{ "schemaVersion": "deck-intelligence.v1", "id": "019de077-12e7-748e-8429-8dc02eb8b66e", "slug": "a526af075cb9e69555a317508f9132d2", "title": "Saba Capital Management | Activist Presentation Deck | 33 slides", "subtitle": "Saba Capital · 2024-03", "author": "Saba Capital", "date": "2024-03-01 00:00:00", "pageCount": 33, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.7744917, "document": { "id": "019de077-12e7-748e-8429-8dc02eb8b66e", "slug": "a526af075cb9e69555a317508f9132d2", "title": "Saba Capital Management | Activist Presentation Deck | 33 slides", "rawTitle": "Saba Capital Management | Activist Presentation Deck | 33 slides", "authorId": "saba-capital-management", "authorName": "Saba Capital", "authorDisplay": "Saba Capital", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2024-03__saba-capital-management__activist__a526af07.pdf", "sourceUrl": "https://www.slidebook.io/company/saba-capital-management/presentation/a526af075cb9e69555a317508f9132d2/", "sourceDate": "2024-03-22 00:00:00", "presentationDate": "2024-03-01 00:00:00", "ingestedAt": "2026-04-30 22:16:33.355362+00", "status": "ready", "pageCount": 33, "orientation": "landscape", "aspectRatio": 1.7744917, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "slidebook", "industry": "asset-management", "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2024-03__saba-capital-management__activist__a526af07", "image_width": 1920, "image_format": "jpg", "deck_type_raw": "Activist Presentation Deck", "deck_type_slug": null, "source_url_pattern": "https://www.slidebook.io/company/{company_slug}/presentation/{deck_id}/" } }, "coverage": { "pageCount": 33, "pagesIndexed": 33, "pagesWithImages": 33, "pagesWithMetadata": 33, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 151, "chartCount": 7, "metricSlides": 0, "toolMatches": 8, "documentToolMatches": 0, "frameworkMatches": 18, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": false, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "evidence": "The deck follows a clear problem-agitate-solution structure, presenting the problem (underperformance and discount), agitating it (by highlighting Merk's poor management), and offering a solution (replacing the board with independent nominees)", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:43:59.417406+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 6, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Problem", "beatId": "ac80bc84-7672-42d2-9789-48e8e84600ea", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The deck identifies the problem of underperformance and discount to NAV", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 7, "name": "Agitate", "beatId": "f649829d-df3e-4d7c-95f0-27c662a14b2f", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problem by highlighting Merk's poor management and conflicts of interest", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 25, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 20, "name": "Solution", "beatId": "2835808c-aa61-4b8b-b473-8d80436ce124", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The deck offers a solution by presenting independent nominees and a plan to narrow the discount to NAV", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 9, "from": 6, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "c7c9748c-724d-4410-9a07-dea41dfad5ea", "evidence": "The deck highlights the consequences of not addressing the discount to NAV", "position": 0, "objective": "What is the cost of inaction in addressing the discount to NAV?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:43:59.589558+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 28, "from": 27, "loop": { "name": "21_before_after", "slug": "21-before-after", "status": "active", "bestFor": "Product demos, process improvements, ROI justification", "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "26a24a3f-e982-4c8a-88c8-32b33a93e0a6", "evidence": "The deck presents case studies of successful interventions by Saba Capital Management", "position": 1, "objective": "What are the results of Saba Capital Management's previous interventions?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:43:59.632671+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "fd282874-fc9c-425e-b2a2-02ef9102254c", "evidence": "We are the largest shareholder of ASA, with beneficial ownership of 16.9% of ASA's outstanding shares.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:46:12.065773+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0f4cd6fd-14d6-4c3b-ab07-77daac484921", "evidence": "We are seeking to replace ASA's Four-Member Board", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:46:12.109121+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Credibility Transfer", "slug": "credibility-transfer", "status": "active", "bestFor": null, "canonId": "019dd956-bd34-759a-8e3b-2f14b571a2a1", "version": 1, "bodyDocId": null, "description": "Borrowing authority from trusted sources or vivid details", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "06477302-7bb4-4910-a1c1-c5261ec2ee3b", "evidence": "We are the world's largest single investor in CEFs, managing a $5.8 billion portfolio that is invested across more than 200 CEFs.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:46:12.196648+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Problem-Agitate-Solve (PAS)", "slug": "problem-agitate-solve-pas", "status": "active", "bestFor": null, "canonId": "019dd956-869f-7564-8d42-de54ed29ab90", "version": 1, "bodyDocId": null, "description": "Identify problem, agitate the pain, present the solution", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "50ef664f-b791-4d2a-86f9-36cfda902917", "evidence": "Our nominees would view addressing ASA's discount to NAV as their #1 priority as directors.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-17 00:46:02.964074+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "7aa1a8ba-1a69-4e13-a215-11d2437d7cfd", "evidence": "Our nominees would review a vast array of tools to narrow ASA's discount to NAV and enhance shareholder value.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:46:02.921828+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "ed42b242-c62e-4cf4-b1ed-2bf062466f31", "evidence": "Despite Merk's claims... Saba estimates that approximately 60% of ASA's NAV is in companies where the Fund holds less than 10 days volume.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-17 00:46:03.048157+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "6421dc6f-077e-497e-8e68-f109daf244d4", "evidence": "Performance comparison grid for 2022 and 2023", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:46:03.132777+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Data Story Arc", "slug": "data-story-arc", "status": "active", "bestFor": null, "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a", "version": 1, "bodyDocId": null, "description": "Context → Conflict → Insight → Implication structure for data narratives", "familyLabel": null, "categoryName": "Loop", "categorySlug": "loop" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "59f2d003-1e26-438d-8b27-649c11642a49", "evidence": "Average discount to NAV three years prior to tender announcement: -9.85%", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-17 00:46:03.301203+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "46e43704-1e3b-407e-a397-9a68681a9511", "evidence": "The slide explicitly lists governance standards and activist interventions to improve fund management.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:49.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "governance" }, { "matchId": "9df156d4-046f-4bff-8a92-393715570399", "evidence": "Contrasting management quote with poor performance data", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:59:49.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "fe68032d-09ff-47fc-a267-4a1eaa235331", "evidence": "Compares ASA's performance metric against a peer universe of 418 CEFs.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:49.975+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "comparison_frame" }, { "matchId": "e5aec8e6-e208-41a1-87e7-23c9b66ad75d", "evidence": "The slide explicitly frames the target's statement as 'shirking duty' to expose a contradiction in their fiduciary stance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:49.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" }, { "matchId": "fbc356bb-da6b-413c-aa52-e1c17e5589bc", "evidence": "Uses external industry bodies to validate the argument against the target.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:50.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "authority-citation" }, { "matchId": "918ff2ec-f6be-42f2-84ef-5badfbcd134f", "evidence": "Contrasting the company's official press release text against the activist's rebuttal points.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:57.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "dee8751b-23d7-4c67-865e-1f9ecea17691", "evidence": "Citing SEC official speech to support legal argument", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:59:50.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "authority-citation" }, { "matchId": "d1863fb5-1e51-4715-85a3-7e8336ac5d59", "evidence": "The slide explicitly labels the target's argument as a misrepresentation of the activist's intentions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:49.928+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "expose_contradiction" }, { "matchId": "2f7c2703-b5e4-46ce-a2a4-664a877bc0be", "evidence": "The slide frames the current board members as the cause of underperformance to justify their removal.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:50.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "antagonist-introduction" }, { "matchId": "5e6a39fb-ae97-4e1f-8b31-b787dce308bc", "evidence": "Contrasts a company quote about share repurchases with data showing zero repurchases.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 11:00:00.307+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "76f25d4a-e63b-4cb9-b670-b166160b7d8f", "evidence": "Frames the law firm as an antagonist to shareholder interests.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:50.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "antagonist-introduction" }, { "matchId": "13756105-e7d2-4aba-a03c-38357c511b30", "evidence": "Uses a historical precedent to warn shareholders of the consequences of maintaining the status quo.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:55.608+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "preempt_rebuttal" }, { "matchId": "3c39381a-0e0c-4f68-92e7-393719861559", "evidence": "The slide uses a structured list of five strategic options to present a plan.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 10:59:51.603+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "list-presentation" }, { "matchId": "66138fc8-328e-4313-93e5-a4cd59285c44", "evidence": "Comparing compensation structures between board and activist to show incentive alignment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:52.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "alignment-of-interest" }, { "matchId": "27502965-9157-4a7e-b70b-06e463029093", "evidence": "Compares performance before/after management change", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:52.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "before-after-framing" }, { "matchId": "e152cb65-a8ec-4b08-acc1-46849bfd5861", "evidence": "Contrasts the state of the fund before and after Saba's engagement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:52.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "before-after-bridge" }, { "matchId": "b1933a75-7a7e-42ff-a469-9eb35b4498b1", "evidence": "The slide lists specific legal victories to build credibility and establish a track record of success.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:55.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "authority-citation" }, { "matchId": "887ae9d4-4f53-4a4a-83dc-95cf4da4096d", "evidence": "The slide explicitly contrasts the firm's data against 'ASA's Claims'.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:59:53.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "expose_contradiction" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/ssipaB2hF0dJSI3GmZLTYC3MbcOnlifxKdaAgU3x3x4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hNTI2YWYwNzVjYjllNjk1NTVhMzE3NTA4ZjkxMzJkMi9wMDAxLmpwZw", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 3, "textChars": 95, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:48.1+00", "seconds": 2.271, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/1", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-1", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.65 }, "kind": "image", "text": "Saba Capital", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:48.