2 screaming bargain ASX shares I'm watching today

Here's why I'm watching ASX shares like WAM Global Ltd (ASX: WGB) today – they might just be screaming bargains.

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The S&P/ASX 200 Index (INDEXASX: XJO) posted its fourth day of losses this Thursday, something we haven't seen happen for a while on the ASX!

Of course, 'red days' are not the most confidence-inspiring times to be investing – but they do have the effect of lowering the price of the ASX shares that might be on your watchlist.

Today, I'm looking at two of my favourite ASX shares (both Listed Investment Companies or LICs), and I think they might be presenting screaming bargains! I already own both, but may just pick up some more if current prices stay the way they do.

Wam Global Ltd (ASX: WGB)

This LIC is run by the reputable Wilson Asset Management and focuses on finding undervalued growth companies outside Australia. It currently has a large exposure to the US (at 60%), but also to France (7%), Japan (4.9%), Germany (4.7%) and Britain (4.5%). Some of its top holdings include American Express Company and LVMH – owner of Louis Vuitton, Moet, Hennessy and Tiffany's among many other luxury brands.

LICs like WAM Global have a great advantage they can offer investors – the ability of their shares to trade below what they're actually worth. For example, on WAM Global's latest monthly update, the company reported that the net value of the shares and cash the company holds was approximately $547 million (or $2.57 a share) – yet the company today trades on a market capitalisation of just $457.5 million (or $2.15 a share).

That means you're likely immediately getting a discount to what WGB shares are really worth when picking some up at today's prices. That's a bargain if ever I saw one.

MFF Capital Investments Ltd (ASX: MFF)

MFF is another LIC, but this one only concentrated on good quality US companies with a long-term buy-and-hold mentality – exactly the kind of strategy I like in a fund manager!

Some of MFF's current top holdings include AlphabetMastercard and Visa, which have been held for years. I think MFF is looking like great value today as well. It was only last week that MFF shares were asking nearly $3.80 a share. Today, you can pick some up for just $3.27. At its latest filing at the start of this week, MFF announced that its net assets per share came to $3.79.

I look at these numbers and I'm seeing another bargain!

Foolish takeaway

I think LICs like these two companies are a great way to invest. It's not often you get these types of discounts available in a share price. Both MFF and WAM Global invest overseas as well, which makes them easy ways to get some diversification in your portfolio.

Motley Fool contributor Sebastian Bowen owns shares of Magellan Flagship Fund Ltd and WAMGLOBAL FPO. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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