Saba discloses 31% ASA stake, urges review

ASA Gold and Precious Metals Limited received an updated Schedule 13D/A from Saba Capital Management and related parties, reflecting a large activist stake and a push for strategic change.

Rhea-AI Filing Summary

ASA Gold and Precious Metals Limited received an updated Schedule 13D/A from Saba Capital Management and related parties, reflecting a large activist stake and a push for strategic change. The reporting group, including Saba Capital, Saba Capital Management GP and Boaz R. Weinstein, reports beneficial ownership of 5,903,701 common shares, representing 31.28% of ASA’s outstanding common shares based on 18,872,332 shares disclosed in a prior Form 144.

The filing states that approximately $173,266,631 has been paid to acquire these shares. On February 19, 2026, Saba Capital submitted an updated presentation to ASA’s board recommending a “comprehensive strategic review” and clarifying strategic alternatives for the board to evaluate. All recent trades referenced were executed in the open market through a broker, and Saba-advised funds are entitled to dividends and sale proceeds from the shares.

Insights

Activist investing analyst

Saba holds about 31% of ASA and is formally urging a strategic review.

Saba Capital and related entities report beneficial ownership of 5,903,701 ASA common shares, or 31.28% of the company, acquired for roughly $173,266,631. This size positions Saba as a highly influential shareholder.

On February 19, 2026, Saba submitted an updated proposal asking ASA’s board to conduct a “comprehensive strategic review” and to evaluate clarified strategic alternatives. The full revised proposal is attached as an exhibit, signaling an organized, formal engagement with the board.

The impact on ASA will depend on how the board responds to the review request and on any future steps Saba takes, as indicated in subsequent company or shareholder communications referencing this February 19, 2026 proposal and related exhibits.

FAQ

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

What percentage of ASA (ASA) shares does Saba Capital report owning?

Saba Capital and related reporting persons disclose beneficial ownership of 5,903,701 ASA common shares, representing 31.28% of the company’s outstanding common shares, based on 18,872,332 shares outstanding as referenced from ASA’s Form 144 filed on December 5, 2025.

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

The filing states Saba Capital and related entities paid approximately $173,266,631 to acquire the ASA common shares reported. Funds came from investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings secured by positions held in margin accounts that include other securities.

What action is Saba Capital requesting from ASA (ASA) in this Schedule 13D/A?

On February 19, 2026, Saba Capital submitted an updated presentation to ASA’s board recommending a comprehensive strategic review. The proposal clarifies specific strategic alternatives for evaluation, with full details contained in a revised proposal attached as Exhibit 19 to the filing.

Who are the reporting persons in the ASA (ASA) Schedule 13D/A Amendment No. 23?

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

How are voting and dispositive powers over ASA (ASA) shares allocated among the reporting persons?

Each reporting person reports 0 sole voting and dispositive power and 5,903,701 shared voting and shared dispositive power over ASA common shares. This means decisions on voting and selling the shares are exercised on a shared basis among the reporting group.

How were Saba Capital’s recent ASA (ASA) share transactions executed?

All transactions in ASA common shares from the prior amendment filed February 13, 2026, through February 19, 2026, were open-market trades through a broker. Specific transaction details are listed in Schedule A, which is incorporated by reference as an exhibit to the filing.

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

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Accepted by SEC EDGAR 02/19/2026 - 03:34 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. 23)

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)

02/19/2026

(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 5,903,701.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,903,701.00

11

Aggregate amount beneficially owned by each reporting person

5,903,701.00

12

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

13

Percent of class represented by amount in Row (11)

31.28 %

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 5,903,701.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,903,701.00

11

Aggregate amount beneficially owned by each reporting person

5,903,701.00

12

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

13

Percent of class represented by amount in Row (11)

31.28 %

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 5,903,701.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,903,701.00

11

Aggregate amount beneficially owned by each reporting person

5,903,701.00

12

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

13

Percent of class represented by amount in Row (11)

31.28 %

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. 23 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 $173,266,631 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	On February 19, 2026, Saba Capital submitted to the Board an updated presentation recommending that the Board conduct a comprehensive strategic review. Saba Capital previously submitted a presentation proposal to the Board on January 21, 2026. The updated proposal clarifies certain strategic alternatives for evaluation as part of the Board's strategic review. The foregoing summary of the updated proposal does not purport to be complete and is qualified in its entirety by reference to the full text of the revised proposal, which is attached as Exhibit 19 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 2/13/26 by the Reporting Persons to 2/19/26, 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 19 - Saba Capital Revised Proposal to ASA Board Exhibit 20 - 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:	02/19/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	02/19/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	02/19/2026

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