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9dac54b5-55db-4bc3-80c0-710c42af9445", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.16, "x": 0.42, "y": 0.38 }, "kind": "paragraph", "text": "March 22, 2024", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:48.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "630782c5-f73a-4543-a85b-b1ca7351ab7d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.64, "x": 0.18, "y": 0.25 }, "kind": "title", "text": "Why a New Board Is Needed at ASA Gold and Precious Metals (NYSE: ASA)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:48.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "376b2b25-7e41-4042-8d6d-f7fc1f0df3ae", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/FXVyNIxzJUA98SA0FEuE7nignfqJYDIHIZPgJKDAgWE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hNTI2YWYwNzVjYjllNjk1NTVhMzE3NTA4ZjkxMzJkMi9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/O5z_AYuB7h52Aqmq_n3b3m-XRjrAHfXOICgHZp6H-7g/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hNTI2YWYwNzVjYjllNjk1NTVhMzE3NTA4ZjkxMzJkMi9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/tFXXT-o2_MKxlt9nfCYNgFL0jAgrPSOlgwwt7ar62Rg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hNTI2YWYwNzVjYjllNjk1NTVhMzE3NTA4ZjkxMzJkMi9wMDAxLnBuZw" }, { "page": 2, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 2, "textChars": 376, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:48.407+00", "seconds": 2.236, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/2", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-2", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.4, "w": 0.85, "x": 0.04, "y": 0.14 }, "kind": "list", "text": "Executive Summary\nThe Need to Replace ASA's Board and Advisor\n- ASA Has Substantially Underperformed its Benchmark Over the Past Three Years and Trades at a Significant Discount to NAV\n- ASA's Leadership Has Ignored the Steep Discount to NAV\nOur Solution: A New Board and Plan for ASA\n- The Right Directors to Fix ASA\n- A Plan to Address ASA's Discount to NAV", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:48.407+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7495e1a4-a73c-4232-a9f6-4022b70227f3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.18, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "Table of Contents", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:48.407+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3e57ffb-6aed-428a-bfc6-4ff48e8b4b0c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "frame_problem", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 4, "textChars": 1187, "nDataPoints": 2, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:49.751+00", "seconds": 3.388, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/3", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-3", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.84 }, "kind": "callout", "text": "If elected to ASA's Board, our nominees would focus on immediately addressing ASA's discount to NAV by exploring all potential paths to value generation, including replacing the Fund's manager with a new manager to be selected by ASA's shareholder base.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebcd148e-f238-4010-8386-5bc603418088", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "list", "text": "We are the largest shareholder of ASA, with beneficial ownership of 16.9% of ASA's outstanding shares.\nWe believe ASA's recent returns and its -16.9% trading discount to net asset value are due to Merk Investments' poor management of the Fund.\nASA's Board is unwilling to acknowledge that the Fund's steep discount to NAV is a problem.\nWe have a track record of instilling good governance practices, successfully narrowing closed-end funds' discounts to NAV and generating significant value for shareholders through different solutions tailored to each fund's needs.\nOur four highly qualified nominees, one of whom would be a direct shareholder representative in the boardroom, are the right change agents to address ASA's -16.9% discount to NAV.\nThis campaign is about replacing the Board to create short-term and long-term value for ASA's shareholders.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07bd38f8-8114-451f-adb0-a5bc99bdd898", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Bloomberg, as of 3/19/2024.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e60a4ab1-c2ec-400b-8a62-310726b98a1a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "Why We Are Seeking to Replace ASA's Four-Member Board", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "315f0b4d-d497-4824-821c-e51cd14eafaa", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "fd282874-fc9c-425e-b2a2-02ef9102254c", "evidence": "We are the largest shareholder of ASA, with beneficial ownership of 16.9% of ASA's outstanding shares.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:46:12.065773+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0f4cd6fd-14d6-4c3b-ab07-77daac484921", "evidence": "We are seeking to replace ASA's Four-Member Board", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:46:12.109121+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Problem", "beatId": "ac80bc84-7672-42d2-9789-48e8e84600ea", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The deck identifies the problem of underperformance and discount to NAV", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 4, "type": "resolution", "title": "The slide uses a table format to contrast Saba's own governance standards with their activist interventions in other funds.", "function": "summarize", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 4, "textChars": 1499, "nDataPoints": 4, "notes": "The slide uses a table format to contrast Saba's own governance standards with their activist interventions in other funds.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:49.632+00", "seconds": 3.174, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/4", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-4", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "list", "text": "We are the world's largest single investor in CEFs, managing a $5.8 billion portfolio that is invested across more than 200 CEFs.\nOur CEF investment strategy is anchored in protecting shareholder rights and pursuing changes that will return discounted CEFs to their full NAV. Additionally, we focus on creating long-term value for shareholders through lower fees and better management.\nOur own funds serve as examples of best-in-class corporate governance in the CEF industry. We also have a demonstrated record of advocating for shareholder rights at other funds.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d356d88-25a3-41de-8f7f-e6f7e7b2f4cc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "Fund filings, Bloomberg.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92dbcc39-8442-4c59-8178-876aa68e93a6", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.35 }, "kind": "table", "text": "Saba Capital Income & Opportunities Fund (NYSE: BRW) | Non-staggered board, plurality vote standard, equal voting rights.\nBlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) | Saba filed lawsuit against ECAT for the fund's adoption of an entrenchment bylaw.\nEaton Vance Senior Floating-Rate Trust (NYSE: EFR) / Eaton Vance Floating-Rate Income Trust (NYSE: EFT) / Eaton Vance Senior Income Trust (NYSE: EVF) | Saba entered standstill upon implementation of a long-term discount management plan. Improved avg. trading discount to NAV from -12% when Saba filed its 13D in 2020 to +0.3% premium today.\nSalient Midstream & MLP Fund (NYSE: SMM) | Reached an agreement to support the fund's reorganization into a lower fee open-end mutual fund. Secured distribution paid to all shareholders based on a $300,000 payment by the fund's investment advisor.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7460ba7-0f63-4dc9-9b1f-472e2fa5170f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.05 }, "kind": "title", "text": "We Have a Track Record of Good Governance and Value Creation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6781c7c3-9a36-4497-97ee-f8f02ae87136", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Credibility Transfer", "slug": "credibility-transfer", "status": "active", "bestFor": null, "canonId": "019dd956-bd34-759a-8e3b-2f14b571a2a1", "version": 1, "bodyDocId": null, "description": "Borrowing authority from trusted sources or vivid details", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "06477302-7bb4-4910-a1c1-c5261ec2ee3b", "evidence": "We are the world's largest single investor in CEFs, managing a $5.8 billion portfolio that is invested across more than 200 CEFs.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:46:12.196648+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "46e43704-1e3b-407e-a397-9a68681a9511", "evidence": "The slide explicitly lists governance standards and activist interventions to improve fund management.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:49.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "governance" } ], "arcBeats": [ { "to": 6, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Problem", "beatId": "ac80bc84-7672-42d2-9789-48e8e84600ea", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The deck identifies the problem of underperformance and discount to NAV", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 2, "textChars": 55, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:48.258+00", "seconds": 1.715, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/5", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-5", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.65 }, "kind": "image", "text": "Saba Capital", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:48.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cdda5a7-0f5b-451c-b83c-031226c62596", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.5, "x": 0.25, "y": 0.25 }, "kind": "title", "text": "The Need to Replace ASA's Board and Advisor", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:48.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a59ced88-76ba-4de8-8e26-5bb4808cb740", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Problem", "beatId": "ac80bc84-7672-42d2-9789-48e8e84600ea", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The deck identifies the problem of underperformance and discount to NAV", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "tension", "title": "The slide uses a quote from Axel Merk to contrast with the poor performance data.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 6, "textChars": 437, "nDataPoints": 6, "notes": "The slide uses a quote from Axel Merk to contrast with the poor performance data.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:49.381+00", "seconds": 2.741, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/6", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-6", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.68, "x": 0.04, "y": 0.18 }, "kind": "chart", "text": "Total Return Since Management Change", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3ab0d18-17d1-457e-ae64-1ae6127f79c5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.04, "y": 0.12 }, "kind": "paragraph", "text": "ASA has substantially underperformed over the last three years; this underperformance is partially recoverable by narrowing its discount to NAV.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "444f7254-2f4d-4bb4-8896-5d1a39744f5a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.2, "x": 0.75, "y": 0.33 }, "kind": "quote", "text": "My point is not to brag about performance...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1a53ebc-79bf-4f30-bf39-423c12654e02", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Data from Bloomberg, as of 3/19/2024, ASA Schedule 14A, 3/13/2024.