On Thursday, Wisconsin-based Uncommon Cents Investing disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold 77,370 shares of ASA Gold and Precious Metals Limited (ASA 2.71%), an estimated $3.92 million transaction based on quarterly average pricing.
What happened
According to a SEC filing released Thursday, Uncommon Cents Investing reduced its position in ASA Gold and Precious Metals Limited by 77,370 shares in the fourth quarter. The estimated transaction value was $3.92 million based on the quarter’s average share price. After the sale, the fund’s quarter-end stake in ASA was valued at $26.28 million, a net decrease of $2.56 million after accounting for both share sales and market price movement.
What else to know
This was a partial sale, leaving ASA at 6.36% of Uncommon Cents Investing LLC’s reportable assets under management after the trade.
Top five holdings after the filing:
- NYSE:ASA: $26.28 million (6.4% of AUM)
- NYSE:WFC: $10.42 million (2.5% of AUM)
- NASDAQ:MSFT: $9.84 million (2.4% of AUM)
- NYSE:RTX: $9.62 million (2.3% of AUM)
- NYSE:KR: $8.82 million (2.1% of AUM)
As of Thursday, ASA shares were priced at $63.48, up a staggering 189.9% over the past year and vastly outperforming the S&P 500's roughly 17% gain in the same period.
Fund overview
| Metric | Value |
|---|---|
| Price (as of Thursday) | $63.48 |
| Market Capitalization | $1.20 billion |
| Net Income (TTM) | $263.82 million |
Fund snapshot
- ASA invests primarily in equities of companies involved in the exploration, mining, or processing of gold, silver, platinum, diamonds, and other precious minerals, as well as in exchange traded funds
- It operates as a closed-end investment company, generating income and capital appreciation through a portfolio of global precious metals and mining equities
- ASA serves institutional and individual investors seeking exposure to the precious metals sector and related mining industries worldwide
ASA Gold and Precious Metals Limited is a specialized investment company focused on building a diversified portfolio of precious metals and mining equities. The company leverages fundamental analysis and a bottom-up approach to identify value and growth opportunities within the sector. With a track record dating back to 1958, ASA provides investors with targeted access to global gold and precious metals markets through a disciplined, research-driven strategy.
What this transaction means for investors
When a holding nearly triples in a year, trimming becomes a risk management decision, not a loss of conviction. That context is critical here, because Uncommon Cents Investing didn’t walk away from ASA. In fact, it stayed put as the largest position, still representing more than 6% of assets.
That restraint stands out given how concentrated the rest of the portfolio looks. With its next-largest holding less than half the size and over 200 overall holdings, the partial sale of ASA (which is a closed-end vehicle with a long mandate to keep at least 80% of assets tied to precious metals equities, bullion-linked instruments, or related funds) appears designed to rebalance exposure rather than express a bearish view on precious metals.
The timing also matters. Despite skyrocketingn 190%, shares are trading around $63 while the fund’s reported NAV sits closer to $72, leaving a discount of nearly 12%. For long-term investors, that gap suggests the market may be undervaluing the underlying assets even after a historic rally.
