ASA Gold and Precious Metals
65 hedge funds and large institutions have $521M invested in ASA Gold and Precious Metals in 2025 Q3 according to their latest regulatory filings, with 12 funds opening new positions, 12 increasing their positions, 21 reducing their positions, and 9 closing their positions.
36% more capital invested
Capital invested by funds: $384M → $521M (+$138M)
33% more first-time investments, than exits
New positions opened: 12 | Existing positions closed: 9
25% more funds holding in top 10
Funds holding in top 10: 4 → 5 (+1)
3% more funds holding
Funds holding: 63 → 65 (+2)
3.99% less ownership
Funds ownership: 62.99% → 58.99% (-4%)
43% less repeat investments, than reductions
Existing positions increased: 12 | Existing positions reduced: 21
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SCM
Saba Capital Management
New York
|
+$50.9M |
| 2 |
Morgan Stanley
New York
|
+$13.3M |
| 3 |
AC
Almitas Capital
Santa Monica,
California
|
+$12.2M |
| 4 |
TJHA
Thomas J. Herzfeld Advisors
Miami Beach,
Florida
|
+$6.13M |
| 5 |
LCM
Landscape Capital Management
Englewood,
New Jersey
|
+$5.08M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Lazard Asset Management
New York
|
-$81.7M |
| 2 |
Ohio Public Employees Retirement System (OPERS)
Columbus,
Ohio
|
-$15M |
| 3 |
Verition Fund Management
Greenwich,
Connecticut
|
-$6.16M |
| 4 |
MC
Medici Capital
Newport Beach,
California
|
-$5.24M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$1.32M |
ASA Hedge Fund Activity: Q3 2025 in Review
65 of the 7,639 institutional investors tracked by Wall St. Rank reported a position in ASA Gold and Precious Metals (ASA) for Q3 2025, worth a combined $521M — up 36% from $384M a quarter earlier.
Buyers outnumbered sellers: 12 funds opened new ASA positions and 9 closed out — a net gain of 3 holders — while 12 added to existing stakes and 21 trimmed.
The largest buyer was Saba Capital Management, adding an estimated $50.9M. The largest seller was Lazard Asset Management, cutting an estimated $81.7M.
- 65 institutional investors held ASA Gold and Precious Metals (ASA) as of Q3 2025, up from 63 in Q2 2025.
- Funds reported $521M of ASA Gold and Precious Metals stock for Q3 2025, up 36% quarter-over-quarter.
- 12 funds opened new ASA Gold and Precious Metals positions in Q3 2025 and 9 closed out, a net change of +3 holders.
- The largest ASA Gold and Precious Metals buyer in Q3 2025 was Saba Capital Management, an estimated $50.9M added.
- The largest ASA Gold and Precious Metals seller in Q3 2025 was Lazard Asset Management, an estimated $81.7M sold.
Based on aggregated 13F filings for Q3 2025.