Business Context and Reporting Period
This Form 13F-HR filing is submitted by ASA Limited, an institutional investment manager, for the quarter ended September 30, 2008. The report details the manager's holdings in equity securities and other reportable assets. The filing was signed by Robert J.A. Irwin, Chairman, President & Treasurer, on November 7, 2008.
Key Financial Metrics
The filing reports a total portfolio value of $250,037,000 across 11 distinct holdings entries. The portfolio is heavily concentrated in the precious metals and mining sector, with significant positions in both common stocks and debt instruments.
| Issuer | Security Type | Value ($000s) | Shares/Principal |
|---|---|---|---|
| Randgold Resources Limited | ADR | 44,916 | 1,094,700 |
| Goldcorp Inc. | Common Stock | 37,956 | 1,200,000 |
| Barrick Gold | Common Stock | 37,659 | 1,025,000 |
| Compania de Minas Buenaventura | Sponsored ADR | 34,257 | 1,459,000 |
| Agnico-Eagle Mines Limited | Common Stock | 33,042 | 600,000 |
| NovaGold Resources Inc. | Note (Debt) | 13,752 | 15,000,000 |
| Newmont Mining Corporation | Common Stock | 16,293 | 420,368 |
| Kinross Gold Corporation | Common Stock | 12,090 | 750,000 |
| SPDR Gold Trust | Gold Shares | 12,761 | 150,000 |
| Harmony Gold Mining Company | Sponsored ADR | 4,870 | 503,100 |
| NovaGold Resources Inc. | Common Stock | 2,441 | 375,000 |
Material Changes
The filing text does not provide a clear value for material changes versus the prior comparable period. Form 13F filings report current holdings at a specific point in time and do not inherently disclose quarter-over-quarter changes or prior period data within the document text provided.
Outlook, Risks, and Commentary
This filing contains no management commentary, forward-looking guidance, or specific risk disclosures. It is a statutory disclosure of holdings. The portfolio composition indicates a strategic focus on gold producers and physical gold exposure (SPDR Gold Trust), with a notable position in the debt of NovaGold Resources Inc.
Investor Verification Checklist
- Verify the total portfolio value of $250,037,000 against the sum of individual holdings.
- Confirm the concentration risk, as the top 5 holdings represent approximately 70% of the total reported value.
- Review the specific terms of the $13.75 million NovaGold Resources Inc. Note, as debt holdings carry different risk profiles than equity.
- Check for any subsequent amendments to this filing, as 13F reports are subject to correction.
- Validate the voting authority status, which is listed as "Sole" for all reported positions.