Twelve Points Dumps 144K ASA Shares Worth $9.7 Million

What happened

According to a filing with the Securities and Exchange Commission dated April 14, 2026, Twelve Points Wealth Management sold 143,737 shares of ASA Gold and Precious Metals Limited (NYSE:ASA) during the first quarter. The estimated value of the shares sold was $9.71 million, based on the average closing price for the quarter. The position’s value at quarter end fell by $8.84 million, reflecting both the reduction in shares held and the effect of share price changes.

What else to know

• The fund’s ASA holding now represents 4.33% of 13F reportable AUM, following a sale that trimmed it from 6.4% the previous quarter.
• Top holdings as of March 31, 2026, include:
  • NYSEMKT: BIL: $40.43 million (8.9% of AUM)
  • NYSEMKT: FLTR: $25.54 million (5.6% of AUM)
  • NYSEMKT: IOO: $24.34 million (5.4% of AUM)
  • NYSEMKT: SRLN: $15.22 million (3.3% of AUM)
• As of April 13, 2026, ASA shares were priced at $68.07, up 128.9% over the past year, outperforming the S&P 500 by 100 percentage points.

Company overview

Company snapshot

• ASA Gold and Precious Metals Limited 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 select exchange-traded funds.
• ASA Gold and Precious Metals Limited uses fundamental analysis and a bottom-up approach to create its portfolio of precious metals-related securities.
• The company was founded in 1958 and is based in Portland, Maine, operating as a global investment manager in the precious metals sector.

ASA Gold and Precious Metals Limited is a global investment manager specializing in the precious metals sector, with a focus on equity investments in mining and exploration companies. The firm's disciplined, research-driven strategy leverages both in-house and external analysis to identify value opportunities across global markets. Its long-standing presence and sector expertise provide investors with targeted access to precious metals equities and related assets.

What this transaction means for investors

Twelve Points Wealth Management has positions in hundreds of companies and funds, and ASA Gold and Precious Metals Limited ranks as its fourth-largest holding. The recent sale of 143,737 brought it down from its previous position of No. 2. But aside from a bit of reshuffling, the institution’s core holdings remain relatively unchanged.

ASA is a closed-end fund that focuses on, as the name suggests, gold and precious metals. It recently issued a $0.04 dividend distribution, an $0.01 increase from the previous quarter. This may signal a shift in the fund’s priorities from growth toward cash distribution. With the help of Cantor Fitzgerald, the fund is undergoing a strategic review that may result in structural or mandate changes, and the dividend increase may be a means of responding to shareholder pressure.

That said, the share price of ASA is up 128.9% over the past year, though it’s down approximately 16% from its March 27 high. It’s possible growth could continue at that exceptional pace, though not likely -- and, as always, past performance is no guarantee of future returns. Investors may wish to wait and see what happens within the fund’s governance before choosing to change their position.

Pamela Kock has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends iShares Trust - iShares 0-3 Month Treasury Bond ETF. The Motley Fool has a disclosure policy.