proposals involving ASA, instead focusing on current ownership, funding sources, and standard information about recent open-market trades and rights to dividends and sale proceeds.