ASA Gold and Precious Metals Limited (ASA) gets 28.28% Saba Capital stake

Rhea-AI Filing Summary

ASA Gold and Precious Metals Limited received an updated ownership report from Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein. The group reports beneficial ownership of 5,336,757 common shares, representing 28.28% of ASA’s outstanding stock, based on 18,872,332 shares disclosed in a recent Form 144.

The reporting persons hold all of these shares with shared voting and shared dispositive power. They state that approximately $134,566,209 was paid in total to acquire the position, using investor subscription proceeds, capital appreciation and ordinary-course margin borrowings. The filing does not outline any specific corporate actions or strategic plans tied to this ownership stake.

Insights

Equity ownership and governance analyst

Saba Capital discloses a 28.28% shared-stake in ASA, signaling significant potential influence.

Saba Capital Management, L.P., its general partner and Boaz R. Weinstein report beneficial ownership of 5,336,757 ASA common shares, equal to 28.28% of the 18,872,332 shares outstanding referenced from a Form 144 filed on 12/5/25. All of these shares are held with shared voting and shared dispositive power, meaning decisions on voting and selling are controlled collectively by the reporting group.

The filing notes that about $134,566,209 was paid to acquire this position, funded through investor subscriptions, capital appreciation and margin borrowings in the ordinary course. A stake of this size can be meaningful for shareholder votes and corporate decisions, although the document explicitly lists the purpose of transaction as not applicable and does not describe any specific plans or proposals.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 19)

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)

12/15/2025

(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 5,336,757.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,336,757.00

11

Aggregate amount beneficially owned by each reporting person

5,336,757.00

12

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

13

Percent of class represented by amount in Row (11)

28.28 %

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 5,336,757.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,336,757.00

11

Aggregate amount beneficially owned by each reporting person

5,336,757.00

12

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

13

Percent of class represented by amount in Row (11)

28.28 %

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 5,336,757.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,336,757.00

11

Aggregate amount beneficially owned by each reporting person

5,336,757.00

12

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

13

Percent of class represented by amount in Row (11)

28.28 %

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. 19 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 $134,566,209 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 11/5/25 by the Reporting Persons to 12/15/25, 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 14 - 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:	12/16/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	12/16/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	12/16/2025

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

FAQ

How many ASA shares does Saba Capital report owning in this Schedule 13D/A for ASA (symbol ASA)?

The reporting group led by Saba Capital Management, L.P. reports beneficial ownership of 5,336,757 ASA common shares. All of these shares are held with shared voting and shared dispositive power among Saba Capital, Saba Capital Management GP, LLC and Boaz R. Weinstein.

What percentage of ASA Gold and Precious Metals Limited does Saba Capital now beneficially own?

The filing states that Saba Capital and the other reporting persons beneficially own 28.28% of ASA’s common shares. This percentage is calculated using 18,872,332 shares of common stock outstanding, as disclosed in the company’s Form 144 filed on 12/5/25.

How much did Saba Capital pay to acquire its ASA Gold and Precious Metals Limited stake?

The document specifies that a total of approximately $134,566,209 was paid to acquire the ASA common shares reported. Funds came from subscription proceeds from investors, capital appreciation on those investments and margin account borrowings made in the ordinary course of business.

Who are the reporting persons in the ASA Schedule 13D/A Amendment No. 19?

The filing is jointly made by three reporting persons: Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Saba Capital serves as investment manager to funds and accounts, Saba GP is its general partner, and Mr. Weinstein is the managing member of the general partner of Saba Capital and affiliated entities.

What does the ASA Schedule 13D/A say about the purpose of Saba Capital’s ASA share ownership?

Under the section describing the purpose of transaction, the document states "Not Applicable". The report does not describe any specific corporate actions, proposals or strategic plans that Saba Capital or the other reporting persons intend to pursue in connection with their ASA ownership.

How is Saba Capital’s percentage ownership in ASA calculated in this filing?

The filing explains that the ownership percentages are based on 18,872,332 ASA common shares outstanding. This outstanding share figure comes from ASA Gold and Precious Metals Limited’s Form 144 filed 12/5/25, and Saba’s 5,336,757 shares represent 28.28% of that total.

What type of entities are Saba Capital and Saba Capital Management GP, LLC in relation to this ASA 13D/A?

Saba Capital Management, L.P. is a Delaware limited partnership that serves as investment manager to private and public funds and accounts. Saba Capital Management GP, LLC is a Delaware limited liability company that serves as the general partner of Saba Capital and other affiliated entities, and both are listed as reporting persons for the ASA common shares.