Business Context and Reporting Period
This Form 13F-HR filing is submitted by ASA Limited, an institutional investment manager, for the quarter ended March 31, 2009. The report discloses equity and debt securities held by the manager as of the reporting date. The filing was signed by Lawrence G. Nardolillo, Chief Financial Officer & Treasurer, on April 20, 2009.
Key Financial Metrics
The filing reports a total portfolio value of $262,081,000 across 11 distinct holdings. The portfolio is heavily concentrated in the precious metals and mining sector, with no other included managers.
| Issuer | Security Type | Value ($000s) | Shares/Principal |
|---|---|---|---|
| Randgold Resources Limited | ADR | 55,421 | 1,019,700 |
| Compania de Minas Buenaventura | Sponsored ADR | 34,987 | 1,459,000 |
| Agnico-Eagle Mines Limited | Common Stock | 34,152 | 600,000 |
| Barrick Gold | Common Stock | 33,231 | 1,025,000 |
| Goldcorp Inc. | Common Stock | 39,984 | 1,200,000 |
| Kinross Gold Corporation | Common Stock | 20,104 | 1,125,000 |
| Newmont Mining Corporation | Common Stock | 18,816 | 420,368 |
| NovaGold Resources Inc. | Note (Debt) | 6,742 | 15,000,000 |
| NovaGold Resources Inc. | Common Shares | 6,369 | 2,307,691 |
| SPDR Gold Trust | Gold Shares | 6,771 | 75,000 |
| Harmony Gold Mining Company Limited | Sponsored ADR | 5,504 | 503,100 |
Material Changes
The filing text does not provide a clear value for material changes versus the prior comparable period, as Form 13F reports only current holdings without historical comparison data.
Guidance, Outlook, and Risks
This filing type does not contain management commentary, guidance, outlook, or specific risk disclosures. The report strictly lists holdings with sole voting and dispositive authority for all positions. No unusual items or contingencies are described in the text.
Investor Verification Checklist
- Verify the concentration risk, as the top 5 holdings represent approximately 75% of the total reported portfolio value.
- Confirm the valuation of the NovaGold Resources Inc. Note ($6.7M) versus its common shares ($6.4M) to understand the manager's exposure to this specific issuer.
- Check current market prices for the reported ADRs and common stocks to assess unrealized gains or losses since the March 31, 2009 reporting date.
- Validate that the "Sole" voting authority designation applies to all positions, indicating no shared control with other managers.