ASA Gold and Precious Metals
ASA
74 hedge funds and large institutions have $683M invested in ASA Gold and Precious Metals in 2025 Q4 according to their latest regulatory filings, with 19 funds opening new positions, 13 increasing their positions, 24 reducing their positions, and 10 closing their positions.
90% more first-time investments, than exits
New positions opened: 19 | Existing positions closed: 10
31% more capital invested
Capital invested by funds: $521M → $683M (+$162M)
20% more funds holding in top 10
Funds holding in top 10: 5 → 6 (+1)
14% more funds holding
Funds holding: 65 → 74 (+9)
1.6% more ownership
Funds ownership: 58.99% → 60.59% (+1.6%)
46% less repeat investments, than reductions
Existing positions increased: 13 | Existing positions reduced: 24
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SCM
Saba Capital Management
New York
|
+$37.3M |
| 2 |
ACM
Altium Capital Management
New York
|
+$2.65M |
| 3 |
AC
Almitas Capital
Santa Monica,
California
|
+$2.37M |
| 4 |
NWMP
Noble Wealth Management PBC
Greenwood Village,
Colorado
|
+$1.42M |
| 5 |
ZA
Zazove Associates
Incline Village,
Nevada
|
+$708K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
-$15.1M |
| 2 |
PAMP
Polar Asset Management Partners
Toronto,
Ontario, Canada
|
-$6.86M |
| 3 |
Capstone Investment Advisors
New York
|
-$3.97M |
| 4 |
UCI
Uncommon Cents Investing
Janesville,
Wisconsin
|
-$3.92M |
| 5 |
WM
WS Management
Jacksonville,
Florida
|
-$2.65M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
PAMP
76
Polar Asset Management Partners
Toronto,
Ontario, Canada
| – | -$6.86M | -149,692 | Closed |
|
77
Lazard Asset Management
New York
| – | -$953K | -20,798 | Closed |
|
78
Walleye Capital
New York
| – | -$791K | -17,265 | Closed |
|
79
Jane Street
New York
| – | -$773K | -16,868 | Closed |
|
|
DACS
80
Dymon Asia Capital (Singapore)
Singapore
| – | -$537K | -11,734 | Closed |
|
|
QC
81
Quadrature Capital
London,
United Kingdom
| – | -$260K | -5,683 | Closed |
|
82
JP Morgan Chase
New York
| – | -$147K | -3,199 | Closed |
|
|
ASN
83
Advisory Services Network
Atlanta,
Georgia
| – | -$55K | -1,200 | Closed |
|
|
BTI
84
Blue Trust Inc
Alpharetta,
Georgia
| – | -$13.3K | -290 | Closed |
|
|
KFGG
85
Keystone Financial Group (Georgia)
Atlanta,
Georgia
| – | -$7.96K | -174 | Closed |
|
ASA Hedge Fund Activity: Q4 2025 in Review
74 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in ASA Gold and Precious Metals (ASA) for Q4 2025, worth a combined $683M — up 31% from $521M a quarter earlier.
Buyers outnumbered sellers: 19 funds opened new ASA positions and 10 closed out — a net gain of 9 holders — while 13 added to existing stakes and 24 trimmed.
The largest buyer was Saba Capital Management, adding an estimated $37.3M. The largest seller was Morgan Stanley, cutting an estimated $15.1M.
- 74 institutional investors held ASA Gold and Precious Metals (ASA) as of Q4 2025, up from 65 in Q3 2025.
- Funds reported $683M of ASA Gold and Precious Metals stock for Q4 2025, up 31% quarter-over-quarter.
- 19 funds opened new ASA Gold and Precious Metals positions in Q4 2025 and 10 closed out, a net change of +9 holders.
- The largest ASA Gold and Precious Metals buyer in Q4 2025 was Saba Capital Management, an estimated $37.3M added.
- The largest ASA Gold and Precious Metals seller in Q4 2025 was Morgan Stanley, an estimated $15.1M sold.
Based on aggregated 13F filings for Q4 2025.