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e178fbf-c42d-42b9-9b66-5f6172e6c0a5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.2, "x": 0.75, "y": 0.68 }, "kind": "table", "text": "Total Return table comparing ASA US Equity, GDMNT Index, and BCOMGCTR Index", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6b58151-c7c2-4c1b-95c3-092dc95b6898", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "ASA Has Underperformed its Benchmark by -21.9% Over the Last Three Years", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5fbcdbd-acf6-420c-b97d-e3a64ecfb0db", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9df156d4-046f-4bff-8a92-393715570399", "evidence": "Contrasting management quote with poor performance data", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:59:49.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 6, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Problem", "beatId": "ac80bc84-7672-42d2-9789-48e8e84600ea", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The deck identifies the problem of underperformance and discount to NAV", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 9, "from": 6, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "c7c9748c-724d-4410-9a07-dea41dfad5ea", "evidence": "The deck highlights the consequences of not addressing the discount to NAV", "position": 0, "objective": "What is the cost of inaction in addressing the discount to NAV?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:43:59.589558+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "analysis", "title": "The slide uses a historical time-series chart to establish the 'problem' of a persistent valuation discount.", "function": "diagnose_problem", "rawType": "valuation_reveal", "block": null, "metadata": { "slideType": "valuation_reveal", "slideTypeCanon": { "name": "Valuation reveal", "slug": "valuation_reveal", "status": "active", "canonId": "019de52d-11ad-7735-8b3c-1701af31f382", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "sparse", "densityScore": 16, "componentCount": 4, "textChars": 216, "nDataPoints": 1, "notes": "The slide uses a historical time-series chart to establish the 'problem' of a persistent valuation discount.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:53.13+00", "seconds": 6.34, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/7", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-7", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.55, "w": 0.66, "x": 0.17, "y": 0.3 }, "kind": "chart", "text": "ASA Gold and Precious Metals Ltd Discount to NAV", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:53.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb3083a6-bbff-473e-83a2-6d48708c6e90", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.4, "x": 0.04, "y": 0.14 }, "kind": "list", "text": "ASA currently trades at a -16.9% discount to NAV.\nASA hasn't traded at its full value in over 20 years.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:53.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bb046b4-4bc2-4e02-8ce0-0fb787ad3ba3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Bloomberg, as of 3/19/2024.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:53.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d0af2fa-5d10-4a94-ab92-50c713f40741", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "ASA Trades at a -16.9% Discount to NAV", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:53.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "913f7970-360a-4e85-af01-74c4a3740787", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 7, "name": "Agitate", "beatId": "f649829d-df3e-4d7c-95f0-27c662a14b2f", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problem by highlighting Merk's poor management and conflicts of interest", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 9, "from": 6, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "c7c9748c-724d-4410-9a07-dea41dfad5ea", "evidence": "The deck highlights the consequences of not addressing the discount to NAV", "position": 0, "objective": "What is the cost of inaction in addressing the discount to NAV?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:43:59.589558+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "setup", "title": "The chart uses a dot-grid visualization where each square represents a CEF; red indicates worse discount, grey is ASA, and green is better.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 330, "nDataPoints": 418, "notes": "The chart uses a dot-grid visualization where each square represents a CEF; red indicates worse discount, grey is ASA, and green is better.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:49.975+00", "seconds": 3.08, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/8", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-8", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.38, "x": 0.55, "y": 0.18 }, "kind": "chart", "text": "Dot grid visualization of 418 CEFs", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Dot plot", "slug": "dot", "status": "active", "canonId": "019de52d-0235-738b-bd2b-78f8e24d7cb0", "version": 1, "description": null }, "framework": null }, "subkind": "dot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.975+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e4367a6-7a80-49d3-9b56-dae475af541d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.04, "y": 0.94 }, "kind": "disclaimer", "text": "Bloomberg, as of 3/19/2024.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.975+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e2b2b05-0ae8-49bf-ab4d-59c3fd84e35f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.08, "x": 0.45, "y": 0.75 }, "kind": "legend", "text": "Worse, ASA, Better", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.975+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65b9f49c-d61a-42e3-ac9c-7bacfc17f680", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.04, "y": 0.18 }, "kind": "list", "text": "ASA's -16.9% discount to NAV is worse than 385 of the 418 U.S. CEFs. Only 18 CEFs have a worse discount. ASA's discount relative to the U.S. CEF universe is represented by the chart on the right.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.975+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e98ac05-595d-47b8-807f-5df9b7a89a65", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "ASA's Discount to NAV Is Wider Than 93% of All U.S. CEFs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.975+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e04b974-9112-4c70-ae7e-08b66bfeb717", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fe68032d-09ff-47fc-a267-4a1eaa235331", "evidence": "Compares ASA's performance metric against a peer universe of 418 CEFs.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:49.975+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 7, "name": "Agitate", "beatId": "f649829d-df3e-4d7c-95f0-27c662a14b2f", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problem by highlighting Merk's poor management and conflicts of interest", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 9, "from": 6, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "c7c9748c-724d-4410-9a07-dea41dfad5ea", "evidence": "The deck highlights the consequences of not addressing the discount to NAV", "position": 0, "objective": "What is the cost of inaction in addressing the discount to NAV?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:43:59.589558+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "tension", "title": "The slide uses a screenshot of a blog post and highlights a specific paragraph to critique the target's stance.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 18, "componentCount": 4, "textChars": 421, "nDataPoints": 0, "notes": "The slide uses a screenshot of a blog post and highlights a specific paragraph to critique the target's stance.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:49.984+00", "seconds": 2.797, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/9", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-9", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.72 }, "kind": "callout", "text": "It is not the duty of closed-end fund boards or advisers to lower discounts. ASA's investment objective and strategy say nothing about the discount. If there were a fiduciary duty to eliminate the discount, closed-end funds would not exist.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0400bf0-52f6-44db-9e97-d50d65927de3", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.44, "x": 0.28, "y": 0.18 }, "kind": "image", "text": "Screenshot of Merk Investments blog post", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d87b86b-c966-48e8-afaf-ab0d6304a8ef", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Merk Investments blog post, 3/13/2024.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "077c07bb-7084-407c-a536-bd986aca46ec", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Merk Refuses to Acknowledge ASA's Sizable Discount to NAV – and Shirks Its Duty to Address the Discount", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db887efa-d2df-480c-b15c-9b35fc75dbf6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e5aec8e6-e208-41a1-87e7-23c9b66ad75d", "evidence": "The slide explicitly frames the target's statement as 'shirking duty' to expose a contradiction in their fiduciary stance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:49.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 7, "name": "Agitate", "beatId": "f649829d-df3e-4d7c-95f0-27c662a14b2f", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problem by highlighting Merk's poor management and conflicts of interest", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 9, "from": 6, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "c7c9748c-724d-4410-9a07-dea41dfad5ea", "evidence": "The deck highlights the consequences of not addressing the discount to NAV", "position": 0, "objective": "What is the cost of inaction in addressing the discount to NAV?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:43:59.589558+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "evidence", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 5, "textChars": 496, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:50.362+00", "seconds": 2.988, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/10", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-10", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.15, "x": 0.528, "y": 0.78 }, "kind": "image", "text": "Investment Company Institute", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86919be0-218f-4a22-9f20-ee276bf7764a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.1, "x": 0.19, "y": 0.49 }, "kind": "image", "text": "Ropes & Gray", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea13c646-28d9-4346-a10e-e7ab9a506de3", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.354, "x": 0.495, "y": 0.51 }, "kind": "quote", "text": "Fund boards and advisers have studied discounts for years and do seek to address them, and closed-end fund boards often receive regular reporting and analysis regarding fund discounts.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04917e7a-427b-4214-9ac1-1d120b703002", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.354, "x": 0.126, "y": 0.218 }, "kind": "quote", "text": "The Board has a general fiduciary duty to act in the best interests of shareholders, which includes an obligation to monitor the premium or discount and, if necessary, take action to reduce the discount.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54fb03a5-1ac9-4e51-891c-a2fd08ee4b54", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.59, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "Merk's Beliefs Go Against Industry Best Practices and Recommendations", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe960a92-c3a4-43d9-bcf6-f9bcef82973b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fbc356bb-da6b-413c-aa52-e1c17e5589bc", "evidence": "Uses external industry bodies to validate the argument against the target.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:50.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 7, "name": "Agitate", "beatId": "f649829d-df3e-4d7c-95f0-27c662a14b2f", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problem by highlighting Merk's poor management and conflicts of interest", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 11, "type": "tension", "title": "Uses a side-by-side comparison of the company's stated position (left) and the activist's rebuttal (right).", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 9, "textChars": 1044, "nDataPoints": 0, "notes": "Uses a side-by-side comparison of the company's stated position (left) and the activist's rebuttal (right).