In the investment world it is easy to overlook some lucrative opportunities, especially ones that sell below their net asset value (NAV).

ASA (Bermuda) Ltd (NYSE:ASA) is an employee owned investment manager with approximately $537 millions in assets under management. The firm manages close ended funds for its clients.

It invests in the public equity markets across the globe. The firm primarily invests value stocks of companies engaged in exploration, mining, or processing of gold, silver, platinum, diamonds, and other precious minerals.

It also invests in gold, silver, and platinum bullion or securities that seek to replicate the price movement of gold, silver, or platinum bullion.

ASA (Bermuda) Ltd was founded in 1958 and is based in Buffalo, New York. As a closed-ended fund, the shares trade on the secondary market through their listing on the NYSE. The company was organized in Bermuda as an exempt limited liability company.

ASA is managed internally and doesn't have an outside investment adviser. Having experience as an investment company that specializes in precious metals and minerals for 50 years gives them a unique, mature perspective on those markets.

Incidentally, the majority of its directors and officers are U.S. citizens and residents. The company has evolved into a provider to investors of a vehicle to invest in a portfolio consisint primarily of the stocks and companies engaged in the exploration, mining or processing of gold, silver, platinum, diamonds or other precious minerals.

The directors and officers of the cmpany, including their 80-year-old Chairman, President and Treasurer Robert J.A.Irwin, believe in the long-term value of owning precious metals.

That's why ASA Ltd may also invest directly in gold, silver and platinum bullion or securities that replicate the price movement of these metals. Like any managed fund, the investment is guided by the experience and priorities of the company's leadership.

As of June 27, 2008 the net asset value (NAV) of the shares was $90.26 while the share price that day closed at $83.93, so the shares are selling at a discount to the NAV of over 7%.

As I write this on July 3rd, 2008, the share price is down to around $78.72 and so now the shares are selling at over an 8% discount to NAV.

Due to the fact that the shares often sell at a discount to NAV, the company seems to annually offer to purchase a percentage of the issued and outstanding common shares at a per per share, net to the seller in cash, equal to 98% of the NAV per sahre as determined by the company at the close of regular trading on a predetermined day.