Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by ASA Limited, an institutional investment manager, for the period ended December 31, 2009. The report discloses the manager's equity and debt security holdings in the United States. The filing was signed by Lawrence G. Nardolillo, Chief Financial Officer & Treasurer, on February 2, 2010.
Key Financial Metrics
The report details the aggregate value of securities held by the manager rather than the financial performance of the manager itself.
- Total Portfolio Value: $313,825,000 (reported as $313,825 in thousands).
- Total Number of Holdings: 13 distinct entries.
- Investment Discretion: Sole discretion for all reported positions.
- Primary Sector Focus: Precious metals and mining (e.g., Barrick Gold, Newmont Mining, Goldcorp).
Material Changes and Holdings Composition
The filing lists specific positions held as of the reporting date. Notable holdings include:
- Top Holdings by Value: Randgold Resources Limited ($56.9M), Barrick Gold Corporation ($49.2M), Compania de Minas Buenaventura ($45.5M), and Goldcorp Inc. ($42.6M).
- Debt Instrument: The portfolio includes a $13.9M position in NovaGold Resources Inc. Notes (15,000,000 principal amount).
- Voting Authority: The manager holds sole voting authority for all equity positions listed.
Note: As this is a holdings report, it does not provide comparative data against prior periods, revenue, profit, or cash flow metrics for the manager or the underlying issuers.
Guidance, Risks, and Unusual Items
The filing text does not contain management commentary, forward-looking guidance, risk factors, or contingencies. Form 13F reports are strictly factual disclosures of current holdings and do not include narrative analysis or outlooks.
Key Facts for Investor Verification
- Verify the total portfolio value of $313.8 million against the sum of individual security values listed.
- Confirm the concentration risk, as the portfolio is heavily weighted toward the gold and precious metals mining sector.
- Note the inclusion of a significant debt position (NovaGold Resources Inc. Notes) alongside equity holdings.
- Check the "Sold" designation for Kinross Gold Corporation to understand if this represents a partial sale or a specific reporting classification for that quarter.