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:57.717+00", "seconds": 10.188, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/11", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-11", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.45, "x": 0.52, "y": 0.18 }, "kind": "list", "text": "ASA's Board has adopted what we believe to be an unlawful shareholder rights plan, or poison pill, to prevent us from increasing our investment in ASA, demonstrating its misaligned priorities.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:57.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "246f426e-20b3-4184-8612-582750b4e37e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.52, "y": 0.33 }, "kind": "list", "text": "ASA's justification makes no sense in the context of an investment company: We are seeking to replace the directors with all Independents- not own the company.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:57.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27477439-2364-4b92-9bf1-df57a2b01be2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.52, "y": 0.66 }, "kind": "list", "text": "There is no \"takeover\" being discussed; boards can be replaced, and advisors can be changed, which shareholders can approve or reject at the vote required.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:57.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59e9d14a-80ce-49b7-827f-e2db11bdcbdf", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.52, "y": 0.48 }, "kind": "list", "text": "We are trying to enhance the independence of the Board via the election of four new, highly qualified and independent directors.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:57.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69011fe3-a1b9-47b6-9a2c-1dafcf3a4f2b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.52, "y": 0.58 }, "kind": "list", "text": "ASA is confusing elements of corporate takeovers that don't make sense for investment companies.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:57.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "effaf746-e0bc-4005-91f4-c28b2ff29988", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.04, "y": 0.45 }, "kind": "paragraph", "text": "The Rights Plan is intended to prevent Saba's unilateral attempt to obtain creeping control of the Company...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:57.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d41af6f-4a19-4304-868c-9d732807b602", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.04, "y": 0.18 }, "kind": "paragraph", "text": "ASA Gold and Precious Metals Fund Adopts Limited-Duration Shareholder Rights Plan", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:57.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0d6b015-3cc7-482f-8cbf-4eb7964583c5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "ASA press release, 1/2/2024.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:57.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45892e9f-cebe-4436-a7fb-d4e1fbf717d5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "ASA's Board Is More Focused on Fighting Us – One of Its Shareholders – Than Closing the Discount", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:57.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c8a727e-94cf-47a1-bb50-2483fdd50208", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "918ff2ec-f6be-42f2-84ef-5badfbcd134f", "evidence": "Contrasting the company's official press release text against the activist's rebuttal points.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:57.717+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 7, "name": "Agitate", "beatId": "f649829d-df3e-4d7c-95f0-27c662a14b2f", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problem by highlighting Merk's poor management and conflicts of interest", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 12, "type": "evidence", "title": "The slide uses an authoritative quote from an SEC official to challenge the legality of a poison pill.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 5, "textChars": 846, "nDataPoints": 0, "notes": "The slide uses an authoritative quote from an SEC official to challenge the legality of a poison pill.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:50.281+00", "seconds": 2.655, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/12", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-12", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.5, "x": 0.25, "y": 0.18 }, "kind": "paragraph", "text": "Speech by SEC Staff: Keynote Address at the Independent Directors Council Investment Company Directors Conference by Andrew J. Donohue, Director, Division of Investment Management, U.S. Securities and Exchange Commission, Amelia Island, Florida, November 12, 2009", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33c7e878-8985-40f6-a436-6aef70d6be52", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.84, "x": 0.08, "y": 0.62 }, "kind": "paragraph", "text": "In light of the foregoing provisions of the Act, I believe it could be very difficult for fund counsel to advocate for, or fund directors to approve, a fund's use of a poison pill and the restrictions on the voting shares of a dissident shareholder.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "392412aa-85b6-4bde-ab94-c44c3ba98734", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.48 }, "kind": "quote", "text": "In my view, however, I submit that the adoption of a poison pill, or restricting the voting rights of a \"dissident\" shareholder even where state law authorizes it, may be inconsistent with federal law and not in the best interest of the fund and its shareholders.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af05db0d-5962-4221-820c-9cde6c28d235", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.29, "x": 0.04, "y": 0.93 }, "kind": "source-note", "text": "https://www.sec.gov/news/speech/2009/spch111209ajd.htm", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e002cb1e-acdb-4d5c-8d4a-9ae3da6829cc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.16, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "ASA's Poison Pill", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9c4db50-a2ff-49b9-a99c-39326b0657a2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "dee8751b-23d7-4c67-865e-1f9ecea17691", "evidence": "Citing SEC official speech to support legal argument", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:59:50.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 7, "name": "Agitate", "beatId": "f649829d-df3e-4d7c-95f0-27c662a14b2f", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problem by highlighting Merk's poor management and conflicts of interest", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 13, "type": "tension", "title": "The slide uses a screenshot of an external article as evidence of the target's public stance.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 173, "nDataPoints": 0, "notes": "The slide uses a screenshot of an external article as evidence of the target's public stance.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:49.928+00", "seconds": 2.269, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/13", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-13", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.5, "x": 0.25, "y": 0.18 }, "kind": "image", "text": "Screenshot of Merk Investments blog post titled 'Saba's Siren Song Risks Dismantling Mining Fund'", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.928+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d489bd9-b74f-4a9b-8d66-59609256a0ff", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.04, "y": 0.94 }, "kind": "paragraph", "text": "Merk Investments blog post, 3/18/2024.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.928+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7142163-e0b7-406b-96b3-082d55cc79d0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "Merk Is Misrepresenting Our Intentions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:49.928+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0533d065-69f7-40d3-8c4f-09a86de31b38", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d1863fb5-1e51-4715-85a3-7e8336ac5d59", "evidence": "The slide explicitly labels the target's argument as a misrepresentation of the activist's intentions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:49.928+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 7, "name": "Agitate", "beatId": "f649829d-df3e-4d7c-95f0-27c662a14b2f", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck agitates the problem by highlighting Merk's poor management and conflicts of interest", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "setup", "title": "The slide uses the 'villain' framing by associating current board members with poor performance metrics (discount to NAV).", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 7, "textChars": 411, "nDataPoints": 4, "notes": "The slide uses the 'villain' framing by associating current board members with poor performance metrics (discount to NAV).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:50.937+00", "seconds": 3.172, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/14", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-14", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.15, "x": 0.12, "y": 0.35 }, "kind": "image", "text": "William Donovan", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05d4cd39-5aee-4b82-97c8-be6081ada3c2", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.15, "x": 0.54, "y": 0.35 }, "kind": "image", "text": "Mary Joan Hoene", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "586399e4-055a-4ebd-80a2-3eacd64b377c", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.15, "x": 0.33, "y": 0.35 }, "kind": "image", "text": "Bruce Hanson", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60f5adf4-22c6-4791-8c56-5a7b97ffc87a", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.15, "x": 0.75, "y": 0.35 }, "kind": "image", "text": "Axel Merk", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f50c0d37-ca7d-46c0-9761-8e3ace2d25aa", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "We believe ASA's current directors have demonstrated a disregard for ASA's recent underperformance and discount to NAV. Replacing ASA's directors with our nominees will bring enhanced independence, an unaffiliated shareholder perspective and relevant experience to the Fund's Board.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7b823b4-e4a6-464f-a1d1-f828de74020b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "ASA's proxy statement, Bloomberg.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ded5dc8c-44d5-4858-8089-a861a233ac5d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Are Seeking to Replace ASA's Current Board", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2af1e649-5402-4b69-836e-071d4f1806bd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2f7c2703-b5e4-46ce-a2a4-664a877bc0be", "evidence": "The slide frames the current board members as the cause of underperformance to justify their removal.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:50.937+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 15, "type": "tension", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 4, "textChars": 1034, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:52.878+00", "seconds": 5.113, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/15", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-15", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.118, "w": 0.234, "x": 0.138, "y": 0.538 }, "kind": "image", "text": "ASA logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e1e681b-9d1c-4cc7-bca1-6c389ac4e5ff", "parentComponentId": null }, { "bbox": { "h": 0.118, "w": 0.234, "x": 0.138, "y": 0.258 }, "kind": "image", "text": "Merk logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39fe1b73-1077-4069-9b55-a06786e1dafc", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.565, "x": 0.395, "y": 0.18 }, "kind": "list", "text": "We believe Merk's poor management of ASA is the key reason why the Fund has traded at a persistent discount to NAV and recently underperformed its stated benchmark. If a manager underperforms by a tremendous amount over a three-year period, we believe the fund's board should – at the very least – consider alternatives to that manager. We believe ASA's Board should replace Merk with a capable manager with the right track record and investment capabilities to better position the Fund to achieve improved risk-adjusted returns. Should the Board terminate the Merk Advisory Agreement, the Board will have the ability to appoint an interim manager and/or long-term manager of its choosing, the latter being subject to shareholder approval. We believe shareholders should have the final say on the appointment of any long-term manager. We believe there are many mechanisms a new manager could employ to increase demand for the Fund's shares and lead to an increased share price for the Fund.