Merk Updates Dashboard: ASA Discount Widens to -17.58% Under Saba-Controlled Board
ASA sits 75% above its 52-week low of $33.62 on light trading volume (0.2× avg).
Summary
Axel Merk's latest PX14A6G filing updates his dashboard showing ASA's discount to NAV widened to -17.58% as of August 13, 2026, under the Saba-controlled board, continuing his criticism of the board's lack of mining expertise.
Key Events · Corporate Governance and Compliance · ASA
-
Discount Widens to -17.58%
Merk's dashboard shows ASA's discount to NAV widened to -17.58% as of August 13, 2026, since the Saba-controlled board assumed management on July 1, 2026.
-
Board Lacks Mining Expertise
The filing explicitly states that the board members overseeing ASA have no precious metals mining expertise, a key criticism in Merk's campaign.
-
Tracking Error vs GDX Benchmark
Dashboard includes 60-day rolling annualized tracking error and daily return spread versus GDMNTR (the index underlying GDX), showing style drift under new management.
-
Ongoing Campaign
This is the seventh PX14A6G filing by Merk in 90 days, part of a sustained effort to challenge Saba Capital's control and advocate for shareholder interests.
Analysis · ASA · Unknown
Axel Merk's latest exempt solicitation updates his performance dashboard, showing ASA's discount to NAV has widened to -17.58% as of August 13, 2026, since the Saba-controlled board took over management on July 1. The filing highlights that the board members overseeing the fund have no precious metals mining expertise, and includes tracking error data versus the GDX benchmark. This is part of an ongoing campaign to pressure the board and inform shareholders, but the new data point on the widening discount is material for investors evaluating the fund's governance and performance.
At the time of this filing, ASA was trading at $58.72 on NYSE in the Unknown sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $33.62 to $83.20. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.