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  "documentTitle": "Saba Capital Management | Activist Presentation Deck | 33 slides",
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      "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.",
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