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32080406-33ab-43d9-a107-0c11770d0e21", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.27, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "We Believe Merk Needs to Go", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19e8888d-4768-4c68-9a6b-2c2a5c9255c0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 16, "type": "tension", "title": "The slide argues that Merk's business model is overly dependent on the ASA fund, creating a conflict of interest.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 401, "nDataPoints": 4, "notes": "The slide argues that Merk's business model is overly dependent on the ASA fund, creating a conflict of interest.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:50.677+00", "seconds": 2.634, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/16", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-16", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.15, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Merk Investments website.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f615d306-62cf-4db4-870e-57a06d54e81b", "parentComponentId": null }, { "bbox": { "h": 0.184, "w": 0.664, "x": 0.168, "y": 0.384 }, "kind": "table", "text": "Sponsor, Ticker, Assets, Annual Fees; Merk, STGF, Liquidated; VanEck/Merk, OUNZ, 842mln, 1.5mln; Merk, ASA, 350mln, 2.3mln", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07c0f57e-52a6-4a51-b75c-b5c94cfe1c36", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.16, "y": 0.18 }, "kind": "title", "text": "We estimate that ASA makes up more than 75% of Merk's revenue, which explains its desperation to maintain those revenues at any expense to investors.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80576afe-3b79-4217-b526-4c70a84ff2c1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "We Believe Merk Is Solely Focused on Retaining the Revenue of ASA – Even to the Detriment of Shareholders", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.677+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3c6a1ee-ac9b-4a74-92e6-29b43707d5df", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 17, "type": "tension", "title": "Uses a quote from ASA filings to highlight the contradiction between stated intent and actual behavior.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 6, "textChars": 442, "nDataPoints": 10, "notes": "Uses a quote from ASA filings to highlight the contradiction between stated intent and actual behavior.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 11:00:00.307+00", "seconds": 12.129, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/17", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-17", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.4, "x": 0.3, "y": 0.18 }, "kind": "callout", "text": "\"The Company may from time to time purchase its common shares at a discount to NAV on the open market in such amounts and at such prices as the Company may deem advisable.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:00:00.307+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddd8bf5e-c40c-4321-be79-0c8460fbd7e4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.84 }, "kind": "paragraph", "text": "Did ASA's management think every name in its portfolio for the past five years was better than a ~20% return?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:00:00.307+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68d53f2d-cf73-4b97-b544-2f1aabf6e3bf", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.08, "x": 0.37, "y": 0.31 }, "kind": "source-note", "text": "ASA filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:00:00.307+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14642cce-f1ae-4e56-bc85-1462fff27803", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.04, "y": 0.93 }, "kind": "source-note", "text": "Fund filings, Bloomberg.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:00:00.307+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "695f3ef0-fb49-4292-826b-4ba4923ceb94", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.7, "x": 0.15, "y": 0.45 }, "kind": "table", "text": "Shares Repurchased and Widest Discount by year (2019-2023)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:00:00.307+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76976c89-c333-4f1e-ae9c-263a4a76e350", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "Merk's Biggest Concern Appears to Be the Fees Paid on the Fund's AUM", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:00:00.307+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9494be20-f0a0-4c93-b9bc-846b3392864b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5e6a39fb-ae97-4e1f-8b31-b787dce308bc", "evidence": "Contrasts a company quote about share repurchases with data showing zero repurchases.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 11:00:00.307+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 18, "type": "tension", "title": "Uses a three-column layout to present specific instances of alleged misconduct.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 700, "nDataPoints": 0, "notes": "Uses a three-column layout to present specific instances of alleged misconduct.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:50.925+00", "seconds": 2.691, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/18", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-18", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "callout", "text": "We believe ASA's hiring of Skadden is concerning, given the law firm's track record of value destruction and anti-shareholder actions at other CEFs. We fear ASA may be headed for similar economic losses and diminished shareholder rights.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf6972cd-1dda-4638-b716-6ae82101dac7", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.25, "x": 0.08, "y": 0.42 }, "kind": "list", "text": "Skadden advised the manager through the de-listing of the fund, leading to massive destruction of shareholder value.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "040a339a-0f33-4b15-9507-11e535d14105", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.25, "x": 0.68, "y": 0.42 }, "kind": "list", "text": "Skadden advised managers like Voya to illegally change voting standards in the face of contested elections to illegally entrench management.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86342f40-c4a6-43ff-9dbd-c6339b755c7b", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.25, "x": 0.38, "y": 0.42 }, "kind": "list", "text": "Skadden advised managers like BlackRock and Nuveen to strip shareholders' votes to entrench management.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc487e99-34b5-4c4b-8b96-c0b818c3b31e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "To Retain Control of ASA, Merk Has Turned to a Law Firm with a Concerning, Anti-Shareholder Track Record", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:50.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78c158cf-5563-46da-adca-d4b4d8d70a3f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "76f25d4a-e63b-4cb9-b670-b166160b7d8f", "evidence": "Frames the law firm as an antagonist to shareholder interests.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:50.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 19, "type": "setup", "title": "Uses a historical precedent to warn shareholders of the consequences of maintaining the status quo.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 5, "textChars": 1203, "nDataPoints": 2, "notes": "Uses a historical precedent to warn shareholders of the consequences of maintaining the status quo.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:55.608+00", "seconds": 7.334, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/19", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-19", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.72, "x": 0.14, "y": 0.35 }, "kind": "chart", "text": "Historical discount to NAV chart for BKSY US Equity", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Area chart", "slug": "area", "status": "active", "canonId": "019de52c-ff89-71e0-911e-5cab78b90f53", "version": 1, "description": null }, "framework": null }, "subkind": "area", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:55.608+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c95d8a2-549c-45d6-86b5-b0dec2cab3ff", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "list", "text": "In 2020, in a virtually identical set of circumstances, a fund with ~$250 million in assets – making up a meaningful percentage of its investment advisor’s revenue – faced off with an activist at its annual meeting. Advised by Skadden, this manager thwarted the activist, and the board and manager were left intact. Three months later, the fund de-listed from its exchange for the reasons listed below, and currently trades at a -39% discount to NAV.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:55.608+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3377eb96-9281-4c45-a89d-e235bcbabe92", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.83 }, "kind": "paragraph", "text": "The Board of Trustees (the \"Board\") of the Fund, with the recommendation of the Governance Committee of the Board, unanimously approved the delisting for reasons based on many factors. These factors include, but are not limited to: the expenses, both direct and indirect, associated with being listed on the NYSE; the extent to which the Fund has taken advantage of its NYSE listing, including raising capital; trading, liquidity, spreads, and discount to net asset value of the Fund's Shares on the NYSE; and the burden of governance, shareholder meeting, and reporting requirements of the NYSE.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:55.608+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0fea459-c1e2-43c1-a24a-87f3cbe6f32d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Bloomberg, Fund filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:55.608+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60ebe565-91bf-49cb-a41e-65be5fe57715", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.04, "y": 0.05 }, "kind": "title", "text": "ASA Shareholders Should Be Concerned That This May Be Their Last Chance for Change", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:55.608+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a06307ef-2b5f-4b87-8dc4-828eed99b48c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "13756105-e7d2-4aba-a03c-38357c511b30", "evidence": "Uses a historical precedent to warn shareholders of the consequences of maintaining the status quo.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:55.608+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 20, "type": "setup", "function": "front_matter", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 5, "componentCount": 3, "textChars": 63, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:54.36+00", "seconds": 6.067, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/20", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-20", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.13, "w": 0.08, "x": 0.725, "y": 0.615 }, "kind": "image", "text": "Saba Capital Eagle Logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:54.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e59adf0-0c28-4fd9-91c1-4c47d3cab819", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.175, "x": 0.109, "y": 0.655 }, "kind": "title", "text": "Saba Capital", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:54.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10cd3468-9c60-4b12-9829-96f0303433a2", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.306, "x": 0.347, "y": 0.258 }, "kind": "title", "text": "A New Board and Plan for ASA", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:54.