Two merchant banks Aberdeen International, T.AAB, and Pinetree T.PNB are selling at significant discount to net asset value.  Pinetree yesterday announced that its shares had a NAV of $4.66 on Mar. 31,  when the shares yesterday  closed at 2.86 and appear to be opening lower this morning.  Folks this means they are selling at approx. 61%  NAV.
Earlier, Aberdeen announced that the NAV of its shares was 1.57 on Jan 31, when yesterday shares closed at .78.  This means the shares are trading at approx. 49% of NAV.
The focus on each holding is different.  Aberdeen typically buys an undervalued asset  to develop, that that the asset can grow with good management and corporate capital. The focus is on Precious Metals but   successful names in the stable are numerous. Allana Potash, Belo Sun, Sullidan Gold, Alderon Resources, and Crocodile Gold.
Fact Sheet,%202011_v001_k08rjp.pdf

Pinetree on the other hand, is known for swinging for the fences, with under appreciated assets.  Recent acquisitions include many smaller players in the Uranium space, with representation in the Base Metal sector as well, with precious metals representing a little under 50% of its assets Continental Gold, Colossus, Brownstone Ventures (a Pinetree controlled operation) are a few of the holdings (420 per fact sheet), but none represent more than a few percent of the total holdings.
Fact Sheet: .
We are long both Aberdeen and Pinetree