What to Know About This Fund's $10 Million Bet on Gold Miners

On May 15, 2026, Almitas Capital disclosed a purchase of 143,527 additional shares of ASA Gold and Precious Metals Limited (NYSE:ASA), an estimated $9.69 million trade based on quarterly average pricing.

What happened

According to a Securities and Exchange Commission (SEC) filing dated May 15, 2026, Almitas Capital increased its position in ASA Gold and Precious Metals Limited (NYSE:ASA) by 143,527 shares during the first quarter of 2026. The estimated transaction value was $9.69 million based on the quarter’s average share price. The quarter-end value of the ASA stake rose by $9.80 million, reflecting both the purchase and changes in ASA’s share price.

What else to know

• Almitas Capital executed a buy in ASA, with the post-trade position representing 7.37% of its 13F assets under management.
• Top five holdings after the filing:
  • NYSEMKT:FBTC: $90.71 million (20.5% of AUM)
  • NYSE:BTT: $33.73 million (7.6% of AUM)
  • NYSE:ASA: $32.61 million (7.4% of AUM)
  • NASDAQ:AMLX: $29.50 million (6.7% of AUM)
  • NASDAQ:DSGN: $16.28 million (3.7% of AUM)
• As of Friday, ASA shares were priced at $59.54, up nearly 100% over the past year and well outperforming the S&P 500, which is instead up about 28% in the same period.

Company overview

Company snapshot

• ASA Gold and Precious Metals Limited invests in equities of companies engaged in the exploration, mining, and processing of gold, silver, platinum, diamonds, and other precious minerals, as well as in exchange-traded funds.
• The company operates as a global investment manager, utilizing fundamental analysis and a bottom-up approach to construct its portfolios.
• ASA Gold and Precious Metals Limited was founded in 1958 and is based in Portland, Maine.

ASA Gold and Precious Metals Limited is a specialized investment manager with a global mandate, focusing on the precious metals and mining industry. The company leverages both in-house and external research to identify and invest in high-potential mining and resource companies.

What this transaction means for investors

With gold prices remaining elevated amid persistent fiscal deficits, geopolitical uncertainty, and central bank buying, Almitas appears to be increasing exposure to a vehicle that offers leveraged participation in precious-metals equities.

What's interesting is that ASA isn't simply a bet on bullion. As of Feb. 28, more than 93% of net assets were invested in mining stocks, with significant positions in companies such as G Mining Ventures, Americas Gold & Silver, Orla Mining, and Equinox Gold. Gold-focused holdings represented more than half of net assets, while diversified metals and silver miners made up much of the remainder.

Management has also taken steps that could support shareholder returns. In April, the board reauthorized a share repurchase program allowing the fund to buy back up to 5% of outstanding shares through April 2027 when shares trade at a meaningful discount to net asset value.

Ultimately, this looks like a targeted bet on mining companies rather than gold itself. If precious metals continue rising, miners can often provide amplified upside. The trade also fits with Almitas' broader portfolio, which includes large positions in bitcoin and other alternative assets, a sign of a continued preference for hard-asset and inflation-sensitive themes.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.