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3603558-02a6-4eda-aab3-3772bcf93c1d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 25, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 20, "name": "Solution", "beatId": "2835808c-aa61-4b8b-b473-8d80436ce124", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The deck offers a solution by presenting independent nominees and a plan to narrow the discount to NAV", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 21, "type": "setup", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 6, "textChars": 1044, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:51.992+00", "seconds": 3.529, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/21", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-21", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.13, "x": 0.09, "y": 0.00195 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.992+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2f86581-23cd-4ee7-83e4-2f191df8e9e1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.12, "x": 0.1, "y": 0.46 }, "kind": "image", "text": "centerfin", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.992+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c1e46b7-4169-4f0c-85e3-0cf1f702ebb2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.12, "x": 0.1, "y": 0.53 }, "kind": "image", "text": "I SQUARED", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.992+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5bc4d55-3f31-4545-83cc-b1b36059f458", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.65, "x": 0.28, "y": 0.27 }, "kind": "list", "text": "Founding Partner and Principal of i-squared Wealth Management, Inc., a private wealth investment management firm.\nChief Investment Officer of Centerfin.\nServes on the board of directors of Saba Capital Income & Opportunities Fund (NYSE: BRW) and is a member of its Audit Committee.\nServes on the board of directors of Saba Capital Income & Opportunities Fund II (NYSE: SABA).\nFormer Investment Analyst at Lighthouse Investment Partners, LLC, a global investment firm where he helped manage Lighthouse's credit funds, including the Lighthouse Credit Opportunities Fund and Lighthouse Credit Compass.\nFormer member of Lighthouse's Relative Value Committee, where he was responsible for portfolio allocation decisions and risk management of fixed income, credit, event-driven, mortgage and distressed strategies.\nPreviously served as an M&A Investment Banking Analyst at Credit Suisse AG.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.992+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c371f378-02e1-4a72-bc9c-6638572f463c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.28, "y": 0.21 }, "kind": "paragraph", "text": "Ketu Desai is an investment manager and former banker with closed-end fund board experience.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.992+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "283741e7-deab-4c62-80b3-bf22ad4737b9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.04, "y": 0.05 }, "kind": "title", "text": "Our Independent and Qualified Nominee: Ketu Desai", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.992+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1e3f196-53b7-44a5-94f8-7c1af5dd4f0a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 25, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 20, "name": "Solution", "beatId": "2835808c-aa61-4b8b-b473-8d80436ce124", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The deck offers a solution by presenting independent nominees and a plan to narrow the discount to NAV", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 22, "type": "setup", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 5, "textChars": 958, "nDataPoints": 1, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:51.781+00", "seconds": 3.197, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/22", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-22", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.15, "x": 0.09, "y": 0.195 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa39f408-9457-45a7-bdaf-08283c29990e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.15, "x": 0.09, "y": 0.45 }, "kind": "image", "text": "J.P. Morgan, Credit Suisse First Boston", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e81fcca-3d0b-4080-9115-ab8906a20d4b", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.65, "x": 0.275, "y": 0.28 }, "kind": "list", "text": "Chief Executive Officer and Founder of Orion Realty.\nServes on the board of directors of Saba Capital Income & Opportunities Fund II (NYSE: SABA).\nPreviously held multiple roles at J.P. Morgan, including Executive Director, Senior Option Trader covering the financial/commodity/industrial sectors and Deputy Head Single Stock Trading Desk Asia-Ex.\nFormer Director at Credit Suisse First Boston, where he worked in equity derivatives as a single stock trader in charge of the financial and insurance sector.\nFormer Vice President at Merrill Lynch, where he worked in equity derivatives as a single stock trader in charge of the UK oils and utilizes sector.\nFormer Equity Flow Trader at Lehman Brothers.\nFormer French Air Force Reserve Officer.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "644ebee1-e3a2-498e-95ca-ed6be09d6921", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.275, "y": 0.215 }, "kind": "paragraph", "text": "Frederic Gabriel has 25 years of experience in investing and real estate, in addition to closed-end fund board experience.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e9da757-0ba4-4a6a-b745-45f5c85b999c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.04, "y": 0.05 }, "kind": "title", "text": "Our Independent and Qualified Nominee: Frederic Gabriel", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eadb9300-1036-4584-ba44-8f3f3f3b5124", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 25, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 20, "name": "Solution", "beatId": "2835808c-aa61-4b8b-b473-8d80436ce124", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The deck offers a solution by presenting independent nominees and a plan to narrow the discount to NAV", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 23, "type": "setup", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 10, "textChars": 927, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:52.807+00", "seconds": 4.223, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/23", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-23", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.23, "w": 0.14, "x": 0.09, "y": 0.19 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3dc5b10-682f-48f7-9308-d576bf3dc06c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.13, "x": 0.09, "y": 0.59 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94793337-2db6-48f9-bd4a-0aa0c00da990", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.12, "x": 0.1, "y": 0.46 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aec0dc5a-959a-436c-b372-e1e5c6b05519", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.65, "x": 0.28, "y": 0.49 }, "kind": "list", "text": "Institutional Shareholder Services previously recommended in favor of his election to the board of the ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO) in 2023 and the New Ireland Fund (NYSE: IRL) in 2022.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36837f24-e91b-465e-a6ee-5ae6c9d05e73", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.28, "y": 0.39 }, "kind": "list", "text": "Serves on the boards of directors of Saba Capital Income & Opportunities Fund II (NYSE: SABA), Miller/Howard High Income Equity Fund (NYSE: HIE) and Destra Multi-Alternative Fund (NYSE: DMA).", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37118ea9-e021-45f6-8ad5-8df529b594f9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.28, "y": 0.7 }, "kind": "list", "text": "Previously worked as a technology analyst at Merrill Lynch.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b0e0a68-ba77-4068-a431-85250054ce3f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.28, "y": 0.61 }, "kind": "list", "text": "Former Director at RBC Capital Markets in the Global Arbitrage and Trading Group, where he managed exchanged traded fund and index arbitrage strategies.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81195eed-dc8c-4aab-8560-e894b466494e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.28, "y": 0.3 }, "kind": "list", "text": "Portfolio manager at Saba Capital Management focused on the firm's Closed-End Fund and Exchanged Traded Fund strategies.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e87b4378-f389-4672-810f-9915f3c4a1c7", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.28, "y": 0.21 }, "kind": "paragraph", "text": "Paul Kazarian is an expert on closed-end funds, having worked as an investor in the space as well as having served as a fund director.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e873f34d-1a4b-4d9c-962b-1f91cac39e05", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "Our Independent and Qualified Nominee: Paul Kazarian", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce46daf4-1b88-40a5-9103-243c95e529ca", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 25, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 20, "name": "Solution", "beatId": "2835808c-aa61-4b8b-b473-8d80436ce124", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The deck offers a solution by presenting independent nominees and a plan to narrow the discount to NAV", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 24, "type": "setup", "function": "introduce_nominees", "rawType": "nominee_bio", "block": null, "metadata": { "slideType": "nominee_bio", "slideTypeCanon": { "name": "Nominee bio", "slug": "nominee_bio", "status": "active", "canonId": "019de52d-1136-70ae-861a-f546f0c9d1ef", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 6, "textChars": 465, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:52.368+00", "seconds": 3.678, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/24", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-24", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.23, "w": 0.13, "x": 0.09, "y": 0.19 }, "kind": "image", "text": "Garry Khasidy headshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.368+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d42b22e3-363c-466c-9f12-02c107c430f0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.12, "x": 0.1, "y": 0.45 }, "kind": "image", "text": "Odyssey Infrastructure logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.368+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b924bbf-1671-4c11-89b7-b7392e028358", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.1, "x": 0.11, "y": 0.57 }, "kind": "image", "text": "IMAN Capital logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.368+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec3ff9f1-a5b9-451a-a30c-c1117baa4268", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.65, "x": 0.28, "y": 0.26 }, "kind": "list", "text": "Managing Director of ISAM Holdings LLC; Board member of Saba Capital Income & Opportunities Fund II; Former MD of IMAN Capital; Former MD of Odyssey Infrastructure; Former MD of Pantechnicon Capital; Experience at Standard Bank, Goldman Sachs, etc.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.368+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c5a410b-7fce-441a-8a9d-af09681f3408", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.28, "y": 0.21 }, "kind": "paragraph", "text": "Garry Khasidy is a finance and investment management veteran with closed-end fund board experience.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.368+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9725966f-2288-463e-ba18-d8b7c2f2d172", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.04, "y": 0.05 }, "kind": "title", "text": "Our Independent and Qualified Nominee: Garry Khasidy", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.368+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50d8d490-dcbd-45c6-bb52-ad26effdde0e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 25, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 20, "name": "Solution", "beatId": "2835808c-aa61-4b8b-b473-8d80436ce124", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The deck offers a solution by presenting independent nominees and a plan to narrow the discount to NAV", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 25, "type": "setup", "title": "The slide uses a list-based framework to present a menu of potential strategic actions.", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 5, "textChars": 807, "nDataPoints": 2, "notes": "The slide uses a list-based framework to present a menu of potential strategic actions.