"Beware of 2025's Top CEF: Discover Alternative Investments Offering 9% Dividends"
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 15 2025
0mins
Source: NASDAQ.COM
Investment Risks: The article highlights the volatility in investing, using the example of the mortgage banking industry during the subprime crisis and emphasizing the importance of humility and diversification in investment strategies.
Performance of ASA Fund: The ASA Gold & Precious Metals Fund has seen a remarkable 172% increase in 2025, but it is cautioned against as it yields only 0.1% and has historically underperformed compared to the S&P 500 and gold prices.
Alternative High-Yield CEFs: The article suggests three high-yield closed-end funds (CEFs) that outperform ASA in terms of long-term performance and income, including the Adams Diversified Equity Fund, Liberty All-Star Equity Fund, and PIMCO Corporate & Income Opportunity Fund.
Future Investment Focus: Looking ahead to 2026, the author plans to invest in AI-focused CEFs that offer high dividends, indicating a shift away from gold investments and a belief in ongoing productivity growth in the economy.
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Analyst Views on ASA
About ASA
ASA Gold and Precious Metals Limited is a non-diversified, closed-end investment company. The Company's investment objective is long-term capital appreciation primarily through investing in companies engaged in the exploration for, development of projects or mining of precious metals and minerals. The Company invests approximately 80% of its total assets in common shares or securities convertible into common shares of companies engaged, directly or indirectly, in the exploration, mining or processing of gold, silver, platinum, diamonds or other precious minerals; held as bullion or other direct forms of gold, silver, platinum or other precious minerals; in instruments representing interests in gold, silver, platinum or other precious minerals, and/or in securities of investment companies, including exchange traded funds, or other securities. The Company’s investment adviser is Merk Investments LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Insider at ASA Gold and Precious Metals Ltd (ASA.US) Plans to Sell $20.73 Million in Common Stock via Form 144
Stock Sale Announcement: Alexander Merk intends to sell 303,810 shares of ASA Gold and Precious Metals Ltd. on April 20, with a total market value of approximately $20.73 million.
Reduction in Shareholding: Merk has reduced his shareholding in ASA Gold and Precious Metals Ltd. by 13,355 shares since February 19, 2026, with a total value of around $942.86K.
See More
ASA GROWS PRIVATE BANKING SERVICES IN THE US AND LATIN AMERICA, NAMES NEW SENIOR LEADERSHIP
Expansion of Private Banking: A major financial institution is expanding its private banking operations across the USA and Latin America.
Leadership Appointments: The expansion includes the appointment of senior leadership to enhance service and operations in these regions.
See More
Twelve Points Wealth Management Reduces ASA Gold Holdings
- Share Reduction Details: Twelve Points Wealth Management sold 143,737 shares of ASA Gold and Precious Metals Limited in Q1 2026, valued at approximately $9.71 million, indicating a strategic reassessment of this asset.
- Holding Proportion Change: Following the sale, ASA now represents 4.33% of the fund's 13F reportable AUM, down from 6.4% in the previous quarter, reflecting a shift in investment strategy.
- Stock Performance: As of April 13, 2026, ASA shares were priced at $68.07, marking a 128.9% increase over the past year, significantly outperforming the S&P 500 by 100 percentage points, showcasing its strong position in the precious metals market.
- Dividend Policy Shift: ASA recently announced a $0.04 dividend per share, up $0.01 from the previous quarter, which may indicate a strategic shift from growth to cash distribution in response to shareholder pressure.
See More
Twelve Points Wealth Management Reduces ASA Holdings
- Share Reduction Transaction: Twelve Points Wealth Management LLC sold 143,737 shares of ASA in Q1, with an estimated transaction value of $9.71 million, reflecting the fund's strategic adjustments amid market volatility.
- Decline in Position Value: The quarter-end value of ASA decreased by $8.84 million, indicating the direct impact of trading activity and share price movements, resulting in ASA's allocation in the fund's AUM dropping from 6.4% to 4.33%.
- Dividend Distribution Changes: ASA recently announced a $0.04 dividend distribution, an increase of $0.01 from the previous quarter, which may signal a strategic shift between growth and cash distribution in response to shareholder pressure.
- Market Performance Analysis: Although ASA's share price has risen by 128.9% over the past year, it has declined approximately 16% from its March 27 high, prompting investors to cautiously evaluate future growth potential and changes in governance structure.
See More
ASA Gold Extends Investment Advisory Agreement and Declares Dividend
- Investment Advisory Extension: ASA Gold's Board of Directors approved a 90-day extension of its Investment Advisory Agreement with Merk Investments LLC, aimed at optimizing investment returns and enhancing shareholder value, demonstrating the company's commitment to ongoing investment management.
- Special Committee Review: The Board has engaged Cantor Fitzgerald & Co. to assist its Special Committee in reviewing the company, indicating a proactive approach in seeking strategic alternatives and enhancing shareholder value.
- Increased Dividend Distribution: The company announced a dividend of $0.04 per common share payable on May 13, 2026, to shareholders of record as of May 1, 2026, reflecting a $0.01 increase from last year, showcasing efforts to improve shareholder returns.
- Investor Information Access: ASA Gold encourages investors to visit its website for additional information, including historical and current share prices, news releases, and financial statements, highlighting the company's commitment to transparency and information disclosure.
