This Precious Metals Fund Is Up 190% This Past Year and Still a Top Holding Even After a $4 Million Sale

Key Points

Wisconsin-based Uncommon Cents Investing sold 77,370 shares of ASA in the fourth quarter; the estimated transaction value was $3.92 million based on quarterly average prices. The quarter-end position value decreased by $2.56 million, reflecting both trading and price changes Post-transaction, the fund held 440,404 ASA shares worth $26.28 million. ASA accounted for 6.36% of AUM post-trade, making it the fund's top holding.These 10 stocks could mint the next wave of millionaires ›

On Thursday, Wisconsin-based Uncommon Cents Investing disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold 77,370 shares of ASA Gold and Precious Metals Limited(NYSE:ASA), an estimated $3.92 million transaction based on quarterly average pricing.

What happened

According to a SEC filing released Thursday, Uncommon Cents Investing reduced its position in ASA Gold and Precious Metals Limited by 77,370 shares in the fourth quarter. The estimated transaction value was $3.92 million based on the quarter’s average share price. After the sale, the fund’s quarter-end stake in ASA was valued at $26.28 million, a net decrease of $2.56 million after accounting for both share sales and market price movement.

What else to know

This was a partial sale, leaving ASA at 6.36% of Uncommon Cents Investing LLC’s reportable assets under management after the trade.

Top five holdings after the filing:

NYSE:ASA: $26.28 million (6.4% of AUM)NYSE:WFC: $10.42 million (2.5% of AUM)NASDAQ:MSFT: $9.84 million (2.4% of AUM)NYSE:RTX: $9.62 million (2.3% of AUM)NYSE:KR: $8.82 million (2.1% of AUM)

As of Thursday, ASA shares were priced at $63.48, up a staggering 189.9% over the past year and vastly outperforming the S&P 500's roughly 17% gain in the same period.

Fund overview MetricValuePrice (as of Thursday)$63.48Market Capitalization$1.20 billionNet Income (TTM)$263.82 million

Fund snapshot

ASA invests primarily in equities of companies involved in the exploration, mining, or processing of gold, silver, platinum, diamonds, and other precious minerals, as well as in exchange traded fundsIt operates as a closed-end investment company, generating income and capital appreciation through a portfolio of global precious metals and mining equitiesASA serves institutional and individual investors seeking exposure to the precious metals sector and related mining industries worldwide

ASA Gold and Precious Metals Limited is a specialized investment company focused on building a diversified portfolio of precious metals and mining equities. The company leverages fundamental analysis and a bottom-up approach to identify value and growth opportunities within the sector. With a track record dating back to 1958, ASA provides investors with targeted access to global gold and precious metals markets through a disciplined, research-driven strategy.

What this transaction means for investors

When a holding nearly triples in a year, trimming becomes a risk management decision, not a loss of conviction. That context is critical here, because Uncommon Cents Investing didn’t walk away from ASA. In fact, it stayed put as the largest position, still representing more than 6% of assets.

That restraint stands out given how concentrated the rest of the portfolio looks. With its next-largest holding less than half the size and over 200 overall holdings, the partial sale of ASA (which is a closed-end vehicle with a long mandate to keep at least 80% of assets tied to precious metals equities, bullion-linked instruments, or related funds) appears designed to rebalance exposure rather than express a bearish view on precious metals.

The timing also matters. Despite skyrocketingn 190%, shares are trading around $63 while the fund’s reported NAV sits closer to $72, leaving a discount of nearly 12%. For long-term investors, that gap suggests the market may be undervaluing the underlying assets even after a historic rally.

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Wells Fargo is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase, Microsoft, and RTX. The Motley Fool recommends Kroger and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

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