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:51.603+00", "seconds": 2.811, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/25", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-25", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "callout", "text": "Eliminating the Fund's discount between its current price and current NAV would generate a 20% gain for shareholders. Saba's nominees have been successful in reducing discounts in dozens of similar situations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.603+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30cc680d-698e-49a4-a68a-825417b02acb", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Our nominees would view addressing ASA's discount to NAV as their #1 priority as directors. Contrary to ASA's claims, our nominees are not calling for a \"cookie cutter\" tender offer. Our nominees would review a vast array of tools to narrow ASA's discount to NAV and enhance shareholder value, including:", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.603+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cdbd934-c903-4880-b0a9-46b41f1cb595", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Merk Investments blog post, 3/18/2024.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.603+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78b557ca-1386-40eb-87bc-384e08187286", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "table", "text": "Investment Advisor Change; Distribution Increases and Managed Distribution Plans; Merger with Other Closed-End or Open-End Funds; Investment Policy Updates; Share Repurchases", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.603+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24f5f86e-b8d6-4c47-9155-7bb1548ffd84", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Our Nominees' Plan: Review All Available Strategies to Close ASA's -16.9% Discount", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.603+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ea30170-6f19-49ad-acda-9260b4f43bad", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Problem-Agitate-Solve (PAS)", "slug": "problem-agitate-solve-pas", "status": "active", "bestFor": null, "canonId": "019dd956-869f-7564-8d42-de54ed29ab90", "version": 1, "bodyDocId": null, "description": "Identify problem, agitate the pain, present the solution", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "50ef664f-b791-4d2a-86f9-36cfda902917", "evidence": "Our nominees would view addressing ASA's discount to NAV as their #1 priority as directors.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-17 00:46:02.964074+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "7aa1a8ba-1a69-4e13-a215-11d2437d7cfd", "evidence": "Our nominees would review a vast array of tools to narrow ASA's discount to NAV and enhance shareholder value.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:46:02.921828+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null } ], "frameworks": [ { "matchId": "3c39381a-0e0c-4f68-92e7-393719861559", "evidence": "The slide uses a structured list of five strategic options to present a plan.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 10:59:51.603+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "list-presentation" } ], "arcBeats": [ { "to": 25, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 20, "name": "Solution", "beatId": "2835808c-aa61-4b8b-b473-8d80436ce124", "matchId": "709c4625-8ca7-4ba4-a7f9-9f8aefc2a3e1", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The deck offers a solution by presenting independent nominees and a plan to narrow the discount to NAV", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 26, "type": "tension", "title": "The slide uses a table to highlight the misalignment between the board's compensation (AUM-based) and Saba's (share price-based).", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 5, "textChars": 840, "nDataPoints": 12, "notes": "The slide uses a table to highlight the misalignment between the board's compensation (AUM-based) and Saba's (share price-based).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:52.382+00", "seconds": 3.271, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/26", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-26", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.82 }, "kind": "callout", "text": "We have been the largest shareholder and activist in other funds with far more illiquid portfolios that have been wound down in value-maximizing frameworks. Our breadth of experience would help ensure a smooth transition for ASA.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31e0bfbf-8ad4-4cd0-9080-545290ed4562", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Despite Merk's claims... Saba estimates that approximately 60% of ASA's NAV is in companies where the Fund holds less than 10 days volume.\nIf there is an advisor transition... Saba would be comfortable with the new manager taking as long as necessary.\nAs ASA's largest shareholder, Saba is completely aligned...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16d40298-74c5-4a31-8b15-e0e0c1a04ee6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.93 }, "kind": "source-note", "text": "Merk Investments blog post, 3/18/2024.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d88f103-10f3-4717-ad7f-972d0258ccc2", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.7, "x": 0.15, "y": 0.45 }, "kind": "table", "text": "Person/Firm, Shares Owned, Compensation from Fund; Axel Merk, 124,644, $2,300,000; William Donovan, 4,000, $48,000; Bruce Hansen, 4,000, $55,500; Mary Joan Hoene, 8,000, $63,000; Saba Capital, 3,253,837, ZERO", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e98502c-8a8b-4205-a35d-f3ab6d60d7db", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Are Completely Aligned with Our Fellow Shareholders", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c22b5427-5ca8-4b2d-b78e-36ce1bbfa642", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "ed42b242-c62e-4cf4-b1ed-2bf062466f31", "evidence": "Despite Merk's claims... Saba estimates that approximately 60% of ASA's NAV is in companies where the Fund holds less than 10 days volume.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-17 00:46:03.048157+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "66138fc8-328e-4313-93e5-a4cd59285c44", "evidence": "Comparing compensation structures between board and activist to show incentive alignment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:52.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "alignment-of-interest" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 27, "type": "evidence", "title": "Uses a dot-grid visualization to represent peer performance distribution.", "function": "illustrate_case", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 4, "textChars": 567, "nDataPoints": 4, "notes": "Uses a dot-grid visualization to represent peer performance distribution.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:52.463+00", "seconds": 3.283, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/27", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-27", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.4, "w": 0.6, "x": 0.2, "y": 0.45 }, "kind": "chart", "text": "Performance comparison grid for 2022 and 2023", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Dot plot", "slug": "dot", "status": "active", "canonId": "019de52d-0235-738b-bd2b-78f8e24d7cb0", "version": 1, "description": null }, "framework": null }, "subkind": "dot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7d11bf4-683d-4c15-9f56-978e3b5de619", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.05, "x": 0.12, "y": 0.78 }, "kind": "legend", "text": "Worse, BRW, Better", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8e102d5-4ae3-4c3c-a2e3-558563f04b36", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Since Saba was appointed manager of the Voya Prime Rate Trust (now the Saba Capital Income & Opportunities Fund (NYSE: BRW)) in June 2021, we have significantly improved the fund's performance and addressed its discount.\nIn 2022, BRW outperformed 244 of the other 245 CEFs (99.5%).\nIn 2023, BRW outperformed 191 of the other 242 CEFs (78.9%).\nSince our appointment, the fund's average discount to NAV has been -7.85%.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "068ba233-fafc-47af-8a82-d169d116b3c2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Significantly Improved Performance at the Voya Prime Rate Trust (formerly NYSE: PPR)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62765229-4c48-4702-a7a0-4791efea5ee0", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "6421dc6f-077e-497e-8e68-f109daf244d4", "evidence": "Performance comparison grid for 2022 and 2023", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:46:03.132777+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "27502965-9157-4a7e-b70b-06e463029093", "evidence": "Compares performance before/after management change", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:52.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "before-after-framing" } ], "arcBeats": [], "loops": [ { "to": 28, "from": 27, "loop": { "name": "21_before_after", "slug": "21-before-after", "status": "active", "bestFor": "Product demos, process improvements, ROI justification", "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison", "familyLabel": null }, "matchId": "26a24a3f-e982-4c8a-88c8-32b33a93e0a6", "evidence": "The deck presents case studies of successful interventions by Saba Capital Management", "position": 1, "objective": "What are the results of Saba Capital Management's previous interventions?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:43:59.632671+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 28, "type": "evidence", "title": "Includes two press release snippets as evidence of the strategic shift.", "function": "illustrate_case", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 5, "textChars": 891, "nDataPoints": 2, "notes": "Includes two press release snippets as evidence of the strategic shift.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:52.251+00", "seconds": 2.825, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/28", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-28", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.4, "w": 0.28, "x": 0.51, "y": 0.495 }, "kind": "image", "text": "Center Coast Brookfield MLP & Energy Infrastructure Fund Announces Planned Reorganization (Press Release 3/30/2023)", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97a02e85-46a6-47d2-9a55-44ca3e2e69d7", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.28, "x": 0.17, "y": 0.495 }, "kind": "image", "text": "Center Coast Brookfield MLP & Energy Infrastructure Fund Considering Strategic Options (Press Release 8/1/2022)", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6894a2d-f292-48a6-a992-07cfd18b82ee", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "list", "text": "Saba tries to find creative solutions for any fund that we're involved in. We do not have a \"cookie cutter\" approach. CEN had a -19.4% discount to NAV prior to Saba's engagement. The discount reached as wide as -27.3% during the year of our engagement. After we began engaging with CEN, the board began a review of paths to address CEN's discount to NAV. Ultimately, CEN reorganized into an open-end fund – following shareholder approval. The move successfully eliminated CEN's discount to NAV.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13e6306e-d009-43d2-8a2d-392a533de83d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "CEN press release, 8/1/2022. CEN press release, 3/30/2023.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59df1cdd-8016-44e9-b9ea-08aa6795b429", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "We Helped Eliminate the Discount at Center Coast Brookfield MLP & Energy Infrastructure Fund (formerly NYSE: CEN)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:52.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d45ac0e-6379-445d-a54b-6a73291e692a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e152cb65-a8ec-4b08-acc1-46849bfd5861", "evidence": "Contrasts the state of the fund before and after Saba's engagement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:52.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "before-after-bridge" } ], "arcBeats": [], "loops": [ { "to": 28, "from": 27, "loop": { "name": "21_before_after", "slug": "21-before-after", "status": "active", "bestFor": "Product demos, process improvements, ROI justification", "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison", "familyLabel": null }, "matchId": "26a24a3f-e982-4c8a-88c8-32b33a93e0a6", "evidence": "The deck presents case studies of successful interventions by Saba Capital Management", "position": 1, "objective": "What are the results of Saba Capital Management's previous interventions?