See More
Uncommon Cents Sells ASA Gold Shares for $3.92 Million
- Share Reduction: Uncommon Cents Investing disclosed in an SEC filing that it sold 77,370 shares of ASA Gold and Precious Metals Limited in Q4 for an estimated $3.92 million, resulting in a reduced stake valued at $26.28 million, reflecting a risk management strategy rather than a loss of conviction.
- Position Proportion: After the sale, ASA still represents 6.36% of Uncommon Cents' portfolio, indicating continued confidence in the precious metals market despite the partial sale aimed at rebalancing investment risk.
- Market Performance: ASA's stock price surged 189.9% over the past year, currently priced at $63.48, significantly outperforming the S&P 500's roughly 17% gain, highlighting strong performance in the precious metals sector and investor confidence.
- Investment Strategy: As a closed-end investment company focused on precious metals and mining equities, ASA employs a bottom-up analysis approach to provide investors with access to global precious metals markets, and the share reduction reflects a disciplined investment strategy rather than a shift in long-term belief.
See More
Insider at ASA Gold and Precious Metals Ltd (ASA.US) Plans to Sell $20.73 Million in Common Stock via Form 144
Stock Sale Announcement: Alexander Merk intends to sell 303,810 shares of ASA Gold and Precious Metals Ltd. on April 20, with a total market value of approximately $20.73 million.
Reduction in Shareholding: Merk has reduced his shareholding in ASA Gold and Precious Metals Ltd. by 13,355 shares since February 19, 2026, with a total value of around $942.86K.
See More
ASA GROWS PRIVATE BANKING SERVICES IN THE US AND LATIN AMERICA, NAMES NEW SENIOR LEADERSHIP
Expansion of Private Banking: A major financial institution is expanding its private banking operations across the USA and Latin America.
Leadership Appointments: The expansion includes the appointment of senior leadership to enhance service and operations in these regions.
See More
Twelve Points Wealth Management Reduces ASA Gold Holdings
- Share Reduction Details: Twelve Points Wealth Management sold 143,737 shares of ASA Gold and Precious Metals Limited in Q1 2026, valued at approximately $9.71 million, indicating a strategic reassessment of this asset.
- Holding Proportion Change: Following the sale, ASA now represents 4.33% of the fund's 13F reportable AUM, down from 6.4% in the previous quarter, reflecting a shift in investment strategy.
- Stock Performance: As of April 13, 2026, ASA shares were priced at $68.07, marking a 128.9% increase over the past year, significantly outperforming the S&P 500 by 100 percentage points, showcasing its strong position in the precious metals market.
- Dividend Policy Shift: ASA recently announced a $0.04 dividend per share, up $0.01 from the previous quarter, which may indicate a strategic shift from growth to cash distribution in response to shareholder pressure.
See More
Twelve Points Wealth Management Reduces ASA Holdings
- Share Reduction Transaction: Twelve Points Wealth Management LLC sold 143,737 shares of ASA in Q1, with an estimated transaction value of $9.71 million, reflecting the fund's strategic adjustments amid market volatility.
- Decline in Position Value: The quarter-end value of ASA decreased by $8.84 million, indicating the direct impact of trading activity and share price movements, resulting in ASA's allocation in the fund's AUM dropping from 6.4% to 4.33%.
- Dividend Distribution Changes: ASA recently announced a $0.04 dividend distribution, an increase of $0.01 from the previous quarter, which may signal a strategic shift between growth and cash distribution in response to shareholder pressure.
- Market Performance Analysis: Although ASA's share price has risen by 128.9% over the past year, it has declined approximately 16% from its March 27 high, prompting investors to cautiously evaluate future growth potential and changes in governance structure.
See More
ASA Gold Extends Investment Advisory Agreement and Declares Dividend
- Investment Advisory Extension: ASA Gold's Board of Directors approved a 90-day extension of its Investment Advisory Agreement with Merk Investments LLC, aimed at optimizing investment returns and enhancing shareholder value, demonstrating the company's commitment to ongoing investment management.
- Special Committee Review: The Board has engaged Cantor Fitzgerald & Co. to assist its Special Committee in reviewing the company, indicating a proactive approach in seeking strategic alternatives and enhancing shareholder value.
- Increased Dividend Distribution: The company announced a dividend of $0.04 per common share payable on May 13, 2026, to shareholders of record as of May 1, 2026, reflecting a $0.01 increase from last year, showcasing efforts to improve shareholder returns.
- Investor Information Access: ASA Gold encourages investors to visit its website for additional information, including historical and current share prices, news releases, and financial statements, highlighting the company's commitment to transparency and information disclosure.
See More
Uncommon Cents Sells ASA Gold Shares for $3.92 Million
- Share Reduction: Uncommon Cents Investing disclosed in an SEC filing that it sold 77,370 shares of ASA Gold and Precious Metals Limited in Q4 for an estimated $3.92 million, resulting in a reduced stake valued at $26.28 million, reflecting a risk management strategy rather than a loss of conviction.
- Position Proportion: After the sale, ASA still represents 6.36% of Uncommon Cents' portfolio, indicating continued confidence in the precious metals market despite the partial sale aimed at rebalancing investment risk.
- Market Performance: ASA's stock price surged 189.9% over the past year, currently priced at $63.48, significantly outperforming the S&P 500's roughly 17% gain, highlighting strong performance in the precious metals sector and investor confidence.
- Investment Strategy: As a closed-end investment company focused on precious metals and mining equities, ASA employs a bottom-up analysis approach to provide investors with access to global precious metals markets, and the share reduction reflects a disciplined investment strategy rather than a shift in long-term belief.
See More
