ASA Gold and Precious Metals Limited

ASA

Asset Management · Financial Services

Price

$48.66

+0.57 (+1.19%)

Market Cap

$914.2M

Exchange

New York Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count falling — buybacks

−2.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 19.3M (2021) → 18.8M (2025)

ASA Gold and Precious Metals Limited is a closed-end investment fund that invests in companies involved in gold and other precious metals mining. Its "customers" are investors who buy shares of the fund on the New York Stock Exchange, and its portfolio is made up of stocks in gold, silver, and platinum mining companies around the world. It is one of the oldest precious metals-focused closed-end funds in the United States, having operated since 1958.

The fund makes money by holding and managing a portfolio of mining stocks, and its revenue reflects changes in the value of those investments rather than traditional business sales. It operates globally through its holdings, which span major mining regions including South Africa, Canada, and Australia. The fund's main appeal is its focused exposure to precious metals equities, but its biggest risk is that its performance is tightly tied to gold and silver prices, which can be highly volatile.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+98.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

3.3%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$1.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

ASA Gold and Precious Metals Limited is growing revenue at 99% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

97.7%

Premium pricing power — 97.7% gross margin

Operating Margin

331.7%

Excellent — 331.7% operating margin

ROCE

40.4%

Exceptional — 40.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

+120.0%

Fast-growing sales (120.0% YoY)

EPS YoY

+600.3%

Earnings growing fast (600.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

1.2x

Attractive valuation — P/E 1.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

0.14%

Small dividend — 0.14% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+140.0%

Dividend growing fast (140.0% YoY)

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