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:43:59.632671+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 29, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 2, "componentCount": 2, "textChars": 20, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:51.72+00", "seconds": 2.064, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/29", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-29", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.65 }, "kind": "image", "text": "Saba Capital", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.72+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efe5ebaf-cace-4fe0-a4c3-7e1e08df7380", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.1, "x": 0.45, "y": 0.25 }, "kind": "title", "text": "Appendix", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:51.72+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebcc8bf7-89f9-4c45-a840-94191baf6db0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 30, "type": "evidence", "title": "The slide uses a timeline-style list to establish credibility through legal precedent.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 3, "textChars": 143, "nDataPoints": 0, "notes": "The slide uses a timeline-style list to establish credibility through legal precedent.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:55.929+00", "seconds": 6.135, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/30", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-30", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.17, "x": 0.78, "y": 0.04 }, "kind": "image", "text": "Saba Capital", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:55.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4fdb1b8c-7221-44d8-b088-c710724430c3", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Chronological list of 8 legal actions/rulings from June 2020 to March 2024.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:55.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d749e55-551a-410e-a86c-e506891bba39", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Have Consistently Defended Shareholder Rights at CEFs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:55.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0705e91a-4de4-455c-87d9-638a4ad2a050", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b1933a75-7a7e-42ff-a469-9eb35b4498b1", "evidence": "The slide lists specific legal victories to build credibility and establish a track record of success.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:59:55.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "authority-citation" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 31, "type": "tension", "title": "The chart uses a red/green fill to highlight periods of discount vs premium relative to a baseline.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 4, "textChars": 398, "nDataPoints": 3, "notes": "The chart uses a red/green fill to highlight periods of discount vs premium relative to a baseline.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:53.009+00", "seconds": 3.116, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/31", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-31", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.52, "w": 0.7, "x": 0.15, "y": 0.36 }, "kind": "chart", "text": "Bloomberg chart of NHS US Equity discount to NAV", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Area chart", "slug": "area", "status": "active", "canonId": "019de52c-ff89-71e0-911e-5cab78b90f53", "version": 1, "description": null }, "framework": null }, "subkind": "area", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:53.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d554ab0a-8f03-410f-a7d2-03d1fe8d44b8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.62, "x": 0.19, "y": 0.18 }, "kind": "paragraph", "text": "NHS tender announced: Oct. 19, 2020\nAverage discount to NAV three years prior to tender announcement: -9.85%\nAverage discount to NAV since tender announcement: -2.16%\nNHS has completed two share offerings since Saba's engagement", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:53.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec9fb551-5064-4bbb-bbf7-909c58bd13c6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.06, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Bloomberg.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:53.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55a9a0af-013f-4344-b3f1-445669145411", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.6, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Contrary to ASA's Claims, Tender Offers Can Be Effective at Narrowing Funds' Discounts in Appropriate Situations", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:53.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96cccf2c-470d-4a4a-af82-555af01e53d5", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Data Story Arc", "slug": "data-story-arc", "status": "active", "bestFor": null, "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a", "version": 1, "bodyDocId": null, "description": "Context → Conflict → Insight → Implication structure for data narratives", "familyLabel": null, "categoryName": "Loop", "categorySlug": "loop" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "59f2d003-1e26-438d-8b27-649c11642a49", "evidence": "Average discount to NAV three years prior to tender announcement: -9.85%", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-17 00:46:03.301203+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "887ae9d4-4f53-4a4a-83dc-95cf4da4096d", "evidence": "The slide explicitly contrasts the firm's data against 'ASA's Claims'.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:59:53.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 32, "type": "setup", "title": "The chart shows a clear shift in the discount trend following the deal announcement.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 401, "nDataPoints": 4, "notes": "The chart shows a clear shift in the discount trend following the deal announcement.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:54.36+00", "seconds": 4.418, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/32", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-32", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.55, "w": 0.7, "x": 0.15, "y": 0.35 }, "kind": "chart", "text": "Bloomberg chart of HIX US Equity discount to NAV", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Area chart", "slug": "area", "status": "active", "canonId": "019de52c-ff89-71e0-911e-5cab78b90f53", "version": 1, "description": null }, "framework": null }, "subkind": "area", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:54.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f015493-9827-44b7-bd76-cfeff4442752", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.15 }, "kind": "paragraph", "text": "HIX deal announced: Jun. 22, 2020\nAverage discount to NAV during three years prior to deal announcement: -10%\nAverage discount to NAV since deal announcement: -1%\nHIX has completed two share offerings since Saba's engagement", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:54.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "321e484d-e098-4cd8-97b2-c463bc31a030", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:54.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d03e61e6-26ad-4790-af70-ca2a8eadc8bd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Contrary to ASA's Claims, Tender Offers Can Be Effective at Narrowing Funds' Discounts in Appropriate Situations (Cont.)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:54.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bb0c0dc-90f6-417a-99a8-fc269ca327cc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 33, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 2, "textChars": 3140, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:59:53.662+00", "seconds": 3.63, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/33", "deck": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e", "deckAnchor": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-33", "deckJson": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json" }, "components": [ { "bbox": { "h": 0.72, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "disclaimer", "text": "The materials in this presentation (the \"Presentation\") are for informational purposes only, are not complete and do not constitute an agreement, offer, a solicitation of an offer, or any advice or recommendation to enter into or conclude any transaction or confirmation thereof (whether on the terms shown herein or otherwise). The Presentation should not be construed as legal, tax, investment, financial or other advice. The views expressed in the Presentation represent the opinions of Saba and are based on publicly available information with respect to ASA. Saba recognizes that there may be confidential information in the possession of ASA that could lead ASA to disagree with Saba's conclusions. Certain financial information and data used in the Presentation have been derived or obtained from filings made with the SEC or other regulatory authorities and from other third-party reports. Saba has not sought or obtained consent from any third party to use any statements or information indicated herein as having been obtained or derived from statements made or published by third parties, nor has it paid for any such statements. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed in the Presentation. Saba does not endorse third-party estimates or research, which are used in the Presentation solely for illustrative purposes. No representation or warranty, express or implied, is made that data or information, whether derived or obtained from filings made with the SEC or any other regulatory agency from any third party, are accurate. Past performance is not an indication of future results. Neither the Participants nor any of their affiliates shall be responsible or have any liability for any misinformation contained in any statement by any third party or in any SEC or other regulatory filing or third-party report. Unless otherwise indicated, the figures presented in the Presentation may not have been calculated using generally accepted accounting principles (\"GAAP\") and may not have been audited by independent accountants. Such figures may vary from GAAP in material respects and there can be no assurance that the unrealized values reflected in the Presentation will be realized. There is no assurance or guarantee with respect to the prices at which any securities of ASA will trade, and such securities may not trade at prices that may be implied in the Presentation. The estimates, projections, pro forma information and potential impact of the opportunities identified by Saba in the Presentation are based on assumptions that Saba believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or the performance of ASA will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of an security. Saba reserves the right to change any of its opinions expressed in the Presentation at any time as it deems appropriate. Saba disclaims any obligation to update the data, information or opinions contained in the Presentation.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:53.662+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22e08817-696d-453e-9538-a8f17076db12", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:53.662+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3048c139-593e-4118-ae78-9ff84fe71e1f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 3, "to": 6, "label": "Problem", "description": "The deck identifies the problem of underperformance and discount to NAV" }, { "from": 7, "to": 13, "label": "Agitate", "description": "The deck agitates the problem by highlighting Merk's poor management and conflicts of interest" }, { "from": 20, "to": 25, "label": "Solution", "description": "The deck offers a solution by presenting independent nominees and a plan to narrow the discount to NAV" } ], "loops": [ { "from": 6, "to": 9, "label": "Cost Of Inaction", "description": "What is the cost of inaction in addressing the discount to NAV?" }, { "from": 27, "to": 28, "label": "Before After", "description": "What are the results of Saba Capital Management's previous interventions?" } ] }